GUANGZHOU, China, Aug 17, 2011 (GlobeNewswire via COMTEX) -- CNinsure Inc. /quotes/zigman/108299/quotes/nls/cisg CISG +0.30% (the "Company" or "CNinsure"), a leading independent insurance intermediary company operating in China, today announced that Shenzhen Inscom E-commerce Co. Ltd. ("Inscom"), an affiliated subsidiary of CNinsure, has entered into strategic partnership in e-commerce with China Pacific Property Insurance Co. Ltd. ("China Pacific"), a leading property and casualty insurance company in China.
Pursuant to the agreement, CNinsure and China Pacific will expand their current scope of cooperation to include online sales and telesales through Inscom's e-commerce platform. They agree to enhance collaboration on market development, product design and customer services. Both parties' network platforms will be interconnected to each other in order to facilitate transaction processing.
"This is the second strategic partnership agreement that we have signed so far with leading insurance companies for extensive collaboration on e-commerce business. We are excited about the opportunity to expand both parties' market presence and enhance profitability through channel innovation," commenting on the strategic partnership, CNinsure's chairman and chief executive officer, Mr. Yinan Hu, stated. "With full support from our product suppliers, we are optimistic about the outlook of our e-commerce insurance business."
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.
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. 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 whether any definitive offer will be made, whether any agreement will be executed or whether this or any other transaction will be approved or consummated, as well as 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 August 17, 2011, 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.