GUANGZHOU, China, Nov. 27 /PRNewswire-Asia/ -- 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 (the "Agreement") with China Pacific Property Insurance Co., Ltd. ("China Pacific"), a leading property and casualty ("P&C") insurance company in China, on November 26, 2009.
Pursuant to the Agreement, CNinsure will work closely with China Pacific on product distribution, development of custom-designed insurance products which will be underwritten by China Pacific and exclusively distributed through CNinsure's distribution network, and the outsourcing of claims adjusting service.
Commenting on the Agreement, Mr. Yinan Hu, CNinsure's Chairman and Chief Executive Officer, stated: "We are glad to establish the strategic partnership with China Pacific. By combining the strengths of China Pacific and CNinsure, which are the second largest P&C insurer and the leading insurance intermediary company in China, respectively, we believe the partnership will be conducive to creating more value for both parties, enhancing our competitiveness and further consolidating our leading positions in our respective areas."
"In 2009, we have made great efforts to pursue strategic cooperation with our P&C insurance partners at headquarter levels, which we hope would allow us to benefit from strengthened profitability as we have seen in our life insurance business. The Agreement signed today is the third of such kind, following similar arrangements with Ping An Property & Casualty Insurance Company Of China, Ltd. and China United Property Insurance Company Limited made earlier this year. As we continue to improve our sales capability and service quality, we expect our value to be further recognized by our insurance partners, and as a result, more corporate-to-corporate agreements will be entered into in the future."
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 November 27, 2009, 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.
