ACE Ltd. Appoints Bancroft as CFO, Marshall to Assume Strategic Role

January 3, 2002

ACE Limited announced that Philip V. Bancroft will join the ACE Group of Companies as CFO of ACE Limited, effective immediately.

Bancroft will be based in Bermuda and will report directly to Brian Duperreault, chairman and CEO of ACE Limited.

For nearly 20 years, Bancroft has worked for PricewaterhouseCoopers. Most recently, he served as partner-in-charge of the New York Regional Insurance Practice, where he led a team of approximately 200 partners and staff that serves many of the Firm’s most significant insurance clients. Bancroft has been a partner with PricewaterhouseCoopers for the past 10 years, having worked in their New York, Philadelphia and Harrisburg offices.

As previously announced in February of last year, Christopher Marshall, who has been chief financial officer of ACE Limited since 1992, would move to the newly-created position of executive assistant to the Chairman with a focus on strategic initiatives, once a successor had been named.

In his new role, Marshall will be responsible for special projects designated by the Chairman, including mergers and acquisition activity and other corporate initiatives.

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