News Releases

ZURICH--(BUSINESS WIRE)--ACE Limited (NYSE:ACE) announced today that it has completed its acquisition of New York Life’s Korea operations for approximately $75 million in cash. The original October 2010 purchase agreement with New York Life was amended to allow for separate closings for the Korea and Hong Kong operations. The Hong Kong portion of the transaction is expected to close in the first quarter of 2011.

“We are pleased to complete this transaction that adds an important market for our young but growing international life insurance franchise,” said Evan G. Greenberg, Chairman and Chief Executive Officer of ACE Limited. “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.”

Celebrating 25 years of insuring progress, the ACE Group is a leader in insurance and reinsurance serving a diverse group of clients. Headed by ACE Limited (NYSE: ACE), a component of the S&P 500 stock index, the ACE Group conducts its business on a worldwide basis with operating subsidiaries in more than 50 countries. Additional information can be found at: www.acegroup.com.

Cautionary Statement Regarding Forward-Looking Statements

All forward-looking statements made in this press release, related to ACE’s anticipated acquisition or otherwise, reflect ACE’s current views with respect to future events, business transactions and business performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties, which may cause actual results to differ materially from those set forth in these statements. For example, such forward-looking statements related to the anticipated Hong Kong acquisition could prove incorrect if the transaction were to not close, and statements related to both countries could prove incorrect if the acquired companies were to perform differently than currently expected by ACE or if anticipated expense-related efficiencies are not realized. More generally, the businesses of ACE and the acquired companies could be affected by factors identified in the company’s filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates on which they are made. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.