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): September 12, 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


                              The ACE Building
                            30 Woodbourne Avenue
                           Hamilton HM 08 Bermuda
       (Former name or former address, if changed since last report)







Item 5.  Other Information

         On September 12, 2001, ACE Limited issued a press release in which
it disclosed the estimated impact on its third quarter net operating
income, after tax, of the tragic events of September 11, 2001.


Item 7.  Exhibits

         Attached as Exhibit 99.1 is a copy of the press release, dated
September 12, 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: September 13, 2001                  ACE LIMITED

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





                               EXHIBIT INDEX



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

99.1              Press Release, dated September 12, 2001

EX-99.1

FOR IMMEDIATE RELEASE

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



      ACE Limited Evaluates Exposure in the Wake of Terrorist Attacks

         HAMILTON, Bermuda - September 12, 2001 - As ACE Limited (NYSE:
ACE) examined its levels of insurance and reinsurance exposure, the Company
joined the world community in condemning yesterday's acts of terrorism in
the United States.

         Brian Duperreault, chairman and chief executive officer of ACE
Limited, said: "The human toll is beyond comprehension. While we believe
that the lives of all ACE employees who worked near the World Trade Center
were spared, none of us has been left unscarred by this horrific series of
events."

         "We are assessing the impact on ACE, as we must, and we are in an
excellent position to weather this catastrophe. At the same time, the
safety, security and wellbeing of our employees are uppermost in our minds.
We are also reaching out in whatever way we can to assist those business
partners, families and friends whose lives have been changed forever."

         Mr. Duperreault said that an event of such unprecedented magnitude
would have a significant negative impact on the Company's third quarter
results.

         "As a result of these events, we estimate that third quarter net
operating income, after tax, will be reduced by approximately $400
million."

         Mr. Duperreault said that all ACE offices in the U.S., with the
exception of space occupied in the vicinity of the World Trade Center, will
be open for business on Thursday.

         The ACE Group of Companies provides insurance and reinsurance for
a diverse group of clients. The company 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. Among other things,
the impact of the recent tragedy on the Company's financial results will
depend on the number of insureds and reinsureds affected by the disaster,
and the amount and timing of losses actually incurred and reported by
insureds and reinsureds. Also, competition in the industry, levels of new
and renewal business achieved, market acceptance, the frequency of
unpredictable catastrophic events and economic, market, regulatory,
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.