A group of original ACE Ltd. stockholders filed to sell about $66.1 million of the insurers shares after sales restrictions expired earlier this year.

International Business Machines Corp. (IBM), American Cyanamid Co. -- bought by American Home Products Corp. last year -- and Bankers Trust New York Corp.

were among seven companies previously restricted from selling shares for a two-year period after the Bermuda-based insurer went public in March 1993.

The 2.26 million shares sold represent 4.7 percent of the 47.6 million ACE shares outstanding as at March 31, 1995, Bloomberg business news said.

"The sales are related to the expiration of the restrictions on March 31,'' said Mr. Robin Masters, ACE treasurer.

The companies selling shares are among the 34 companies that joined forces to create ACE during the capacity shortage of the mid-1980s.

The group's share holdings at formation totalled 13.4 million shares.

Sales began a day after the company's stock hit 27 on April 5, its highest point since June 1994. The largest filing was made by American Cyanamid, which plans to sell 645,000 shares, worth $46.9 million, before August 24, according to a filing with the Securities and Exchange Commission.

Spokesman Mr. Tom Cavanagh said that company had amended its SEC filing but he did not know what the amendments included.

Bankers Trust filed to sell 463,636 shares worth about $12.1 million on April 10.

In two separate filings this month and last, IBM said it planned to sell a total of 400,000 ACE shares valued at about $10.4 million.

ACE provides directors and officers liability insurance, excess liability coverage, as well as insurance for satellites.