FORM 4
[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         	UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
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                      	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	                      	

1. Name and Address of Reporting Person *

Dowd Brian Edward	2. Issuer Name and Ticker or Trading Symbol

ACE Ltd [ ACE ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

_____ Director                      _____ 10% Owner
__ X __ Officer (give title below)      _____ Other (specify below)
Vice Chairman; Chairman,*	
(Last)          (First)          (Middle)

436 WALNUT STREET, WA-12B	3. Date of Earliest Transaction (MM/DD/YYYY)

4/28/2011		
(Street)

PHILADELPHIA, PA 19106
(City)        (State)        (Zip)	4. If Amendment, Date Original Filed (MM/DD/YYYY)

 	6. 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	
1.Title of Security
(Instr. 3)	2. Trans. Date	2A. Deemed Execution Date, if any	3. Trans. Code
(Instr. 8)	4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)	5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)	
			Code	V	Amount	(A) or (D)	Price				
Common Shares  	4/28/2011  	 	M	  	1781  	A	$56.14  	187294.79  	D  	 	
Common Shares  	4/28/2011  	 	M	  	1773  	A	$56.40  	189067.79  	D  	 	
Common Shares  	4/28/2011  	 	M	  	2248  	A	$44.48  	191315.79  	D  	 	
Common Shares  	4/28/2011  	 	M	  	2421  	A	$43.9  	193736.79  	D  	 	
Common Shares  	4/28/2011  	 	M	  	2277  	A	$43.9  	196013.79  	D  	 	

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)	
1. Title of Derivate Security
(Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Trans. Date	3A. Deemed Execution Date, if any	4. Trans. Code
(Instr. 8)	5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)	6. Date Exercisable and Expiration Date	7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4)	8. Price of Derivative Security
(Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)	
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares					
Options to Acquire  	$56.14  	4/28/2011  	 	M  	  	  	1781   	  (1)	2/28/2017  	Common Shares  	1781  	$0  	371344   (6)	D  	 	
Options to Acquire  	$56.4  	4/28/2011  	 	M  	  	  	1773   	  (2)	2/22/2016  	Common Shares  	1773  	$0  	369571   (6)	D  	 	
Options to Acquire  	$44.48  	4/28/2011  	 	M  	  	  	2248   	  (3)	2/23/2015  	Common Shares  	2248  	$0  	367323   (6)	D  	 	
Options to Acquire  	$43.9  	4/28/2011  	 	M  	  	  	2421   	  (4)	2/28/2012  	Common Shares  	2421  	$0  	364902   (6)	D  	 	
Options to Acquire  	$43.9  	4/28/2011  	 	M  	  	  	2277   	  (5)	2/28/2012  	Common Shares  	2277  	$0  	362625   (6)	D  	 	

Explanation of Responses:	
(  1) 	The stock options vested in equal installments on February 28, 2008, February 28, 2009 and February 28, 2010.	
(  2) 	The stock options vested in equal installments on February 22, 2007, February 22, 2008 and February 22, 2009.	
(  3) 	The stock options vested in equal installments on February 23, 2006, February 23, 2007 and February 23, 2008.	
(  4) 	The stock options vested on February 28, 2007.	
(  5) 	The stock options vested on February 28, 2005.	
(  6) 	Total includes options from other tranches with different exercise prices, vesting dates and expiration dates.	

Remarks:
*Insurance North America.	

Reporting Owners	
Reporting Owner Name / Address	Relationships	
	Director	10% Owner	Officer	Other	
Dowd Brian Edward
436 WALNUT STREET, WA-12B
PHILADELPHIA, PA 19106			Vice Chairman; Chairman,*		

Signatures		
/s/Samantha Froud, Attorney-in-fact		5/2/2011	
** Signature of Reporting Person		Date

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).	
**	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.	
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