Ace Ltd. could be set to continue its takeover spree with New York Life's Asian assets the latest acquisition target, according to a Bloomberg report.

The news service reported that the insurer may be in talks to acquire its American counterpart's Asian assets after discussions with two other bidders ended.

Citing a person familiar with the matter, it said that New York Life is no longer in talks with Manulife Financial and Primus Financial who had been interested in various assets in Hong Kong, Taiwan and South Korea.

The assets are estimates to fetch between $500 million and $600 million.

Last week Ace agreed to pay $1.1 billion in cash to buy a majority stake in Rain & Hail Insurance Service Inc. and expand its coverage of crops in the US, and was reported to have bought Malaysian-based general insurer Jerneh Insurance Bhd, according to wire sources.