CNinsure Announces Strategic Partnership With Sunshine P&C Insurance
February 23 2010 - 6:00AM
PR Newswire (US)
GUANGZHOU, China, Feb. 23 /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
with Sunshine Property and Casualty Insurance Co., Ltd. ("Sunshine
P&C Insurance"), one of the top ten property and casualty
insurance companies in China, on 10 February 2010. Pursuant to the
Agreement, CNinsure and Sunshine P&C Insurance will conduct
in-depth cooperation in the areas of product distribution,
development of custom-designed insurance products, which will be
underwritten by Sunshine P&C Insurance and exclusively
distributed by CNinsure, as well as the outsourcing of claims
adjusting services. Commenting on the Agreement, Mr. Yinan Hu,
CNinsure's Chairman and Chief Executive Officer, stated: "The
strategic partnership offers an exciting opportunity for both
parties to deepen our cooperation, as well as forge a long-term and
stable business relationship for mutual benefits." "We are proud
that this is the fourth corporate-to-corporate agreement that
CNinsure has signed with property and casualty insurance companies
so far. We firmly believe that with CNinsure's keen sense of the
changes in customers' demands and Sunshine's underwriting
expertise, we will better serve consumers' diversified needs and
differentiate ourselves from our competitors by introducing
customized products and participating in the provision of
after-sales services." Founded on July 28, 2005, Sunshine P&C
Insurance is a subsidiary of Sunshine Insurance Group, one of the
seven leading insurance groups in China. It mainly engages in
property and casualty insurance business, with a nation-wide
service network. According to the China Insurance Regulatory
Commission, Sunshine P&C Insurance generated insurance premiums
of RMB 6.6 billion in 2009, ranking 9th among all the property and
casualty insurance companies in China. 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 February 23, 2010, 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, +86-20-6122-2777 x850,
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