Document:

FOURTH AMENDMENT TO REIMBURSEMENT AGREEMENT

       This Amendment, dated as of October 5, 2000, amends the
Reimbursement Agreement, dated as of September 8, 1999, and amended as of
November 30, 1999, as of March 15, 2000 and as of September 1, 2000, among
ACE Limited ("Parent"), ACE Bermuda Insurance Ltd. ("ACE Bermuda"), ACE
Tempest Reinsurance Ltd., formerly Tempest Reinsurance Company Limited
("Tempest", Parent, ACE Bermuda and Tempest being herein and in such
Reimbursement Agreement referred to as the "Account Parties"), the Banks
party thereto, Deutsche Bank AG, New York and/or Cayman Islands Branches
and Fleet National Bank, as Documentation Agents, and Mellon Bank, N.A., as
Issuing Bank and Administrative Agent (the "Agreement").

       WHEREAS, Parent has requested that the Issuing Bank and the Required
Banks (as defined in the Agreement) enter into certain amendments to the
Agreement; and

       WHEREAS, the Issuing Bank and the Required Banks are willing to enter
into such amendments; and

       WHEREAS, terms defined in the Agreement are used with the same
definitions herein;

       NOW, THEREFORE, the parties hereto agree as follows:

       SECTION 1. Amendment. Section 5.02(a) of the Agreement is hereby
amended by (a) deleting the word "and" immediately after clause (xv)
thereof, (b) replacing the period at the end of clause (xvi) with a
semicolon followed by the word "and"; and (c) adding as a new clause (xvii)
the following:

                  (xvii) Liens arising in connection with certain equity
           proceeds received on or about September 12, 2000 (plus interest
           accrued thereon) placed in a segregated account in support of (or
           pledged as collateral for) Parent's guaranty of the $412,372,000
           principal amount of Auction Rate Reset Subordinated Notes Series A
           issued by ACE INA to ACE RHINOS Trust on June 30, 1999.

       SECTION 2. Representations and Warranties. Each Account Party
represents and warrants to the Issuing Bank, the Banks and the Agents that
(a) each warranty set forth in Article IV of the Agreement is true and
correct as of the date of the execution and delivery of this Amendment by
the Account Parties, 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 each Account Party of this
Amendment and the performance by each Account Party of its respective
obligations under the Agreement, as amended hereby (as so amended, the
"Amended Reimbursement Agreement") (i) are within the corporate power of
such Account Party (ii) have been duly authorized by all necessary
corporate action 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 as the Administrative Agent shall
have received counterparts of this Fourth Amendment executed by the Account
Parties, the Issuing Bank and the Required Banks.

<PAGE>
       SECTION 4.  Miscellaneous.
                   -------------
       4.1  Continuing Effectiveness, etc. As herein amended, the Agreement
shall remain in full force and effect and is hereby ratified and confirmed
in all respects. After the amendments set forth in Section 1 of this Fourth
Amendment become effective, all references in the Agreement and the other
Loan Documents to "Reimbursement Agreement", "Agreement" or similar terms
shall refer to the Amended Reimbursement Agreement.

       4.2  Counterparts.  This Fourth 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.

       4.3  Governing Law.  This Fourth Amendment shall be governed by, and
construed in accordance with, the laws of the State of New York.

       [Remainder of page intentionally left blank]

                                     2
<PAGE>

IN WITNESS WHEREOF, the parties hereto have caused this Fourth Amendment to
be executed by their respective officers thereunto duly authorized as of
the date first above written.

ACE LIMITED

The Common Seal of ACE Limited was
hereunto affixed in the presence of:

_____________________________________
Title:

_____________________________________
Secretary

ACE BERMUDA INSURANCE LTD.

The Common Seal of ACE Bermuda Insurance Ltd.
was hereunto affixed in the presence of:

______________________________________
Title:

______________________________________
Secretary

ACE TEMPEST REINSURANCE LTD., formerly
     TEMPEST REINSURANCE COMPANY LIMITED

The Common Seal of ACE Tempest Reinsurance Ltd., formerly
Tempest Reinsurance Company Limited, was hereunto affixed
in the presence of:

