8-K

                     SECURITIES AND EXCHANGE COMMISSION
                           Washington D.C. 20549

                                  FORM 8-K

                               Current Report

                   Pursuant to Section 13 or 15(d) of the
                      Securities Exchange Act of 1934


    Date of Report (Date of earliest event reported): October 24, 2001


                                ACE LIMITED
           (Exact name of registrant as specified in its charter)


        Cayman Islands           1-11778                98-0091805
(State or other jurisdiction   (Commission   (I.R.S. Employer of Incorporation)
                                File Number)         Identification No.)


          ACE Global Headquarters
            17 Woodbourne Avenue
               Hamilton, Bermuda                                HM 08
      (Address of principal executive offices)                 Zip Code)


Registrant's telephone number, including area code: (441) 295-5200


                                Not Applicable
       (Former name or former address, if changed since last report)







Item 5.  Other Information

         On October 24, 2001, ACE Limited issued a press release announcing
the commencement of a public offering of its ordinary shares.

         Attached as Exhibit 99.1 is a copy of the press release, dated
October 24, 2001.








                                 SIGNATURES

         Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned thereunto duly authorized.


Dated: October 24, 2001                  ACE LIMITED

                                           By:  /s/ Christopher Z. Marshall
                                                ---------------------------
                                                Christopher Z. Marshall
                                                Chief Financial Officer





                               EXHIBIT INDEX

Exhibit
Number                        Description
------                        -----------

99.1              Press Release, dated October 24, 2001

EX-99.1

FOR IMMEDIATE RELEASE

                                      Investor Contact:     Helen M. Wilson
                                                            (441) 299-9283
                                      Media Contact:        Wendy Davis Johnson
                                                            (441) 299-9347

     HAMILTON, Bermuda--(BUSINESS WIRE)--Oct. 24, 2001--ACE Limited
(NYSE:ACE) announced today that it intends, subject to market and
other conditions, to commence a public offering of approximately $1
billion of its ordinary shares, plus up to an additional $150 million
of ordinary shares to cover over-allotments. Salomon Smith Barney Inc.
(sole book-running manager), J.P. Morgan Securities Inc. and Banc of
America Securities LLC will act as managers for the offering.

    ACE expects to use the net proceeds of the offering of the ordinary
shares to take advantage of opportunities in the global insurance and
reinsurance markets becoming available as a result of recent events which
have depleted industry capital and materially accelerated demand for
insurance and reinsurance. ACE intends to deploy the new capital by, among
other things, expanding its net underwriting capacity, either through
internal growth and/or through acquisitions of lines of business or
companies.

    Copies of the prospectus, including the prospectus supplement, may be
obtained when available from Salomon Smith Barney, Brooklyn Army Terminal,
140 58th Street, 5th Floor, Brooklyn, NY 11220 (telephone: 718-765-6732).

    This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of these
securities in any state in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the securities laws
of any such state. A shelf registration statement relating to the ordinary
shares that ACE intends to offer, has previously been filed with, and
declared effective by, the Securities and Exchange Commission. Any offer,
if at all, will be made only by means of a prospectus, including a
prospectus supplement, forming a part of the effective registration
statement.

    The ACE Group of Companies provides insurance and reinsurance for a
diverse group of clients. The ACE Group conducts its business on a global
basis with operating subsidiaries in nearly 50 countries. Additional
information can be found at http://www.acelimited.com

    Application of the Safe Harbor of the Private Securities
Litigation Reform Act of 1995:

    Any forward-looking statements made in this press release reflect the
Company's current views with respect to future events and financial
performance and are made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. Such statements involve
risks and uncertainties which may cause actual results to differ materially
from those set forth in these statements. Stock and bond market activity,
as well as competition in the industry, levels of new and renewal business
achieved, market acceptance, the frequency of unpredictable catastrophic
events and economic, market, regulatory, Lloyd's, insurance and reinsurance
business conditions and other factors identified in the Company's filings
with the Securities and Exchange Commission could affect the
forward-looking statements contained in this press release. Readers are
cautioned not to place undue reliance on these forward-looking statements,
which speak only as of the dates on which they are made. The Company
undertakes no obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events or
otherwise.