Singapore, 26 November 2021- Pana Harrison (Asia) Pte Ltd (“PHA”) is pleased to announce that Mitsui & Co., Ltd. (“Mitsui”) had decided to increase its shareholding in PHA to 51% and rebrand it to Mitsui Bussan Pana Harrison Pte. Ltd.
“PHA’s partnership with Mitsui has now moved to another level with Mitsui as our majority shareholder, coming quickly after its initial investment in 2020. The past 18 months have seen the positive results of our partnership as we move into the next stage of our transformation into a strongly backed independent broker. We are extremely excited with the significant opportunities and embrace the challenges ahead of us as we build on the momentum created,” said Ronnie Lum, CEO of PHA.
“We are very pleased to have acquired a majority stake in PHA and now branded as Mitsui Bussan Pana Harrison,” said Shinsuke Waka, General Manager of the Financial Business Division at Mitsui. “Following our initial investment in 2020, this further strengthens the testament of Mitsui’s history as a long-term dependable partner. We have a strong commitment to the business and the opportunities for new risk mitigation products as we move into new normal.”
“This is a fantastic validation in our belief in having Mitsui as a key stakeholder. Over the past 18 months, it has been great working with partners who have long term vision and the wherewithal to take on the challenges of being an independent broker in a world where consolidation and the growth of Global giants is ‘de rigeur’,” said Gerard L Pennefather, CEO and Chairman of Huntington.
About Pana Harrison (Asia) Pte Ltd - Pana Harrison (Asia) is a general (re)insurance broker, a registered Lloyd’s Broker, and exempt financial adviser in Singapore, with offices in Taiwan and Myanmar. Established in 1980 as a joint venture with the Harrison Horncastle Insurance Group (UK), Pana Harrison (Asia) is licensed and supervised by the Monetary Authority of Singapore. www.panaharrison.com
Mitsui & Co., Ltd. (8031: JP) is a global trading and investment company with a diversified business portfolio that spans approximately 63 countries in Asia, Europe, North, Central & South America, The Middle East, Africa and Oceania.
Mitsui has over 5,600 employees and deploys talent around the globe to identify, develop, and grow businesses in collaboration with a global network of trusted partners. Mitsui has built a strong and diverse core business portfolio covering the Mineral and Metal Resources, Energy, Machinery and Infrastructure, and Chemicals industries.
Leveraging its strengths, Mitsui has further diversified beyond its core profit pillars to create multifaceted value in new areas, including innovative Energy Solutions, Healthcare & Nutrition and through a strategic focus on high-growth Asian markets. This strategy aims to derive growth opportunities by harnessing some of the world’s main mega-trends: sustainability, health & wellness, digitalization and the growing power of the consumer.
Mitsui has a long heritage in Asia, where it has established a diverse and strategic portfolio of businesses and partners that gives it a strong differentiating edge, provides exceptional access for all global partners to the world’s fastest growing region and strengthens its international portfolio.
For more information on Mitsui & Co’s businesses visit, www.mitsui.com.
About The Huntington Group Pte Ltd - The Huntington Group and its associated companies based in Singapore and Turkey include an integrated strategic advisory/start-up capital and private equity firm focused on (re)insurance with investments in numerous companies in the sector globally.
Contacts: Pana Harrison (Asia) Pte Ltd - Ronnie Lum, CEO +65 62948966 email@example.com
The Huntington Group – Gerard L Pennefather, CEO & Chairman +65 62201960 firstname.lastname@example.org