CNinsure, an independent insurance agency and brokerage company, has announced the signing of a definitive agreement with three entrepreneurs to jointly establish Zhejiang Fanhua Tongchuang Insurance Agency, expanding its market presence to Zhejiang Province in eastern China.
The new insurance agency, specializing in life insurance product distribution, will be 60% owned by CNinsure and 40% owned by the three individual entrepreneurs.
The new company is based in Hangzhou, the capital city of Zhejiang, one of the most economically developed provinces in China. With the establishment of this new company, CNinsure’s distribution network now reaches nine provinces.
CNinsure said that the three entrepreneurial agents, who are former senior managers of major Chinese insurance companies, have rich experience in life insurance business and strong capabilities to lead a sales force with deep understanding of the local market.
In the new company, they will be in charge of day-to-day management and business operation, while CNinsure will provide a strong operating platform and brand support.