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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 box if no longer subject to Section 16. Form 4 or Form 5 obligations
may continue. See Instruction 1(b).
[ ] Form 3 Holdings Reported
[ ] Form 4 Transactions Reported
_______________________________________________________________________________
1. Name and Address of Reporting Person*
SCOTT Walter A.
- -------------------------------------------------------------------------------
(Last) (First) (Middle)
c/o Fairbreeze
11 Salt Kettle Road
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(Street)
Paget PG01 BERMUDA
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(City) (State) (Zip)
_______________________________________________________________________________
2. Issuer Name and Ticker or Trading Symbol
ACE Limited (NYSE: ACL)
_______________________________________________________________________________
3. IRS Identification Number of Reporting Person, if an Entity (Voluntary)
_______________________________________________________________________________
4. Statement for Month/Year
September, 1998
_______________________________________________________________________________
5. If Amendment, Date of Original (Month/Year)
11/13/98
_______________________________________________________________________________
6. Relationship of Reporting Person to Issuer
(Check all applicable)
[x] Director [ ] 10% Owner
[ ] Officer (give title below) [ ] Other (specify below)
------------------------------------------------
_______________________________________________________________________________
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 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) and 4) (Instr.4) (Instr. 4)
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<S> <C> <C> <C> <C> <C> <C> <C> <C>
Ordinary Shares 7/18/97 A5(1) 158.56 A (1)
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Ordinary Shares 10/17/97 A(1) 127.74 A (1)
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Ordinary Shares 1/16/98 A(1) 139.30 A (1)
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Ordinary Shares 2/6/98 A(2) 356 A (2)
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Ordinary Shares 4/17/98 A(1) 351.21 A (1)
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Ordinary Shares 7/17/98 A(1) 362.45 A (1) 226,819.46(3) 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.
(Over)
(Form 5-07/98)
<PAGE>
FORM 5 (continued)
Table II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
===============================================================================
<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)
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Ordinary
Options to acquire $64.00 10/18/97 G(4) 14,000 (5) 10/1/2001 Shares 14,000 (4)
- -----------------------------------------------------------------------------------------------------------------------------------
Ordinary
Options to acquire $64.00 10/18/97 G(4) 12,500 (7) 3/31/2007 Shares 12,500 (4)
- -----------------------------------------------------------------------------------------------------------------------------------
Ordinary
Options to acquire $64.00 10/18/97 G(6) 14,000 (5) 10/1/2001 Shares 14,000 (6)
- -----------------------------------------------------------------------------------------------------------------------------------
Ordinary
Options to acquire $64.00 10/18/97 G(6) 12,500 (7) 3/31/2007 Shares 12,500 (6) 480,000(3) D
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- -----------------------------------------------------------------------------------------------------------------------------------
===================================================================================================================================
Explanation of Responses:
(1) Represents share units credited to the reporting person's deferred stock account pursuant to the dividend reinvestment
provisions of the ACE Limited Equity Linked Incentive Plan Stock Appreciation Rights Plan (the "Plan"), which plan meets the
requirements of Rule 16b-3.
(2) 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.
(3) 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.
(4) Gift of options to the reporting person's child, C. Reed Scott.
(5) Options become exercisable as follows: 50% on 10/1/98 and 50% on 10/1/99.
(6) Gift of options to the reporting person's child, Alisa A. Scott.
(7) 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 February 12, 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
<PAGE>
Derivative Securities Codes (Except For Transactions Exempt Pursuant
to Rule 16b-3)
C--Conversion of derivative security
E--Expiration of short derivative position
H--Expiration (or cancellation) of long derivative position with
value received
O--Exercise of out-of-the-money derivative security
X--Exercise of in-the-money or at-the-money derivative security
Other Section 16(b) Exempt Transaction and Small Acquisition Codes
(Except For Rule 16b-3 Codes Above)
G--Bona fide gift
L--Small acquisition under Rule 16a-6
W--Acquisition or disposition by will or the laws of descent and
distribution
Z--Deposit into or withdrawal from voting trust
Other Transaction Codes
J--Other acquisition or disposition (describe transaction)
K--Transaction in equity swap or instrument with similar characteristics
U--Disposition pursuant to a tender of shares in a change of control
transaction
To indicate that a holding should have been reported previously
on Form 3, place a "3" in Table I, column 3 or Table II, column 4, as
appropriate. Indicate in the space provided for explanation of responses
the event triggering the Form 3 filing obligation. To indicate that a
transaction should have been reported previously on Form 4, place a "4"
next to the transaction code reported in Table I, column 3 or Table II,
column 4 (e.g., an open market purchase of a non-derivative security that
should have been reported previously on Form 4 should be designated as
"P4"). To indicate that a transaction should have been reported on a
previous Form 5, place a "5" in Table I, column 3 or Table II, column 4, as
appropriate. In addition, the appropriate box on the front page of the form
should be checked.
FORM 3 OR FORM 4 HOLDINGS OR TRANSACTIONS
NOT PREVIOUSLY REPORTED
To indicate that a holding should have been reported previously
on a Form 3, place a "3" in Table I, column 3 or Table II, column 4, as
appropriate. Indicate in the space provided for explanation of responses
the event triggering the Form 3 filing obligation. To indicate that a
transaction should have been reported previously on Form 4, place a "4"
next to the transaction code reported in Table I, column 3 or Table II,
column 4 (e.g., an open market purchase of a non-derivative security that
should have been reported previously on Form 4 should be designated as
"P4"). In addition, the appropriate box on the front page of the form
should be checked.
