Mitsui & Co. acquires majority stake in Singapore broker PHA
Mitsui plans to rebrand the Singaporean broker.
Mitsui & Co., Ltd is now the majority owner of Pana Harrison (Asia) Pte Ltd (PHA) after it has increased its stake to 51%.
At the same time, PHA will now be rebranded to Mitsui Bussan Pana Harrison.
“We are very pleased to have acquired a majority stake in PHA and now branded as Mitsui Bussan Pana Harrison. Following our initial investment in 2020, this further strengthens the testament of Mitsui’s history as a long-term dependable partner. We have a strong commitment to the business and the opportunities for new risk mitigation products as we move into the new normal,” said Shinsuke Waka, general manager of the financial business division at Mitsui.
PHA is a general (re)insurance broker, a registered Lloyd’s Broker, and exempt financial adviser in Singapore, with offices in Taiwan and Myanmar. PHA was established in 1980 as a joint venture with the Harrison Horncastle Insurance Group (UK), Pana Harrison (Asia) is licensed and supervised by the Monetary Authority of Singapore
Meanwhile, Mitsui is a global trading and investment company with a diversified business portfolio that spans approximately 63 countries in Asia, Europe, North, Central & South America, The Middle East, Africa and Oceania.