ACE Limited, the Swiss insurer operating in over 50 countries, has successfully completed the acquisition of all shares in both New York Life's Hong Kong and South Korean wholly-owned life insurance subsidiaries for a combined US$425 million in cash. The purchase agreement between the two conglomerates…

New York Life has entered into arrangements to sell its stake in its Shanghai-based joint venture, Haier New York Life Insurance Co. Ltd. Shanghai-based Haier New York Life Insurance had previously been a joint venture between New York Life Insurance and electrical appliance manufacturer, Haier Group, with each partner holding a 50 percent stake. The Haier New York Life Insurance company has a registered…

New York Life Insurance Company has signed an agreement with ACE Group for the sale of two of New York Life's Asian life insurance operations for US$ 425 million. The deal will see ACE purchase two of New Your Life's wholly owned life insurance subsidiaries in Hong Kong and South Korea, where ACE Group already has property and casualty insurance operations. ACE Group will incorporate the newly purchased…