Correction -- CNinsure Launches Insurance Comparison Website (www.baoxian.com)
January 03 2012 - 10:43PM
CNinsure Inc. (Nasdaq:CISG) ("CNinsure" or the "Company"), a
leading independent insurance intermediary company operating in
China, today announced a correction of a prior press release,
"CNinsure Launches Insurance Comparison Website (www.baoxian.com)"
issued on December 31, 2011. The second sentence in the second
paragraph of the press release should read, "As of December 31,
2011, the Company has established e-commerce partnerships with over
16 insurance companies such as China Pacific Property Insurance
Co., Ltd., Sunshine Property and Casualty Insurance Co., Ltd.,
Tianping Auto Insurance Co. Ltd., China Continent Property and
Casualty Insurance Co., Ltd., Chartis Insurance Company China
Limited…," instead of "As of December 31, 2011, the Company has
established e-commerce partnerships with over 16 insurance
companies such as China Pacific Property Insurance Co., Ltd.,
Sunshine Property and Casualty Insurance Co., Ltd., Tianping Auto
Insurance Co. Ltd., China Continent Property and Casualty Insurance
Co., Ltd., Chartis Inc....," as originally issued inadvertently.
The complete, corrected release follows.
CNinsure Inc. today announced the nationwide launch of its
insurance comparison website under the name of Baowang
(www.baoxian.com) on January 1, 2012.
The website allows customers to compare a wide range of
insurance products from various insurance carriers across price,
services and policy benefits and facilitates the full process
transaction from quote comparison, application to online payment.
As of December 31, 2011, the Company has established e-commerce
partnerships with over 16 insurance companies such as China Pacific
Property Insurance Co., Ltd., Sunshine Property and Casualty
Insurance Co., Ltd., Tianping Auto Insurance Co. Ltd., China
Continent Property and Casualty Insurance Co., Ltd., Chartis
Insurance Company China Limited, and Generali China Insurance Co.,
Ltd.. Over a hundred of insurance products, including auto
insurance, health insurance, accident insurance, visa insurance and
home owner insurance have been put on the shelves upon launch.
Hundreds of additional insurance products are expected to be
gradually introduced to the website within the next few quarters.
The Company also anticipates to broaden the online product
portfolio from standardized and short term insurance products to
include diversified insurance products in the next two years.
Marketing campaigns are expected to start in March, 2012.
Mr. Chunlin Wang, CNinsure's chief executive officer, commented,
"We are excited to announce the launch of Baowang. This is another
important milestone in our plan to develop e-commerce business
since the acquisition of Shenzhen InsCom E-commerce Co., Ltd.
("Shenzhen InsCom") last year. Thanks to the efforts of all of our
staff over the past year, we have successfully restructured the
insurance portal website run by Shenzhen Inscom into a professional
third-party insurance transaction and services platform. We will
focus on constantly perfecting products, technology and services on
the platform to offer superior online shopping experience to our
customers."
Mr. Wang added, "The China Insurance Regulatory Commission has
recently promulgated the Provisional Regulations on the Internet
Insurance Business of Insurance Agencies and Brokerages which sets
forth the legal framework for insurance intermediaries to operate
e-commerce insurance business in China. Meanwhile, with the
popularity of the internet in China, the development of a one-stop
integrated e-commerce platform is becoming an inevitable trend.
With a favorable regulatory environment and being on the leading
edge of the trend, we are optimistic about the development of our
e-commerce insurance business. Going forward, we are committed to
providing all Chinese families with easy access to tailor-made
insurance policies and building Baowang into China's top
independent insurance transaction platform 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 January 4, 2012, 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: Oasis Qiu
Investor Relations Manager
Tel: +86 (20) 6122-2731
Email: qiusr@cninsure.net
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