8-K

UNITED STATES

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) – June 2, 2004

ACE LIMITED

(Exact name of registrant as specified in its charter)

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

ACE Global Headquarters

17 Woodbourne Avenue

Hamilton HM 08 Bermuda

(Address of principal executive offices)

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 Events.

ACE Limited is filing Exhibit 12.1 (Computation of Ratio of Earnings to Fixed Charges and Preferred Share Dividends) on this Current Report on Form 8-K in order to incorporate it by reference into the Registration Statement on Form S-3 (File No. 333-88482) filed by ACE Limited and certain of its subsidiaries with the Securities and Exchange Commission.

Item 7. Financial Statements and Exhibits.

(c) Exhibits

Exhibit Number	Description
12.1	Computation of Ratio of Earnings to Fixed Charges and Preferred Share Dividends

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 hereunto duly authorized.

ACE LIMITED
By:	/s/    Paul Medini
	Paul Medini Chief Accounting Officer

DATE: June 2, 2004

EXHIBIT INDEX

Number	Description	Method of Filing
12.1	Computation of Ratio of Earnings to Fixed Charges and Preferred Share Dividends	Furnished herewith

EX-12.1

Exhibit 12.1

Ratio of Earnings to Fixed Charges and Preferred Share Dividends Calculation

	Three months Ended March 31, 2004	Three months Ended March 31, 2003	Fiscal year ended December 31
			2003	2002		2001		2000	1999
Earnings per Financial Statements	446,825	247,444	1,417,482	76,549		(146,414	)	542,982	364,963
Add (deduct):
Provision for income taxes	122,541	52,430	278,347	(115,688	)	(90,951	)	93,908	28,684
Fixed charges	50,522	52,012	205,758	215,161		219,849		242,783	126,138
Earnings for Computation	619,888	351,886	1,901,587	176,022		(17,516	)	879,673	519,785
Fixed Charges
Interest Expense	44,272	44,929	177,425	193,494		199,182		221,450	105,138
One third of payments under operating leases	6,250	7,083	28,333	21,667		20,667		21,333	21,000
Total Fixed Charges	50,522	52,012	205,758	215,161		219,849		242,783	126,138
Ratio of Earnings to Fixed Charges	12.3	6.8	9.2	(1	)	(2	)	3.6	4.1
Preferred Share Dividends	11,336	6,415	36,009	25,662		25,594		18,391	—
Total Fixed Charges and Preferred Share Dividends	61,858	58,427	241,767	240,823		245,443		261,174	126,138
Ratio of Earnings to Fixed Charges and Preferred Share Dividends	10.0	6.0	7.9	(1	)	(2	)	3.4	4.1

(1) Earnings for the year ended December 31, 2002 were insufficient to cover fixed charges by $39 million and combined fixed charges and preferred share dividends by $65 million.

(2) Earnings for the year ended December 31, 2001 were insufficient to cover fixed charges by $237 million and combined fixed charges and preferred share dividends by $263 million.