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PartnerRe Ltd. Board Of Directors Authorizes Repurchase Of Up To 5 Million Shares

18 18 2004

PEMBROKE, Bermuda: May 17, 2004 - PartnerRe Ltd. (NYSE:PRE) today announced that its Board of Directors has approved the Company's repurchase authorization for a total of up to 5 million common shares. This reflects an increase of approximately 800,000 common shares to the approximately 4.2 million common shares remaining under the prior authorization of 1999. From time to time, and depending on market conditions, the repurchase program will be accomplished in open market or privately negotiated transactions.

PartnerRe Ltd. President and CEO Patrick Thiele said, "Active capital management is an important component of the Company's strategy. This authorization provides us the flexibility to balance our objectives of optimizing return on equity with unquestioned financial security and superior ratings. "

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