Exhibit 99.3

             ACE LIMITED COMPLETES ACQUISITION OF TARQUIN LIMITED

     July 9, 1998--ACE Limited (NYSE: ACL) announced today that it has completed
the acquisition of Tarquin Limited, a UK-based holding company which owns
Lloyd's managing agency Charman Underwriting Agencies Ltd. and Tarquin
Underwriting Limited, its corporate capital provider. In the acquisition, ACE
issued approximately 14.3 million ordinary shares to the shareholders of
Tarquin.

     Brian Duperreault, chairman, president and chief executive officer of ACE
Limited stated: "The completion of this transaction adds to our existing
presence in the world's major insurance markets. As the largest managing agency
group at Lloyd's, ACE continues to be well-positioned to achieve its strategic
expansion in the international specialty insurance and reinsurance arena. We are
delighted to have John Charman and his team aboard to help us pursue these
objectives."

     The ACE group of companies provides insurance and reinsurance for a diverse
group of international clients. Operating subsidiaries are based in Bermuda, the
United States, the United Kingdom (Lloyd's), and the Republic of Ireland. At
March 31, 1998, ACE Limited had approximately $ 2.8 billion in shareholders'
equity and approximately $ 7.0 billion in assets. In April 1998, ACE sold 16.5
million ordinary shares for total proceeds of approximately $ 600 million which
increased ACE's shareholders' equity to approximately $ 3.4 billion.

     ACE Limited's press releases are available at no charge through News on
Demand Plus by dialing 888-329-8941.

 CONTACT: Investor                             Media
          Helen M. Wilson, 441/299-9283        Wendy Davis Johnson, 441/299-9347