GUANGZHOU, China, May 27 /PRNewswire-Asia/ -- CNinsure Inc. (Nasdaq: CISG), a leading independent insurance intermediary company operating in China, today announced the signing of a strategic partnership agreement with AAAAing General Insurance Co., Ltd. ("AAAAing General") at group levels, marking a new stage of cooperation between the two parties.
Pursuant to the agreement, both parties will work closely and efficiently on product distribution, development of higher-margin customized products, data sharing as well as outsourcing of claims adjusting services.
Commenting on the strategic agreement with AAAAing General, Mr. Yinan Hu, chairman and chief executive officer of CNinsure, stated, "We are pleased to enter into a strategic partnership with AAAAing General, with which we have established a long-term business relationship for years. The signing of the strategic agreement indicates a consensus among senior executives of both companies that a comprehensive and in-depth cooperation between insurance companies and intermediaries has become an irrevocable trend in the industry, and that a deeper cooperation between CNinsure and AAAAing General will create a win-win situation for both parties by strengthening our competitiveness and profitability."
Headquartered in Shenzhen, AAAAing General, a subsidiary of China AAAAing Insurance Group Co. (formerly known as China Insurance (Holdings) Company, Limited), is a national property and casualty insurance company operating in China. Its business covers property insurance, accident insurance, health insurance and reinsurance, etc.
About CNinsure Inc.
CNinsure is a leading independent insurance 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. 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 May 27, 2010, and CNinsure undertakes no obligation to update any forward-looking statements to reflect subsequent occurring events or circumstances, or to changes in itAAAApectationAAAAAcept as may be required by law. Although CNinsure believes that the expectationAAAApressed in these forward-looking statements are reasonable, it cannot assure you that itAAAApectations 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.