Exhibit 10.60

                             First Amendment of the
                 ACE Limited Elective Deferred Compensation Plan
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         RESOLVED, that the ACE Limited Elective Deferred Compensation Plan (the
"Plan") is hereby amended, effective as of January 1, 2001, by adding the
following at the end of subsection 2.1 of the Plan:

         "Notwithstanding any other provision of the Plan to the contrary, the
         Committee may designate as an "Eligible Employee" any individual who
         has provided services to an Employer (including those individuals who
         are not and/or have not been employees). In applying the terms of the
         Plan to any such individual, (i) references in the Plan to an employee
         of an Employer shall be deemed to also refer to an individual who is a
         non-employee service provider to an Employer who is designated as an
         Eligible Employee in accordance with the preceding sentence, (ii)
         references in the Plan to employment by an Employer shall be deemed to
         also refer to the provision of services to an Employer by an individual
         who is designated as an Eligible Employee in accordance with the
         preceding sentence; and (iii) references to compensation paid to an
         Eligible Employee shall be deemed to also refer to amounts paid for
         services rendered to an Employer by an individual who is designated as
         an Eligible Employee in accordance with the preceding sentence."