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OMB APPROVAL
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OMB Number 3235-0104
Expires: September 30, 1998
Estimated average burden
hours per response ....... 0.5
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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*
ENGESTROM John
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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)
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2. Date of Event Requiring Statement (Month/Day/Year)
June 2, 1999
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3. IRS Identification Number of Reporting Person, if an Entity (Voluntary)
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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,
Tempest Reinsurance Company Limited
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6. If Amendment, Date of Original (Month/Day/Year)
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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>
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Ordinary Shares 10,000(1) D
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</TABLE>
Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly.
* If the Form is filed by more than one Reporting Person, see Instruction
5(b)(v).
(Over)
SEC 1473 (7-96)
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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>
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Options to acquire(2) (2) 5/1/2009 Ordinary Shares 40,000 $30.25 D
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</TABLE>
Explanation of Responses:
(1) Award of restricted stock pursuant to ACE Limited Long-Term Incentive Plan
(the "Plan"). Stock vests as follows: 1/4 on 5/1/2000, 1/4 on 5/1/2001, 1/4 on
5/1/2002 and 1/4 on 5/1/2003.
(2) Award of options pursuant to the Plan. Options vest as follows: 1/3 on
5/1/2001 and 1/3 on 5/1/2002.
Signed for John Engstrom pursuant
to a power of attorney on file with
the Securities and Exchange Commission
/s/ Peter N. Mear 6/9/99
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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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