CNinsure Announces Appointment of COO and Resignation of Vice President
November 17 2008 - 5:15AM
PR Newswire (US)
GUANGZHOU, China, Nov. 17 /Xinhua-PRNewswire-FirstCall/ -- CNinsure
Inc. (NASDAQ:CISG), a leading independent insurance intermediary
company operating in China, today announced the appointment of Feng
(Fred) Jin as Chief Operating Officer. Feng (Fred) Jin, CNinsure's
Chief Information Officer and Vice President, has assumed the
additional responsibilities of COO of the company. The appointment
is effective immediately. In his expanded role, Mr. Jin will be
responsible for the strategic and operational leadership of
CNinsure, overseeing corporate operations, IT management and risk
control. Prior to joining CNinsure in October 2007, Mr. Jin's work
experiences included the positions of assistant president and chief
information officer of New China Life Insurance Co., Ltd., and
sales manager and financial planner at the U.S.-based Prudential
Insurance Company of America. Mr. Jin holds an MBA degree from
University of Warwick and a Bachelor of Law degree from China
Foreign Affairs University. He has received the credentials of
Chartered Financial Consultant and Charted Life Underwriter from
American College, USA. "Operational efficiency is the key to
improving a company's core competitiveness. I am delighted to
announce the appointment of Fred as COO. He brings with him a
unique blend of operations, sales, and IT management experience,"
said Yinan Hu, chairman and chief executive officer of CNinsure.
"His promotion not only proves that he is an invaluable part of the
management during his one-year service at the company, but also
confirms our confidence in his expertise and experience which will
be fully utilized in driving the programs needed to improve the
company's overall operations. We look forward to his strategic and
operational contributions in his expanded role." In addition, the
company also announced that Dr. En Ming Tseng, the company's vice
president and head of the Overseas Business Unit, would resign from
CNinsure for personal reason. The resignation will be effective as
of January 1st, 2009. Mr. Yinan Husaid, "Dr. Tseng has been with us
since December 2006, before CNinsure went public in 2007. We want
to thank Dr. Tseng for nearly 2 years of dedication and significant
contributions to CNinsure. We are saddened to see him leave the
company, but wish him well in his future endeavors. Through the
joint efforts of our management team, we have laid the foundation
that will keep CNinsure successful and growing for many years to
come. " About CNinsure Inc. CNinsure is a leading independent
intermediary 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, and
provides insurance claims adjusting 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 November 17, 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 annual report on Form 20-F. DATASOURCE: CNinsure Inc. CONTACT:
Phoebe Meng, IR Officer, +86-20-6122-2777, ; Or Oasis Qiu,
+86-20-61222777-850, or
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