(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.

The 2025 Insurance Times Awards took place on the evening of Wednesday 3rd December in the iconic Great Room of London’s Grosvenor House.

Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Many congratulations to all the worthy winners and as always, huge thanks to our sponsors for their support and our judges for their expertise.

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