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PartnerRe Declares Preferred Share Dividend

13 13 2004

Pembroke, Bermuda, 12 May 2004 - PartnerRe Ltd. (NYSE: PRE) announced that its Board of Directors has declared a dividend for the period March 1 - May 31, 2004 of $0.421875 per share on the Company's 6.75% Series C Cumulative Preferred Shares. The dividend will be payable on June 1, 2004, to shareholders of record on May 21, 2004.

PartnerRe Ltd. is a leading global reinsurer, providing multi-line reinsurance to insurance companies. Risks reinsured include property, casualty, motor, agriculture, aviation/space, catastrophe, credit/surety, engineering/energy, marine, special risks, other lines, life/annuity and health. At year-end 2003, total revenues were $3.9 billion. As of March 31, 2004, total assets were $11.9 billion, total capitalization was $3.4 billion and total shareholders' equity was $2.8 billion. Our major reinsurance operations have ratings of AA- from Standard & Poor's, Aa3 from Moody's, A+ from A.M. Best, and AA from Fitch.

PartnerRe on the Internet: www.partnerre.com

Contacts:

PartnerRe Ltd.

(441) 292-0888

Investor Contact: Robin Sidders, Investor Relations

Media Contact: Celia Powell, Corporate Relations

Citigate Sard Verbinnen

(212) 687-8080

Jim Barron/Hallie Bozzi.