Document:

EXHIBIT 10.7

                   SECOND AMENDMENT TO CREDIT AGREEMENTS

         This Second Amendment dated as of March 15, 2000 amends (i) the
$2,050,000,000 Credit Agreement dated as of June 11, 1999, as amended as of
November 16, 1999, among ACE INA Holdings Inc. ("ACE INA"), ACE Limited
("Parent"), certain subsidiary guarantors, various lenders, Merrill Lynch,
Pierce, Fenner & Smith Incorporated ("ML&Co."), as Lead Arranger and
Syndication Agent, and Morgan Guaranty Trust Company of New York ("MGT"),
as Administrative Agent, (ii) the $750,000,000 Credit Agreement dated as of
June 11, 1999, as amended as of November 16, 1999, among Parent, ACE
Bermuda Insurance Ltd. ("ACE Bermuda"), Tempest Reinsurance Company Limited
("Tempest"), ACE INA, ML&Co., as Lead Arranger and Syndication Agent, and
MGT, as Administrative Agent, and (iii) the $250,000,000 Credit Agreement
dated as of June 11, 1999, as amended as of November 16, 1999, among
Parent, ACE Bermuda, Tempest, ACE INA, Mellon Bank, as Issuing Bank,
ML&Co., as Lead Arranger and Syndication Agent, and MGT, as Administrative
Agent (collectively the "Agreements").

         Parent and the Required Lenders (as defined in each of the
Agreements) and, in the case of the Agreement referred to in clause (i) of
the preceding paragraph (the "ACE INA Agreement"), ACE INA hereby agree
that each of the Agreements shall be amended as follows:

1.   Section 1.01 of each of the Agreements is amended to add thereto
     in the appropriate alphabetical position the following
     definition:

                           "Securitization Transaction" means any sale,
                  assignment or other transfer by Parent or any Subsidiary
                  of any accounts receivable, premium finance loan
                  receivables, lease receivables or other payment
                  obligations owing to Parent or such Subsidiary or any
                  interest in any of the foregoing, together in each case
                  with any collections and other proceeds thereof, any
                  collection or deposit accounts related thereto, and any
                  collateral, guaranties or other property or claims in
                  favor of Parent or such Subsidiary supporting or securing
                  payment by the obligor thereon of, or otherwise related
                  to, any such receivables.

2.   Section 5.01(h) of each of the Agreements is amended to read in its
     entirety as follows:

                           (h) Transactions with Affiliates. Conduct, and
                  cause each of its Subsidiaries to conduct, all
                  transactions otherwise permitted under the Loan Documents
                  with any of their Affiliates (other than any such
                  transactions between Loan Parties or wholly-owned
                  Subsidiaries of Loan Parties) on terms that are fair and
                  reasonable and no less favorable than it would obtain in
                  a comparable arm's-length transaction with a Person not
                  an Affiliate.

                                    -1-

<PAGE>

3.       Section 5.02(a) of each of the Agreements is amended by deleting
         the word "and" at the end of clause (xv) thereof, inserting ";
         and" at the end of clause (xvi), and adding the following clause
         (xvii) thereto:

                           (xvii) Liens arising in connection with
                  Securitization Transactions; provided that the aggregate
                  principal amount of the investment or claim held at any
                  time by all purchasers, assignees or other transferees of
                  (or of interests in) receivables and other rights to
                  payment in all Securitization Transactions shall not
                  exceed U.S.$250,000,000.

4.       Section 5.02(e) of the ACE INA Agreement and Section 5.02(d) of
         each of the other two Agreements is amended by deleting the word
         "and" at the end of the clause (v) thereof, inserting "; and" at
         the end of clause (vi) thereof, and adding the following clause
         (vii) thereto:

                           (vii) Securitization Transactions; provided that
                  the aggregate principal amount of the investment or claim
                  held at any time by all purchasers, assignees or other
                  transferees of (or of interests in) receivables and other
                  rights to payment in all Securitization Transactions
                  (together with the aggregate principal amount of any
                  other obligations secured by such Liens) shall not exceed
                  U.S.$250,000,000.

         The foregoing amendment shall become effective with respect to
each Agreement on the date on which the Administrative Agent under and as
defined in such Agreement has received counterparts hereof (by facsimile or
otherwise) signed by the Parent, the Required Lenders under such Agreement
and, in the case of the ACE INA Agreement, ACE INA. Except as amended
hereby, each Agreement shall remain in full force and effect and is hereby
ratified and confirmed in all respects.

         This Second Amendment may be executed in any number of
counterparts and by the different parties hereto in separate counterparts,
each of which when so executed shall be deemed to be an original and all of
which taken together shall constitute one and the same agreement. This
Second Amendment shall be governed by, and construed in accordance with,
the laws of the State of New York.

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

                                    -2-

<PAGE>

                                ACE LIMITED

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

------------------------------------
Director

------------------------------------
Secretary

                                            ACE INA HOLDINGS INC.

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

                                            MERRILL LYNCH CAPITAL CORPORATION

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

                                            MORGAN GUARANTY TRUST COMPANY
                                                  OF NEW YORK

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

                                            BANK OF AMERICA, N.A.

