Chinese independent broker CNinsure Inc. announced the acquisition of a 60 percent stake in Liaoning Gena Insurance Agency Co., Ltd., thereby extending its market presence to Liaoning Province in northeast China.
Earlier CNinsure announced the signing of an exclusive distribution agreement with Ping An Life Insurance Company of China, Ltd. for a custom designed accident insurance product will now be available exclusively from CNinsure.
The acquisition of the stake in Gena is expected to close in the first quarter of 2008 subject to certain consents, authorizations and other customary closing conditions. “With the addition of Gena, CNinsure’s network now reaches 12 provinces among China’s 31 provinces,” said the bulletin.
Source: CNinsure – http://www.cninsure.net
Topics Mergers & Acquisitions China
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