Mitsui has acquired a majority stake in Singapore-based general insurance broker Pana Harrison (Asia) (PHA) for an undisclosed sum.

Mitsui, which now owns a 51% stake in the insurance broker, will rebrand PHA to Mitsui Bussan Pana Harrison.

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The latest partnership builds on Mitsui’s investment in PHA, a Lloyd’s broker, in May 2020.

The deal is expected to expand Mitsui’s re/insurance broking operations in the region.

Founded in 1980, PHA is a joint venture between Harrison Horncastle Insurance Group (UK) and Pana Harrison (Asia).

The insurer is supervised by the Monetary Authority of Singapore and has a presence in Taiwan and Myanmar.

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Mitsui general manager of the financial business division Shinsuke Waka said: “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 new normal.”

PHA CEO Ronnie Lum said: “PHA’s partnership with Mitsui has now moved to another level with Mitsui as our majority shareholder, coming quickly after its initial investment in 2020. The past 18 months have seen the positive results of our partnership as we move into the next stage of our transformation into a strongly backed independent broker.”