ACE Ltd. has agreed to pay about $425 million in cash for the New York Life Insurance Company life insurance businesses in Hong Kong and Korea.
ACE, Zurich (NYSE:ACE), already has property-casualty operations in north Asia, and it now wants to use the acquisition of the two businesses from New York Life, New York, to build life operations there, ACE says.
ACE has started life companies from scratch in China, Indonesia, Thailand and Vietnam.
The New York Life operations in Hong Kong and Korea have about $2.1 billion assets, 2,400 career agents and $330 million in annual revenue, ACE says.