General re/insurance brokerage Pana Harrison has entered into a long term partnership with Mitsui & Co, one of the largest global trading and investment companies.
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 retaining a strategic minority stake in the firm.
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, Chief Executive Officer 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.”
“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.”
Gerard L Pennefather, CEO and Chairman of Huntington. Added. “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.”