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Don Kramer Appointed To New Post At Ace Following Board Retirement

21 June 2004

Hamilton, Bermuda: June 21, 2004 - Ace Limited (NYSE:ACE) announced today that Donald Kramer has been appointed to the position of Executive, Office of the President & Chief Executive Officer, effective immediately.This appointment follows his retirement from the ACE Limited Board of Directors on May 27, 2004, where he had been Vice Chairman since 1996. The appointment is subject to approval from the Bermuda Department of Labour and Immigration.

Mr. Kramer will assist the President & Chief Executive Officer of ACE Limited, Evan G. Greenberg, on various projects and will represent him from time to time.

Mr. Greenberg said: "Mr. Kramer's new role at ACE ensures that wecan augment the effectiveness and reach of ACE at the most seniorlevel. Mr. Kramer has been a key ambassador for ACE since he joined us in 1996 and an integral part of ACE's development into the global player it is today. There are very few people with Mr. Kramer's expertise and background. I am extremely pleased that he will be remaining with ACE in this new position."

The ACE Group of Companies is a global leader in insurance andreinsurance 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 approximately 50 countries. Additional information can be found at http://www.acelimited.com.

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CONTACT: ACE Limited, Hamilton

Investor Contact: Helen M. Wilson, 441/299-9283

Media Contact: John Herbkersman, 215/640-5119