CNinsure Signs Exclusive Distribution Agreement with Ping An Life
GUANGZHOU, China, March 3 /Xinhua-PRNewswire-FirstCall/ -- CNinsure Inc. CISG, a leading independent insurance agency and brokerage company operating in China, today announced the signing of an exclusive distribution agreement with Ping An Life Insurance Company of China, Ltd.("Ping An Life"), marking the debut of the first product custom designed by Ping An Life for CNinsure.
Under the terms of this agreement, a co-branded accident insurance product will now be available exclusively from CNinsure. The agreement, involving an approximately RMB60,000,000 insurance premium generated, is the first joint initiative launched by CNinsure and Ping An Life following the announcement of a strategic partnership in February 04, 2008.
During the one-year coverage period, when accident occurs, the insured can enjoy a guaranteed benefit and a reimbursement of medical expenses, or advance payment upon request. Also available to the insured are certain value-added services such as 24-hour emergency assistance from 914 hospitals in China, first-aid assistance provided by qualified medical professionals by phone, immediate alert to police and family members, ambulance arrangement, and online hospital booking.
Commenting on the event, Yinan Hu, CNinsure's Chairman and Chief Executive Officer said, "The strategic partnership reflects Ping An Life's trust in our distribution network and retail sales capabilities. As part of our strategy, we will work closely with insurance companies in the development and exclusive distribution of customized products. We believe that this strategy will contribute to our future growth and profitability."
About CNinsure Inc.
CNinsure is a leading independent insurance agency and brokerage 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, 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 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 Chinese insurance industry, and its ability to compete effectively against its competitors. All information provided in this press release is as of March 03, 2008, and CNinsure undertakes no obligation to update any forward looking statements to reflect subsequent occurring events or circumstances, or to 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 registration statement on Form F-1.Company Contacts:Phoebe Meng