UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

Current Report
Pursuant To Section 13 or 15 (d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) – March 28, 2006

ACE LIMITED
(Exact name of registrant as specified in its charter)

 
					
Cayman Islands	 	1-11778	 	98-0091805	
(State or other jurisdiction
of Incorporation)	 	(Commission File Number)	 	(I.R.S. Employer
Identification No.)	
ACE Global Headquarters
17 Woodbourne Avenue
Hamilton HM 08 Bermuda
(Address of principal executive offices)
Registrant’s telephone number, including area code: (441) 295-5200
Not applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions ( see General Instruction A.2. below):
 
¨	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)	
 
¨	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)	
 
¨	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))	
 
¨	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))	

Item 8.01 Other Events.
ACE Limited filed its Annual Report on Form 10-K on March 16, 2006. Within the section entitled “Item 7 —Management’s Discussion and Analysis of Financial Condition and Results of Operations—Unpaid Losses and Loss Expenses” (appearing on page 68 of the Form 10-K as filed), the table segregating loss reserves by components incorrectly classified the first subtotal as “Casualty” when it should have been classified as “Property and other” and the second subtotal as “Property” when it should have been classified as “Casualty”. The complete table, as corrected, appears below.
The following table segregates the reserves by components including property and other, casualty and personal accident at December 31, 2005.

  	  	Gross	  	Ceded	  	Net	
 	  	(in millions of U.S. dollars)	
Property and other	  			  			  			
				
Case reserves	  	$	2,961	  	$	952	  	$	2,009	
Expenses	  	 	157	  	 	23	  	 	134	
IBNR	  	 	3,120	  	 	1,701	  	 	1,419	
	  	 	 	  	 	 	  	 	 	
Subtotal	  	 	6,238	  	 	2,676	  	 	3,562	
	  	 	 	  	 	 	  	 	 	
Casualty	  			  			  			
				
Case reserves	  	 	9,581	  	 	3,697	  	 	5,884	
Expenses	  	 	2,368	  	 	1,152	  	 	1,216	
IBNR	  	 	16,054	  	 	6,814	  	 	9,240	
	  	 	 	  	 	 	  	 	 	
Subtotal	  	 	28,003	  	 	11,663	  	 	16,340	
	  	 	 	  	 	 	  	 	 	
Personal accident	  			  			  			
				
Case reserves	  	 	335	  	 	65	  	 	270	
Expenses	  	 	20	  	 	—  	  	 	20	
IBNR	  	 	459	  	 	193	  	 	266	
	  	 	 	  	 	 	  	 	 	
Subtotal	  	 	814	  	 	258	  	 	556	
	  	 	 	  	 	 	  	 	 	
Total	  			  			  			
				
Case reserves	  	 	12,877	  	 	4,714	  	 	8,163	
Expenses	  	 	2,545	  	 	1,175	  	 	1,370	
IBNR	  	 	19,633	  	 	8,708	  	 	10,925	
	  	 	 	  	 	 	  	 	 	
Total	  	$	35,055	  	$	14,597	  	$	20,458	

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

ACE LIMITED	
		
By:	 	/s/    Philip V. Bancroft        	
	 	Philip V. Bancroft	
	 	Chief Financial Officer	
DATE: March 28, 2006