Hanwha Life Finishes Purchase of Velocity Clearing LLC
In a significant move, Financial Management (FM) has announced an agreement in principle to acquire Velocity Specialty Insurance Company (VSIC), a leading excess & surplus (E&S) insurance provider. The financial details of the deal have not been disclosed and are subject to regulatory approvals.
The acquisition marks FM's expansion into South Korea, with David Kim set to lead Miller Korea, the brokerage's new entity in the region. Miller Korea will focus on delivering global specialty expertise in South Korea, aiming to capitalise on the growing demand for specialized insurance services.
The deal is expected to close in the first half of 2025.
Top Public Insurers in Asia-Pacific
While a precise ranking of the top 20 public insurers in Asia-Pacific for 2022, including exact growth figures and detailed analyses of COVID-19 impact, is not readily available, major public insurers include well-established life and general insurers from India, Japan, and Southeast Asia.
In India, large life insurers such as SBI Life Insurance, Tata AIA Life, and Aditya Birla Sun Life Insurance are publicly prominent, with strong claim settlement and solvency ratios reported up to 2024, indicating financial stability and growth potential. Japan’s insurance market is significant in cyber insurance premium volume, with estimates around $200 million USD in 2022, reflecting specialized growth segments in the APAC region. Indonesian insurer Chubb Life is recognized among top life insurers with solid financial performance and awards for its assets and gross premiums, signaling a strong market positioning in Southeast Asia.
The pandemic has had an impact on the insurance industry, with insurers globally adjusting to increased mortality claims in life insurance and disruptions in operations. However, some markets showed resilience with adaptations in underwriting, digital services, and product offerings. The pandemic also accelerated demand for health-related insurance products in Asia-Pacific.
For a more precise ranking and detailed analysis, specialized industry reports from rating agencies like S&P Global, AM Best, or regional insurance associations would be required.
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In the ever-evolving insurance industry, the acquisition of Velocity Specialty Insurance Company (VSIC) by Financial Management (FM) signifies an entry into a new market for FM, with a potential for growth within the specialty insurance sector. This addition to FM's portfolio could also contribute to their expansion into South Korea, as they aim to capitalize on the growing demand for specialized insurance services in the Asia-Pacific region. With major public insurers in Asia-Pacific, such as SBI Life Insurance, Tata AIA Life, and Chubb Life, already establishing a significant presence, the finance sector will undoubtedly witness a series of events that may reshape the industry landscape.
