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FORM 4/A | hours per response......0.5 |
U.S. SECURITIES AND EXCHANGE COMMISSION
 Washington, DC 20549
FORM 4/A
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(h) of the Investment Company Act of 1940
[_] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
(Print or Type Responses)

1. Name and Address of Reporting Person*

     SCOTT                       Walter                   A.
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   (Last)                       (First)                 (Middle)

     c/o Fairbreeze
     11 Salt Kettle Road
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                                 (Street)

     Paget                       PG 01                  BERMUDA
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   (City)                        (State)                 (Zip)	

2. Issuer Name and Ticker or Trading Symbol

ACE Limited (NYSE: ACE)

3. I.R.S. Identification Number of Reporting Person, if an entity (voluntary)

4. Statement for Month/Day/Year

November 14, 2002

5. If Amendment, Date of Original (Month/Day/Year)

October 23, 2002

6. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
[X] Director [_] 10% Owner
[_] Officer (give title below) [_] Other (specify title below)

7. Individual or Joint/Group Filing (Check Applicable Line)
[X] Form filed by One Reporting Person
[_] Form filed by More than One Reporting Person

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                         Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

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                                                                                               5.
                                                                                               Amount of       6.
                                                                   4.                          Securities      Owner-
                                            2A.        3.          Securities Acquired (A)     Beneficially    ship
                                 2.         Deemed     Trans-         or Disposed of (D)       Owned           Form:     7.
                                 Trans-     Execution  action        (Instr. 3, 4 and 5)       Following       Direct    Nature of
                                 action     Date,      Code        ------------------------    Reported        (D) or    Indirect
1.                               Date       if any     (Instr. 8)             (A)              Transaction(s)  Indirect  Beneficial
Title of Security                (Month/    (Month/    ----------             or               (Instr. 3       (I)       Ownership
(Instr. 3)                       Day/Year)  Day/Year)  Code    V    Amount    (D)   Price      and 4)          (Instr.4) (Instr. 4)
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Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4(b)(v).

                   Persons who respond to the collection of information contained in this form are not required
                             to respond unless the form displays a currently valid OMB control number

                                                                                                                            (Over)
                                                                                                                   SEC 1474 (9-02)	

FORM 4 (continued)

                         Table II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned
                                 (e.g., puts, calls, warrants, options, convertible securities)
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                                                                                                          9.         10.
                                                                                                          Number     Owner-
                                                                                                          of         ship
                                                                                                          deriv-     Form
                   2.                                                                                     ative      of
                   Conver-                        5.                            7.                        Secur-     Deriv-  11.
                   sion                           Number of                     Title and Amount          ities      ative   Nature
                   or             3A.             Derivative   6.               of Underlying     8.      Bene-      Secur-  of
                   Exer-          Deemed  4.      Securities   Date             Securities        Price   ficially   ity     In-
                   cise   3.      Execu-  Trans-  Acquired (A) Exercisable and  (Instr. 3 and 4)  of      Owned      Direct  direct
                   Price  Trans-  tion    action  or Disposed  Expiration Date  ----------------  Deriv-  Following  (D) or  Bene-
1.                 of     action  Date,   Code    of (D)       (Month/Day/Year)          Amount   ative   Reported   In-     ficial
Title of           Deriv- Date    if any  (Instr. (Instr. 3,   ----------------          or       Secur-  Trans-     direct  Owner-
Derivative         ative  (Month/ (Month/ 8)      4 and 5)     Date     Expira-          Number   ity     action(s)  (I)     ship
Security           Secur- Day/    Day/    ------- ------------ Exer-    tion             of       (Instr. (Instr.    (Instr. (Instr.
(Instr. 3)         ity    Year)   Year)   Code V   (A)   (D)   cisable  Date    Title    Shares   5)      4)         4)      4)
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Options to                                                                      Ordinary
Acquire           $33.39  5/16/2002       A(1) V   4,000      (1)     5/16/2002 Shares    4,000   (1)     340,000    D
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Explanation of Responses:
(1) Option awards pursuant to the ACE Limited 1995 Outside Directors Plan.  Vesting schedule: 1/3 on the date immediately
    prior to each of the next three annual ACE Limited shareholder meetings.	

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

/s/  K. P. White                                          November 18, 2002
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     **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 is insufficient, see Instruction 6 for procedure.
Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
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