Anyone would think all the capital build-up over the past two years is burning a hole in the pocket of ACE, judging by its sudden end-of-year flurry to make a few acquisitions.

Only days after revealing its $2.4 billion move to purchase AON's Combined Insurance Company of America, the insurer and reinsurer has now signed a further deal to expand its business operation.

This time the target of its attention is a New York-based unit that deals with wealthy customers wishing to insure everything from their expensive motor yachts to rare pieces of artwork.

The ACE Group of Companies has swung into action and signed a definitive agreement to acquire the "high-net-worth personal lines business of the Atlantic Companies."

Brian Dowd, ACE's chief executive officer for Insurance-North America, said: "Atlantic's personal lines business is an excellent complement to our existing personal lines capabilities, which include recreational marine and fine art.

"We're excited by the opportunity to bring these capabilities together with our financial strength and capacity to offer a leading personal lines set of products to the high-net-worth market.

"Atlantic has an outstanding claims reputation and a solid technology platform to support this business. Best of all, their people have deep experience and a passion for serving affluent customers, and they are recognised across the industry for their customer service.

"For example, recent regulatory data revealed auto policyholders in New York, New Jersey and Connecticut, three of the company's largest markets, registered zero customer complaints – a remarkable customer satisfaction record. We have ambitious plans to expand and grow our personal lines business both domestically and overseas, utilising the global ACE network to serve customers with assets around the world."

According to ACE: "The acquisition includes substantially all of the assets of the personal lines business of the Atlantic Companies, including certain systems, distribution arrangements and renewal rights.

In connection with the transaction, the majority of the Atlantic Companies' personal lines employees become employees of ACE.

"The Atlantic Companies, also known as Atlantic Mutual, are headquartered in New York City and widely recognized for their Atlantic Master Plan policy, which is offered through independent agents across the country. The AMP policy includes coverage options for homeowners, automobile, umbrella liability and personal property insurance for affluent individuals and families."

The transaction, subject to regulatory approvals and closing conditions, is expected to close within 30 days.