GUANGZHOU, China, July 2, 2014 (GLOBE NEWSWIRE) -- 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.
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.
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