Document:

Exhibit 10.5

                                                              CONFORMED COPY

                           Dated 23 October 2001

                                ACE LIMITED
                              as Account Party

                         ACE BERMUDA INSURANCE LTD.
                                as Guarantor

                               CITIBANK, N.A.
                                as Arranger

                             BARCLAYS BANK PLC

                                    And

                                ING BARINGS
                              as Co-Arrangers

                         CITIBANK INTERNATIONAL PLC
                       as Agent and Security Trustee

                                    and

                                   OTHERS

                -------------------------------------------
                            AMENDMENT AGREEMENT
                  RELATING TO A LETTER OF CREDIT FACILITY
                   AGREEMENT, AS PREVIOUSLY AMENDED AND
                                 RESTATED
                -------------------------------------------

<PAGE>

                                                              CONFORMED COPY

THIS AMENDMENT AGREEMENT is  made the 23rd day of October 2001

BETWEEN

(1)     ACE LIMITED (the "Account Party");

(2)     ACE BERMUDA INSURANCE LTD. (the "Guarantor");

(3)     CITIBANK, N.A. (the "Arranger");

(4)     BARCLAYS BANK PLC and ING BARINGS (the "Co-Arrangers");

(5)     CITIBANK INTERNATIONAL plc (the "Agent" and "Security Trustee"); and

(6)     THE FINANCIAL INSTITUTIONS named in Schedule 1 (the "Banks").

WHEREAS

(A)     By a letter of credit facility agreement dated 19 November 1999
        (the "Facility Agreement") the Account Party was granted a letter
        of credit facility in an aggregate amount of (pounds)290,000,000.

(B)     By an amendment and restatement agreement dated 17 November 2000
        (the "Amendment and Restatement Agreement") the parties thereto
        increased the amount of the facility to (pounds)390,000,000 and
        amended and restated the Facility Agreement upon the terms and
        subject to the conditions set out therein.

(C)     The parties hereto wish to amend the covenants in the Facility
        Agreement, as amended by the Amendment and Restatement Agreement,
        (the "Amended and Restated Facility Agreement") as set out below.

IT IS AGREED as follows:

1.       INTERPRETATION

1.1     Incorporation of Defined Terms
        Terms defined in the Amended and Restated Facility Agreement and
        not otherwise defined herein shall have the same meaning in this
        Agreement.

1.2     Clauses
        (a)       In this Agreement any reference to a "Clause" or
                  "Schedule" is, unless the context otherwise requires, a
                  reference to a Clause or Schedule of this Agreement.

        (b)       Clause and Schedule headings are for ease of reference only.

2.      AMENDMENT

2.1     Amendment of the Amended and Restated Facility Agreement
        With effect from the date hereof the Amended and Restated Facility
        Agreement shall be amended as set out in Schedule 2 (Amendments to
        Amended and Restated Facility Agreement).

                                      -1-
<PAGE>

                                                              CONFORMED COPY

3.      REPRESENTATIONS

        The Account Party and the Guarantor make the Representations set
        out in Clause 14 (Representations) of the Amended and Restated
        Facility Agreement as if each reference in those Representations to
        "this Agreement" includes a reference to (a) this Agreement and (b)
        the Amended and Restated Facility Agreement.

4.      CONTINUITY AND FURTHER ASSURANCE

4.1     Continuing obligations
        The provisions of the Amended and Restated Facility Agreement
        shall, save as amended in this Agreement, continue in full force
        and effect.

4.2     Further assurance
        Each of the Account Party and the Guarantor shall, at the request
        of the Agent and at its own expense, do all such acts and things
        necessary or desirable to give effect to the amendments effected or
        to be effected pursuant to this Agreement.

5.      FEES, COSTS AND EXPENSES

5.1     Transaction expenses
        The Account Party shall promptly on demand pay the Agent the amount
        of all costs and expenses (including legal fees) reasonably
        incurred by the Agent in connection with the negotiation,
        preparation, printing and execution of this Agreement and any other
        documents referred to in this Agreement.

5.2     Enforcement costs
        The Account Party shall, within three Business Days of demand, pay
        to each Bank the amount of all costs and expenses (including legal
        fees) incurred by that Bank in connection with the enforcement of,
        or the preservation of any rights under, this Agreement.

