ACE LTD
4, 2001-01-08
FIRE, MARINE & CASUALTY INSURANCE
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                     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

     BLEE                           Robert                 A.
-------------------------------------------------------------------------------
   (Last)                           (First)             (Middle)
    c/o ACE Limited
    The ACE Building, 30 Woodbourne Avenue
-------------------------------------------------------------------------------
                                    (Street)

    Hamilton                        HM 08              BERMUDA
-------------------------------------------------------------------------------
   (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

      December 2000
_______________________________________________________________________________
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)

                 Chief Accounting Officer
            -----------------------------------
_______________________________________________________________________________
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                        4/7/00        A(1)      V        246       A    $19.4438
-----------------------------------------------------------------------------------------------------------------------------------
Ordinary Shares                        7/7/00        A(1)      V        100       A    $23.8000
-----------------------------------------------------------------------------------------------------------------------------------
Ordinary Shares                       12/12/00        M                4,500      A    $11.8750
-----------------------------------------------------------------------------------------------------------------------------------
Ordinary Shares                       12/12/00        S                4,500      D    $42.5396
-----------------------------------------------------------------------------------------------------------------------------------
Ordinary Shares                       12/12/00        M               10,500      A     $7.6667
-----------------------------------------------------------------------------------------------------------------------------------
Ordinary Shares                       12/12/00        S               10,500      D    $42.5396    16,871        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)
                                                                         (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>

-----------------------------------------------------------------------------------------------------------------------------------
Options                                                                        Ordinary
to acquire         $11.8750  12/12/00  M             4,500  (2)      11/17/05  Shares      4,500
-----------------------------------------------------------------------------------------------------------------------------------
Options                                                                        Ordinary
to acquire          $7.6667  12/12/00  M            10,500  (3)      11/18/04  Shares     10,500          77,500     D
-----------------------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------------------

===================================================================================================================================
Explanation of Responses:
(1) Purchase pursuant to ACE Limited Employee Stock Purchase Plan.
(2) These options became exercisable as follows: 1/2 on November 17, 1998 and 1/2 on November 17, 1999.
(3) These options became exercisable as follows: 1/2 on November 18, 1997 and 1/2 on November 18, 1998.
</TABLE>

Signed for Robert A. Blee pursuant
to a power of attorney on file with the
Securities and Exchange Commission


  /s/ Peter Mear                                          5th of January 2001
--------------------------------------------            -----------------------
      **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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