CNinsure Signs Exclusive Distribution Agreement with Ping An Life Insurance Company of China, Ltd. for Co-branded Product
March 03 2008 - 6:45AM
PR Newswire (US)
GUANGZHOU, China, March 3 /Xinhua-PRNewswire-FirstCall/ -- CNinsure
Inc. (NASDAQ:CISG), a leading independent insurance agency and
brokerage company operating in China, today announced the signing
of an exclusive distribution agreement with Ping An Life Insurance
Company of China, Ltd.("Ping An Life"), marking the debut of the
first product custom designed by Ping An Life for CNinsure. Under
the terms of this agreement, a co-branded accident insurance
product will now be available exclusively from CNinsure. The
agreement, involving an approximately RMB60,000,000 insurance
premium generated, is the first joint initiative launched by
CNinsure and Ping An Life following the announcement of a strategic
partnership in February 04, 2008. During the one-year coverage
period, when accident occurs, the insured can enjoy a guaranteed
benefit and a reimbursement of medical expenses, or advance payment
upon request. Also available to the insured are certain value-added
services such as 24-hour emergency assistance from 914 hospitals in
China, first-aid assistance provided by qualified medical
professionals by phone, immediate alert to police and family
members, ambulance arrangement, and online hospital booking.
Commenting on the event, Yinan Hu, CNinsure's Chairman and Chief
Executive Officer said, "The strategic partnership reflects Ping An
Life's trust in our distribution network and retail sales
capabilities. As part of our strategy, we will work closely with
insurance companies in the development and exclusive distribution
of customized products. We believe that this strategy will
contribute to our future growth and profitability." About CNinsure
Inc. CNinsure is a leading independent insurance agency and
brokerage company operating in China. CNinsure's distribution
network reaches many 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, as
well as other 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 March 03, 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, Investor Relations Officer, , or Oasis Qiu,
Investor Relations, +86-20-6122-2732, or , both of CNinsure Inc.
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