GUANGZHOU, China, May 13 /PRNewswire-Asia-FirstCall/ -- CNinsure
Inc. (Nasdaq: CISG), a leading independent insurance intermediary
company operating in China, today
announced the signing of a strategic partnership agreement with
PICC Property and Casualty Company Limited ("PICC P&C"), the
largest property and casualty insurance company in China, on May 13,
2010, for cooperation in product distribution, development
of customized products, data sharing as well as outsourcing of
claims adjusting services.
The agreement marks the beginning of a deeper cooperation
between CNinsure and PICC P&C, which aims at enhancing
competitiveness and profitability of both parties through product
innovation and improved sales quality as well as better after-sales
services while continuing to expand sales volume.
Commenting on the strategic agreement with PICC P&C, Mr.
Yinan Hu, chairman and chief
executive officer of CNinsure, said, "PICC P&C has been an
important partner for CNinsure since our inception. The strategic
arrangement represents the acknowledgement by PICC P&C of the
sincere cooperation between the two parties in the past decade. It
is also the greatest compliment to us. We believe the strategic
cooperation will create synergy for both parties."
"With the agreement signed today, CNinsure has entered into
strategic partnership with the top three property and casualty
insurance companies in China,
including PICC P&C, Ping An Property & Casualty Insurance
Company Of China, Ltd. and China Pacific Property Insurance Co.,
Ltd. It demonstrates our sales capability and quality sales and
services being well recognized by leading insurance companies, and
evidences the deepening division of labor in the insurance
industry. As the insurance market further opens to competition and
becomes more market-oriented, we expect the further division of
labor and the closer cooperation between underwriters and
distribution channels will become an irrevocable trend."
Mr. Hu concluded, "The past two years since our IPO has seen
CNinsure's steady enhancement of its brand recognition and market
position through the continuous expansion of its sales and service
network and the improvement of its operating platform, which has
prepared CNinsure well for this trend. We believe that CNinsure,
with the early-mover advantage, will be well positioned to
capitalizing on the opportunities brought about by the industry
transformation and achieve further development."
About CNinsure Inc.
CNinsure is a leading independent insurance 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 May 14, 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.
SOURCE CNinsure Inc.