GUANGZHOU, China, Jan. 10, 2011 (GLOBE NEWSWIRE) -- CNinsure Inc. (Nasdaq:CISG) (the "Company" or "CNinsure"), a leading independent insurance intermediary company operating in China, today announced that it has been granted a 2010 Financial Innovation Award by the People's Government of Guangdong Province of China for its successful implementation of the "operating platform + entrepreneurial agent program." Other award winners included leading financial research institutions, banks, insurance companies and security brokers.
The Financial Innovation Awards are held annually to acknowledge financial institutions for their accomplishments in financial innovation which facilitate smoother transactions and more effective resource allocation and provide impressive financial support and services for economic development. As a leading insurance intermediary company, CNinsure was nominated for this award by the Guangdong Bureau of China Insurance Regulatory Commission and the Insurance Intermediary Industry Association of Guangdong Province, commenting: "The 'operating platform + entrepreneurial agent program' of CNinsure is an excellent combination of business management, technology and system innovations, which helps reduce operational costs for the insurance industry as a whole, enhance transaction efficiency for sales channels and accelerate division of labor and market consolidation. It could provide other financial services intermediaries with great enlightenment and useful experience. "
Commenting on the award, Mr. Yinan Hu, CNinsure's Chairman and Chief Executive Officer, stated: "We are honored to receive this award. Over the years, our 'operating platform + entrepreneurial agent program' has proved to be viable and vigorous in driving the growth of the Company. We are committed to building a platform to assist ambitious talents with entrepreneurial spirit in their hearts to realize their dream of wealth, and cater to the needs of insurance companies for professional product distribution and after-sales services. In the era of deepening division of labor, financial services intermediaries have been increasingly gaining ground. We are geared to ride the tide and build CNinsure into a strong diversified financial services group in an effort to constantly fulfill the market needs of the burgeoning finance industry in China. "
About CNinsure Inc.
CNinsure is a leading independent 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 January 10, 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.
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