Brian Duperreault, chairman of ACE Limited announced today that the board of directors has elected Evan G.Greenberg, president of ACE Limited, to the additional position of chief executive officer, effective on the date of the ACE annual meeting, May 27.

Mr. Duperreault, who has been chairman and chief executive officer since 1994, will remain as chairman. The board is implementing an orderly succession plan for ACE Limited, consistent with Brian Duperreault's desire to reduce his executive responsibilities.

Mr. Duperreault commented: "Evan has truly earned the right to run ACE during this next phase of its growth and development. He distinguished himself very quickly when he assumed the leadership of our global reinsurance operations in November, 2001 and brought that company to record profitability. Evan did it again in early 2002 when his executive responsibility was expanded to include all of ACE's international operations and, finally, Evan has done an outstanding job running ACE on a day to day basis as its chief operating Officer since June of 2003. Evan works harder, longer and more effectively than almost any man I know. He is the right person to lead ACE in the next generation." Robert M. Hernandez, chairman of the Nominating and Governance Committee, speaking on behalf of the Board of Directors said: "During Brian's ten-year tenure as CEO, ACE has evolved from a specialty property and casualty insurance company writing $386 million in net premiums annually to a globally diversified insurance and reinsurance group writing over $10 billion in premiums. Brian presided over eightsuccessful acquisitions and as a result of subsequent organic growth, ACE was able to double its net premiums written over the most recent three-year period. ACE Limited recently reported record net income of $1.4 billion for the year ended December 31, 2003. For these formidable achievements, we want to thank Brian for his outstanding leadership."