Hanwha Life has completed the acquisition of a 75% stake in New York-based financial services firm Velocity Clearing, marking a strategic expansion into U.S. capital markets.
This move makes Hanwha Life the first Korean insurance company to acquire a U.S. securities firm.
The transaction, finalized on July 30, shifts Hanwha Life beyond its core insurance operations. The company plans to increase profitability through its presence in the U.S. financial sector and expand its international product offerings.
Velocity Clearing provides post-trade services including clearing and settlement. The firm reported $1.2 bn in total assets at the end of 2024 and achieved a 25% compound annual revenue growth rate from 2022 to 2024. Net income continues to rise, with profitability expected to remain strong under Hanwha’s majority ownership.
Hanwha Life will maintain Velocity Clearing’s current leadership, aiming for operational continuity while aligning efforts with U.S.-based Hanwha Asset Management and the Hanwha AI Center in San Francisco.
This collaboration will support new product development and market expansion, combining financial operations with advanced data technology.
A Hanwha Life spokesperson described the acquisition as a milestone for Korean financial institutions seeking long-term global positioning.
“We plan to strengthen our global portfolio by combining digital finance with international market access,” the company said.
Velocity Clearing CEO Michael Logan expressed optimism about the partnership: “Hanwha Life’s vision gives us a stronger growth trajectory and expands opportunities for our clients.” President Brian Schaeffer added that the deal enables Velocity to scale its product line and geographic footprint.
We’re proud to have supported Velocity Clearing through an exciting period of growth, and Hanwha Life is well-positioned to build on that momentum in the company’s next chapter
Cerberus Capital’s Lee Millstein, Chairman of Global Real Estate
Founded in 1946, Hanwha Life is Korea’s oldest life insurance provider and held $108.9 bn in consolidated assets at the end of 2024. The company is accelerating its transition into a global financial services group by investing in cross-border expansion and digital platforms.
Through regional strategies and international alliances, Hanwha aims to deliver scalable financial solutions and expand its presence across global markets.
