CNinsure Partners With Shangdong Xin Guang Yuan.
CNinsure, an independent brokerage company and insurance agency located in China, will be establishing a joint venture with Shandong Xin Guang Yuan Automobile Club Co, Ltd. setting up Fanhua-Xin GuangYuan Insurance Agency Co., Ltd. in Shandong Province. The said project is expected to take effect by the second quarter of 2008 after finalizing all the transactions conditions needed. The joint venture will focus on auto insurance distribution. 51% of the new insurance company will be owned by CNinsure and the remaining 49% will be owned by Shangdong Xin Guang Yuan. The combination of both companies which were both leaders in their industries is sure to be a hit.