July 30, 2010 (FinancialWire) (Go to http://www.financialwire.net/?s=ftrdnwswnd for all of today’s featured news.) — CNinsure Inc. (NASDAQ:CISG), an insurance intermediary company operating in China, said it has acquired a majority equity interest in InsCom Holding Ltd., which beneficially owns 100% equity interest in Shenzhen InsCom E-commerce Co., Ltd., an independent online insurance service provider in China.

The transaction is scheduled to close in the fourth quarter of 2010, subject to certain consents, authorizations and other customary closing conditions.

Shenzhen InsCom operates an e-commerce insurance website that offers a range of insurance products online as well as industry and regulatory information.

Under the agreement with the selling shareholder, CNinsure will acquire 65.1% equity interest in InsCom for RMB84 million.

As part of a corporate restructuring of InsCom, CNinsure's equity interests in six of its affiliated property and casualty insurance agencies will be transferred to an affiliated subsidiary of InsCom in exchange for preference shares newly issued by InsCom.

With the preference shares, CNinsure said it is entitled to all of the profits of InsCom for a certain period and reserves the right to require InsCom to redeem the preference shares.

Once the deal closes, the operation of Shenzhen InsCom will come under the leadership of Chunlin Wang, head of CNinsure's property and casualty insurance unit, who will serve as chairman and CEO, and Yuan Tian, the former chairman and CEO of Shenzhen InsCom, who will be the vice president.

China-based CNinsure distributes a range of property and casualty and life insurance products underwritten by both domestic and foreign insurance companies operating in China, and provides insurance claims adjusting service as well as other insurance-related services.

Real-time, streaming research for companies and funds mentioned in FinancialWire(tm) news is available via the Investrend Research Syndicate (at http://investrend.stocksmart.com/ss/html/hpcompany.html). Current valuation analysis research for companies and funds mentioned in FinancialWire(tm) news is available via the Investrend Research Syndicate (at http://www.valuengine.com/rep/searchsrep?pid=42&srchfor=).

FinancialWire(tm) is committed to serving the financial community through true journalism and providing relevant resources to investors. Standards-based, independent equity research on numerous public other companies is available through the Investrend Research Syndicate (http://www.investrend.com/reports) written by FIRST Research Consortium (http://www.investrend.com/FIRST) member-providers. Free annual reports and company filings for companies mentioned in the news are available through the Investrend Information Syndicate (at http://investrend.ar.wilink.com/?level=279). FinancialWire(tm), in cooperation with the Investrend Broadcast Syndicate, also provides complete, daily conference call and webcast schedules as a service to shareholders and investors via the FirstAlert(tm) Network’s “FirstAlert(tm) Daily” (at http://www.financialwire.net/news-alerts/).

FinancialWire(tm) is a fully independent, proprietary news wire service. FinancialWire(tm) is not a press release service, and receives no compensation from subject entities, companies, equities, or representatives thereof, for its news, opinions or distributions. Further disclosure is posted at the FinancialWire(tm) website (at http://www.financialwire.net/disclosures.php and http://www.financialwire.net/2010/04/23/safe-harbor/). Additional resources for investors are also accessible via the FinancialWire(tm) website (at http://www.financialwire.net/2010/04/23/investor-resources/). Contact FinancialWire(tm) directly via inquiries@financialwire.net.

Copyright © MMX, FinancialWire(tm); All rights reserved.

[hlmsmlh] [chnchn] [ndnsndnsndns] [insrncnrs] [mrgrsacqstns] [ftrdnwswnd]

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.