Roberto Mendoza Resigns from ACE Board to Head IFL

February 11, 2003

ACE Limited announced today that Roberto Mendoza has resigned as a director of ACE, following his appointment as Chairman of the Board and Managing Director of Integrated Finance Limited (“IFL”), which the bulletin described as “a solutions-driven and client-oriented wholesale financial intermediation firm.”

Mendoza has been a director of ACE since November 1999, having previously also served on the board from 1985 to 1996. ACE indicated that his resignation was prompted by the minority investment the company has in IFL.

Brian Duperreault, Chairman and CEO, stated, “Roberto was one of the founders of ACE and we are sorry to lose him as a board member. However, we look forward to continuing to work with him at IFL and having access to his experience and advice.”

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