CNinsure Expanding Its Business to Liaoning Province
March 03 2008 - 7:40AM
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
acquisition of a 60% stake in Liaoning Gena Insurance Agency Co.,
Ltd ("Gena"), expanding its market presence to Liaoning Province in
northeast China. The transactions are expected to close in the
first quarter of 2008 subject to certain consents, authorizations
and other customary closing conditions. With the addition of Gena,
CNinsure's network now reaches 12 provinces among China's 31
provinces. Founded in 2005, Gena is now one of the leading
insurance agencies engaged in life insurance business in Liaoning
province. Its founder, a former senior manager of a leading Chinese
insurance company, has 12 years' experience in management and life
insurance marketing. To date, Gena has established a distribution
network across the province with 1062 sales professionals, 11 sales
and service outlets and 8 branches. Commenting on the acquisitions,
CNinsure's Chairman and Chief Executive Officer, Yinan Hu, said,
"With footprint expanding into Liaoning Province, we believe
CNinsure will be well positioned to consolidate the local life
insurance sector through Gena. With its understanding of the local
culture and experience in life insurance, and with additional
capital and a strong operating platform now available from
CNinsure, we believe that Gena will make significant contribution
to the development of CNinsure's life insurance business in
northeast China in the long run." 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." 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 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, Investor Relations Officer, +86-20-6122-2730,
or ; or Oasis Qiu of Investor Relations, +86-20-6122-2732, or ,
both of CNinsure Inc.
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