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Prospectus Supplement No. 1 dated May 4, 1999 (REVISED) Rule 424(b)(3)
To Prospectus dated August 14, 1998 File No.:333-60985
14,328,010 Shares
ACE LIMITED
Ordinary Shares
(par value 0.041666667)
This Supplement No. 1 (Revised) supplements and, to the extent
inconsistent therewith, amends the information contained in the prospectus
of ACE Limited, a Cayman Islands company, dated August 14, 1998 as
supplemented by Prospectus Supplement No. 1 dated May 4, 1999.
We have been informed by Insurance Partners Charman (Bermuda),
L.P., a Bermuda limited partnership ("IPC"), and Insurance Partners
Offshore (Bermuda), L.P., a Bermuda limited partnership ("IPO"), that they
have made pro rata distributions of an aggregate of 7,952,613 ordinary
shares to their direct and indirect partners (each a "Partner"). The
7,952,613 ordinary shares represent all of the ordinary shares registered
on behalf of IPC and IPO in the prospectus. As described in Prospectus
Supplement No. 2 dated May 10, 1999, a total of 2,315,483 of these ordinary
shares were sold by the Partners named therein to J.P. Morgan Securities
Inc., as underwriter.
The following table sets forth the name of each selling
shareholder, the number of ordinary shares beneficially owned by each
selling shareholder and the number of ordinary shares offered hereby. We
have been informed by the selling shareholders that, except as set forth in
the footnotes to the table, none of the selling shareholders has held any
position, office or other material relationship with us or any of our
affiliates within the past three years other than as a result of his, her
or its ownership of ordinary shares (or securities convertible into or
exercisable for ordinary shares). None of the figures below for any selling
shareholder individually represents 1% or more of our outstanding ordinary
shares.
The ordinary shares listed in the following table may be offered
from time to time by the selling shareholders named below. However, such
selling shareholders are under no obligation to sell all or any portion of
such ordinary shares, nor are the selling shareholders obligated to sell
any such ordinary shares immediately under the prospectus. Because the
selling shareholders may sell all or part of their ordinary shares, no
estimate can be given as to the number of ordinary shares that will be held
by any selling shareholder upon termination of any offering made hereby.
1
<PAGE>
<TABLE>
<CAPTION>
Ordinary Shares
Beneficially Owned Ordinary Shares
Name of Selling Shareholder Prior to Offering Offered Hereby
<S> <C> <C>
Aon Corporation (1) 318,282 318,282
Sheikh Abdulrahman Ali Al-Turki 122,200 122,200
American States Insurance Company 63,656 63,656
Arab Investment and Management Corporation 122,200 122,200
Chris Argyyris 611 611
Glenn R. August 103,822 103,822
Michael A. Bell 9,172 9,172
William H. Bohnsack 636 636
David G. Brown 6,417 6,417
Capital Partnership 19,363 19,363
Bernard J. Carl 7,745 7,745
Carlisle Ventures, Inc. 381,939 381,939
Centre Reinsurance Limited 1,192,453 1,192,453
Centre Reinsurance Services (Bermuda) Limited 71,001 71,001
Centre Reinsurance Services (Bermuda) II 151,200 151,200
Chase Manhattan I.P. (Bermuda) Holdings Limited 270,652 270,652
Chase Manhattan International Finance, Ltd. 506 506
Chase Manhattan Investment Holdings, L.P. 188,972 188,972
Laurence Cheng 1,222 1,222
Bradley E. Cooper 64,020 64,020
Thomas Craig 3,055 3,055
J. Taylor Crandall 66,742 66,742
Thomas R. Dickson 1,591 1,591
DLJ Fund Investment Partners, L.P. 63,656 63,656
Daniel L. Doctoroff 104,734 104,734
Executive Risk Indemnity Inc. 63,657 63,657
Executive Risk Inc. 6,372 6,372
Shannon A. Fairbanks 1,291 1,291
Thomas M. Fink (2) 1,910 1,910
Susan S. Fleming 8,835 8,835
Jeffrey H. Freed 4,309 4,309
Eugene M. Freedman 4,284 4,284
Joseph B. Fuller 6,574 6,574
Mark B. Fuller 5,963 5,963
FW Group GenPar, Inc. 865 865
FWI Investors, Inc. 163,308 163,308
Luc Gagnon 1,222 1,222
Steven D. Germain 1,910 1,910
Steven M. Gluckstern 81,855 81,855
Jonathan Goodman 611 611
John P. Grayken 2,581 2,581
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<PAGE>
<CAPTION>
Ordinary Shares
Beneficially Owned Ordinary Shares
Name of Selling Shareholder Prior to Offering Offered Hereby
<S> <C> <C>
Group 31, Inc. 1,426 1,426
Steven B. Gruber 104,734 104,734
Michael Hamer 1,527 1,527
Richard M. Haverland 82,139 82,139
Inmost Holdings Ltd. 36,660 36,660
Insurance Partners Offshore (Bermuda), L.P. 44,246 44,246
William S. Janes 2,581 2,581
Stephen M. Jennings 611 611
Scott Krase 484 484
Frank D. Lackner 18,282 18,282
Leyton, Ltd. 1,222 1,222
Robert S. Lurie 3,055 3,055
Roger M. Martin 5,197 5,197
Elizabeth Martineau 3,821 3,821
Isaac Mashitz 1,273 1,273
Mayfair Management Services S.A. 24,440 24,440
John McClellan 611 611
MCLP I Corporation 614 614
Robert A. Meister 25,463 25,463
Lord John Moore 1,376 1,376
Mark D. Mosca 1,273 1,273
Peter G. Mulvihill 2,547 2,547
Diane L. Murray 161 161
Nattak Corporation 36,660 36,660
David G. Offensend 60,404 60,404
Oak Hill Partners, Inc. 61,278 61,278
Phight, L.L.C. 63,656 63,656
Frank D. Pierson 2,546 2,546
Peter R. Porrino 1,273 1,273
Michael E. Porter 3,055 3,055
Eric C. Rahe 6,059 6,059
Richard A. Rawlinson 1,833 1,833
Douglas Rohall 2,444 2,444
Richard L. Sandor 6,366 6,366
John D. Shuck 1,273 1,273
Sirocco Holdings Ltd. 122,200 122,200
Robert A. Spass 287,832 287,832
Source One Mortgage Services Corporation 190,969 190,969
Eileen M. Sweeney 1,273 1,273
Mark T. Thomas 6,443 6,443
Paul H. Warren 84,420 84,420
David L. Wasserman 1,591 1,591
3
<PAGE>
<CAPTION>
Ordinary Shares
Beneficially Owned Ordinary Shares
Name of Selling Shareholder Prior to Offering Offered Hereby
<S> <C> <C>
Mark A. Wolfson 2,581 2,581
Ziff Investors Partnership, L.P. II 318,282 318,282
Zurich Reinsurance (North America), Inc. 318,282 318,282
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(1) In addition, Aon Corporation owns options to purchase 5,000
Ordinary Shares of the Company at an exercise price of $40.00 per
share.
(2) Mr. Fink worked as a consultant for CAT Ltd. prior to the
acquisition of CAT Ltd. by the Company.
</TABLE>
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