GUANGZHOU, China, Feb. 4 /Xinhua-PRNewswire-FirstCall/ -- CNinsure Inc. (Nasdaq: CISG), a leading independent insurance agency and brokerage company operating in China, today announced the signing of a Memorandum of Understanding (MOU) with Ping An Life Insurance Company of China, Ltd. ("Ping An Life Insurance") for a strategic partnership in the distribution and design of certain insurance products.
According to the MOU, CNinsure will work closely with Ping An Life Insurance in the distribution of accident, health, endowment and medical insurance policies. They will also co-design some insurance policies, based on Ping An Life Insurance’s expertise in product development and CNinsure’s understanding of customers’ needs. Under the partnership, CNinsure can exclusively distribute the customized products while Ping An Life Insurance provides comprehensive training and sales support, including incentive rewards to sales agents.
Commenting on the event, CNinsure’s Chairman and Chief Executive Officer, Yinan Hu, said, "We are pleased to announce the signing of the MOU. With increasing market appeal since our IPO and expanding distribution network, we have made significant progress in deepening relationship with insurance companies, particularly with Ping An Life Insurance, which is one of the leading Chinese insurance companies and one important strategic partner of CNinsure. By forming the partnership, we believe we can help Ping An Life Insurance’s products reach more individuals and families through our distribution network, while the exclusive sales of customized products will help us further differentiate CNinsure from other market players."
About CNinsure Inc.
CNinsure is a leading independent insurance agency and brokerage company operating in China. CNinsure’s distribution network reaches some 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-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 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 Chinese insurance industry, and its ability to compete effectively against its competitors. All information provided in this press release is as of February 04, 2008, 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 registration statement on Form F-1.