______________________________________
Title:

______________________________________
Secretary

                                        3

<PAGE>

MELLON BANK, N.A., as Administrative
Agent, Issuing Bank and Bank

______________________________________
By:

______________________________________
Title:

DEUTSCHE BANK AG, NEW YORK
AND/OR CAYMAN ISLANDS BRANCHES

______________________________________
By:

______________________________________
Title:

FLEET NATIONAL BANK

______________________________________
By:

______________________________________
Title:

THE BANK OF BERMUDA, LIMITED

______________________________________
By:

______________________________________
Title:

THE BANK OF NEW YORK

______________________________________
By:

______________________________________
Title:

                                    4
<PAGE>

BANQUE NATIONALE DE PARIS

_______________________________________
By:

_______________________________________
Title:

BANK ONE, NA (Main Office Chicago)

________________________________________
By:

________________________________________
Title:

ROYAL BANK OF CANADA

________________________________________
By:

________________________________________
Title:

                                      5FIRST AMENDMENT

        THIS FIRST AMENDMENT dated as of October 23, 2000 (this
"Amendment") amends the Amended and Restated Five Year Credit Agreement
dated as of May 8, 2000 (the "Credit Agreement") among ACE Limited, a
Cayman Islands company (the "Parent"), ACE Bermuda Insurance Ltd. ("ACE
Bermuda"), ACE Tempest Reinsurance Ltd., formerly known as Tempest
Reinsurance Company Limited ("Tempest"), ACE INA Holdings Inc. ("ACE INA")
and ACE Financial Services, Inc. ("ACE Financial") (Ace Bermuda, Tempest,
ACE INA and ACE Financial, together with the Parent, the "Borrowers"),
various financial institutions (the "Lenders"), and Morgan Guaranty Trust
Company of New York ("MGT"), as administrative agent (in such capacity, the
"Agent"). Terms defined in the Credit Agreement are, unless otherwise
defined herein or the context otherwise requires, used herein as defined
therein.

        WHEREAS, the Borrowers, the Lenders and the Agent have entered into
the Credit Agreement; and

        WHEREAS, the parties hereto desire to amend the Credit 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 Credit Agreement shall be amended as set forth
below:

        1.1  Amendment to Section 5.02(a)(xvi). Section 5.02(a)(xvi) of the
Credit 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 Credit 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 Credit
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 arising in connection with certain equity proceeds
        received on or about September 12, 2000 (plus interest accrued
        thereon) placed in a segregated account in support of (or pledged
        as collateral for) Parent's guarantee of the $412,372,000 principal
        amount of Auction Rate Reset Subordinated Notes Series A issued by
        ACE INA to ACE RHINOS Trust on June 30, 1999.

        SECTION 2  Representations and Warranties. Each Borrower represents
and warrants to the Agent and the Lenders that (a) each warranty set forth
in Article IV of the Credit Agreement is true and correct as of the date of

                                     1

<PAGE>

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 Borrower of its
respective obligations under the Credit Agreement, as amended hereby (as so
amended, the "Amended Credit Agreement") (i) are within the corporate or
limited liability company power, as applicable, of such Borrower (ii) have
been duly authorized by all necessary corporate action, as applicable, on
the part of such Borrower, (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
Borrower or of any indenture, loan agreement or other contract, order or
decree which is binding upon any Borrower and (c) the Amended Credit
Agreement is the legal, valid and binding obligation of each Borrower,
enforceable against such Borrower 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 Agent shall have received each of the following documents, each in
form and substance satisfactory to the Agent:

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

        3.2  Confirmation. A confirmation, substantially in the form of
Annex I attached hereto, executed by each existing Guarantor.

        3.3  Other Documents.  Such other documents as the Agent or any Lender
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 Credit
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 Credit Agreement and the other Loan Documents to "Credit
Agreement", "Agreement" or similar terms shall refer to the Amended Credit
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.

        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 Borrower, the Lenders and the Agent and their respective successors
and assigns, and shall inure to the benefit of the Borrowers, the Lenders
and the Agent and the respective successors and assigns of the Lenders and
the Agent.

                                     2

<PAGE>

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

                                ACE LIMITED

                                By: /s/ Christopher Z. Marshall
                                   --------------------------------------------
                                Title: Chief Financial Officer

                                MELLON BANK, N.A.

                                By: /s/ Karla K. Maloof
                                  ---------------------------------------------
                                Title: Vice President

                                BANK OF AMERICA, N.A.

