China’s CNinsure Forms Two New Agencies

China’s CNinsure Inc. announced the signing of definitive agreements with several individual entrepreneurial agents to jointly establish Jiangsu Fanhua Lianchuang Insurance Agency Co. Ltd. (‘Lianchuang’) and Jilin Fanhua Xincheng Insurance Agency Co. Ltd. (‘Xincheng’), which will expand its market presence to Jiangsu and Jilin Provinces.

CNinsure said it “will hold 70 percent and 54 percent of the equity interests in Chuanglian and Xincheng, respectively, both of which will specialize in life insurance product distribution.

The two companies will start operations in July 2008, subject to certain consents, authorizations and other customary conditions for the establishment of insurance agencies.

Mr. Lin Hai and Mr. Chen Bojun, two insurance industry veterans, will be in charge of the day-to-day management and business operations of Chuanglian and Xincheng, respectively.”

Source: “CNinsure Inc. – http://www.cninsure.net