General (re)insurance broker Pana Harrison (Asia) has announced that the Monetary Authority of Singapore has approved Mitsui & Co's investment in the firm. Mitsui is effectively an equity shareholder of Pana Harrison on completion of the transaction.
Last December, Pana Harrison announced that it had agreed on a long-term partnership with Mitsui that would make the Japanese multinational corporation as Pana’s largest institutional shareholder, while the company’s management will continue to manage and own a stake with start-up capital and private equity firm Huntington retaining a strategic minority stake in the firm.
Mitsui is one of the largest global trading and investment companies with a robust international network spanning 65 countries and a diversified business portfolio.
Huntington CEO and chairman Gerard L Pennefather said, “Mitsui has substantial interests and investments in the MENA region and being part of the Group allows us help by diversifying markets where risks are currently placed. The markets which will benefit most will be reinsurers in both MENA and Asia, thereby allowing for the capturing of placements from the traditional London market.”
Following the approval, Mitsui general manager Takayuki Tanaka, and manager of the insurance business department Ryuhei Ota will join the board. Mr Ota will take on the role of deputy CEO.
Pana Harrison CEO Ronnie Lum said, “Pana’s partnership with Mitsui comes at a critical juncture in our development particularly in the midst of the COVID-19 pandemic. We are looking forward to working with Mitsui on the opportunities which will ensue when economies return to some level of normalcy. We are humbled by the fact that we have a strong partner in Mitsui which will give our employees, clients as well as (re)insurance markets a high level of certainty that we are here for the long haul.”
Mitsui general manager of financial business division Hideyuki Fukuta said, “Notwithstanding the global challenges with COVID-19, this investment serves as a signal of Mitsui’s history as a long-term dependable partner. We have a strong commitment to Asia and are looking forward to building on this in the years ahead.”