Ace Ltd. has announced the completion of 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 Greenberg, chairman and CEO of Ace Ltd.“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.”Ace announced in October its agreement to buy New York Life Insurance Co.’s Hong Kong and South Korean life operations for about $425 million.The purchase will help it expand into the two north Asian markets where it has property and casualty insurance operations and $2.15 billion of assets, the insurer said.The units are Ace’s third acquisition in Asia after agreeing to buy Malaysian general insurer Jerneh Insurance Bhd. for about $210 million in September 2010.