Document:

Employment Terms

 Exhibit 10.21 
 February 25, 2005 
 Mr. Robert Cusumano 
 525
Middlesex Road 
 Darien, CT 06820 
 Dear Bob, 
 Further to our recent discussions, please now find outlined below the main elements of compensation relative to our offer of employment to you as General Counsel, ACE
Limited, subject to the formality of obtaining a Bermuda work permit. 
 Your total annual
compensation target will be $2,000,000 and your gross salary will be $500,000 per annum, payable monthly on the 20th
day of each. 
 As a sign-on award, you will be recommended for a sign on bonus of $125,000 and an
award of 5,000 Restricted Ordinary ACE Limited Shares to be granted on the 1st business trading day of the month
immediately following your start date. These shares will vest 25% per annum over 4 years provided you are employed by the Company on each vesting date. In addition, you will also be recommended for an award of 10,000 Options to purchase
ordinary ACE Limited Shares to be granted at the New York Stock Exchange closing price for ACE Limited Ordinary Shares on the 1st business trading day of the month immediately following your start date. These options will vest 33 1/3% annually over 3 years provided you are employed on each vesting date. Should your employment
with the Company terminate for reasons other than for cause, (i.e. termination without cause or voluntary resignation) prior to the second anniversary of your start date, all awards of restricted stock and options will vest immediately. 

You will be eligible to participate in the ACE bonus program. Your bonus range will be at the discretion of the Board of Directors based on both individual
contribution and the Company’s results with target being 100% of your annual base salary. 
 You will also be eligible to participate in the ACE Limited
Long-Term Incentive Plan. Your award will again be at the discretion of the Board of Directors, with a target being 145%+ of your annual salary. 
 For the
sake of clarity, I should point out that in accordance with the Bermuda Payroll Tax Act a standard 4.75% deduction will be made directly from your monthly payroll. All other local taxes are absorbed by the Company. As you would expect, ACE withholds
income tax from US citizens and complies with all US reporting obligations. 
 Standard Company benefits include (a) life insurance (currently 4 x base
salary) subject to satisfactory medical, (b) Disability Insurance at a level of 60% of salary after six months total disability – subject to medical, (c) Health (including Dental) & Major Medical Insurance - coverage
is in accordance with ACE’s current plan. There is a standard to six month’s exclusion for any known pre-existing conditions, which can be waived. 
 You will also participate in all the benefit plans enjoyed by our senior executive group, which includes financial and tax planning as well as an executive medical program; details of these programs through E&Y and Exec-U-Care have
already been forwarded to you. 
 One of ACE Group of Companies of Insurance & Reinsurance Companies 
  

 You will be eligible to participate in the Company’s defined contribution retirement plan, which is currently based
on cash salary and annual incentive award. ACE currently contributes a 6% base contribution plus up to a 6% Company contribution to match your individual contribution with the potential for up to an additional 3% profit share contribution by the
Company. 
 The Company will pay for the cost of renting suitable accommodations in Bermuda for you and your family. We will be pleased to assist you in
securing a home and in your relocation needs. The services of a real estate agent will be made available to you and ACE will work with you in establishing a household locally. 
 As part of ACE’s car subsidy reimbursement plan, the Company will reimburse you $550 per month towards maintaining a car in Bermuda. Your new vehicle will be covered under ACE’s first-party policy with
Bermuda Fire & Marine Insurance Company at no cost to you. We will assist you in establishing a banking relationship in order to secure a loan to purchase a car, should one be required. 
 You will be entitled to a local social club membership, with ACE covering initiation fees and annual dues. 
 Bob, I am really looking forward to having you join the senior management team at ACE and feel confident that you will make a significant contribution to the Company’s future success. 
 Yours sincerely, 
  

	
	Evan Greenberg
	President & Chief Executive Officer
	ACE Limited

 Encs. 
 I accept the
offer of employment on the above-noted terms and conditions this              day of             , 2005.

