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Ace Limited Responds To New York State Attorney General's Allegations

HAMILTON, Bermuda: October 14, 2004 - ACE Limited (NYSE: ACE) has issued the following statement in connection with the action announced today by the New York Attorney General:

"The Attorney General of the State of New York filed a civil lawsuit today against Marsh & McLennan Companies, Inc. and Marsh Inc. This is an outgrowth of the Attorney General's investigation into broker compensation practices. Although ACE is not named as a defendant, ACE and several other insurers are referenced in the complaint. We have been cooperating with the Attorney General's office since earlier this year in this matter, and we intend to continue to cooperate fully with the investigation."

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.