-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 G0hTSkRwZbZD59odZmuU6tuIw4YOslIgs3UNc0yCvmbmuYY91HZCE8axiikeDyyo
 w24TLCGNPi1C+51YTVLiUQ==

<SEC-DOCUMENT>0001181431-03-007562.txt : 20030514
<SEC-HEADER>0001181431-03-007562.hdr.sgml : 20030514
<ACCEPTANCE-DATETIME>20030514121936
ACCESSION NUMBER:		0001181431-03-007562
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20030512
FILED AS OF DATE:		20030514

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ACE LTD
		CENTRAL INDEX KEY:			0000896159
		STANDARD INDUSTRIAL CLASSIFICATION:	FIRE, MARINE & CASUALTY INSURANCE [6331]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			D0
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		ACE BLDG
		STREET 2:		30 WOODBOURNE AVE
		CITY:			HAMILTON HM 08 BERMU
		STATE:			D0
		ZIP:			00000
		BUSINESS PHONE:		8092955200

	MAIL ADDRESS:	
		STREET 1:		P O BOX HM 1015
		CITY:			HAMITON BERMUDA
		STATE:			D0
		ZIP:			00000

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			MENIKOFF PETER
		CENTRAL INDEX KEY:			0001072510

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-11778
		FILM NUMBER:		03697691

	BUSINESS ADDRESS:	
		STREET 1:		3 WILLOWICK CIRCLE
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77024
		BUSINESS PHONE:		7137833309

	MAIL ADDRESS:	
		STREET 1:		3 WILLOWICK CIRCLE
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77024
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>rrd8773.xml
<DESCRIPTION>FORM 4
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>
    <schemaVersion>X0101</schemaVersion>

<documentType>4</documentType>
<periodOfReport>2003-05-12</periodOfReport>
<notSubjectToSection16>0</notSubjectToSection16>
<issuer><issuerCik>0000896159</issuerCik>
        <issuerName>ACE LTD</issuerName>
<issuerTradingSymbol>ACE</issuerTradingSymbol></issuer>
<reportingOwner>
<reportingOwnerId>
<rptOwnerCik>0001072510</rptOwnerCik>
            <rptOwnerName>MENIKOFF PETER</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>  </rptOwnerStreet1>
            <rptOwnerStreet2>  </rptOwnerStreet2>
            <rptOwnerCity>  </rptOwnerCity>
            <rptOwnerState>  </rptOwnerState>
            <rptOwnerZipCode>  </rptOwnerZipCode>
        </reportingOwnerAddress>
<reportingOwnerRelationship>
<isDirector>1</isDirector>
<isOfficer>0</isOfficer>
<isTenPercentOwner>0</isTenPercentOwner>
<isOther>0</isOther>
<officerTitle></officerTitle>
<otherText></otherText></reportingOwnerRelationship></reportingOwner>
<nonDerivativeSecurity>
<securityTitle>
<value>Depositary Shares</value>
<footnoteId id="F1"/></securityTitle>
<transactionDate>
<value>2003-05-12</value></transactionDate>
<transactionCoding>
<transactionFormType>4</transactionFormType>
<transactionCode>P</transactionCode>
<equitySwapInvolved>0</equitySwapInvolved></transactionCoding>
<transactionTimeliness>
<value></value></transactionTimeliness>
<transactionAmounts>
<transactionShares>
<value>4000</value></transactionShares>
<transactionValue>
<value>25.00</value></transactionValue>
<transactionAcquiredDisposedCode>
<value>A</value></transactionAcquiredDisposedCode></transactionAmounts>
<postTransactionAmounts>
<sharesOwnedFollowingTransaction>
<value>4000</value>
<footnoteId id="F2"/></sharesOwnedFollowingTransaction></postTransactionAmounts>
<ownershipNature>
<directOrIndirectOwnership>
<value>D</value></directOrIndirectOwnership>
<natureOfOwnership>
<value></value></natureOfOwnership></ownershipNature></nonDerivativeSecurity>
<footnotes>
<footnote id="F1">Each depository share represents 1/10th of a share of ACE Limited 7.80% Cumulative Redeemable Preferred Stock, Series C.</footnote>
<footnote id="F2">Represents the total Depository Shares directly owned.  Reporting person also directly owns 29,818.872 Ordinary Shares.</footnote></footnotes>
<ownerSignature>
<signatureName>Signed for Peter Menikoff pursuant to a power of attorney on file with the Securities and Exchange Commission</signatureName>
<signatureDate>2003-05-14</signatureDate></ownerSignature></ownershipDocument>


</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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