  

	
	  

	Robert CusumanoEmployment Terms

 Exhibit 10.22 
  

					
	ACE Limited	 	PO Box HM 1015	 	441 295-5200 main
	ACE Global Headquarters	 	Hamilton HM DX	 	441 296-0087 fax
	17 Woodbourne Avenue	 	Bermuda	 	
	Hamilton HM 08	 		 	www.acelimited.com
	Bermuda	 		 	

 April 7, 2003 
 Mr. Paul Medini 
 Via e-mail 
 Dear Paul,

 We are pleased to offer you the position of Chief Accounting Officer reporting directly to Phil Bancroft, Chief Financial Officer. The responsibilities of
the position have been discussed with you previously. 
 This letter sets out the main terms of
compensation in respect of your employment, which is expected to commence on or about June 23rd, 2003, subject
to receiving the necessary Temporary Work Permit from the Bermuda Immigration Department. 
 In addition, you will participate in all the benefit plans
enjoyed by our senior executive group, which includes an executive medical program as well as financial planning program. 
 You will initially be entitled
to receive a maximum of 24 months continuation of salary and benefits in the event of termination other than for cause – this will be described as the “severance period”. This “severance period” will reduce proportionately
to 12 months after completion of the first 12 months and will remain at this level thereafter during the term of your employment with ACE Limited. However, any amount payable by ACE will be mitigated or reduced by any other compensation received
from alternative employment or consultation during the “severance period”. 
 As you would expect, ACE withholds income tax from US citizens and
complies with all US tax reporting obligations. 
 Paul, we are really looking forward to having you join the team at ACE and feel certain this position will
enable you to contribute significantly to the future success of the Company. 
 Please indicate your formal acceptance of this offer letter by signing below
and returning to Keith P. White, Chief Administration Officer, telephone: (441) 299-9252, fax: (441) 296-0088. 
 Yours sincerely, 
 Philip Bancroft 
 Chief Financial Officer 
  

							
	Accept:	 	 	 	Date:	 	 

 CHIEF ACCOUNTING OFFICER 
 ACE LIMITED 
  

			
	 SALARY:
	  	$ 375,000 per annum
		
	 CASH INCENTIVE: (Sign-On)
	  	$285,000 to be paid on joining. This includes a car allowance of $32,000 towards the purchase of an automobile while in Bermuda.
		
	 SIGN ON LONG TERM INCENTIVE:
	  	10,000 stock options to be awarded at the New York Stock Exchange closing price for ACE Ltd. ordinary shares on the 1st day of the month immediately following start date. Vesting evenly over a three-year period. Options expire 10 years after date of award.
		
		  	5,000 restricted ordinary ACE shares to be awarded on the 1st day of the month immediately following start date. Vesting evenly over a four-year period.
		
	 ANNUAL INCENTIVE (long-term):
	  	At the discretion of the Board of Directors and based on individual contribution and company results. Expected range 0% - 150% of annual salary in accordance with awards to other similar
level executives.
		
	 ANNUAL INCENTIVE (cash award):
	  	At the discretion of the Board of Directors based on individual contribution and the Company’s results. Expected range 0% - 80% of annual salary.
		
	 DEFINED CONTRIBUTION:
 RETIREMENT PLAN:
	  	The Company’s Defined Contribution Retirement Plan is based on a minimum Company contribution of 6% of cash salary and cash incentive award, plus up to an additional 6%
Company match of voluntary employee contribution with up to 3% additional discretionary matching Company contribution based on Company performance.
	  
		
	 BENEFITS
	  	Standard company benefits for life insurance (currently 4 x base salary) subject to satisfactory medical.
		
	 DISABILITY INSURANCE:
	  	60% of salary after six months total disability – subject to medical.
		
	 HEALTH (including DENTAL)
 & MAJOR MEDICAL
INSURANCE:
	  	Coverage in accordance with ACE’s current plan subject to six month’s exclusion for any known pre-existing conditions.

  

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	 GOVERNMENT LEVIES:
 (Hospital Levies, Employment taxes)
	  	In accordance with the Payroll Tax Act a standard 4.75% deduction will be made directly from your monthly payroll.
		
	 HOUSING ALLOWANCE:
	  	Reimbursement of up to $16,000 per month toward the cost of renting suitable accommodation in Bermuda. ACE will also be responsible for any necessary internal painting of the accommodation on
termination of the lease
		
	 CAR EXPENSES:
	  	Reimbursement for expense of $350 per month towards the cost of running an automobile e.g. gas, repairs, licence, and insurance etc.
		
	 RELOCATION EXPENSES:
	  	Reasonable costs associated with the relocation to Bermuda. Plus similar costs associated with return to the US at the end of employment in Bermuda.
		
	 VACATION:
	  	20 days per calendar year exclusive of public holidays.
		
	 INCOME TAX:
	  	ACE will reimburse reasonable costs incurred in connection with the preparation of personal income tax statements.
		
	 CLUB MEMBERSHIP:
	  	Club membership in Bermuda - initiation and annual dues for a club to be mutually agreed.
		
	 CODE OF CONDUCT:
	  	All employees are expected to sign the Company’s operating Code of Conduct and comply with all other Bermuda Employment legislation.

  

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