Acquisition forms largest independent re/insurance broker in Singapore
Singapore-based broker Pana Harrison (Asia) is to acquire AIH Reinsurance Brokers, a broker established in 2011 in Labuan, Malaysia, by Michael Darby and backed by Huntington Partners.
The deal will create the largest independent re/insurance broker headquartered in Singapore.
The merged entity will have 60 employees in seven countries with a pro-forma combined annual premium approaching $60 million.
The company said it will now look to grow the business to $100 million in annual premium over the next three years, by developing new products and offerings to mitigate emerging risks, primarily in unconventional risk clusters such as cyber, nano-technology, robotics, inter-terrestrial transportation, space, structured solutions, alternative energy, political and credit risks for SME's/Local/Regional MNC's and specialised infrastructure risks.
Ronnie Lum, chief executive of Pana Harrison, said: “The acquisition of AIH Reinsurance Brokers is an important step for us to achieve our goal of becoming Asia-Pacific’s leading (re)insurance broker. We have great synergies and look forward to developing new business lines and products with our colleagues at AIH Re.”
Michael Darby, managing director of AIH Reinsurance Brokers, said: “This is the beginning of an exciting new phase for AIH Re. Now that we are a part of Pana Harrison, our clients will have access to both a strong pan-regional broking platform with a greater breadth and depth of expertise and products. We aim to build on this platform with Pana Harrison and take the business to new levels together.”
