Major global trading and investment firm Mitsui & Co is all set to become Pana Harrison (Asia) Singapore’s largest
institutional shareholder following a long-term partnership agreement between both parties. The latter’s management
will continue to manage and own a stake with private equity firm The Huntington Group retaining a strategic minority
stake in the firm.
Financial terms of the transaction which remains subject to requisite regulatory approvals were not disclosed.
According to Huntington CEO and Chairman Gerard Pennefather, this deal will help augment Singapore’s position as
a leading market for reinsurance globally. His firm had invested in Pana Harrison around three years ago.
Commenting on the latest partnership, Pana Harrison CEO Ronnie Lum said, “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.”
Pana Harrison is one of Singapore’s major independent (re)insurance brokerage firms as well as a fully-accredited
Established in 1980, the firm also has offices in Myanmar and Taiwan. It is said to have a growing (re)insurance
broking business across Asia with extensive and long-standing relationships with (re)insurers across the region.
Through this investment in Pana Harrison, Mitsui together with its wholly-owned subsidiary MIC Risk Solutions
(MRS) will build its expertise, customer base as well as expands relationships with (re)insurers.
MRS will also leverage this opportunity to expand its operations in Japan and develop an Asia-based global
“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,” said Mitsui general manager of financial business division Hideyuki Fukuta.