UNITED STATES

                     SECURITIES AND EXCHANGE COMMISSION

                           WASHINGTON, D.C. 20549



                                FORM 10-Q/A



(X)        QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
           EXCHANGE ACT OF 1934


           For the Quarterly Period Ended March 31, 2001

                                     OR

( )        TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE
           SECURITIES EXCHANGE ACT OF 1934

           For the Transition Period from ________________ to ________________



Commission File No. 1-11778       I.R.S. Employer Identification No. 98-0091805


                                ACE LIMITED
                    (Incorporated in the Cayman Islands)
                              The ACE Building
                            30 Woodbourne Avenue
                               Hamilton HM 08
                                  Bermuda

                           Telephone 441-295-5200



Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15 (d) of the Securities Exchange Act
of 1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days.

                         YES      x      NO
                              --------      -------


The number of registrant's Ordinary Shares ($0.041666667 par value)
outstanding as of May 11, 2001 was 231,402,343.






                             EXPLANATORY NOTE

This quarterly report on Form 10-Q/A amends and restates Part II - Item 5 of
the registrant's Quarterly Report on Form 10-Q for the quarter ended
March 31, 2001, which was filed on May 15, 2001.


                        PART II - OTHER INFORMATION

ITEM 5.  OTHER INFORMATION

1.       On February 23, 2001, the Company declared a quarterly dividend of
         $0.13 per Ordinary Share payable on April 13, 2001 to shareholders
         of record on March 30, 2001.

2.       On May 11, 2001, the Company declared a quarterly dividend of
         $0.15 per Ordinary Share payable on July 13, 2001 to shareholders
         of record on June 29, 2001.









                                 SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.






                                                    ACE LIMITED
                                           ------------------------------------





May 15, 2001                                /s/    Brian Duperreault
                                           ------------------------------------
                                                   Brian Duperreault
                                                   Chairman and Chief
                                                   Executive Officer





May 15, 2001                                 /s/  Robert Blee
                                           ------------------------------------
                                                  Robert A. Blee
                                                  Chief Accounting Officer