Exhibit 99.1

FOR IMMEDIATE RELEASE

ACE REPORTS THIRD QUARTER 2010 NET INCOME OF $675 MILLION, UP 37%;

OPERATING INCOME OF $688 MILLION AND COMBINED RATIO OF 88.4%;

FULL YEAR 2010 GUIDANCE INCREASED TO RANGE OF $7.20 TO $7.40

ZURICH, October 27, 2010 — ACE Limited (NYSE: ACE) today reported net income for the quarter ended September 30, 2010, of $1.97 per share, compared with $1.46 per share for the same quarter last year.⁽¹⁾ Income excluding net realized gains (losses) was $2.01 per share, compared with $2.07 per share for the same quarter last year.⁽²⁾ Book value increased $1.4 billion during the quarter, up 7% from June 30, 2010. Book value per share now stands at $67.34. Annualized operating return on average equity for the quarter was 13.4%.⁽³⁾ The property and casualty (P&C) combined ratio for the quarter was 88.4%.

Third Quarter Summary

(in millions, except per share amounts)

(Unaudited)

Net income for the nine months ended September 30, 2010, was $6.18 per share, compared with $4.73 per share for 2009. For the nine months ended September 30, 2010, income excluding net realized gains (losses) was $5.73 per share, compared with $6.16 per share for 2009. Book value increased $3.2 billion, up 16% during the nine months ended September 30, 2010. The P&C combined ratio for the nine months ended September 30, 2010, was 90.2%.

Nine Months Summary

(in millions, except per share amounts)

(Unaudited)

Evan G. Greenberg, Chairman and Chief Executive Officer of ACE Limited, commented: “ACE had a very strong third quarter with good earnings contributions from all of our principal businesses. Our book value per share grew 7% in the quarter and is up 15% for the year. For the quarter, after-tax operating income was $688 million while our P&C combined ratio was 88.4%. Our annualized operating ROE was over 13% for the quarter and nine months.

“In the quarter and in recent days we made a number of announcements related to acquisitions we are making to advance our strategies around the globe. Rain and Hail, the premier crop insurer in the United States; Jerneh Insurance Berhad, a Malaysian P&C company; and the Hong Kong and Korea life insurance operations of New York Life illustrate our focus on growing our P&C specialty business, expanding our non-life and life presence in the Asia region and complementing our organic growth with acquisitions – all at attractive returns.

“Based on our strong results for nine months and positive outlook for the fourth quarter, we are raising our full-year 2010 operating earnings guidance from $6.25 to $6.75 per share to $7.20 to $7.40 per share.”

Operating highlights for the quarter ended September 30, 2010, were as follows ^(1):

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Details of our financial results for our business segments are available in the ACE Limited Financial Supplement. Key segment items for the quarter ended September 30, 2010, include:

Please refer to the ACE Limited Financial Supplement dated September 30, 2010, which is posted on the company’s website in the Investor Information section, and access Financial Reports for more detailed information on individual segment performance, together with additional disclosure on reinsurance recoverable, loss reserves, investment portfolio, and capital structure. The URL reference is: http://media.corporate-ir.net/media_files/irol/10/100907/fin_supp_sept 30 2010.xls.

ACE will host its third quarter earnings conference call and webcast on Thursday, October 28, 2010, beginning at 8:30 a.m. ET. The earnings conference call will be available via live webcast at www.acelimited.com or by dialing 888-569-5033 (within the United States) or 719-325-2339 (international); passcode 1124217. Please refer to the ACE Limited website in the Investor Information section under Calendar of Events for details. A replay of the call will be available for approximately one month. To listen to the replay, dial: 888-203-1112 (in the United States) or 719-457-0820 (international); passcode 1124217.

Celebrating 25 years of insuring progress, the ACE Group is a global leader in insurance and reinsurance serving a diverse group of clients. Headed by ACE Limited (NYSE:ACE), the ACE Group conducts its business on a worldwide basis with operating subsidiaries in more than 50 countries. Additional information can be found at: www.acelimited.com

^{( 1 )} All comparisons are with the same period last year unless specifically stated.

⁽²⁾ Non-GAAP Financial Measures:

Operating Income or Income excluding net realized gains (losses), net of tax is a common performance measurement for insurance companies. We believe this presentation enhances the understanding of our results of operations by highlighting the underlying profitability of our insurance business. We exclude net realized gains (losses) and net realized gains (losses) included in Other income (expense) related to partially-owned entities because the amounts of these gains (losses) do not relate to their respective operations.

Underwriting income is calculated by subtracting losses and loss expenses, policy benefits, policy acquisition costs and administrative expenses from net premiums earned. We use underwriting income and operating ratios to monitor the results of our operations without

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the impact of certain factors, including net investment income, other income (expense), interest and income tax expense and net realized gains (losses). Life underwriting income includes net investment income. We believe the use of these measures enhances the understanding of our results of operations by highlighting the underlying profitability of our insurance business.

See reconciliation of Non-GAAP Financial Measures on page 26 in the financial supplement. These measures should not be viewed as a substitute for net income determined in accordance with generally accepted accounting principles (GAAP).

⁽³⁾ Calculated using income excluding net realized gains (losses) divided by average shareholders’ equity for the period excluding unrealized gains (losses) on investments and the deferred tax component included in shareholders’ equity. To annualize a quarterly rate, multiply by four.

⁽⁴⁾ Book value per common share is shareholders’ equity divided by the shares outstanding. Tangible book value per common share is shareholders’ equity less goodwill and other intangible assets divided by the shares outstanding.

NM – not meaningful comparison

Cautionary Statement Regarding Forward-Looking Statements:

Forward-looking statements made in this press release, such as those related to economic outlook and guidance, potential acquisitions, insurance market conditions, and company performance reflect the company’s current views with respect to future events and financial performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties, which may cause actual results to differ materially from those set forth in these statements. For example, the company’s forward-looking statements could be affected by competition, pricing and policy term trends, the levels of new and renewal business achieved, the frequency of unpredictable catastrophic events, actual loss experience, uncertainties in the reserving or settlement process, integration activities and performance of acquired companies, termination of one or more proposed acquisition transactions prior to consummation, new theories of liability, judicial, legislative, regulatory and other governmental developments, litigation tactics and developments, investigation developments and actual settlement terms, the amount and timing of reinsurance recoverable, credit developments among reinsurers, rating agency action, possible terrorism or the outbreak and effects of war, and economic, political, regulatory, insurance and reinsurance business conditions, as well as management’s response to these factors, and other factors identified in the company’s filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates on which they are made. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

(tables to follow)

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ACE Limited

Summary Consolidated Balance Sheets

(in millions of U.S. dollars, except per share data)

(Unaudited)

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ACE Limited

Summary Consolidated Financial Data

(in millions of U.S. dollars, except share, per share data, and ratios)

(Unaudited)

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ACE Limited

Consolidated Supplemental Segment Information

(in millions of U.S. dollars)

(Unaudited)

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