-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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<SEC-DOCUMENT>0001181431-03-008158.txt : 20030519
<SEC-HEADER>0001181431-03-008158.hdr.sgml : 20030519
<ACCEPTANCE-DATETIME>20030519164029
ACCESSION NUMBER:		0001181431-03-008158
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20030515
FILED AS OF DATE:		20030519

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:			SCOTT WALTER A
		CENTRAL INDEX KEY:			0001057427

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-11778
		FILM NUMBER:		03710777

	BUSINESS ADDRESS:	
		STREET 1:		ACE LTD
		STREET 2:		14 PAR LA VILLE ROAD
		CITY:			HAMITON
		BUSINESS PHONE:		4412999345

	MAIL ADDRESS:	
		STREET 1:		ACE LTD
		STREET 2:		14 PAR LA VILLE ROAD
		CITY:			BERMUDA
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>rrd9198.xml
<DESCRIPTION>FORM 4 - MAY, 2003
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>
    <schemaVersion>X0101</schemaVersion>

    <documentType>4</documentType>
<periodOfReport>2003-05-15</periodOfReport>
<notSubjectToSection16>0</notSubjectToSection16>
    <issuer>
        <issuerCik>0000896159</issuerCik>
        <issuerName>ACE LTD</issuerName>
        <issuerTradingSymbol>ACE</issuerTradingSymbol></issuer>
<reportingOwner>
<reportingOwnerId>
            <rptOwnerCik>0001057427</rptOwnerCik>
            <rptOwnerName>SCOTT WALTER A</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>Ordinary Shares</value></securityTitle>
<transactionDate>
<value>2003-05-15</value></transactionDate>
<transactionCoding>
<transactionFormType>4</transactionFormType>
<transactionCode>A</transactionCode>
<equitySwapInvolved>0</equitySwapInvolved>
<footnoteId id="F1"/></transactionCoding>
<transactionTimeliness>
<value></value></transactionTimeliness>
<transactionAmounts>
<transactionShares>
<value>1015</value>
<footnoteId id="F1"/></transactionShares>
<transactionValue>
<value>0.00</value></transactionValue>
<transactionAcquiredDisposedCode>
<value>A</value></transactionAcquiredDisposedCode></transactionAmounts>
<postTransactionAmounts>
<sharesOwnedFollowingTransaction>
<value>245801.04</value></sharesOwnedFollowingTransaction></postTransactionAmounts>
<ownershipNature>
<directOrIndirectOwnership>
<value>D</value></directOrIndirectOwnership>
<natureOfOwnership>
<value></value></natureOfOwnership></ownershipNature></nonDerivativeSecurity>
<derivativeSecurity>
<securityTitle>
<value>Options to acquire</value></securityTitle>
<conversionOrExercisePrice>
<value>34.45</value></conversionOrExercisePrice>
<transactionDate>
<value>2003-05-15</value></transactionDate>
<transactionCoding>
<transactionFormType>4</transactionFormType>
<transactionCode>A</transactionCode>
<equitySwapInvolved>0</equitySwapInvolved>
<footnoteId id="F2"/></transactionCoding>
<transactionAmounts>
<transactionShares>
<value>4000</value></transactionShares>
<transactionValue>
<value>0.00</value>
<footnoteId id="F2"/></transactionValue>
<transactionAcquiredDisposedCode>
<value>A</value></transactionAcquiredDisposedCode></transactionAmounts>
<exerciseDate>
<value>1988-08-08</value>
<footnoteId id="F2"/></exerciseDate>
<expirationDate>
<value>2013-05-15</value></expirationDate>
<underlyingSecurity>
<underlyingSecurityTitle>
<value>Ordinary Shares</value></underlyingSecurityTitle>
<underlyingSecurityShares>
<value>4000</value></underlyingSecurityShares></underlyingSecurity>
<postTransactionAmounts>
<sharesOwnedFollowingTransaction>
<value>314000</value></sharesOwnedFollowingTransaction></postTransactionAmounts>
<ownershipNature>
<directOrIndirectOwnership>
<value>D</value></directOrIndirectOwnership>
<natureOfOwnership>
<value></value></natureOfOwnership></ownershipNature></derivativeSecurity>
<footnotes>
<footnote id="F1">Represents Ordinary shares granted as a director retainer award pursuant to the ACE Limited 1995 Outside Directors Plan (the &quot;Plan&quot;), which meets the requirements of Rule 16b-3.  Such Ordinary Shares will vest on the date immediately prior to the next annual ACE Limited shareholder meeting, assuming the reporting person is a director of ACE Limited on such date.</footnote>
<footnote id="F2">Option award pursuant to the Plan. Vesting schedule: 1/3 on the date immediately prior to each of the next three annual ACE Limited shareholder meetings.</footnote></footnotes>
<ownerSignature>
<signatureName>Signed for Walter A. Scott by Christopher Z. Marshall pursuant to a power of attorney on file with the Securities and Exchange Commission</signatureName>
<signatureDate>2003-05-19</signatureDate></ownerSignature></ownershipDocument>


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