Pana Harrison secures deal with Japan’s MitsuiDecember 30 2019 by Andrew Tjaardstra
Pana Harrison (Asia) Singapore has agreed on a long term partnership agreement with Mitsui & Co.
Following the completion of the undisclosed deal, Mitsui will become Pana Harrison’s largest institutional shareholder, while the company’s management will continue to manage and own a stake with the Huntington Group retaining a strategic minority stake in the firm.
Pana Harrison is one of Singapore’s largest, independent (re)insurance brokers, and is Lloyd’s accredited. Established in 1980, Pana Harrison has a growing (re)insurance broking business across Asia.
“Pana looks forward to partnering with Mitsui as we enter this exciting new stage in our growth strategy,” said Ronnie Lum, chief executive of Pana Harrison. “Mitsui is one of the largest trading companies in Japan and has far-reaching business interests globally. Their combined financial strength and business network will be a significant asset to Pana as we move forward.”
Mitsui, together with its wholly owned Tokyo-headquartered subsidiary MIC Risk Solutions, will build its expertise, customer base, and deepen relationships with reinsurers and insurers. Furthermore, MRS will expand its operations in Japan and develop an Asia-based global (re)insurance broker.
“There are multiple synergies between Mitsui and Pana Harrison via this investment,” said Hideyuki Fukuta, manager of financial business division at Mitsui. “We see numerous opportunities that include skills and knowledge transfer from Pana Harrison’s experienced insurance professionals, and also more efficient risk management of Mitsui’s businesses in Asia, and around the globe. We will also able to fully leverage on Pana Harrison’s placement ability, with its direct access to the Lloyd’s market.”
Meanwhile Huntington Partners will keep a stake in Pana Harrison.
Gerard L Pennefather, chief executive and chairman of Huntington, commented: “Mitsui is a significant group operating in 66 countries across the globe. The combination of Pana’s risk mitigation skills coupled with the significant exposure of the Mitsui group makes for a compelling partnership. Huntington invested in Pana some three years ago and will continue with a strategic minority stake to help build out this very exciting partnership. This deal will help augment Singapore’s position as a leading market for reinsurance globally.”
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