Hanwha Life, a leading Korean insurer, has acquired a 75% stake in Velocity Clearing, a New York-based financial services firm. This is the first time a Korean insurer has acquired a U.S. brokerage firm.
The deal was finalized on July 30, approximately eight months after Hanwha Life signed a stock purchase agreement in November 2024.
Velocity Clearing provides financial services including clearing and settlement (processing trades and transferring securities), stock lending, and prime brokerage (bundled services such as leverage, custody, and execution typically offered to hedge funds). The firm reported approximately $1.2 billion in assets at the end of 2024 and has posted a 25% compound annual growth rate in revenue over the past three years.
The transaction primarily involved shares held by an affiliate of Cerberus Capital Management, a global investment firm.
In a statement, Hanwha Life said, “This acquisition represents a key turning point for Korean finance in establishing a foothold in the U.S. capital market. We aim to drive sustainable long-term growth by leveraging digital financial technologies and a global network.”
The company also announced plans to enhance its global competitiveness through collaboration with its U.S. subsidiary and the Hanwha AI Center (HAC) in San Francisco.
![A text message impersonating the California Department of Motor Vehicles, urging payment of a traffic violation fine. [Screenshot]](https://www.koreadailyus.com/wp-content/uploads/2025/08/0801-dmvSCAM-100x70.jpg "DMV warns of phishing scams using scare tactics and fake penalties")
