ACE Limited, a provider of insurance and reinsurance services, has completed its acquisition of New York Life's Korea operations for approximately $75m in cash.

The 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 the completion of this transaction adds an important market for the 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 said.

The Hong Kong portion of the transaction is expected to close in the first quarter of 2011.