HAMILTON, Bermuda -- July 9, 2002 -- ACE Limited (NYSE: ACE) announced today that its Chief Executive Officer and Chief Financial Officer would voluntarily comply with the U.S. Securities and Exchange Commission's new certification requirements. On June 27, 2002, the SEC issued an order of investigation mandating that the principal executive officers and principal financial officers of certain large, publicly traded U.S. companies certify the accuracy of their latestreport on Form 10-K and all subsequent reports and proxy statements filed with the SEC. As a non-U.S. company, ACE was not among those companies subject to the SEC's order.
Brian Duperreault, ACE's Chairman and Chief Executive Officer, said: "ACE adheres to the highest standards of financial reporting and it has always been our intention to adopt industry best practices. Accordingly, Phil Bancroft, ACE's Chief Financial Officer, and I have decided to voluntarily file the newly required statements."
The ACE Group of Companies provides insurance and reinsurance for a diverse group of clients. The ACE Group conducts its business on a global basis with operating subsidiaries in nearly 50 countries. Additional information can be found at: www.acelimited.com.