Ace Completes Acquisition of New York Life's Operations in Hong Kong
ZURICH – April 1, 2011 – ACE Limited (NYSE:ACE) announced today that it has completed its acquisition of New York Life’s Hong Kong operations for approximately $350 million in cash. The original October 2010 purchase agreement with New York Life was amended to allow for separate closings for the Korea and Hong Kong operations. The Korea portion of the transaction closed February 1.
“We are pleased to complete this transaction, which adds the important and dynamic market of Hong Kong to our growing international life insurance franchise,” said Evan G. Greenberg, Chairman and Chief Executive Officer of ACE Limited. “Together with our recent acquisition of New York Life’s business in Korea, the addition of a life company in Hong Kong expands our presence in Asia and complements the life insurance business we have been growing organically in the region for the last six years.”
Celebrating 25 years of insuring progress, the ACE Group is a leader in insurance and reinsurance serving a diverse group of clients. Headed by ACE Limited (NYSE: ACE), a component of the S&P 500 stock index, the ACE Group conducts its business on a worldwide basis with operating subsidiaries in more than 50 countries. Additional information can be found at: www.acegroup.com.