CNinsure Inc to set up JV in Zhejiang

CNinsure Inc. (CISG), a Chinese independent insurance agencies and brokerage firm, has agreed with three individual entrepreneurs to jointly build a new insurance agency in Eastern China's Zhejiang Provence, the company announced yesterday.

The joint venture, namely the Zhejiang Fanhua Tongchuang Insurance Agency Co., Ltd, will specialize in life insurance product distribution in the province. CNinsure will hold 60% stake in the company, and the three entrepreneurs own the remaining 40%.

CNinsure provides diversity property and casualty and life insurance products underwritten by domestic and foreign insurance companies operating in China, as well as the insurance-related service. It currently runs 30 subsidiaries, including three or four insurance brokers, one insurance surveyor and loss adjuster company, as well as over 20 insurance agencies.

By establishing this new insurance agency in Zhejiang Province, CNinsurer's distribution network will reach nine provinces.

The three entrepreneurial agents are all the former senior managers of leading Chinese insurance companies. They will be responsible for the day-to-day management and business operation, and CNinsure will offer a strong operating stage and brand support.