CNinsure Expanding Its Business to Zhejiang Province
January 03 2008 - 9:00AM
PR Newswire (US)
GUANGZHOU, China, Jan. 3 /Xinhua-PRNewswire-FirstCall/ -- CNinsure
Inc. (NASDAQ:CISG), a leading independent insurance agency and
brokerage company operating in China, today announced the signing
of a definitive agreement with three entrepreneurs to jointly
establish Zhejiang Fanhua Tongchuang Insurance Agency Co., Ltd.,
expanding its market presence to Zhejiang Province in eastern
China. The new insurance agency, specializing in life insurance
product distribution, will be 60% owned by CNinsure and 40% owned
by three individual entrepreneurs. The new company is based in
Hangzhou, the capital city of Zhejiang, one of the most
economically developed provinces in China: ranked 4th in GDP and
6th in total insurance premium among all 31 Chinese provinces in
2006. With the establishment of this new company, CNinsure's
distribution network now reaches nine provinces. As former senior
managers of leading Chinese insurance companies, the three
entrepreneurial agents have rich experience in life insurance
business and strong capabilities to lead a sales force with deep
understanding of the local market. Attracted by CNinsure's
entrepreneurial agent program, they decided to jointly set up the
new company with CNinsure. In the new company, they will be in
charge of day-to-day management and business operation, while
CNinsure will provide a strong operating platform and brand
support. The new company is one step forward towards CNinsure's
dedication to further expanding in the country and growing life
business. About CNinsure Inc. CNinsure is a leading independent
insurance agency and brokerage company operating in China.
CNinsure's distribution network reaches some of China's most
economically developed regions and affluent cities. The company
distributes a wide variety of property and casualty and life
insurance products underwritten by domestic and foreign insurance
companies operating in China, and provides insurance-related
services. Forward-looking Statements This press release contains
statements of a forward-looking nature. These statements are made
under the "safe harbor" provisions of the U.S. Private Securities
Litigation Reform Act of 1995. You can identify these forward-
looking statements by terminology such as "will," "expects,"
"believes," "anticipates," "intends," "estimates" and similar
statements. Among other things, the management's quotations contain
forward-looking statements. These forward-looking statements
involve known and unknown risks and uncertainties and are based on
current expectations, assumptions, estimates and projections about
CNinsure and the industry. Potential risks and uncertainties
include, but are not limited to, those relating to CNinsure's
limited operating history, especially its limited experience in
selling life insurance products, its ability to attract and retain
productive agents, especially entrepreneurial agents, its ability
to maintain existing and develop new business relationships with
insurance companies, its ability to execute its growth strategy,
its ability to adapt to the evolving regulatory environment in
Chinese insurance industry, and its ability to compete effectively
against its competitors. All information provided in this press
release is as of January 3, 2008, and CNinsure undertakes no
obligation to update any forward looking statements to reflect
subsequent occurring events or circumstances, or to changes in its
expectations, except as may be required by law. Although CNinsure
believes that the expectations expressed in these forward looking
statements are reasonable, it cannot assure you that its
expectations will turn out to be correct, and investors are
cautioned that actual results may differ materially from the
anticipated results. Further information regarding risks and
uncertainties faced by CNinsure is included in CNinsure's filings
with the U.S. Securities and Exchange Commission, including its
registration statement on Form F-1. DATASOURCE: CNinsure Inc.
CONTACT: Phoebe Meng, IR Officer, +86-20-6122-2730, or
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