5.3     Stamp taxes
        The Account Party shall pay and, within three Business Days of
        demand, indemnify each Bank against any cost, loss or liability
        that each such Bank incurs in relation to all stamp duty,
        registration and other similar taxes payable in respect of this
        Agreement.

6.      MISCELLANEOUS

6.1     Governing Law
        This Agreement shall be governed by and construed in accordance
        with English Law.

6.2     Incorporation of terms
        The provisions of clause 30.2 (Partial Invalidity) and Clause 35
        (Jurisdiction) of the Amended and Restated Facility Agreement shall
        apply, mutatis mutandis, hereto.

6.3     Counterparts
        This Agreement may be executed in any number of counterparts and
        this has the same effect as if the signatures on the counterparts
        were on a single copy of this Agreement.

THIS AGREEMENT has been entered into on the date stated at the beginning of
this Agreement.

                                      -2-

<PAGE>

                                                              CONFORMED COPY

                                SCHEDULE 1

                                THE BANKS

Citibank, N.A.

Barclays Bank PLC

ING Bank N.V., London Branch

National Westminster Bank PLC

Lloyds TSB Bank plc

ABN AMRO Bank N.V., London Branch

Credit Lyonnais New York Branch

                                     -3-

<PAGE>

                                                              CONFORMED COPY

                                SCHEDULE 2

           AMENDMENTS TO AMENDED AND RESTATED FACILITY AGREEMENT

(1)     Sub-clause 15.9.18 of the Amended and Restated Facility Agreement
        shall be amended by deleting the word "and" immediately after the
        semi-colon at the end thereof.

(2)     Sub-clause 15.9.19 of the Amended and Restated Facility Agreement
        shall be amended by replacing the full-stop at the end thereof with
        a semi-colon followed by the word "and".

(3)     Clause 15.9 (Liens) of the Amended and Restated Facility Agreement
        shall be amended by inserting the following sub-clause immediately
        after sub-clause 15.9.19:

        15.9.20   Liens on securities arising out of repurchase agreements
                  with a term of not more than three months entered into
                  with "Lenders" (as such term is defined in the Five Year
                  US Facility) or their Affiliates or with securities
                  dealers of recognised standing; provided that the
                  aggregate amount of all assets of the Account Party and
                  its Subsidiaries subject to such agreements shall not at
                  any time exceed US$800,000,000.

                                     -4-

<PAGE>

                                                              CONFORMED COPY

                                 SIGNATURES

ACE LIMITED as Account Party

By:   Chris Marshall, Chief Financial Officer

ACE BERMUDA INSURANCE LTD. as Guarantor

By:   Chris Marshall, Director

CITIBANK INTERNATIONAL PLC, on its own behalf as Agent and Security
Trustee, and on behalf of:

CITIBANK, N.A as Arranger

BARCLAYS BANK PLC and ING BARINGS as Co-Arrangers

ABN AMRO BANK N.V., LONDON BRANCH

BARCLAYS BANK PLC

CITIBANK, N.A.

CREDIT LYONNAIS NEW YORK BRANCH

ING BANK N.V., LONDON BRANCH

LLOYDS TSB BANK PLC and

NATIONAL WESTMINSTER BANK PLC as Banks

By:   Pareejat Singhal

                                     -5-Exhibit 10.6

                              FIRST AMENDMENT
                              ---------------

         THIS FIRST AMENDMENT dated as of October 23, 2001 (this
"Amendment") amends the Reimbursement Agreement dated as of August 24, 2001
(the "Reimbursement Agreement") among ACE Limited, a Cayman Islands company
(the "Parent"), ACE Bermuda Insurance Ltd., a Bermuda company ("ACE
Bermuda"), and ACE Tempest Reinsurance Ltd., a Bermuda company ("Tempest")
(Ace Bermuda and Tempest, together with the Parent, the "Account Parties"),
various financial institutions (the "Banks"), and First Union National Bank
("First Union"), as administrative agent (in such capacity, the
"Administrative Agent"). Terms defined in the Reimbursement Agreement are,
unless otherwise defined herein or the context otherwise requires, used
herein as defined therein.

