Sec Form 4 Filing - STUART GARY M @ ACE LTD - 2009-02-26

FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person STUART GARY M 2. Issuer Name and Ticker or Trading Symbol ACE LTD [ ACE] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) X __ Director _____ 10% Owner _____ Officer (give title below) _____ Other (specify below) (Last) (First) (Middle) 301 POST ROAD EAST, UNIT 16 3. Date of Earliest Transaction (MM/DD/YY) 02/26/2009 (Street) WESTPORT, CT06880 4. If Amendment, Date Original Filed (MM/DD/YY) 6. Individual or Joint/Group Filing (Check Applicable Line) __ X __ Form filed by One Reporting Person _____ Form filed by More than One Reporting Person (City) (State) (Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned 1.Title of Security (Instr. 3) 2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities) 1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5) 6. Date Exercisable and Expiration Date (MM/DD/YY) 7. Title and Amount of Underlying Securities (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4) Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares Options to Acquire $ 35.25 02/26/2009 D( 1 )( 2 ) 4,000 ( 3 ) 05/11/2011( 1 ) Common Shares 4,000 ( 1 ) ( 2 ) 0 D Options to Acquire $ 35.25 02/26/2009 A( 1 )( 2 ) 4,000 ( 4 ) 05/11/2011( 1 ) Common Shares 4,000 ( 1 ) ( 2 ) 4,000 D Options to Acquire $ 35.25 02/26/2009 D( 1 )( 2 ) 2,000 ( 3 ) 05/11/2011( 1 ) Common Shares 2,000 ( 1 ) ( 2 ) 0 D Options to Acquire $ 35.25 02/26/2009 A( 1 )( 2 ) 2,000 ( 4 ) 05/11/2011( 1 ) Common Shares 2,000 ( 1 ) ( 2 ) 2,000 D Options to Acquire $ 33.39 02/26/2009 D( 1 )( 2 ) 4,000 ( 5 ) 05/16/2012( 1 ) Common Shares 4,000 ( 1 ) ( 2 ) 0 D Options to Acquire $ 33.39 02/26/2009 A( 1 )( 2 ) 4,000 ( 4 ) 05/16/2012( 1 ) Common Shares 4,000 ( 1 ) ( 2 ) 4,000 D Options to Acquire $ 34.45 02/26/2009 D( 1 )( 2 ) 4,000 ( 6 ) 05/15/2013( 1 ) Common Shares 4,000 ( 1 ) ( 2 ) 0 D Options to Acquire $ 34.45 02/26/2009 A( 1 )( 2 ) 4,000 ( 4 ) 05/15/2013( 1 ) Common Shares 4,000 ( 1 ) ( 2 ) 4,000 D

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other STUART GARY M 301 POST ROAD EAST, UNIT 16 WESTPORT, CT06880 X Signatures Signed for Gary M. Stuart by Lori Samson pursuant to a power of attorney on file with the Securities and Exchange Commission 03/02/2009 Signature of Reporting Person Date

Explanation of Responses:

( 1 )When granted, the respective term of each option which is being reported as disposed of provided that such option expired on the earlier of: (i) the ten-year anniversary of the date of the grant or (ii) the one-year anniversary of Mr. Stuart's date of termination as a director. Mr. Stuart will retire from the board when his term expires at the company's 2009 annual general meeting scheduled for May 20, 2009. The terms of each option has been amended so that each option which is being reported as acquired will expire on the tenth anniversary of the date of its grant rather than on the one-year anniversary of his retirement from the board. This form 4 is being filed to report this amendment to the expiration provisions of Mr. Stuart's options, which resulted in the deemed cancellation of the "old " options and the grant of replacement options. All options are fully vested and the terms of each option other than the expiration date remain unchanged. ( 2 )All options were granted as director compensation pursuant to a plan that meets the requirements of Rule 16b-3. ( 3 )The options were granted on May 11, 2001. The options vested as follows: 1/3 on the date immediately prior to each of the next three annual ACE Limited shareholder meetings following the date of the grant. ( 4 )The options are fully exercisable. ( 5 )The options were granted on May 16, 2002. The options vested as follows: 1/3 on the date immediately prior to each of the next three annual ACE Limited shareholder meetings following the date of the grant. ( 6 )The options were granted on May 15, 2003. The options vested as follows: 1/3 on the date immediately prior to each of the next three annual ACE Limited shareholder meetings following the date of the grant.

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

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