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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
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1. Name and Address of Reporting Person*
SCHMALZRIEDT Gary T.
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(Last) (First) (Middle)
c/o ACE Limited
The ACE Building, 30 Woodbourne Avenue
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(Street)
Hamilton HM 08 BERMUDA
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(City) (State) (Zip)
_______________________________________________________________________________
2. Date of Event Requiring Statement (Month/Day/Year)
August 6, 1999
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3. IRS Identification Number of Reporting Person, if an Entity (Voluntary)
_______________________________________________________________________________
4. Issuer Name and Ticker or Trading Symbol
ACE Limited (NYSE: ACL)
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5. Relationship of Reporting Person to Issuer
(Check all applicable)
[ ] Director [ ] 10% Owner
[x] Officer (give title below) [ ] Other (specify below)
President and Chief Executive Officer,
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ACE Bermuda Insurance Ltd.
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_______________________________________________________________________________
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
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Table I -- Non-Derivative Securities Beneficially Owned
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<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)
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<S> <C> <C> <C>
Ordinary Shares 57,441 (1) D
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</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)
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<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)
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<S> <C> <C> <C> <C> <C> <C> <C>
Options to acquire (2) 7/2/2009 Ordinary Shares 30,000 $28.0625 D
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Explanation of Responses:
(1) Of these ordinary shares, 49,941 are shares of restricted stock that will vest as follows: 19,099 shares on 12/12/1999,
1,235 shares on 2/24/2000, 6,099 shares on 2/25/2000, 7,439 shares on 2/26/2000, 3,750 shares on 7/2/2000, 1,235 shares
on 2/24/2001, 6,099 shares on 2/25/2001, 3,750 shares on 7/2/2001 and 1,235 shares on 2/24/2002.
(2) Option vesting schedule: 1/2 on 7/2/1999, 1/4 on 7/2/2000 and 1/4 on 7/2/2001.
</TABLE>
Signed for Gary T. Schmalzriedt pursuant
to a power of attorney on file with the
Securities and Exchange Commission
/s/ Peter Mear 16th August 1999
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**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.
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