PartnerRe Ltd. To Issue $250 million In Junior Subordinated Capital

Pembroke, Bermuda, November 1, 2006 -- PartnerRe Ltd. (NYSE: PRE, BSX: PRE.BH) today announced its intention to issue $250 million in Junior Subordinated Capital Efficient Notes ("CENts") pursuant to its currently effective shelf registration statement. The CENts will be issued by PartnerRe Finance II Inc., an indirect subsidiary of PartnerRe Ltd.

The Company intends to use a portion of the net proceeds of the offering to redeem the $200 million, 7.90% PartnerRe Capital Trust I Preferred Shares. The 7.90% PartnerRe Capital Trust I Preferred Shares are redeemable on or after November 21, 2006 at their liquidation value of $25.00 plus accrued dividends. The Company expects to issue a formal call notice on the outstanding 7.90% PartnerRe Capital Trust I Preferred Shares as soon as practicable following the close of the offering. This press release is not a call notice with respect to those securities.

A Registration Statement relating to this offering has been filed with the Securities and Exchange Commission and has become effective. This press release does not constitute an offer to sell, or a solicitation of an offer to buy, any of the CENts or any other security. Any such offers, or solicitations to buy, will be made solely by means of a prospectus and related prospectus supplement filed with the Securities and Exchange Commission. You may get these documents for free by searching the SEC on-line database at www.sec.gov. Alternatively, J.P. Morgan Securities Inc. will arrange to send you the prospectus upon request by calling J.P. Morgan Securities Inc. collect at 212- 834-4533, or one can be obtained upon request from Lehman Brothers Inc. by calling 888-603-5847.

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, specialty property, specialty casualty, other lines, life/annuity and health, and alternative risk transfer solutions. At December 31, 2005, total revenues were $4.2 billion. As of September 30, 2006 total assets were $14.8 billion, total capitalization was $4.4 billion and total shareholders' equity was $3.5 billion. Our major reinsurance operations have ratings of AA- (negative outlook) from Standard & Poor's, Aa3 (stable outlook) from Moody's, A+ (stable outlook) from A.M. Best, and AA (stable outlook) from Fitch.

PartnerRe on the Internet: http://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.

SOURCE: PartnerRe Ltd.