                                By: /s/ Debra Basler
                                   --------------------------------------------
                                Title: Vice President

                                THE CHASE MANHATTAN BANK

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

                                    S-1

<PAGE>

                                REVOLVING COMMITMENT VEHICLE
                                CORPORATION, as a Lender
                                By:   Morgan Guaranty Trust Company of New
                                      York, as Attorney-in-fact for Revolving
                                      Commitment Vehicle Corporation

                                By: /s/ Robert Bottamedi
                                   ---------------------------------------------
                                Title: Vice President

                                ABN AMRO BANK N.V.

                                By: /s/ D. Winchester
                                   ---------------------------------------------
                                Title: Vice President

                                By: /s/ Ray Catt
                                   ---------------------------------------------
                                Title: Head of Insurance Banking

                                THE BANK OF NEW YORK

                                By: /s/ David Trick
                                   ---------------------------------------------
                                Title: Assistant Vice President

                                BANK ONE, NA

                                By: /s/ Gretchen K. Roetzer
                                   ---------------------------------------------
                                Title: Assistant Vice President

                                    S-2

<PAGE>

                                BARCLAYS BANK PLC

                                By: /s/ Neil Holmes
                                   ---------------------------------------------
                                Title: Relationship Director

                                CITIBANK, N.A.

                                By: /s/ Michael Taylor
                                 ---------------------------------------------
                                Title: Vice President

                                DEUTSCHE BANK AG NEW YORK AND/OR
                                CAYMAN ISLANDS BRANCHES

                                By: /s/ Clinton M. Johnson
                                   ---------------------------------------------
                                Title: Managing Director

                                By: /s/ John S. McGill
                                   ---------------------------------------------
                                Title: Director

                                FIRST UNION NATIONAL BANK

                                By: /s/ Daniel J. Norton
                                   ---------------------------------------------
                                Title: Director

                                    S-3

<PAGE>

                                FLEET NATIONAL BANK

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

                                ROYAL BANK OF CANADA

                                By: /s/ Alexander Birr
                                   ---------------------------------------------
                                Title: Senior Manager

                                THE BANK OF TOKYO-MITSUBISHI, LTD.
                                NEW YORK BRANCH

                                By: /s/ Jesse A. Reid, Jr.
                                   ---------------------------------------------
                                Title: Attorney In Fact

                                BNP PARIBAS

                                By: /s/ Phil Truesdale
                                   --------------------------------------------
                                Title: Director

                                By: /s/ Barry S. Feigenbaum
                                   ---------------------------------------------
                                Title: Managing Director

                                    S-4

<PAGE>

                                CREDIT LYONNAIS NEW YORK BRANCH

                                By: /s/ Sebastian Rocco
                                   ---------------------------------------------
                                Title: Senior Vice President

                                LLOYDS TSB BANK PLC

                                By: /s/ Michael J. Gilligan
                                   ---------------------------------------------
                                Title: Director, Financial Institutions, USA

                                By: /s/ David Rodway
                                   ---------------------------------------------
                                Title: Assistant Director

                                STATE STREET BANK AND TRUST
                                COMPANY

                                By: /s/ Edward M. Anderson
                                    --------------------------------------------
                                Title: Vice President

                                    S-5

<PAGE>

                                                                       Annex I

                                CONFIRMATION

                        Dated as of October 23, 2000

To:     Morgan Guaranty Trust Company of New York, individually and as Agent,
        and the other financial institutions party to the Credit Agreement
        referred to below

        Please refer to: (a) the Amended and Restated Five Year Credit
Agreement dated as of May 8, 2000 (the "Credit Agreement") among ACE
Limited, ACE Bermuda Insurance Ltd., ACE Tempest Reinsurance Ltd., formerly
known as Tempest Reinsurance Company Limited, ACE INA Holdings Inc. and ACE
Financial Services, Inc. (Ace Bermuda, Tempest, ACE INA and ACE Financial,
together with ACE Limited, the "Borrowers"), various financial institutions
(the "Lenders"), and Morgan Guaranty Trust Company of New York ("MGT"), as
administrative agent (in such capacity, the "Agent"); (b) the other "Loan
Documents" (as defined in the Credit Agreement), including the Guaranty;
and (c) the First Amendment dated as of October 23, 2000 to the Credit
Agreement (the "First Amendment").

        Each of the undersigned hereby confirms to the Agent and the
Lenders 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:
                                      -----------------------------------------

                                     1

<PAGE>

                                ACE TEMPEST REINSURANCE LTD.,
                                formerly known as TEMPEST REINSURANCE
                                COMPANY LIMITED

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

                                ACE INA HOLDINGS INC.

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

                                     2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00017-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00017-of-00352.parquet"}]]