NEW YORK (AP) -- CNinsure Inc. said Friday it reached a deal to buy a stake in an insurance broker in the Hubei province to bolster its network of brokers in China.CNinsure agreed to buy a 60 percent stake in Hubei East Century Insurance Agency Co. The company did not say how much it will pay for the stake.
Through five branches with 600 workers, Hubei East Century brokers life insurance for 13 insurance companies in China.
This deal fits with CNinsure's strategy to expand its nationwide insurance brokerage network. By buying East Century, CNinsure gains a foothold in Hubei, the 12th-biggest province in China by gross domestic product and by insurance premiums.
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