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Ace Limited Comments On Impact Of Cat Losses For Third Quarter

13 13 2004

Hamilton, Bermuda: 12 October 2004 - ACE Limited (NYSE: ACE) announced today that it estimates total net catastrophe-related charges during the third quarter across the entire ACE Group of Companies will be approximately $480 million pre-tax. This total includes the previously announced loss estimate of approximately $100 million from Hurricane Charley, as well as loss estimates from Hurricanes Frances, Ivan and Jeanne, which struck the Caribbean and the United States in the months of August and September, and typhoons Songda, Chaba and Meari, which impacted Asia during the quarter.

The Company estimates that it will record an after-tax charge of approximately $400 million in the third quarter. In previous guidance, the Company expected the annual P&C combined ratio to be between 88% and 90%, and the consolidated effective tax rate to be between 21% and 23%. The Company now believes the combined ratio will be between 93% and 94%, and the consolidated effective tax rate will be between 24% and 26%.

ACE will report third quarter financial results on the evening of Tuesday, October 26, 2004 and will provide additional details about the CAT losses during our earnings conference call on Wednesday, October 27, 2004.

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 approximately 50 countries. Additional information can be found at: www.acelimited.com.

ACE Limited (NYSE: ACE) announced today that it estimates total net catastrophe-related charges during the third quarter across the entire ACE Group of Companies will be approximately $480 million pre-tax.