The board of directors of ACE, a property and casualty insurance and reinsurance organization, has approved a re-domestication of the company to move its place of incorporation from the Cayman Islands to Zurich, Switzerland.

If approved by ACE’s shareholders, and subject to certain regulatory approvals, ACE expects the re-domestication to be effective in July 2008. In connection with the re-domestication, ACE plans to establish a corporate holding company office in Zurich.

Following the re-domestication, the ACE Group of Companies will continue to operate as they do currently. ACE Limited will continue to maintain executive offices in Bermuda, and ACE Group Holdings will continue to maintain executive offices in New York. The company’s Bermuda insurance and reinsurance operations will continue to operate without material changes.

ACE does not expect the re-domestication to have any material adverse short-term or long-term impact on its financial results.