ACE INA UK Limited FSA Authorised and Assigned A+ Rating by Standard & Poor's.

Business Editors

LONDON--(BUSINESS WIRE)--Jan. 8, 2003

ACE INA UK Limited ("ACE INA UK"), formerly known as Insurance Company of North America (UK) Limited, has been re-authorised by the Financial Services Authority ("FSA") to underwrite all 18 classes of general insurance and reinsurance business.

ACE INA UK, which is a member of the ACE European Group, has also been assigned a Standard & Poor's local currency counterparty credit and financial strength rating of A+.

On 1st January 2003, the company increased its capital to (pound)112.5 million. It anticipates writing (pound)280 million of gross premiums during 2003. The company's risk portfolio will largely be derived from UK and European business previously written through the ACE managed Lloyd's Syndicate 2488. It will also underwrite new business primarily encompassing property, professional lines and reinsurance risks. In line with ACE's policy of focusing underwriting in selected centres of expertise, ACE intends to continue to write those specialty business lines most suited to Lloyd's through Syndicate 2488, which will remain the principal platform for the group's aviation and marine business.

Gary Schmalzriedt, President & Chief Executive Officer of ACE European Group, commented, "Our strategy at ACE continues to be to provide a superior standard of security to our clients and brokers. With ACE INA UK rated as A+ by S&P, and with our Lloyd's syndicate rated Aa3 by Moody's, we are pleased to provide top security to our client base."

Andrew Kendrick, the active underwriter of Syndicate 2488 and a director of ACE INA UK, added, "In order to enhance our position as a premier insurance and reinsurance provider in London, we have developed a unique ACE trading floor for our London-based operations and we believe that the newly-active company will provide us with additional opportunities to maximise the benefits of this innovative step."

ACE INA UK maintains cross-border permissions in 11 European Economic Area ("EEA") countries, namely Belgium, Denmark, France, Germany, Greece, Ireland, Italy, Netherlands, Portugal, Spain, Sweden, and may underwrite risks and issue reinsurance policies to insurance companies throughout most of the world's markets on a non-admitted basis. The company is also on the NAIC listing of alien excess & surplus lines insurers although it is not expected to begin underwriting US excess & surplus lines business until 2004.

During the next two years, ACE INA UK will become ACE's principal UK and European carrier by establishing branches in 12 EEA countries and Switzerland.

Standard & Poor's has also affirmed its A+ local currency counterparty credit and financial strength ratings on Belgium-based insurer ACE Insurance S.A.-N.V. The company, which trades as "ACE Europe," will continue to offer tailored insurance solutions in the European market for both property & casualty and accident & health business.

ACE INA UK Limited is an operating subsidiary of ACE Limited (NYSE:ACE) and one of the ACE group of insurance and reinsurance companies. The ACE Group of Companies provides insurance and reinsurance on a global basis for a diverse group of clients through operating subsidiaries in nearly 50 countries. Additional information can be found at: www.acelimited.com.