CNINSURE TAKES MAJORITY STAKE IN EAST CENTURY AGENCY

China-based independent broker CNInsure has continued its recent expansion with the announcement that it had signed an agreement to buy a 60% stake in Hubei East Century Insurance Agency. CNInsure said that the transaction was expected to close this month and would increase to 10 the number of provinces in which CNInsure had a distribution network. Wuhan-based East Century was launched in 2004 and is a life assurance specialist. It has five branches and a 600-strong sales force. CNInsure said that the purchase “sits squarely within our strategy of expanding nation-wide distribution network and developing life business”.