Mitsui & Co., Ltd. has acquired a majority share in Singapore-based insurance and reinsurance broker, Pana Harrison (Asia) Pte. Ltd., which will be rebranded to Mitsui Bussan Pana Harrison Pte. Ltd.
Mitsui invested in Lloyd’s broker PHA in 2020, and has been expanding its re/insurance broking business by establishing a presence in one of the foremost markets in Asia.
Following the deal, PHA becomes a subsidiary of Mitsui as Mitsui takes a 51% interest overall.
Mitsui established its in-house broking company, Mitsui & Co. Risk Solutions Ltd., in 2009, and since then has been providing broking and risk management functions for the Mitsui group.
The share increase and change in company name will see Mitsui leverage its widened global network and overseas business to grow its insurance and reinsurance business worldwide.
The firm hopes to broaden and deepen its customer base inside and outside the Mitsui group and expand its business, and simultaneously strengthen the 40-year legacy of PHA and extend its combined presence in the Asian marketplace.
“Together with PHA, as the core company for insurance and reinsurance broking in the growing Asian market, Mitsui will drive a risk management philosophy within its businesses in Asia and will contribute to company-wide business development,” says the firm.
