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PartnerRe Ltd. Provides Update On Accelerated Share Repurchase And Retirement Of PEPSUnits

Hamilton, Bermuda: January 6, 2005 - PartnerRe Ltd. (NYSE:PRE) today announced that, on December 30, 2004 it repurchased 2 million shares of its common stock pursuant to an accelerated share repurchase agreement, for a total cost of approximately $124.8 million. The repurchase agreement was previously announced by PartnerRe in a press release issued on December 23, 2004.

Separately, on December 31, 2004, the Company issued 3,478,400 shares of its common stock following the settlement of the purchase contract associated with the PEPS Units (NYSE: PRE-PrP). The PEPS Units were issued in November 2001 and consisted of a purchase contract and one Series B Cumulative Redeemable Preferred Share (Preferred Share). The Preferred Shares were remarketed on December 28, 2004. Consistent with our December 16, 2004 announcement, PartnerRe participated in the remarketing of the Preferred Shares and as a result purchased 100% of the outstanding Preferred Shares.The Preferred Shares were subsequently cancelled and are no longer outstanding. In addition, following the settlement of the purchase contracton the PEPS Units, the PEPS Units have been retired and are no longer outstanding.

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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, and alternative risk transfer solutions. Total revenues were $3.9 billion in 2003. As of September 30, 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 Communications

Citigate Sard Verbinnen

(212) 687-8080

Jim Barron/Hallie Bozzi