ACE USA Announces Executive Appointments in ACE Risk Management.

PHILADELPHIA -- ACE Risk Management (ARM), a unit of ACE USA--the U.S.-based retail operating division of The ACE Group of Companies--today announced executive appointments for its senior management team, to be effective immediately. ACE Risk Management offers comprehensive risk management programs and services, which are uniquely designed and customized to assist companies in any industry deal with the significant costs of financing and managing risk.

Joe Cavolo:

Mr. Cavolo has been promoted to the position of Executive Vice President and Chief Financial Officer. Based in New York City, Mr. Cavolo is responsible for the direct management of ARM's financial operations including analysis, budgeting and reporting. He joined ACE Risk Management in February 2001. Prior to his tenure with ACE, he spent 18 years with AIG Risk Management, holding a variety of finance positions, including Senior Vice President and Comptroller, and Finance Director.

Cathy Fabiitti:

Ms. Fabiitti has been promoted to the position of Executive Vice President and Director of Client Services/Operations. Since joining ACE USA in 1999, Ms. Fabiitti has been responsible for overseeing Operations including Premium Audit and Policy Contract Services. Additionally, she is the leader of the technology development team which recently launched ACES, Arm's new pricing and policy issuance system. Ms. Fabiitti previously worked for Zurich Insurance, where she served as Vice President, Umbrella Excess, and as Vice President in AIG Risk Management. She will be based in New York City.

Jay Lefkowitz:

Mr. Lefkowitz has been promoted to the position of Executive Vice President and Director of Field Operations for the Eastern Region. He joined ACE in November 1999 as Senior Vice President of the Financial Solutions Group and Northeast Regional Executive. With more than 20 years of experience in the large-risk arena, Mr. Lefkowitz previously served in a variety of senior leadership and national accounting underwriting roles at AIG, CNA, Atlantic Mutual and Home Insurance. He will be based in New York City.

Bill Rabl:

Mr. Rabl has been promoted to the position of Executive Vice President and Chief Underwriting Officer. Based in New York City, Mr. Rabl is responsible for all underwriting operations within ACE Risk Management, including National Accounts, Corporate Risk Solutions, Excess Workers' Compensation and Construction Wrap-up divisions. Prior to joining ACE in November 2002, Mr. Rabl served as the Senior Vice President and Director of Global Casualty for Lockton Companies, where he focused on structuring risk management solutions for large corporate clients. Before that, Rabl led the Offshore Programs Division for AIG Risk Management.

"The infrastructure and corporate culture developed and fostered by Joe, Cathy, Jay and Bill has facilitated ARM's remarkable success and growth," said William Curcio, President of ACE Risk Management. "Their combined contributions and managerial leadership have enabled our company to focus on providing excellent service to our clients while building a financially strong and disciplined organization."

To learn more about ACE Risk Management's products and services, visit www.aceriskmanagement.com.

ACE USA is the U.S.-based retail operating division of The ACE Group of Companies, headed by ACE Limited (NYSE:ACE), and is rated A (Excellent) by A.M. Best Company and A+ (Strong) by Standard & Poor's. ACE USA, through its underwriting companies, provides insurance products and services throughout the U.S. Additional information on ACE USA and its products and services can be found at www.ace-ina.com. The ACE Group of Companies provides insurance and reinsurance for a diverse group of clients around the world.