ACE USA Announces Formation of ACE Captive Solutions; Robert S. Davis to Lead New Unit.

Business Editors

PHILADELPHIA--(BUSINESS WIRE)--Oct. 21, 2003

ACE USA, the U.S.-based retail operations of the ACE Group of Companies (NYSE:ACE), today announced the formation of ACE Captive Solutions. Robert S. Davis has been appointed Senior Vice President to head this new unit. This specialized facility will act as a center of excellence for all aspects of ACE captive programs and related products. As a centralized unit supporting all ACE businesses, this unit will harness ACE internal resources to bring solutions to the captive community. Based in New York City, NY, Mr. Davis will report to William Curcio, President, ACE Risk Management.

"Bob has the knowledge of both primary casualty and property lines and a high level of expertise in alternative risk financing techniques, involving cash flow programs, finite risk, funding and captives," stated Mr. Curcio.

"Strategically, this initiative will separate ACE from the competition and help establish ACE as a leader in the captive arena," said Mr. Davis. "We will achieve this goal by delivering unparalleled creative and flexible solutions across the multiple product lines offered by ACE business units."

Mr. Davis has over 35 years of insurance industry experience and has held senior managerial, marketing and underwriting positions for insurance companies in London, Bermuda and New York. Most recently, Mr. Davis was Senior Vice President of the ACE USA Risk Management group where he was responsible for sales, marketing and business development for the national account casualty business. Prior to joining ACE Mr. Davis worked for Zurich North America in the international, large accounts and middle markets areas. Additionally, Mr. Davis held positions with CNA and AIG.

A native of London, England, Mr. Davis is a Chartered Insurer and an Associate of the Chartered Insurance Institute.

ACE USA is a U.S.-based operating division of the ACE Group of Companies, headed by ACE Limited (NYSE:ACE). ACE USA 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.