------------------------------
OMB APPROVAL
------------------------------
OMB Number
Expires:
Estimated average burden
hours per response ....... 0.5
------------------------------
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 3
INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
Section 17(a) of the Public Utility Holding Company Act of 1935 or
Section 30(f) of the Investment Company Act of 1940
_______________________________________________________________________________
1. Name and Address of Reporting Person*
BLEE Robert A.
- -------------------------------------------------------------------------------
(Last) (First) (Middle)
c/o ACE Limited
The ACE Building, 30 Woodbourne Avenue
- -------------------------------------------------------------------------------
(Street)
Hamilton HM 08 BERMUDA
- -------------------------------------------------------------------------------
(City) (State) (Zip)
_______________________________________________________________________________
2. Date of Event Requiring Statement (Month/Day/Year)
May 7, 1999
_______________________________________________________________________________
3. IRS Identification Number of Reporting Person, if an Entity (Voluntary)
_______________________________________________________________________________
4. Issuer Name and Ticker or Trading Symbol
ACE Limited (NYSE: ACL)
_______________________________________________________________________________
5. Relationship of Reporting Person to Issuer
(Check all applicable)
[ ] Director [ ] 10% Owner
[X] Officer (give title below) [ ] Other (specify below)
Chief Accounting Officer
-------------------------------------------------
_______________________________________________________________________________
6. If Amendment, Date of Original (Month/Day/Year)
_______________________________________________________________________________
7. Individual or Joint/Group Filing (Check applicable line)
[X] Form Filed by One Reporting Person
[ ] Form Filed by More than One Reporting Person
<PAGE>
===============================================================================
Table I -- Non-Derivative Securities Beneficially Owned
===============================================================================
<TABLE>
<CAPTION>
3. Ownership Form:
2. Amount of Securities Direct (D) or
1. Title of Security Beneficially Owned Indirect (I) 4. Nature of Indirect Beneficial Ownership
(Instr. 4) (Instr. 4) (Instr. 5) (Instr. 4)
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
- -----------------------------------------------------------------------------------------------------------------------------------
Ordinary Shares 6,192(1) D
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
===================================================================================================================================
</TABLE>
* If the Form is filed by more than one Reporting Person, see Instruction
5(b)(v).
Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly.
(Over)
(Form 3-07/98)
<PAGE>
FORM 3 (continued)
Table II -- Derivative Securities Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
===============================================================================
<TABLE>
<CAPTION>
5. Owner-
3. Title and Amount of Securities ship
Underlying Derivative Security Form of
2. Date Exercisable (Instr. 4) Derivative
and Expiration Date --------------------------------- 4. Conver- Security:
(Month/Day/Year) Amount sion or Direct 6. Nature of
---------------------- or Exercise (D) or Indirect
Date Expira- Number Price of Indirect Beneficial
1. Title of Derivative Exer- tion of Derivative (I) Ownership
Security (Instr. 4) cisable Date Title Shares Security (Instr. 5) (Instr. 5)
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
- -----------------------------------------------------------------------------------------------------------------------------------
Options to acquire (2) 11/12/2008 Ordinary Shares 15,000 $29.63 D
- -----------------------------------------------------------------------------------------------------------------------------------
Options to acquire (3) 11/12/2007 Ordinary Shares 15,000 $30.00 D
- -----------------------------------------------------------------------------------------------------------------------------------
Options to acquire (4) 11/14/2006 Ordinary Shares 12,000 $19.50 D
- -----------------------------------------------------------------------------------------------------------------------------------
Options to acquire (5) 11/17/2005 Ordinary Shares 10,500 $11.875 D
- -----------------------------------------------------------------------------------------------------------------------------------
Options to acquire (6) 11/18/2004 Ordinary Shares 10,500 $7.6667 D
- -----------------------------------------------------------------------------------------------------------------------------------
Options to acquire (7) 11/18/2003 Ordinary Shares 4,500 $10.00 D
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
===================================================================================================================================
Explanation of Responses:
(1) Of these ordinary shares, 4,000 are shares of restricted stock, of which 1,666 will vest on 11/12/1999, 1,667
on 11/12/2000 and 667 on 11/12/2001.
(2) Option vesting schedule: 1/3 on 11/12/1999, 1/3 on 11/12/2000 and 1/3 on 11/12/2001.
(3) Option vesting schedule: 1/3 on 11/12/1998, 1/3 on 11/12/1999 and 1/3 on 11/12/2000.
(4) Option vesting schedule: 1/3 on 11/14/1997, 1/3 on 11/14/1998 and 1/3 on 11/14/1999.
(5) Option vesting schedule: 1/2 on 11/17/1998 and 1/2 on 11/17/1999.
(6) Option vesting schedule: 1/2 on 11/18/1997 and 1/2 on 11/18/1998.
(7) Option vesting schedule: 1/2 on 11/18/1996 and 1/2 on 11/18/1997.
Signed for Robert A. Blee pursuant to a power of attorney on file with the Securities and Exchange Commission.
</TABLE>
/s/ Peter Mear 16th August 1999
- --------------------------------------------- -----------------------
**Signature of Reporting Person Date
** Intentional misstatements or omissions of facts constitute Federal Criminal
Violations.
See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed.
If space provided is insufficient, see Instruction 6 for procedure.
Page 2