         WHEREAS, the Account Parties, the Banks, Fleet National Bank, as
Documentation Agent, First Union, as Issuing Bank, and the Administrative Agent
have entered into the Reimbursement Agreement; and

         WHEREAS, the parties hereto desire to amend the Reimbursement
Agreement in certain respects as more fully set forth herein;

         NOW, THEREFORE, the parties hereto agree as follows:

         SECTION 1.  Amendment to Negative Covenants. Effective on (and subject
to the occurrence of) the Amendment Effective Date (as defined below), Section
5.02 of the Reimbursement Agreement shall be amended as set forth below:

         1.1  Amendment to Section 5.02(a)(xvi). Section 5.02(a)(xvi) of the
Reimbursement Agreement shall be amended by deleting the word "and"
immediately after the semi-colon at the end thereof.

         1.2  Amendment to Section 5.02(a)(xvii). Section 5.02(a)(xvii) of the
Reimbursement Agreement shall be amended by deleting the period at the end
thereof and adding a semi-colon and the word "and" at the end thereof.

         1.3  Amendment to Section 5.02(a). Section 5.02(a) of the Reimbursement
Agreement shall be amended by adding the following immediately after the
word "and" following the semi-colon at the end of subsection (xvii)
thereof:

                  (xviii) Liens on securities arising out of repurchase
                  agreements with a term of not more than three months
                  entered into with "Lenders" (as such term is defined in
                  the Five Year Credit Agreement) or their Affiliates or
                  with securities dealers of recognized standing; provided
                  that the aggregate amount of all assets of the Parent and
                  its Subsidiaries subject to such agreements shall not at
                  any time exceed $800,000,000. For purposes of this clause
                  (xviii), "Five Year Credit Agreement" shall mean the
                  Amended and Restated Five Year Credit Agreement dated as
                  of May 8, 2000 among the Parent, ACE Bermuda, Tempest,
                  ACE INA Holdings Inc. and ACE Financial Services, Inc.,
                  as borrowers, various financial institutions, and Morgan
                  Guaranty Trust Company of New York, as administrative
                  agent, as amended, modified, supplemented or restated
                  from time to time.

<PAGE>

         SECTION 2.  Representations and Warranties. Each Account Party
represents and warrants to the Administrative Agent and the Banks that (a)
each warranty set forth in Article IV of the Reimbursement Agreement is
true and correct as of the date of the execution and delivery of this
Amendment by the Parent, with the same effect as if made on such date
(except to the extent such representations and warranties expressly refer
to an earlier date, in which case they were true and correct as of such
earlier date), (b) the execution and delivery by the Parent of this
Amendment and the performance by each Account Party of its respective
obligations under the Reimbursement Agreement, as amended hereby (as so
amended, the "Amended Reimbursement Agreement") (i) are within the
corporate or limited liability company power, as applicable, of such
Account Party, (ii) have been duly authorized by all necessary corporate
action, as applicable, on the part of such Account Party, (iii) have
received all necessary governmental and regulatory approval and (iv) do not
and will not contravene or conflict with any provision of law or of the
organizational documents of any Account Party or of any indenture, loan
agreement or other contract, order or decree which is binding upon any
Account Party and (c) the Amended Reimbursement Agreement is the legal,
valid and binding obligation of each Account Party, enforceable against
such Account Party in accordance with its terms, except as enforceability
may be limited by bankruptcy, insolvency or other similar laws of general
application affecting the enforcement of creditors' rights or by general
principles of equity limiting the availability of equitable remedies.

         SECTION 3. Effectiveness. The amendments set forth in Section 1
above shall become effective on such date (the "Amendment Effective Date")
when the Administrative Agent shall have received each of the following
documents, each in form and substance satisfactory to the Administrative
Agent:

         3.1  Executed Counterparts.  Counterparts of this Amendment executed
by the Parent and the Required Banks.

         3.2  Confirmation.  A confirmation, substantially in the form of
Annex I attached hereto, executed by each of ACE Bermuda and Tempest.

         3.3  Other Documents.  Such other documents as the Administrative
Agent or any Bank may reasonably request in connection with the authorization,
execution and delivery of this Amendment.

         SECTION 4.  Miscellaneous.

         4.1  Continuing Effectiveness, etc. As herein amended, the
Reimbursement Agreement shall remain in full force and effect and is hereby
ratified and confirmed in all respects. After the Amendment Effective Date,
all references in the Reimbursement Agreement and the other Loan Documents
to "Reimbursement Agreement", "Agreement" or similar terms shall refer to
the Amended Reimbursement Agreement.

         4.2  Counterparts. This Amendment may be executed in any number of
counterparts and by the different parties on separate counterparts, and
each such counterpart shall be deemed to be an original but all such
counterparts shall together constitute one and the same Amendment.

