------------------------------
OMB APPROVAL
------------------------------
OMB Number
Expires:
Estimated average burden
hours per response ....... 0.5
------------------------------
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 4
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).
_______________________________________________________________________________
1. Name and Address of Reporting Person*
REDING Dennis B.
- -------------------------------------------------------------------------------
(Last) (First) (Middle)
c/o ACE USA
1601 Chestnut Street, P.O. Box 41484
- -------------------------------------------------------------------------------
(Street)
Philadelphia PA 19101
- -------------------------------------------------------------------------------
(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 1999
_______________________________________________________________________________
5. If Amendment, Date of Original (Month/Year)
===============================================================================
6. 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, ACE USA
-------------------------------------------------
_______________________________________________________________________________
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
===============================================================================
<TABLE>
<CAPTION>
6.
4. 5. Owner-
Securities Acquired (A) or Amount of ship
3. Disposed of (D) Securities Form: 7.
Transaction (Instr. 3, 4 and 5) Beneficially Direct Nature of
2. Code ------------------------------- Owned at End (D) or Indirect
1. Transaction (Instr. 8) (A) of Month Indirect Beneficial
Title of Security Date ------------ Amount or Price (Instr. 3 (I) Ownership
(Instr. 3) (mm/dd/yy) Code V (D) and 4) (Instr.4) (Instr. 4)
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
- -----------------------------------------------------------------------------------------------------------------------------------
Ordinary Shares 11/12/98 A(1) V 40,000 A (1) D
- -----------------------------------------------------------------------------------------------------------------------------------
Ordinary Shares 4/7/99 A(2) V 98 A $26.5094 40,098 D
- -----------------------------------------------------------------------------------------------------------------------------------
Ordinary Shares 9/30/99 P 2,885 A $16.5875 3,380(3) I By spouse
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
===================================================================================================================================
</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)
(Over)
(Form 4-07/98)
<PAGE>
FORM 4 (continued)
Table II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
===============================================================================
<TABLE>
<CAPTION>
10.
9. Owner-
Number ship
of Form
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- 4. Securities Date Securities Price Bene- ity: In-
cise 3. Trans- Acquired (A) Exercisable and (Instr. 3 and 4) of ficially Direct direct
Price Trans- action or Disposed Expiration Date ---------------- Deriv- Owned (D) or Bene-
1. of action Code of(D) (Month/Day/Year) Amount ative at End In- ficial
Title of Deriv- Date (Instr. (Instr. 3, ---------------- or Secur- of direct Owner-
Derivative ative (Month/ 8) 4 and 5) Date Expira- Number ity Month (I) ship
Security Secur- Day/ ------ ------------ Exer- tion of (Instr. (Instr. (Instr. (Instr.
(Instr. 3) ity Year) Code V (A) (D) cisable Date Title Shares 5) 4) 4) 4)
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
- -----------------------------------------------------------------------------------------------------------------------------------
Options to require $29.6250 11/12/98 A(4) V 40,000 (4) 11/12/08 Ordinary 40,000 (4) 85,000(3) D
shares
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
===================================================================================================================================
Explanation of Responses:
(1) Award of restricted stock pursuant to ACE Limited 1995 Long-Term Incentive Plan. Vesting schedule: 1/3 on 11/12/2001, 1/3
on 11/12/2002 and 1/3 on 11/12/2003.
(2) Purchase pursuant to ACE Limited Employee Stock Purchase Plan.
(3) Reflects an adjustments in the number of shares and options shown as beneficially owned by Mr. Reding on his Form 3 filed on
1/9/98 in order to reflect the 3-for-1 stock split of 2/17/98.
(4) Option award pursuant to ACE Limited 1995 Long-Term Incentive Plan. Vesting schedule: 1/3 on 11/12/1999, 1/3 on 11/12/2000
and 1/3 on 11/12/2001.
</TABLE>
Signed for Dennis B. Reding pursuant to a
power of attorney on file with the
Securities and Exchange Commission
/s/ Peter Mear 17th Nov. 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
