CNinsure Partners With PICC P&C for Online Insurance Distribution
July 02 2014 - 8:38AM
CNinsure Inc. (Nasdaq:CISG), (the "Company" or "CNinsure"), a
leading independent insurance intermediary company operating in
China, today announced that Baoxian.com, an independent online
insurance distributor in which CNinsure owns a majority of the
equity interests, entered into an online distribution agreement
with PICC Property and Casualty Company Limited ("PICC P&C"),
the largest property and casualty insurance company in China, on
July 1, 2014.
Travel insurance and personal accident insurance products from
PICC P&C will be available at www.baoxian.com in the coming
months. In addition to more customized accident insurance products,
both parties will gradually extend their online distribution
cooperation to include home owner insurance and personal liability
insurance for mid-to-high end customers.
Baoxian.com has partnered with over 20 insurance companies,
including some major domestic insurance companies such as Ping An
Property & Casualty Insurance Company of China, Ltd., China
Pacific Property Insurance Co., Ltd., and offers over 500 accident,
health, travel and homeowner insurance products online.
Commenting on the cooperation, Mr. Chunlin Wang, CNinsure's
chief executive officer, stated, "We are excited to get PICC
P&C on board www.baoxian.com as a product supplier. We believe
its strong brand recognition and the popularity of its products
among customers will attract more traffic to the website. This
marks significant progress in our endeavor to establish our leading
position in the independent online insurance distribution market
and reaffirms our confidence in pushing forward our e-commerce
strategy."
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. 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, 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 the date hereof, and CNinsure undertakes no
obligation to update any forward-looking statements. 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: For more information, please contact:
Oasis Qiu
Investor Relations Manager
Tel: +86 (20) 6122-2731
Email: qiusr@cninsure.net
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