PartnerRe Ltd. Secures $550 Million in Capital

PEMBROKE, Bermuda: October 25, 2005 - PartnerRe Ltd. (NYSE:PRE) (the "Company") today announced it has raised $550 million in additional capital. PartnerRe intends to use the proceeds for general corporate purposes, including the pursuit of growth opportunities in the global reinsurance marketplace.

The Company has secured $400 million having entered into a loan agreement and a forward sale agreement. In addition, the Company announced that it has agreed to sell $150 million of its common shares to Citigroup Global Markets Inc. in a block trade.

PartnerRe has entered into a three-and-a-half-year term loan agreement with Citibank, N.A. The Company will receive net proceeds of $400 million from this loan. The loan agreement contains covenants similar to those existing in PartnerRe's current $700 million five-year syndicated credit facility.

The loan will bear interest at a margin over three-month LIBOR.

Separately, the Company has entered into a three-year equity forward sale agreement with an affiliate of Citigroup Global Markets Inc. (the "forward counterparty") that allows PartnerRe to deliver 6,732,590 common shares to the forward counterparty at any time during the term of the agreement. The future sale price of PartnerRe common shares under this equity forward sale agreement will be no less than 97% and no more than 130% of the per share net proceeds to the Company from the sale of the shares sold by the Company, subject to certain adjustments.

PartnerRe is not currently issuing common shares in this forward sale transaction. However, the forward counterparty, through its affiliate, Citigroup Global Markets Inc., is initially selling 4,207,869 of the Company's common shares in a public offering to hedge its position under the forward sale agreement, and will sell additional shares in the future from time to time. The forward counterparty has advised the Company that it intends to borrow the shares to be sold in this offering from third party stock lenders. This offering will be made under the Company's currently effective shelf registration statement. PartnerRe will not receive any proceeds from the sale of these shares by the forward counterparty.

Citigroup Global Markets Inc. is acting as sole book-running manager of this offering.

The forward sale agreement provides PartnerRe with a committed source of equity capital at any time over the next three years. The forward counterparty's obligations under the forward contract will be collateralized to avoid any credit risk in the transaction.

Finally, the Company has agreed to sell 2,448,980 of its common shares to Citigroup Global Markets Inc. Citigroup Global Markets Inc. is also acting as sole book-running manager of this offering.

This press release does not constitute an offer to sell or the solicitation of an offer to buy any of these or any other securities, nor will there be any sale of these or any other securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

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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,  redit/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 September 30, 2005 total assets were $13.2 billion, total capitalization was $3.5 billion and total shareholders' equity was $3.1 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 fromthose 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 property and casualty losses, including potential losses from recent hurricanes Katrina, Rita and Wilma, 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, changes in accounting policies, and other factors identified in the Company's filings with the Securities and Exchange Commission. The Company's results will be impacted by losses associated with recent catastrophes. These loss estimates are preliminary and are subject to change due to refinement in the overall industry loss estimates and by individual treaty reports. These issues take a considerable period of time to be resolved and may be influenced by evolving legal and regulatory developments. 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. TheCompany disclaims any obligation to publicly update or revise any forward-looking information or statements.

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 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