diff --git a/MySQLdb/MySQLdb/cursors.py b/MySQLdb/MySQLdb/cursors.py
index bc0cc48..920bc19 100644
--- a/MySQLdb/MySQLdb/cursors.py
+++ b/MySQLdb/MySQLdb/cursors.py
@@ -6,7 +6,14 @@ default, MySQLdb uses the Cursor class.
 """
 
 import re
-insert_values = re.compile(r"\svalues\s*(\(((?<!\\)'.*?\).*(?<!\\)?'|.)+?\))", re.IGNORECASE)
+
+restr = (r"\svalues\s*"
+        r"(\(((?<!\\)'[^\)]*?\)[^\)]*(?<!\\)?'"
+        r"|[^\(\)]|"
+        r"(?:\([^\)]*\))"
+        r")+\))")
+
+insert_values= re.compile(restr)
 from _mysql_exceptions import Warning, Error, InterfaceError, DataError, \
      DatabaseError, OperationalError, IntegrityError, InternalError, \
      NotSupportedError, ProgrammingError
diff --git a/MySQLdb/metadata.cfg b/MySQLdb/metadata.cfg
index f766bc7..e72d671 100644
--- a/MySQLdb/metadata.cfg
+++ b/MySQLdb/metadata.cfg
@@ -1,6 +1,6 @@
 [metadata]
-version: 1.2.2
-version_info: (1,2,2,'final',0)
+version: 1.2.3
+version_info: (1,2,3,'beta',1)
 description: Python interface to MySQL
 long_description: 
         =========================