PartnerRe Ltd. Provides Update on the Impact of Third Quarter CatastrophicEvents

PEMBROKE, Bermuda: October 3, 2005 - PartnerRe Ltd. (NYSE:PRE) today provided a further update on the catastrophic events of the third quarter, and the potential impact on the Company's shareholders' equity.

The Company currently estimates that total net impact of the Gulf Coast Hurricanes Katrina and Rita and the flooding in Central Europe, adjusted for reinstatement premiums, will be between $560-$590 million on a pre-tax basis. This includes estimated claims of between $470-$490 million relating to Hurricane Katrina, estimated claims of between $30-$35 million relating to Hurricane Rita, and estimated claims of between $60-$65 million for the flooding in Central Europe.

Based on the Company's analyses and modeling for these events to date, the Company estimates that total shareholders' equity at September 30, 2005 will be between $3.030 billion and $3.100 billion representing a decline of between 11 and 13 percent from the $3.482 billion reported at June 30, 2005.

The Company's estimate of total shareholders' equity includes projected third quarter results for all of the Company's operations, as well as $20 million of common share dividends and $38 million of share repurchases during the quarter.

Total shareholders' equity at December 31, 2004 was $3.352 billion, and at September 30, 2004 was $2.821 billion.

The Company is currently engaged in its quarterly closing process, including review of any new information received prior to the release of earnings, and continuing review of its catastrophe loss estimates, which face substantial uncertainty created by complex coverage issues and potential legal and regulatory issues related to Katrina. The Company will release third quarter earnings on Monday, October 24. 

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. For the year ended December 31, 2004, total revenues were $4.2 billion. As of June 30, 2005 total assets were $13.0 billion, total capitalization was $3.9 billion and total shareholders' equity was $3.5 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