CNinsure Announces Strategic Partnership with China Pacific
November 27 2009 - 3:30AM
PR Newswire (US)
GUANGZHOU, China, Nov. 27 /PRNewswire-Asia-FirstCall/ -- CNinsure
Inc. (NASDAQ:CISG) (the "Company" or "CNinsure"), a leading
independent insurance intermediary company operating in China,
today announced the signing of a strategic partnership agreement
(the "Agreement") with China Pacific Property Insurance Co., Ltd.
("China Pacific"), a leading property and casualty ("P&C")
insurance company in China, on November 26, 2009. Pursuant to the
Agreement, CNinsure will work closely with China Pacific on product
distribution, development of custom-designed insurance products
which will be underwritten by China Pacific and exclusively
distributed through CNinsure's distribution network, and the
outsourcing of claims adjusting service. Commenting on the
Agreement, Mr. Yinan Hu, CNinsure's Chairman and Chief Executive
Officer, stated: "We are glad to establish the strategic
partnership with China Pacific. By combining the strengths of China
Pacific and CNinsure, which are the second largest P&C insurer
and the leading insurance intermediary company in China,
respectively, we believe the partnership will be conducive to
creating more value for both parties, enhancing our competitiveness
and further consolidating our leading positions in our respective
areas." "In 2009, we have made great efforts to pursue strategic
cooperation with our P&C insurance partners at headquarter
levels, which we hope would allow us to benefit from strengthened
profitability as we have seen in our life insurance business. The
Agreement signed today is the third of such kind, following similar
arrangements with Ping An Property & Casualty Insurance Company
Of China, Ltd. and China United Property Insurance Company Limited
made earlier this year. As we continue to improve our sales
capability and service quality, we expect our value to be further
recognized by our insurance partners, and as a result, more
corporate-to-corporate agreements will be entered into in the
future." 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
and the Business Outlook section 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 the Chinese
insurance industry, its ability to compete effectively against its
competitors, quarterly variations in its operating results caused
by factors beyond its control and macroeconomic conditions in China
and their potential impact on the sales of insurance products. All
information provided in this press release is as of November 27,
2009, 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: Oasis Qiu, Investor Relations
Manager of CNinsure Inc., +86-20-6122-2777 x850,
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