Pana Harrison announces Mitsui & Co., Ltd. has received regulatory approval from the Monetary Authority of Singapore for its equity investment in Pana Harrison (Asia) Pte Ltd
Singapore. 13 May 2020 – Pana Harrison (Asia) Pte Ltd (“Pana Harrison”) is pleased to announce that the Monetary Authority of Singapore (MAS) has approved Mitsui & Co., Ltd.’s (“Mitsui”) investment in Pana Harrison. Mitsui is effectively an equity shareholder of Pana Harrison on completion of the transaction.
Following the approval, Takayuki Tanaka, General Manager and Ryuhei Ota, Manager of Insurance Business Department at Mitsui will join the Board. Mr. Ota will take on the role of Deputy CEO.
“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. We are also thankful to the MAS with the approval” said Ronnie Lum, CEO of Pana Harrison.
“We are very pleased we have received regulatory approval for us to start developing our joint efforts with Pana,” said Hideyuki Fukuta, General Manager of Financial Business Division at Mitsui. “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.”
“It is very pleasing to us, that in spite of the most challenged economic environment in nearly a 100 years, Mitsui which is Japan’s leading trading company has completed this transaction. This transaction is in keeping with Mitsui’s long term tradition of being a long term investor in Singapore and our region,” said Gerard L Pennefather, CEO and Chairman of Huntington.
About Pana Harrison (Asia) Pte Ltd.
Pana Harrison is a general (re)insurance broker, a registered Lloyd’s Broker and exempt financial adviser in Singapore, with offices in Myanmar and Taiwan. Established in 1980 as a joint venture with the Harrison Horncastle Insurance Group (UK), Pana Harrison is licensed and supervised by the Monetary Authority of Singapore.
About Mitsui & Co., Ltd.
Mitsui & Co (8031: JP) is one of the largest global trading and investment companies with a robust international network spanning 65 countries and a diversified business portfolio, working with an extensive network of partners that include many of the world’s most successful companies. Its outstanding long-term performance is founded on strong and expanding core business in Energy and Resources, Machinery & Infrastructure, and Chemicals integrated with growing bold and innovative businesses in Health, Environment, Mobility, Nutrition & Agriculture, and Retail & Services. The overall strategy responds to the increasing global urgency for sustainability focusing on creating an eco-friendly society, improving living standards and providing a sustainable supply of essential products. Mitsui’s deep roots in Asia have established a diverse and strategic portfolio of partners that gives it a strong differentiating edge in the world’s fastest growing region, providing exceptional access for its global partners while strengthening Mitsui’s international portfolio. This gives Mitsui a unique, unobstructed view of world
markets allowing it to anticipate global and regional trends and turn them into growth opportunities. This creates value for partners, stakeholders, and shareholders who also benefit from Mitsui’s international marketing skills across multiple industries that have been developed through its long-term trading heritage.
About The Huntington Group Pte Ltd.
The Huntington Group and its associated companies based in Singapore is 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, +65 62948966 CEO ronnie@panaharrison.com
The Huntington Group – Gerard L Pennefather, +65 62201960 CEO & Chairman gerard@huntingtonpartnersllp.com
