Business News

CNinsure To Expand its Business to Jiangxi Province

2008-07-17 12:30:00

    GUANGZHOU, China, July 17 /Xinhua-EMWNews/ -- CNinsure

Inc. (Nasdaq: CISG), a leading independent insurance agency and brokerage

company operating in China, today announced the signing of a set of

definitive agreements with several individual entrepreneurial agents to

jointly establish a new insurance agency named Jiangxi Fanhua Insurance

Agency Co., Ltd.(''Jiangxi Fanhua''), expanding its market presence to

Jiangxi Province in central China. After the establishment of Jiangxi

Fanhua, CNinsure's distribution network will have reached 16 provinces.

    Jiangxi Fanhua, 70% owned by CNinsure, will focus on life insurance

product distribution. It is expected to start operations in September 2008

subject to certain consents, authorizations and other customary conditions.

The new insurance agency will be led by two entrepreneurial agents who were

both former senior managers of insurance companies. Both of them have been

in the life insurance sector for over 20 years, during which they have

maintained strong relationships with insurance companies in the region

while getting access to a wide sales agent and customer base.

    Commenting on this event, CNinsure's Chairman and Chief Executive

Officer, Yinan Hu, said, ''In view of the recurring fee nature of life

insurance policies and the expected growing demand for life insurance

products, CNinsure has treated life insurance business as a major focus

since 2006. In 2008, we will continue to expand this line of business,

including putting more efforts into recruiting senior entrepreneurial

agents who are experienced in life insurance marketing. We believe the

valuable experience of Jiangxi Fanhua's new management will be instrumental

to the growth of our life insurance business in the region.''

    He continued, ''The establishment of the new joint venture also marks

our entry to the 16th province. While others see underdevelopment in

Jiangxi's insurance market, we see significant growth potential. Adding to

the growth momentum is the support from the Jiangxi Insurance Regulatory

Bureau for the development of the local insurance market.''

    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, and provides insurance claims adjusting and 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 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 July 17, 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 annual

report on Form 20-F.

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