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                                                                    EXHIBIT 24.1


                                POWER OF ATTORNEY

         The undersigned, director of ACE Limited, a Cayman Islands company (the
"Company"), hereby constitutes and appoints Evan G. Greenberg, Philip V.
Bancroft and Peter N. Mear, and each of them, the true and lawful
attorneys-in-fact and agents of the undersigned, with full power of substitution
and re-substitution, for and in the name, place and stead of the undersigned, in
any and all capacities, to sign a registration statement (the "Registration
Statement") to effect the registration under the Securities Act of 1933, as
amended (the "Act"), of ordinary shares, preferred shares, debt securities and
other securities of the Company and any and all amendments (including
post-effective amendments) to such Registration Statement and any registration
statement relating to the offering covered by such registration statement and
filed pursuant to Rule 462(b) under the Act, and to file the same, with all
exhibits thereto, and other documents in connection therewith, with the
Securities and Exchange Commission, and hereby grants to such attorneys-in-fact
and agents, and each of them, full power and authority to do and perform each
and every act and thing requisite and necessary to be done, as fully to all
intents and purposes as the undersigned might or could do in person, hereby
ratifying and confirming all that said attorneys-in-fact and agents, or any of
them, or their or his substitute, or substitutes, may lawfully do or cause to be
done by virtue hereof.

Dated: August 13, 2004

                                  /s/ Michael G. Atieh
                                  -----------------------------------
                                      Michael G. Atieh

                                  /s/ Bruce L. Crockett
                                  -----------------------------------
                                      Bruce L. Crockett

                                  /s/ Brian Duperreault
                                  ----------------------------------
                                      Brian Duperreault

                                  /s/ Dominic J. Frederico
                                  -----------------------------------
                                      Dominic J. Frederico

                                  /s/ Robert M. Hernandez
                                  -----------------------------------
                                      Robert M. Hernandez

                                  /s/ Peter Menikoff
                                  -----------------------------------
                                      Peter Menikoff

                                  /s/ Thomas J. Neff
                                  -----------------------------------
                                      Thomas J. Neff

                                  /s/ John A. Krol
                                  -----------------------------------
                                      John A. Krol

                                  /s/ Robert Ripp
                                  -----------------------------------
                                      Robert Ripp

                                  /s/ Walter A. Scott
                                  -----------------------------------
                                      Walter A. Scott

                                  /s/ Dermot F. Smurfit
                                  -----------------------------------
                                      Dermot F. Smurfit

                                  /s/ Robert W. Staley
                                  -----------------------------------
                                      Robert W. Staley

                                  /s/ Gary M. Stuart
                                  -----------------------------------
                                      Gary M. Stuart