PartnerRe Appoints Jean-Marie Nessi as Head of Property Casualty Business Unit

Mr. Nessi succeeds Graham Dimmock, who has been appointed as Executive for Client Relations, PartnerRe Global, and will be responsible for managing and strengthening the Group's client relationships and market positioning outside the U.S.

A Fellow of the French Actuarial Society, Mr. Nessi has more than 28 years of experience in the insurance and reinsurance business. Mr. Nessi joins PartnerRe from Axa Corporate Solutions, where he most recently held the position of President and CEO, and previously Axa Re.

PartnerRe Ltd. President and CEO, Patrick Thiele said, "We are very pleased to welcome Jean-Marie to our management team. His broad experience in the property and casualty reinsurance business will be a substantial asset to our Global operations."

Mr. Thiele continued, "Graham has had a significant role in the Group's success since he joined PartnerRe in 1996 and has been effective in transitioning the Global Property and Casualty team to the business unit structure in the last year."

CEO, PartnerRe Global, Bruno Meyenhofer added, "I am confident that Jean-Marie will ensure we maintain and strengthen our leading position in the important property and casualty business, as we embrace the current robust business environment, while Graham's excellent client relations skills will be essential in enhancing the associations we have with our clients."

PartnerRe Ltd. is a leading global reinsurer, providing multi-line reinsurance to insurance companies. Risks reinsured include property, catastrophe, agriculture, motor, casualty, marine, aviation/space, credit/surety, engineering/energy, technical and miscellaneous lines, life/annuity and health. In 2001 total revenues were $1.9 billion. As of September 30, 2002, total assets were $8.2 billion, total capitalization was $2.5 billion and total shareholders' equity was $1.9 billion.

PartnerRe on the Internet: www.partnerre.com

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Forward-looking statements contained in this press release are based on the Company's assumptions and expectations concerning 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 are subject to significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those reflected in the forward-looking statements. PartnerRe's forward-looking statements could be affected by numerous foreseeable and unforeseeable events and developments such as exposure to catastrophe or other large losses, adequacy of reserves, risks associated with implementing business strategies, levels and pricing of new and renewal business achieved, credit, interest, currency and other risks associated with the Company's investment portfolio and other factors identified in the Company's filings with the Securities and Exchange Commission. In light of the significant uncertainties inherent in the forward-looking information contained herein, 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 disclaims any obligation to publicly update or revise any forward-looking information or statements.

Contacts:

PartnerRe Ltd.

(441) 292-0888

Investor Contact: Robin Sidders, Investor Relations

Media Contact: Celia Powell, Corporate Communications

Citigate Sard Verbinnen

(212) 687-8080

Jim Barron/Hallie Bozzi