PartnerRe Ltd. Reports First Quarter 2009 Results

PEMBROKE, Bermuda - 27 April, 2009 - PartnerRe Ltd. (NYSE:PRE) reported net income of $141.5 million, or $2.32 per share on a fully diluted basis for the first quarter of 2009. Net income includes net after-tax realized and unrealized losses on investments of $74.5 million, or $1.30 per share, as well as a net after-tax gain of $57.0 million, or $0.99 per share, from the purchase of approximately 75% of the Company's outstanding Capital Efficient Notes (CENts). Net income for the first quarter of 2008 was $129.0 million, or $2.16 per share on a fully diluted basis, including net after-tax realized and unrealized gains on investments of $8.9 million, or $0.16 per share. Operating earnings for the first quarter of 2009 were $155.7 million, or $2.72 per share on a fully diluted basis. This compares to operating earnings of $110.2 million, or $1.98 per share, for the first quarter of 2008. Operating earnings exclude net after-tax realized and unrealized investment gains and losses, net after-tax realized gain on the purchase of the CENts, and net after-tax interest in results of equity investments, and is calculated after payment of preferred dividends. All references to per share amounts in the text of this press release are on a fully diluted basis.

• First Quarter Operating Earnings per share of $2.72; Net Income per share of $2.32
• First Quarter Annualized Operating ROE of 16.9%; Annualized Net Income ROE of 14.4%
• Book Value of $65.55 per share, up 2.5% year to date    

For additional information, the Company has posted a first quarter 2009 financial supplement on its website www.partnerre.com in the Investor Relations section on the Financial Reports page under Supplementary Financial Data.

Contacts: 

Sard Verbinnen & Co.                                          (441) 292-0888 (212) 687-8080

Investor Contact: Robin Sidders Drew Brown/Jane Simmons

Media Contact: Celia Powell