Chinese digital insurance product and services platform Huize has entered into a definitive agreement to acquire Shanghai Senhao Insurance Agency.

Huize will acquire the firm through its wholly-owned subsidiary and will pay approximately CNY29.8m ($4.6m) for a 100% stake in Senhao.

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Founded in 2015, the insurance agency is licensed by the China Banking and Insurance Regulatory Commission (CBIRC) to operate across the country. 

Senhao brings a business network of 18 regional sales and service centres across 11 provincial areas to Huize.

Huize chairman and CEO Cunjun Ma said: “The acquisition of Senhao Insurance Agency represents another milestone in accelerating the execution of our online-to-offline integration strategy. 

“We expect the acquisition of Senhao Insurance Agency to significantly strengthen our offline presence nationwide and reinforce our differentiated competitive edge in service capabilities by facilitating seamless online and offline operations simultaneously, thereby creating value for our customers with a wider range of insurance products and services across all scenarios.”

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The deal is subject to customary conditions and is expected to complete in the first quarter of 2022. 

Aimed at the younger generation, Huize offers a wide range of insurance offerings with a focus on long-term life and health insurance covers. 

Last month, Chinese authorities authorized German insurer Allianz to take full control of its life insurance joint venture (JV) in the country. 

Separately, CBIRC reportedly updated risk management regulations for insurance firms to increase oversight of the sector and cut down risk.