SEC FORM 3

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

Dowd Brian Edward

(Last)

(First)

(Middle)

ACE USA, 1601 CHESTNUT STREET

(Street)

PHILADELPHIA

19103

(City)

(State)

(Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
12/31/2004

3. Issuer Name and Ticker or Trading Symbol
ACE LTD [ ACE ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	Chairman & CEO, ACE USA

5. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Ordinary Shares	50,329⁽¹⁾	D

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
1. Title of Derivative Security (Instr. 4)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
Options to Acquire Ordinary Shares	⁽²⁾	11/12/2007	Ordinary Shares	10,500	$30	D
Options to Acquire Ordinary Shares	⁽³⁾	11/12/2008	Ordinary Shares	15,000	$29.625	D
Options to Acquire Ordinary Shares	⁽⁴⁾	02/22/2011	Ordinary Shares	16,500	$36.3	D
Options to Acquire Ordinary Shares	⁽⁵⁾	02/28/2012	Ordinary Shares	50,000	$43.9	D
Options to Acquire Ordinary Shares	⁽⁶⁾	02/28/2012	Ordinary Shares	35,000	$43.9	D
Options to Acquire Ordinary Shares	⁽⁷⁾	02/27/2013	Ordinary Shares	28,000	$27.57	D
Options to Acquire Ordinary Shares	⁽⁸⁾	02/25/2014	Ordinary Shares	27,000	$43.56	D

Explanation of Responses:

1. Of the total, 45,750 were received at various times pursuant to ACE Limited long-term incentive plans. Stock vests as follows: 1/4 of the first anniversary of the date of the award, 1/4 on the second anniversary of the date of the award, 1/4 on the third anniversary of the date of the award and 1/4 on the fourth anniversary of the date of the award, with 15,750 vesting in February 2005, 14,375 vesting in February 2006, 10,625 vesting in February 2007 and 5,000 vesting in February 2008.

2. Option award pursuant to the ACE Limited 1995 Long-Term Incentive Plan granted on 11/12/1997. Options vest as follows: 1/3 on the first anniversary of the date of the award, 1/3 on the second anniversary of the date of the award and 1/3 on the third anniversay of the date of the award.

3. Option award pursuant to the ACE Limited 1995 Long-Term Incentive Plan granted on 11/12/1998. Options vest as follows: 1/3 on the first anniversary of the date of the award, 1/3 on the second anniversary of the date of the award and 1/3 on the third anniversay of the date of the award.

4. Option award pursuant to the ACE Limited 1998 Long-Term Incentive Plan granted on 02/22/2001. Options vest as follows: 1/3 on the first anniversary of the date of the award, 1/3 on the second anniversary of the date of the award and 1/3 on the third anniversay of the date of the award.

5. Option award pursuant to the ACE Limited 1998 Long-Term Incentive Plan granted on 02/28/2002. Options will vest on the fifth anniversary of the date of the award.

6. Option award pursuant to the ACE Limited 1998 Long-Term Incentive Plan granted on 02/28/2002. Options will vest on the third anniversary of the date of the award.

7. Option award pursuant to the ACE Limited 1998 Long-Term Incentive Plan granted on 02/27/2003. Options vest as follows: 1/3 on the first anniversary of the date of the award, 1/3 on the second anniversary of the date of the award and 1/3 on the third anniversay of the date of the award.

8. Option award pursuant to the ACE Limited 1998 Long-Term Incentive Plan granted on 02/25/2004. Options vest as follows: 1/3 on the first anniversary of the date of the award, 1/3 on the second anniversary of the date of the award and 1/3 on the third anniversay of the date of the award.

	Signed for Brian E. Dowd by Keith White Pursuant to a power of attorney	03/10/2005
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.