ACE Limited today announced that Kingsley Schubert, Executive Vice President, Global Life Insurance, will be retiring from his position as of January 31, 2002. Mr. Schubert will continue to assist ACE in the evaluation of the viability of a life acquisition on a consultancy basis. In announcing Mr. Schubert's retirement, Chairman and Chief Executive Officer Brian Duperreault paid tribute to the contributions he has made to ACE 's development as a global insurance and reinsurance organization. "On a professional as well as on a personal basis, I value greatly the relationship I've had with Kingsley," said Mr. Duperreault. "Following our acquisition of CIGNA's property casualty operations in July 1999, Kingsley's leadership during the transition period was critical. His knowledge of the international markets that we had acquired was extensive and the strong relationships that he had forged during his years at the head of those operations helped to set us on the right course for growth and expansion. "While I will miss having him on my team, I know that I can count on Kingsley to provide astute, experienced perspective as we continue to evaluate opportunities to expand into the life insurance business" Kingsley Schubert joined ACE Limited in July 1999 as president and chief executive officer of ACE International, with responsibility for all operations acquired from CIGNA outside of the United States, which includes four regional business organizations -- ACE Asia Pacific, ACE Europe, ACE Far East and ACE Latin America - and an ACE INA Canada operation. In March of this year, Mr. Schubert was given the responsibility of overseeing ACE's entry into the life insurance market. Since then, he has worked with Mr. Duperreault and ACE's management team to assess opportunities for expansion into this area. "Brian and I have approached this project from the same point of view," commented Mr. Schubert. "The intention has never been to acquire simply for acquisition's sake, so we have used the same yardstick that we have used for all of ACE's other acquisitions- the degree to which they will be accretive to our management as well as to our bottom line. "I look forward to continuing to provide input into this process." Prior to joining ACE International, Mr. Schubert was the president of CIGNA International, the global operating business of CIGNA Corporation, a position he attained in 1996. He joined CIGNA in 1992 as president of CIGNA Insurance Company in Japan. At the same time, he served as senior vice president for CIGNA International's companies in Korea, with responsibility for the life and non-life insurance business in that country. In 1995, Mr. Schubert was named senior vice president for the Asia Pacific region of CIGNA International. In that capacity, he was responsible for all of the company's business operations in the 16 countries comprising the region. Prior to joining CIGNA, Mr. Schubert worked for some 20 years for American International Group (AIG) in a variety of senior management positions in the company's life, accident, health, property and casualty insurance operations around the world. He also worked for five years, from 1968 to 1973, with Royal Insurance Group in Australia. Originally from Adelaide, Australia, Mr. Schubert is an active member of numerous business and insurance organizations based in the U.S. and the Asia Pacific region. The ACE Group of Companies provides insurance and reinsurance for a diverse group of clients. The ACE Group conducts its business on a global basis with operating subsidiaries in nearly 50 countries. Additional information can be found at: www.acelimited.com.

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