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GUANGZHOU, China, June 1, 2010/PRNewswire-Asia-FirstCall/ -- CNinsure Inc. (Nasdaq: CISG), a leading independent insurance intermediary company operating in China, today announced the establishment of an insurance brokerage business unit, in an effort to expand its product offerings from retail to commercial lines. The insurance brokerage team will focus on providing property and casualty, liability, credit and guarantee, cargo, employee benefits and specialty risk insurance and reinsurance services to corporate clients.
Commenting on the establishment of the new business unit, Mr. Yinan Hu, chairman and chief executive officer of CNinsure, said, “We are excited to launch our insurance brokerage services platform to capitalize on the growing demand for commercial insurance by businesses from various industries as China’s economy continues to grow. Premiums generated by insurance brokers in China increased from RMB10.6 billion to RMB24.5 billion between 2006 and 2009, representing a CAGR of 32.4%, and grew 41.9% year-over-year to RMB5.11 billion in the first quarter of 2010. We believe our experience gained over the past decade in the retail distribution of a variety of insurance products and our extensive reach to customers through our nationwide distribution network will enable us to take advantage of the opportunities in the insurance brokerage market in China.”
“Our operating platform and entrepreneurial agent program will be the dual engines to drive the development of our insurance brokerage business,” Mr. Hu said. “By establishing our insurance brokerage business unit as a separate profit center, we aim at forging a world-class, unified brand and services platform for risk management and business services that provides our clients with a broader range of quality services. In addition, we intend to expand our insurance brokerage team through selective acquisitions and setting up joint ventures with entrepreneurial sales professionals.”
He concluded, “Our target is to increase the revenue contribution from our insurance brokerage business to 10% of our total net revenues within the next five years.”
Company Contacts:
Oasis Qiu
Tel: +86-20-61222777-850
Email: qiusr@cninsure.net