Ace Ltd has announced the completion of its acquisition of New York Life’s Hong Kong operations for approximately $350 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 Korea portion of the transaction closed on February 1.“We are pleased to complete this transaction, which adds the important and dynamic market of Hong Kong to our growing international life insurance franchise,” said Evan Greenberg, chairman and CEO of Ace Ltd.