June 3, 2010 (FinancialWire) — CNinsure Inc. (NASDAQ: CISG), an insurance intermediary company operating in China, said it has established an insurance brokerage business unit in an effort to expand its product offerings from retail to commercial lines.

The company said that its 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.

According to Yinan Hu, chairman and chief executive officer of CNinsure, the insurance brokerage services platform is meant to capitalize on growing demand for commercial insurance by businesses from various industries as China's economy continues to grow.

Hu said that 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.

He added that, by establishing the insurance brokerage business unit as a separate profit center, the company aims to forge a unified brand and services platform for risk management and business services that provides its clients with a broader range of quality services.

Hu also said that CNinsure plans to expand its insurance brokerage team through acquisitions and setting up joint ventures with entrepreneurial sales professionals. He said that the company’s target is to increase the revenue contribution from our insurance brokerage business to 10% of CNinsure’s total net revenues within the next five years.

China-based CNinsure is an independent insurance intermediary company operating in China. The company distributes a 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.

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