Mayer Brown Reps Ace In $425M New York Life Deal

Law360, New York (October 27, 2010, 2:44 PM EDT) -- New York Life Insurance Co. has agreed to sell its Hong Kong and South Korea subsidiaries to global insurance giant Ace Ltd. for $425 million in cash so the company can focus on its U.S.-based operations.

New York Life said Wednesday that, although its Hong Kong and South Korea operations are well-established, the company has decided to strategically shift its focus to other international markets and to its operations in the U.S., where it has a major market share in life insurance.

"Consistent with our commitment...
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