GUANGZHOU, China, Aug. 11 /PRNewswire-Asia-FirstCall/ -- CNinsure
Inc. (Nasdaq: CISG), (the "Company" or "CNinsure"), a leading
independent insurance intermediary company operating in
China, today announced a
management reshuffle to reallocate resources for the establishment
of its four new profit centers, namely, insurance brokerage
business, telemarketing and internet sales, consumer credit
brokerage business and wealth management distribution business.
Chengbin Li, vice president of
the Company, will resign from his current position as head of the
life insurance unit of the Company and take up new assignments at
the group as vice president for human resources management and
strategic planning. He will spearhead the execution of the
Company's human capital strategy and will be in charge of business
model optimization for the profit centers of the Company.
Feng (Fred) Jin, chief operating
officer and chief information officer of the Company, will assume
the additional role of the head of the life insurance unit. The
resignation and appointment will be effective immediately.
Mr. Li has been vice president and head of the life insurance
unit since February 2008. From 2000
to 2008, he held various management positions at the Company,
including assistant vice president, department general manager and
general managers of various insurance agencies or financial service
firms controlled by the Company.
Mr. Jin has been chief operating officer of the Company since
November 2008 and chief information
officer since November 2007. 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.
Commenting on the management reshuffle, Mr. Yinan Hu, Chairman and CEO of CNinsure, stated,
"I appreciate all the contributions delivered by our management
team who has led the Company through all the ups and downs during
the past decade. While we are striving for another breakthrough in
our business expansion, we need to felicitously appoint talents to
the right positions to better facilitate our future growth. The
reshuffle reflects our long-term commitment to fully addressing the
complexity and challenges of the new businesses and to creating a
team with the appropriate skills and experience to ensure the
sustainable success of the Company."
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
both domestic and foreign insurance companies operating in
China, and provides insurance
claims adjusting service 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 August 11, 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.
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