Hanwha Life enters US capital markets with Velocity deal

This would be the first South Korean insurer to acquire a US securities firm.

Hanwha Life has completed the acquisition of a 75% stake in New York-based financial services firm Velocity Clearing, LLC on 30 July, marking the first time a South Korean insurance company has acquired a US securities firm. 

The move signals a strategic expansion into the North American capital markets, beyond Hanwha Life’s core insurance operations.

Velocity Clearing offers end-to-end post-trade services, including clearing and settlement.

The firm reported total assets of approximately $1.2b at the end of 2024 and has recorded a compound annual revenue growth rate of 25% over the past three years. 

Net income has also shown consistent growth, with continued profitability expected under Hanwha’s ownership.

Through the acquisition, Hanwha Life aims to strengthen its global financial capabilities, enhance profitability, and deliver US-based financial products to international clients. 

The Korean insurer will work with Velocity’s existing management to maintain operational stability whilst creating synergies with its US affiliates—Hanwha Asset Management (USA) Ltd. and the Hanwha AI Centre in San Francisco.