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

                                    -3-

<PAGE>

                                            CHASE MANHATTAN BANK

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

                                            MELLON BANK, N.A.

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

                                            ABN-AMRO BANK N.V.

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

                                            BANCO SANTANDER CENTRAL HISPANO,
                                            S.A.

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

                                            THE BANK OF NEW YORK

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

                                    -4-

<PAGE>

                                            THE BANK OF NOVA SCOTIA

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

                                            BANK ONE, N.A. (MAIN OFFICE CHICAGO)

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

                                            BARCLAYS BANK PLC

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

                                            BANQUE NATIONALE DE PARIS

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

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

                                            THE BANK OF TOKYO-MITSUBISHI, LTD.

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

                                    -5-

<PAGE>

                                            CIBC INC.

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

                                            CITIBANK, N.A.

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

                                            COMERICA BANK

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

                                            COMMERZBANK AKTIENGESELLSCHAFT
                                             NEW YORK BRANCH

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

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

                                            CREDIT LYONNAIS NEW YORK BRANCH

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

                                    -6-

<PAGE>

                                            CREDIT SUISSE FIRST BOSTON

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

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

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

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

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

                                            FIRST UNION NATIONAL BANK

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

                                            FLEET NATIONAL BANK

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

                                    -7-

<PAGE>

                                            ING BANK N.V., LONDON BRANCH

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

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

                                            KBC BANK

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

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

                                            LLOYDS TSB BANK PLC

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

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

                                            ROYAL BANK OF CANADA

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

                                    -8-

<PAGE>

                                            SOCIETE GENERALE

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

                                            STATE STREET BANK AND TRUST
                                             COMPANY

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

                                            STANDARD CHARTERED BANK

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

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

                                    -9-EXHIBIT 10.8

              AMENDMENT TO LETTER OF CREDIT FACILITY AGREEMENT

         This Amendment dated as of March 15, 2000 amends the
(pound)290,000,000 Letter of Credit Facility Agreement dated November __,
1999 (the "Agreement") between ACE Limited (the "Account Party"), ACE
Bermuda Insurance Ltd., as guarantor (the "Guarantor"), various banks (the
"Banks"), Citibank, N.A., as arranger, Barclays Bank plc and ING Barings,
as co-arrangers, and Citibank International plc, as agent (the "Agent") and
trustee for the Banks.

         The Account Party, the Guarantor, the Agent and the Banks hereby
agree that the Agreement shall be amended as follows:

1.       Clause 1.1 of  the Agreement is amended to add thereto in the
         appropriate alphabetical position the following definition:

                           "Securitization Transaction" means any sale,
                  assignment or other transfer by the Account Party or any
                  Subsidiary of any accounts receivable, premium finance
                  loan receivables, lease receivables or other payment
                  obligations owing to the Account Party or such Subsidiary
                  or any interest in any of the foregoing, together in each
                  case with any collections and other proceeds thereof, any
                  collection or deposit accounts related thereto, and any
                  collateral, guaranties or other property or claims in
                  favor of the Account Party or such Subsidiary supporting
                  or securing payment by the obligor thereon of, or
                  otherwise related to, any such receivables.

2.       Clause 15.9 of the Agreement is amended by deleting the word "and"
         at the end of sub-clause 15.9.15, inserting "; and" at the end of
         sub-clause 15.9.16, and adding the following sub-clause 15.9.17:

                  15.9.17  Liens arising in connection with Securitization
                           Transactions; provided that the aggregate
                           principal amount of the investment or claim held
                           at any time by all purchasers, assignees or
                           other transferees of (or of interests in)
                           receivables and other rights to payment in all
                           Securitization Transactions (toegther with the
                           aggregate principal amount of any other
                           obligations secured by such Liens) shall not
                           exceed U.S.$250,000,000.

         The foregoing amendments shall become effective on the date on
which the Agent has received counterparts hereof (by facsimile or
otherwise) signed by the Account Party, the Guarantor, the Banks and the
Agent. Except as amended hereby, the Agreement shall remain in full force
and effect and is hereby ratified and confirmed in all respects.

                                    -1-

<PAGE>

         This Amendment may be executed in any number of counterparts and
by the different parties hereto in separate counterparts, each of which
when so executed shall be deemed to be an original and all of which taken
together shall constitute one and the same agreement. This Amendment shall
be governed by, and construed in accordance with, English law.

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

                                    -2-

<PAGE>

                                             ACE LIMITED

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

------------------------------------
Director

------------------------------------
Secretary

                                             ACE BERMUDA INSURANCE LTD.

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

-----------------------------------
Director

-----------------------------------
Secretary

                                             CITIBANK INTERNATIONAL

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

                                             CITIBANK, N.A.

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

                                             BARCLAYS BANK PLC

                                    -3-

<PAGE>

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

                                             ING BANK N.V., LONDON BRANCH

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

                                             ABN AMRO BANK N.V., LONDON BRANCH

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

                                             NATIONAL WESTMINSTER BANK PLC

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

                                             CREDIT LYONNAIS NEW YORK BRANCH

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

                                    -4-

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