GUANGZHOU, China, May 27 /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
Taiping General Insurance Co., Ltd. ("Taiping General") at group
levels, marking a new stage of cooperation between the two
parties.
Pursuant to the agreement, both parties will work closely and
efficiently on product distribution, development of higher-margin
customized products, data sharing as well as outsourcing of claims
adjusting services.
Commenting on the strategic agreement with Taiping General, Mr.
Yinan Hu, chairman and chief
executive officer of CNinsure, stated, "We are pleased to enter
into a strategic partnership with Taiping General, with which we
have established a long-term business relationship for years. The
signing of the strategic agreement indicates a consensus among
senior executives of both companies that a comprehensive and
in-depth cooperation between insurance companies and intermediaries
has become an irrevocable trend in the industry, and that a deeper
cooperation between CNinsure and Taiping General will create a
win-win situation for both parties by strengthening our
competitiveness and profitability."
Headquartered in Shenzhen,
Taiping General, a subsidiary of China Taiping Insurance Group Co.
(formerly known as China Insurance (Holdings) Company, Limited), is
a national property and casualty insurance company operating in
China. Its business covers
property insurance, accident insurance, health insurance and
reinsurance, etc.
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 27, 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.