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U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 5
ANNUAL STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
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
[ ] Check this box if no longer subject of Section 16. Form 4 or Form 5
obligations may continue. See Instruction 1(b).
[ ] Form 3 Holdings Reported
[ ] Form 4 Transactions Reported
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1. Name and Address of Reporting Person*
SCOTT Walter A.
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(Last) (First) (Middle)
c/o Fairbreeze
11 Salt Kettle Road
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(Street)
Paget PG 01 BERMUDA
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(City) (State) (Zip)
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2. Issuer Name and Ticker or Trading Symbol
ACE Limited (NYSE:ACL)
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3. IRS or Social Security Number of Reporting Person (Voluntary)
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4. Statement for Month/Year
September 1998
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5. If Amendment, Date of Original (Month/Year)
11/13/1998
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6. Relationship of Reporting Person to Issuer
(Check all applicable)
[ X ] Director [ ] 10% Owner
[ ] Officer (give title below) [ ] Other (specify below)
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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
<PAGE>
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Table I -- Non-Derivative Securities Acquired, Disposed of,
or Beneficially Owned
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<TABLE>
<CAPTION>
5. 6.
4. Amount of Owner-
Securities Acquired (A) or Securities ship
Disposed of (D) Beneficially Form: 7.
(Instr. 3, 4 and 5) Owned at End Direct Nature of
2. 3. ----------------------------- of Issuer's (D) or Indirect
1. Transaction Transaction (A) Fiscal Year Indirect Beneficial
Title of Security Date Code Amount or Price (Instr. 3 (I) Ownership
(Instr. 3) (mm/dd/yy) (Instr. 8) (D) & 4) (Instr.4) (Instr. 4)
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<S> <C> <C> <C> <C> <C> <C> <C> <C>
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Ordinary Shares 2/6/98 A(1) 356 A (1) 224,829 (2) D
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</TABLE>
* If the form is filed by more than one Reporting Person, see
Instruction 4(b)(v).
Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly.
(Print or Type responses)
Page 1 of 2
<PAGE>
FORM 5 (continued)
Table II -- Derivative Securities Acquired, Disposed of, or Beneficially
Owned (e.g., puts, calls, warrants, options, convertible securities)
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<TABLE>
<CAPTION>
9. 10.
Number Owner-
of ship
2. Deriv- of
Conver- 5. 7. ative Deriv- 11.
sion Number of Title and Amount Secur- ative Nature
or Derivative 6. of Underlying 8. ities Secur- of
Exer- Securities Date Securities Price Bene- ity: In-
cise 3. Acquired (A) Exercisable and (Instr. 3 and 4) of ficially Direct direct
Price Trans- 4. or Disposed Expiration Date ---------------- Deriv- Owned (D) or Bene-
1. of action Trans- of (D) (Month/Day/Year) Amount ative at End In- ficial
Title of Deriv- Date action (Instr. 3, ---------------- or Secur- of direct Owner-
Derivative ative (Month/ Code 4 and 5) Date Expira- Number ity Year (I) ship
Security Secur- Day/ (Instr. ------------ Exer- tion of (Instr. (Instr. (Instr. (Instr.
(Instr. 3) ity Year) 8) (A) (D) cisable Date Title Shares 5) 4) 4) 4)
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<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
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Ordinary
Options to acquire $64.00 10/18/97 G(3) 14,000 (4) 10/1/2001 Shares 14,000 (3)
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Ordinary
Options to acquire $64.00 10/18/97 G(3) 12,500 (6) 3/31/2007 Shares 12,500 (3)
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Ordinary
Options to acquire $64.00 10/18/97 G(5) 14,000 (4) 10/1/2001 Shares 14,000 (5)
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Ordinary
Options to acquire $64.00 10/18/97 G(5) 12,500 (6) 3/31/2007 Shares 12,500 (5) 480,000(2) D
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Explanation of Responses:
(1) Represents Ordinary Shares granted as a director retainer award pursuant to the ACE Limited 1995 Outside Directors
Plan, which plan meets the requirements of Rule 16b-3. Such Ordinary Shares will vest on February 4, 1999
assuming the reporting person is a director of ACE Limited on such date.
(2) On February 17, 1998, the Ordinary Shares of ACE Limited split 3-for-1. Transactions prior to that date are thus
reported on a pre-split basis, with respect to both the number of shares and, where applicable, the option exercise price.
The totals in column 5 of Table I and column 9 of Table II have been adjusted, however, to give effect to the stock split.
(3) Gift of options to the reporting person's child, C. Reed Scott.
(4) Options become exercisable as follows: 50% on 10/1/98 and 50% on 10/1/99.
(5) Gift of options to the reporting person's child, Alisa A. Scott.
(6) Options become exercisable as follows: 1/3 on 3/31/98, 1/3 on 3/31/99 and 1/3 on 3/31/2000.
</TABLE>
Signed for Walter A. Scott pursuant to a
power of attorney on file with the Securities
and Exchange Commission
/s/ Keith P. White January 8, 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.
Alternatively, this Form is permitted to be submitted to the Commission
in electronic format at the option of the reporting person pursuant to
Rule 101(b)(4) of Regulation S-T.
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SEC 2270 (3/91)
