Pana Harrison (Asia) Pte Ltd, Singapore enters into long term partnership with Mitsui & Co., Ltd.
Singapore. 26 December 2019 - Pana Harrison (Asia) Pte Ltd (“Pana Harrison”), Singapore has agreed on a long term partnership agreement with Mitsui & Co., Ltd. (“Mitsui”)
Following the transaction, Mitsui will be Pana Harrison’s largest institutional shareholder, while the company’s management will continue to manage and own a stake with The Huntington Group (“Huntington”) retaining a strategic minority stake in the firm.
Pana Harrison is one of Singapore’s largest, independent (re)insurance brokerage firms, as well as a fully accredited Lloyd’s Broker. Established in 1980, Pana Harrison has a growing (re)insurance broking business across Asia, enjoying extensive and long standing relationships with (re)insurance companies across the region.
“Pana looks forward to partnering with Mitsui as we enter this exciting new stage in our growth strategy,” said Ronnie Lum, CEO 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 subsidiary MIC Risk Solutions Co., Ltd (“MRS”) will build its expertise, customer base, and widen and deepen relationships with (re)insurance companies through this investment in Pana Harrison. Furthermore, MRS will take this opportunity to 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, General 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. We look forward to a very fruitful and long term relationship with the team at Pana Harrison.”
“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 3 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,” said Gerard L Pennefather, CEO and Chairman of Huntington.
Financial terms of the transaction, which remains subject to requisite regulatory approvals were not disclosed.
About Pana Harrison (Asia) Pte Ltd Pana Harrison is a general (re)insurance broker, a registered Lloyd’s Broker and exempt financial adviser in Singapore, with offices in Myanmar and Taiwan. Established in 1980 as a joint venture with the Harrison Horncastle Insurance Group (UK), Pana Harrison is licensed and supervised by the Monetary Authority of Singapore.
About Mitsui & Co., Ltd. Mitsui & Co (8031: JP) is one of the largest global trading and investment companies with a robust international network spanning 66 countries and a diversified business portfolio, working with an extensive network of partners that include many of the world’s most successful companies. Its outstanding long-term performance is founded on strong and expanding core business in Energy and Resources, Machinery & Infrastructure, and Chemicals integrated with growing bold and innovative businesses in Health, Environment, Mobility, Nutrition & Agriculture, and Retail & Services. The overall strategy responds to the increasing global urgency for sustainability focusing on creating an eco-friendly society, improving living standards and providing a sustainable supply of essential products. Mitsui’s deep roots in Asia have established a diverse and strategic portfolio of partners that gives it a strong differentiating edge in the world’s fastest growing region, providing exceptional access for its global partners while strengthening Mitsui’s international portfolio. This gives Mitsui a unique, unobstructed view of world markets allowing it to anticipate global and regional trends and turn them into growth opportunities. This creates value for partners, stakeholders, and shareholders who also benefit from Mitsui’s international marketing skills across multiple industries that have been developed through its long-term trading heritage.
About The Huntington Group Based in Singapore, Huntington and its associated companies form part of the family office of Gerard L Pennefather. It is an integrated strategic advisory/start-up capital and private equity firm focused on (re)insurance with investments in numerous companies in the sector globally.
Pana Harrison (Asia) Pte Ltd Ronnie Lum, +65 62948966 CEO email@example.com
The Huntington Group Gerard Pennefather, +62201960 CEO firstname.lastname@example.org