ACE Limited, a provider of insurance and reinsurance services, has concluded its acquisition of New York Life's Hong Kong operations for approximately $350m 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.

The Korea portion of the transaction closed 1 February 2011.

ACE chairman and CEO Evan Greenberg said ACE is pleased to complete this transaction, which adds the important and dynamic market of Hong Kong to its growing international life insurance franchise.

"Together with our recent acquisition of New York Life’s business in Korea, the addition of a life company in Hong Kong expands our presence in Asia and complements the life insurance business we have been growing organically in the region for the last six years," Greenberg said.