CNinsure Appoints Zhao to Head Insurance Brokerage Unit

CNinsure, the Nasdaq-listed independent Chinese insurance intermediary, has appointed Bo Zhao as head of its insurance brokerage business unit to help the company further expand its offerings from retail to commercial property and casualty insurance.

Prior to joining CNinsure, Zhao was general manager of the property insurance department and the department of commercial risk insurance for large projects at the headquarters of PICC Property and Casualty, the largest Chinese nonlife insurer based in Beijing, according to CNinsure.

Expanding insurance brokerage business is one of the long-term growth strategies of CNinsure, said Chairman Yinan Hu in a statement. With Zhao's 24 years of industry experience and broad business relations in commercial insurance, Hu said he will help the company to increase risk management and services in the domestic market.

CNinsure reported net income attributable to the company's shareholders of 118.6 million yuan (US$17.4 million) in the second quarter of 2010, up 40.2% from the corresponding period of 2009.

Total net revenue of the company during the quarter was 365.8 million yuan, up 28.1% from that in 2009. Income from operations was 107.2 million yuan, up 30.1%.