quarter of fiscal 1994, ending December 31, 1993 -- up 149 percent on the same period the year before.

For the same period in fiscal 1993, ACE made a $39 million profit. The figures were boosted by several factors, including the incorporation of recently acquired Corporate Officers & Directors Assurance Holding (CODA)'s results for November and December.

During the first quarter of 1994, ACE completed the acquisition of CODA, which specialises in directors and officers liability coverage.

The increase in profit also reflects a realised gain of approximately $58 million, or $1.17 per share, on the sale in December of ACE's minority shareholding in the common stock of Centre Reinsurance Holdings to majority shareholder, Zurich Insurance Co.

Income, excluding realised gains was $33.1 million, or 67 cents per share, compared to $31.2 million, or 86 cents per share, reported for the same period last year.

During the first quarter of fiscal 1994, ACE reported $1.95 per share, compared to $1.07 per shar for the previous fiscal period.

Fully diluted net asset value per share at December 31, 1993 was $28.74. Net premiums written were $95.8 million compared to $93.2 million for the same period last year.

Net premiums earned for the first quarter of fiscal 1994 were $92.9 million, a 20 percent increase over the $77.3 million reported in the first quarter last year.

This reflected the inclusion of $6.4 million of net premiums earned from the two months in which ACE owned CODA and includes the impact of excess liability price increases.

Total investments and cash amounted to $2.6 billion at December 31, 1993. This amount includes the consolidation on November 1 of approximately $220 million from the CODA porfolio.

Net investment income, excluding realised gains, was $31.5 million compared to $30.2 million for the same period last year.

Administrative expenses were $4.1 million compared to $3.4 million for the same period last year.

Mr. Walter Scott, ACE's chairman, president and CEO, said: "The first quarter was a strategically important one for us.

"We successfully negotiated the sale of our investment in Centre Re, which generated a significant realised gain in this period.

"The move to combined underwriting capacity of ACE and CODA strengthens our position in the D&O market.

"ACE continues to attract new business and maintain high renewal rates on both excess liability and directors and officers insurance. With our favourable underwriting results and continued positive cash flow, ACE enters its second year as a publicly traded company in a strong financial position.'' At December 31, 1993, ACE had approximately $1.4 billion in shareholders' equity and approximately $2.7 billion in assets.

ACE Ltd. First Quarter Profit $97.1 M Net Premiums Written $95.8 M Net Premiums Earned $92.9 M Net Investment Income $31.5 M Losses and Loss Expenses $76.1 M Earnings per Share $1.95 An issue of up to 320,000 shares to financial institutions in Bermuda is expected to take place today.

ACE filed a registration statement with the US Securities and Exchange Commission for a secondary public offering on behalf of selling shareholders in November, 1993.

The total offering is for 8 million ordinary shares.