PartnerRe Ltd. Estimates Claims from European Windstorm Erwin Will Be Between $50-$60 Million

PEMBROKE, Bermuda, January 26, 2005 -- PartnerRe Ltd. (NYSE:PRE) today announced that claims relating to its exposure to Windstorm Erwin, which hit Northern Europe in early January, are expected to be between $50-$60 million.

Windstorm Erwin battered Northern Europe from Ireland to Russia over the weekend of January 7-9, 2005, killing at least 17 people and causing widespread property damage throughout the region. Erwin, which brought torrential rain and winds in excess of 85 miles per hour, has been described as one of the most severe storms to hit Northern Europe in more than 15 years. The most substantial losses are expected to come from Sweden, where extensive forest damage has been reported, while the U.K. and Denmark were also severely affected. Total estimated industry insured losses relating to Windstorm Erwin are expected to be between $1.3 billion and $1.7 billion.

PartnerRe's loss estimate is based on the assessment of individual treaties as well as client data. PartnerRe is a leading reinsurer of European catastrophe risks, and the Company's loss estimate for Windstorm Erwin is consistent with its market position in that region.

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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. At year-end 2003, total revenues were $3.9 billion. 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

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. Citigate Sard Verbinnen (441) 292-0888

(212) 687-8080 Investor Contact: Robin Sidders Jim Barron/Hallie Bozzi

Media Contact: Celia Powell