WASHINGTON (Dow Jones) - Ace Ltd. (ACE) Chairman and Chief Executive Brian Duperreault's pay, less options, was $4.9 million in 2001, a 37% increase over 2000's $3.6 million.

In a definitive proxy filed last Friday with the Securities and Exchange Commission, Ace said Duperreault's base salary was $925,000, up from $875,000 in 2000.

Duperreault's bonus was $1.3 million. In 2000, he received a $2 million bonus covering the 15-month period from October 1, 1999 , to December 31, 2000.

He also received a $2 million restricted stock award in 2001, which covers the company's performance in 2000.

Ace said awards made in February 2002 will reflect the company's performance in 2001.

Duperreault received $709,900 in other compensation.

The company granted Duperreault an option to purchase 462,000 shares at an exercise price of $36.30.

The options expire on February 22, 2011 , and could be worth $ 10.5 million to $26.7 million if the company's stock rises 5% to 10% annually during the option term.

Ace Ltd., Bermuda , is an insurance holding company.

Its Ace Insurance unit sells property, casualty and excess liability insurance.