(Re)insurer paid $75m in cash
Specialist (re)insurer ACE has acquired New York Life’s Korea operations for approximately $75m in cash.
The (re)insurer said that the original agreement signed with New York Life in October 2010 was amended to allow for separate closings for the Korea and Hong Kong operations.
ACE chairman and CEO Evan Greenberg said: “We are pleased to complete this transaction that adds an important market for our young but growing international life insurance franchise.”
“The agency-based operations that New York Life has established in Korea will provide a good foundation on which to build our life insurance business in this important country,” Greenberg added.
The Hong Kong portion of the transaction is expected to close in the first quarter of 2011.
