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”) equity investment in the company. With the completion of this transaction, Mitsui officially becomes a shareholder of Pana Harrison, marking a significant milestone in the firm’s journey.
Following the approval, Takayuki Tanaka, General Manager, and Ryuhei Ota, Manager of Insurance Business Department at Mitsui, will join the Board of Pana Harrison. Mr. Ota will additionally assume the role of Deputy CEO, reflecting Mitsui’s long-term commitment to the company’s leadership and growth strategy.
Speaking on the partnership, Ronnie Lum, CEO of Pana Harrison, 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 humbled to have a strong partner in Mitsui, which will give our employees, clients, and (re)insurance markets a high level of certainty that we are here for the long haul.”
Hideyuki Fukuta, General Manager of Financial Business Division at Mitsui, added:
“Notwithstanding global challenges with Covid-19, this investment signals 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.”
Gerard L. Pennefather, CEO and Chairman of Huntington Advisory, emphasized:
“In spite of the most challenging economic environment in nearly a century, Mitsui has completed this transaction. This aligns with Mitsui’s tradition of being a long-term investor in Singapore and our region.”
Founded in 1980, Pana Harrison is a general (re)insurance broker, a registered Lloyd’s Broker, and an exempt financial adviser in Singapore. Licensed and supervised by MAS, the company also operates offices in Myanmar and Taiwan, serving clients across Asia with innovative risk and insurance solutions.
Mitsui & Co. (8031: JP) is one of the world’s largest trading and investment companies with operations in 65 countries and a diversified portfolio spanning Energy, Resources, Machinery, Infrastructure, Chemicals, Health, Environment, Mobility, Nutrition, Agriculture, and Retail. Mitsui’s strategy emphasizes sustainability, innovation, and long-term partnerships, with deep roots in Asia providing unique access to the world’s fastest-growing region.
Huntington Advisory, based in Singapore, is an integrated strategic advisory, start-up capital, and private equity firm focused on the (re)insurance sector. With investments in numerous companies globally, Huntington Advisory is committed to supporting long-term growth and innovation in the industry.
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