Home > Business > Industry

Hanwha Life enters U.S. with Velocity Clearing acquisition

Published: 31 Jul. 2025, 15:38 Updated: 31 Jul. 2025, 17:46

KIM MIN-YOUNG
[email protected]

Logos for Hanwha Life, top, and Velocity Clearing [HANWHA LIFE]

Hanwha Life Insurance has officially stepped into the North American financial arena, announcing Thursday that it has completed the acquisition of a 75 percent stake in New York-based brokerage firm Velocity Clearing.

The move marks a milestone as the first entry by a Korean insurer into the U.S. securities market.

Headquartered in New York, Velocity Clearing is a specialized brokerage firm equipped with the capability to directly handle the clearing and settlement of financial transactions — the process by which funds and assets are exchanged after trades are executed.

As of the end of 2024, Velocity held total assets of approximately $1.2 billion and posted a compound annual growth rate of 25 percent in revenue from 2022 to 2024. Net income has also shown stable growth, and Hanwha Life expects continued profitability following the acquisition.

The company said it plans to stabilize the business quickly by working closely with Velocity’s existing leadership and will pursue collaboration with other Hanwha affiliates in the region, including Hanwha Asset Management’s U.S. subsidiary and the Hanwha AI Center.

“This deal is significant because it gives Hanwha Life a foothold to showcase its financial capabilities in the core U.S. market,” a Hanwha Life official said. “We will continue to strengthen our business capabilities based on digital finance and global networks, and pursue stable growth by enhancing interregional connections.”

“With Hanwha Life’s global vision and support, we expect to accelerate our growth and unlock new opportunities together,” said Michael Logan, CEO of Velocity Clearing. “We’re excited about the powerful synergies ahead.”

Translated from the JoongAng Ilbo using generative AI and edited by Korea JoongAng Daily staff.
BY KIM MIN-YOUNG [[email protected]]