By Kassandra Jimenez-Sanchez | Reinsurance News | November 22, 2024<\/p>\n
Hanwha Life, a South Korean life insurance company, has agreed to acquire a 75% stake in the parent of Velocity Clearing, an US-based global financial services firm.<\/p>\n
The Velocity Clearing management team will retain the remaining minority stake in the company.<\/p>\n
With this acquisition, Hanwha Life will establish a presence in the US financial sector, opening up new opportunities to maximise investment returns.<\/p>\n
For 78 years, Hanwha Life has spearheaded the development of both the insurance industry and South Korea\u2019s economic growth, the firm states.<\/p>\n
As part of its expansion, the financial group has ventured into several overseas markets, including Vietnam and Indonesia, with its latest market being the US.<\/p>\n
Seung Joo Yeo, Hanwha Life CEO, said: \u201cAs we look to expand into the US market, we wanted to partner with a firm that has a strong footprint in financial services \u2014 and that is Velocity Clearing. Establishing opportunities for diversified growth that transcend borders and industries in the U.S. market is of immense significance to us.<\/p>\n
\u201cWith Velocity Clearing\u2019s robust platform and expertise, this acquisition will serve as a springboard for enhancing the global capabilities of South Korea\u2019s leading insurance company. Together with the Velocity Clearing management team, we are well positioned to make a strong impact in the U.S. and lay the foundation for sustainable, long-term growth.\u201d<\/p>\n
Hanwha Life plans to retain Velocity Clearing\u2019s existing staff and leverage their expertise to drive future growth through collaboration and synergy.<\/p>\n
The transaction is subject to customary closing conditions, including the receipt of various US and South Korean regulatory approvals.<\/p>\n
Brian Schaeffer, President of Velocity Clearing, commented: \u201cThe Velocity Clearing team is well positioned for continued meaningful global expansion of our institutional business and we have made demonstrable progress in multiple geographies such as Europe, Asia, Latin America and the Middle East.<\/p>\n
\u201cThis partnership builds on our plans, allowing us to effectively address growing customer demand in new markets and positioning us for long-term success.\u201d<\/p>\n
Houlihan Lokey has acted as financial advisor, and Wollmuth Maher & Deutsch and Schulte Roth & Zabel have acted as legal advisors, to Velocity Clearing and its investors in connection with the transaction.<\/p>\n
BDA Partners has advised Hanwha Life in the financial matters, and Skadden has acted as legal advisor.<\/p>\n","protected":false},"excerpt":{"rendered":"
By Kassandra Jimenez-Sanchez | Reinsurance News | November 22, 2024 Hanwha Life, a South Korean life insurance company, has agreed to acquire a 75% stake in the parent of Velocity Clearing, an US-based global financial services firm.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","neve_meta_sidebar":"","neve_meta_container":"","neve_meta_enable_content_width":"off","neve_meta_content_width":70,"neve_meta_title_alignment":"","neve_meta_author_avatar":"","neve_post_elements_order":"","neve_meta_disable_header":"","neve_meta_disable_footer":"","neve_meta_disable_title":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5,9,3],"tags":[],"class_list":["post-1887","post","type-post","status-publish","format-standard","hentry","category-global","category-korea","category-news"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/insurance.vincent-chen.com\/en\/wp-json\/wp\/v2\/posts\/1887","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/insurance.vincent-chen.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/insurance.vincent-chen.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/insurance.vincent-chen.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/insurance.vincent-chen.com\/en\/wp-json\/wp\/v2\/comments?post=1887"}],"version-history":[{"count":1,"href":"https:\/\/insurance.vincent-chen.com\/en\/wp-json\/wp\/v2\/posts\/1887\/revisions"}],"predecessor-version":[{"id":1888,"href":"https:\/\/insurance.vincent-chen.com\/en\/wp-json\/wp\/v2\/posts\/1887\/revisions\/1888"}],"wp:attachment":[{"href":"https:\/\/insurance.vincent-chen.com\/en\/wp-json\/wp\/v2\/media?parent=1887"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/insurance.vincent-chen.com\/en\/wp-json\/wp\/v2\/categories?post=1887"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/insurance.vincent-chen.com\/en\/wp-json\/wp\/v2\/tags?post=1887"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}