CNinsure Announces Strategic Partnership With China Continent P&C Insurance

Guangzhou, CHINA

GUANGZHOU, China, Dec. 23, 2010 (GLOBE NEWSWIRE) -- 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 with China Continent Property and Casualty Insurance Co., Ltd. ("China Continent P&C Insurance"), one of the top ten property and casualty insurance companies in China, on 22 December, 2010.

Pursuant to the agreement, both parties will work closely on product distribution, development of customized products, data sharing as well as outsourcing of claims adjusting services. It is also agreed that commissions for CNinsure are subject to upward adjustment on top of the market commissions if CNinsure meets certain targets in terms of sales volume and quality.

Commenting on the strategic agreement, Mr. Yinan Hu, CNinsure's Chairman and Chief Executive Officer, stated: "We are extremely pleased to partner with China Continent P&C Insurance for extensive cooperation, which offers an exciting opportunity for both parties to leverage on each other's capabilities to achieve mutual benefits. We look forward to continuing our commitment to helping our insurance partners reach a broader customer base and providing our customers with products that cater to their needs."

Founded on October 20, 2003, China Continent P&C Insurance is a subsidiary of China Reinsurance (Group) Corporation, a leading reinsurance group in China. China Continent P&C Insurance mainly engages in property and casualty insurance business, with a nation-wide service network. According to the China Insurance Regulatory Commission, China Continent P&C Insurance generated insurance premiums of RMB 11.4 billion for ten months ended October 31, 2010, ranking 5th among all the property and casualty insurance companies 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 December 23, 2010, 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 Data