ACE Limited (NYSE: ACE) today announced that its Bermuda subsidiary, ACE Bermuda Insurance Ltd. ("ACE Bermuda"), has agreed to settle its property insurance claim with Silverstein Properties, Inc., ("Silverstein") arising from the World Trade Center disaster. The settlement is based upon a single occurrence and therefore will comprise payment of only one policy limit. ACE Bermuda and Silverstein have agreed to dismiss all litigation and arbitration pending between them. The settlement amount is within the reserve ACE has previously established for this event and does not affect the remaining group reserves for other claims arising from September 11th.

An additional property coverage dispute with Silverstein remains involving ACE Global Markets ("AGM"), ACE's Lloyd's operation, which participates with other Lloyd's Syndicates in a separate property policy, but AGM's participation involves substantially less limit at a much higher attachment point. The dispute is subject to resolution at some time in the future.

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: 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. For example, the Company's ability to pay claims on a timely basis may be affected by actual loss experience and the amount and timing of claims, the amount and timing of reinsurance recoverables, the ultimate outcome of disputed claims, competition in the industry, levels of new and renewal business achieved, market acceptance, the frequency of unpredictable catastrophic events, and economic, market, legislative, regulatory, Lloyd's, insurance and reinsurance business conditions and other factors identified in the Company's filings with the Securities and Exchange Commission. 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.

Contact Information

Investor Contact:
Helen M. Wilson
(441) 299-9283