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PartnerRe Ltd. To Issue $250 Million In Cumulative Redeemable Preferred Securities

Pembroke, Bermuda: April 28, 2003 - PartnerRe Ltd.(NYSE:PRE) today announced its intention to issue $250 million in cumulative redeemeable preferred securities pursuant to its currently effective shelf registration statement.

The Company intends to use the net proceeds of the offering to redeem the PartnerRe Ltd. 8% Series A Cumulative Preferred Shares. The Company expects to issue a formal call notice on the outstanding 8% Series A preferred shares at their liquidation value of $25.00 plus accrued dividend upon settlement of the new issue of perpetual preferred shares.

This press release does not constitute an offer to sell or the solicitation of an offer to buy any of these or any other securities, nor will there be any sale of these or any other securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.