CNinsure Announces Strategic Partnership With China Continent P&C Insurance
December 23 2010 - 9:35AM
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 China Continent Property and Casualty Insurance Co.,
Ltd. ("China Continent P&C Insurance"), one of the top ten
property and casualty insurance companies in China, on 22 December,
2010.
Pursuant to the agreement, both parties will work closely on
product distribution, development of customized products, data
sharing as well as outsourcing of claims adjusting services. It is
also agreed that commissions for CNinsure are subject to upward
adjustment on top of the market commissions if CNinsure meets
certain targets in terms of sales volume and quality.
Commenting on the strategic agreement, Mr. Yinan Hu, CNinsure's
Chairman and Chief Executive Officer, stated: "We are extremely
pleased to partner with China Continent P&C Insurance for
extensive cooperation, which offers an exciting opportunity for
both parties to leverage on each other's capabilities to achieve
mutual benefits. We look forward to continuing our commitment to
helping our insurance partners reach a broader customer base and
providing our customers with products that cater to their
needs."
Founded on October 20, 2003, China Continent P&C Insurance
is a subsidiary of China Reinsurance (Group) Corporation, a leading
reinsurance group in China. China Continent P&C Insurance
mainly engages in property and casualty insurance business, with a
nation-wide service network. According to the China Insurance
Regulatory Commission, China Continent P&C Insurance generated
insurance premiums of RMB 11.4 billion for ten months ended October
31, 2010, ranking 5th 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 December 23, 2010, and CNinsure undertakes no
obligation to update any forward-looking statements to reflect
subsequent occurring events or circumstances, or 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.
CONTACT: CNinsure Inc.
Oasis Qiu, Investor Relations Manager
+86 (20) 6122-2777 x 850
qiusr@cninsure.net
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