                                   2

<PAGE>

         4.3  Governing Law. This Amendment shall be a contract made under
and governed by the laws of the State of New York applicable to contracts
made and to be fully performed within such state.

         4.4  Successors and Assigns. This Amendment shall be binding upon
each Account Party, the Banks and the Administrative Agent and their
respective successors and assigns, and shall inure to the benefit of the
Account Parties, the Banks and the Administrative Agent and the respective
successors and assigns of the Banks and the Administrative Agent.

                                    3

<PAGE>

Delivered at Chicago, Illinois, as of the day and year first above written.

                                  ACE LIMITED

                                  By:
                                        ---------------------------------------
                                  Title:
                                        ---------------------------------------

                                  FIRST UNION NATIONAL BANK, as Administrative
                                  Agent

                                  By:
                                         --------------------------------------
                                  Title:
                                         --------------------------------------

                                  FLEET NATIONAL BANK

                                  By:
                                          -------------------------------------
                                  Title:
                                          -------------------------------------

                                  MELLON BANK, N.A.

                                  By:
                                          -------------------------------------
                                  Title:
                                          -------------------------------------

                                  ROYAL BANK OF CANADA, NEW YORK BRANCH

                                  By:
                                          -------------------------------------
                                  Title:
                                          -------------------------------------

                           (signatures continued)

                                  S-1

<PAGE>

                                  BANK ONE, N.A.

                                  By:
                                          -------------------------------------
                                  Title:
                                          -------------------------------------

                                  COMERICA BANK

                                  By:
                                          -------------------------------------
                                  Title:
                                          -------------------------------------

                                  DEUTSCHE BANK AG, NEW YORK BRANCH

                                  By:
                                           ------------------------------------
                                  Title:
                                           ------------------------------------

                                  By:
                                           ------------------------------------
                                  Title:
                                           ------------------------------------

                                  STATE STREET BANK AND TRUST COMPANY

                                  By:
                                           ------------------------------------
                                  Title:
                                           ------------------------------------

                                  THE BANK OF BERMUDA LIMITED

                                   By:
                                            -----------------------------------
                                   Title:
                                            -----------------------------------

                           (signatures continued)

                                    S-2

<PAGE>

                                   THE BANK OF N.T. BUTTERFIELD & SON LIMITED

                                   By:
                                            -----------------------------------
                                   Title:
                                            -----------------------------------

                                   CREDIT SUISSE FIRST BOSTON

                                   By:
                                            -----------------------------------

                                   Title:
                                            -----------------------------------

                                    S-3

<PAGE>

                                                                       Annex I

                                CONFIRMATION
                                ------------

                        Dated as of October 23, 2001

To:  First Union National Bank, individually and as Administrative Agent, and
     the other financial institutions party to the Reimbursement Agreement
     referred to below

         Please refer to: (a) the Reimbursement Agreement dated as of
August 24, 2001 (the "Reimbursement Agreement") among ACE Limited, ACE
Bermuda Insurance Ltd. and ACE Tempest Reinsurance Ltd. (Ace Bermuda and
Tempest, together with ACE Limited, the "Account Parties"), various
financial institutions (the "Banks"), and First Union National Bank ("First
Union"), as administrative agent (in such capacity, the "Administrative
Agent"); (b) the other "Loan Documents" (as defined in the Reimbursement
Agreement); and (c) the First Amendment dated as of October 23, 2001 to the
Reimbursement Agreement (the "First Amendment").

         Each of the undersigned hereby confirms to the Administrative
Agent and the Banks that, after giving effect to the First Amendment and
the transactions contemplated thereby, each Loan Document to which such
undersigned is a party continues in full force and effect and is the legal,
valid and binding obligation of such undersigned, enforceable against such
undersigned in accordance with its terms.

                                ACE LIMITED

                                By:
                                   --------------------------------------------
                                Name Printed:
                                             ----------------------------------
                                Title:
                                      -----------------------------------------

                                ACE BERMUDA INSURANCE LTD.

                                By:
                                   --------------------------------------------
                                Name Printed:
                                             ----------------------------------
                                Title:
                                      -----------------------------------------

                                ACE TEMPEST REINSURANCE LTD.

                                By:
                                   --------------------------------------------
                                Name Printed:
                                             ----------------------------------
                                Title:
                                      -----------------------------------------

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