CNINSURE CONTINUES BROKERAGE BUYING SPREE
China-based independent broker CNInsure has continued its broking acquisition programme with the purchase of majority holdings in Tianjin Xianghe Insurance Agency, Hebei Lianda Insurance Agency and Beijing Xinyue Insurance Agency. CNInsure expects the deals to close in the first quarter. It did not reveal how much it paid for the stakes. Tianjin Xianghe has 153 agents and brokers p/c business. Hebei has 220 agents and brokers in the Hebei Province, while Beijing Xinhua does the same, through 163 agents. CNInsure listed in the US last October and now brokers insurance in 11 of the 22 Chinese provinces.
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