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Ace Limited Announced Issurance Of $500 Million Senior Notes By Subsidiary

HAMILTON, Bermuda: June 2, 2004 - ACE Limited (NYSE: ACE) announced today that its subsidiary, ACE INA Holdings Inc., has agreed to sell $500 million principal amount of 5.875% Senior Notes due June 15, 2014.The notes are guaranteed by ACE Limited.

The net proceeds from the sale of the senior notes will be used to repay $400 million of ACE INA Holdings Inc. notes which mature in August 2004, to redeem $75 million of subsidiary trust preferred securities and for general corporate purposes.

The lead underwriters for the offering are Citigroup Global Markets Inc. and J.P. Morgan Securities Inc.

The ACE Group of Companies is a global leader in insurance and reinsurance serving a diverse group of clients. A component of the Standard & Poor's 500 stock index, The ACE Group conducts its business on a worldwide basis with operating subsidiaries in nearly 50 countries. Additional information can be found at www.acelimited.com.

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