CNinsure has acquired a 60% stake in Liaoning Gena Insurance Agency, expanding its market presence in northeast China.
The transaction, which is subject to certain consents, authorizations and other customary closing conditions, is expected to close in the first quarter of 2008. With the addition of Gena, CNinsure’s network now reaches 12 provinces among China’s 31 provinces.
Yinan Hu, chairman and CEO of CNinsure, said: With footprint expanding into Liaoning Province, we believe CNinsure will be well positioned to consolidate the local life insurance sector through Gena.
With its understanding of the local culture and experience in life insurance, and with additional capital and a strong operating platform now available from CNinsure, we believe that Gena will make significant contribution to the development of CNinsure’s life insurance business in northeast China in the long run.