U.S. SECURITIES AND EXCHANGE COMMISSION
 Washington, DC 20549
FORM 5
ANNUAL 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(f) of the Investment Company Act of 1940
[x] Check box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
[_] Form 3 Holdings Reported
[_] Form 4 Transactions Reported

1. Name and Address of Reporting Person*

SCHUBERT                               B.                 KINGSLEY
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   (Last)                            (First)              (Middle)

c/o ACE USA
1600 Chestnut Street, P.O. Box 41484
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                                    (Street)

Philadelphia                           PA                   19101
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   (City)                            (State)                (Zip)
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2.   Issuer Name and Ticker or Trading Symbol

        ACE Limited (NYSE:ACE)
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3.   IRS Identification Number of Reporting Person, if an Entity (Voluntary)	

4. Statement for Month/Year

December 2001

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

6. Relationship of Reporting Person to Issuer
(Check all applicable)
[_] Director [_] 10% Owner
[X] Officer (give title below) [_] Other (specify below)
Executive Vice President
Global Life Insurance, ACE INA Holdings, Inc.

7. Individual or Joint/Group Filing
(Check applicable line)

[X] Form filed by one Reporting Person
[_] Form filed by more than one Reporting Person

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

                                                                                                 5.             6.
                                                                 4.                              Amount of      Owner-
                                                                 Securities Acquired (A) or      Securities     ship
                                                                 Disposed of (D)                 Beneficially   Form:     7.
                                                                 (Instr. 3, 4 and 5)             Owned at End   Direct    Nature of
                                      2.            3.           -----------------------------   of Issuer's    (D) or    Indirect
1.                                    Transaction   Transaction                  (A)             Fiscal Year    Indirect  Beneficial
Title of Security                     Date          Code             Amount      or     Price    (Instr. 3      (I)       Ownership
(Instr. 3)                            (mm/dd/yy)    (Instr. 8)                   (D)             and 4)         (Instr.4) (Instr. 4)
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Ordinary Shares                       2/22/01        A(1)            11,000       A      (1)     361,358(2)      D
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* If the form is filed by more than one Reporting Person, see Instruction 4(b)(v).
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
(Print or Type Responses) (Over)

FORM 5 (continued)
Table II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned

(e.g., puts, calls, warrants, options, convertible securities)

                                                                                                          9.        10.
                                                                                                          Number    Owner-
                                                                                                          of        ship
                    2.                                                                                    Deriv-    of
                    Conver-                    5.                              7.                         ative     Deriv-   11.
                    sion                       Number of                       Title and Amount           Secur-    ative    Nature
                    or                         Derivative    6.                of Underlying     8.       ities     Secur-   of
                    Exer-                      Securities    Date              Securities        Price    Bene-     ity:     In-
                    cise     3.                Acquired (A)  Exercisable and   (Instr. 3 and 4)  of       ficially  Direct   direct
                    Price    Trans-   4.       or Disposed   Expiration Date   ----------------  Deriv-   Owned     (D) or   Bene-
1.                  of       action   Trans-   of (D)        (Month/Day/Year)            Amount  ative    at End    In-      ficial
Title of            Deriv-   Date     action   (Instr. 3,    ----------------            or      Secur-   of        direct   Owner-
Derivative          ative    (Month/  Code     4 and 5)      Date     Expira-            Number  ity      Year      (I)      ship
Security            Secur-   Day/     (Instr.  ------------  Exer-    tion               of      (Instr.  (Instr.   (Instr.  (Instr.
(Instr. 3)          ity      Year)    8)        (A)   (D)    cisable  Date     Title     Shares  5)       4)        4)       4)
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                                                                               Ordinary
Options to Acquire  $36.30   2/22/01   A        27,500       (3)      2/22/11  Shares     27,500  (3)     137,500(2)  D
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Explanation of Responses:

(1) Restricted stock award pursuant to the ACE Limited 1995 Long-Term Incentive Plan.  Stock vests as follows: 1/4 on first
    anniversary of the date of the award, 1/4 on second anniversary of the date of the award, 1/4 on the third anniversary
    of the date of the award, and 1/4 on fourth anniversary of the date of the award.
(2) The reporting person ceased to be an executive officer of ACE Limited effective May 11, 2001.  Thus the totals reported in
    Column 5 of Table I and Column 9 of Table II reflect the number of Ordinary Shares and Derivative Securities beneficially
    owned as of May 11, 2001.
(3) Option award pursuant to the ACE Limited 1998 Long-Term Incentive Plan.  Options vest as follows: 1/3 on first anniversary
    of the date of the award, 1/3 on second anniversary of the date of the award, and 1/3 on third anniversary of the date of the
    award.	

Signed for B. Kingsley Schubert pursuant to power of attorney on file with the
Securities and Exchange Commission

/s/ Peter Mear                                                  2/13/2002
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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 provided is insufficient, see Instruction 6 for procedure.
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