CNinsure Inc., China’s largest independent insurance intermediary, announced the “signing of definitive agreements to acquire 100 percent equity interest in Shenzhen Hongzhengda Insurance Surveyors & Loss Adjustors Co., Ltd. through Fanhua Surveyors & Loss Adjustors Co., Ltd., formerly known as Shenzhen Khubon Insurance Surveyor & Loss Adjustors Co., Ltd, in which 51 percent equity interest was held by the Company.
“The transaction is expected to close by the end of June 2009, subject to certain consents, authorizations and other customary closing conditions.”
Hongzhengda was founded in 2002 and is based in Shenzhen. It “specializes in the provision of claims adjusting services related to non-automobile property and casualty insurance,” said the bulletin. “It ranked No. 12 among China’s top 20 insurance claims adjusting firms by revenue, according to the First Quarter 2009 Insurance Intermediary Market Development Report published by China Insurance Regulatory Commission.”
Commenting on the acquisitions, CNinsure’s Chairman and CEO, Yinan Hu, stated: “The current economic crisis presents great opportunities for companies which hold abundant cash and still maintain their profitability. CNinsure is one of such companies. The acquisition of Hongzhengda will strengthen our foundation in providing claims adjusting services and support CNinsure’s growth.”
Source: CNinsure Inc. – http://www.cninsure.net
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