CNinsure, an independent insurance agency and brokerage company operating in China, has signed a definitive agreement to acquire a 60% stake in Hubei East Century Insurance Agency.
The transaction is expected to close at the end of January 2008. With the acquisition of East Century, CNinsure’s distribution network now reaches 10 provinces in China.
Yinan Hu, chairman and CEO of CNinsure, said: The acquisition sits squarely within our strategy of expanding nation-wide distribution network and developing life business. With its geographic coverage in Hubei province and track record in life business, East Century clearly meets our strategic goal of acquiring businesses capable of giving us strong presence in a new market and contributing to the life business growth. We are confident that the addition of East Century will serve as a strong driving force behind CNinsure’s continued growth in the coming years.