PartnerRe Ltd. Reports Fourth Quarter and Full Year 2010 Results (Excerpt)

PEMBROKE, Bermuda – 08 February, 2011 - PartnerRe Ltd. (NYSE,Euronext:PRE) reported net income of $57.0 million, or $0.65 per share on a fully diluted basis for the fourth quarter of 2010. This net income includes net after-tax realized and unrealized losses on investments of $71.8 million, or $0.96 per share. Net income for the fourth quarter of 2009 was $354.4 million, or $4.25 per share, including net after-tax realized and unrealized gains on investments of $17.6 million, or $0.22 per share. Operating earnings for the fourth quarter of 2010 were $113.0 million, or $1.52 per share on a fully diluted basis. This compares to operating earnings of $315.0 million, or $3.87 per share, for the fourth quarter of 2009.

• Fourth Quarter Operating Earnings per share of $1.52; Net Income per share of $0.65
• Fourth Quarter Annualized Operating ROE of 6.3%; Annualized Net Income ROE of 2.7%
• Full Year Operating Earnings per share of $6.45; Net Income per share of $10.46
• Full Year Operating ROE of 7.1%; Net Income ROE of 11.5%
• Book Value of $93.77 per share, up 11% year-over-year

Net income for the full year 2010 was $852.6 million, or $10.46 per share. This net income includes net after-tax realized and unrealized gains on investments of $301.5 million, or $3.86 per share. Net income for the full year 2009 was $1.5 billion, or $23.51 per share, including net after-tax realized and unrealized gains on investments of $497.0 million, or $7.78 per share, as well as a net after-tax gain of $57.0 million, or $0.89 per share, from the purchase of approximately 75% of the Company’s outstanding Capital Efficient Notes (CENts) in the first quarter of 2009. Operating earnings for the full year 2010 were $504.7 million, or $6.45 per share on a fully diluted basis. This compares to operating earnings of $932.1 million, or $14.59 per share, for the full year 2009.

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 are 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.

Commenting on the fourth quarter and full year 2010 results, PartnerRe President & Chief Executive Officer Costas Miranthis said, “Despite a challenging quarter and year, both of which included a number of catastrophe and large loss events, our underlying portfolio continues to perform well. We are also pleased with the performance of our investment portfolio, although lower reinvestment rates continue to impact operating earnings. This performance, combined with the capital management activities we executed during 2010, resulted in our book value per share growing 11% year-over-year to close at a new high for PartnerRe.”

During the fourth quarter of 2010, the Company repurchased 5.1 million common shares at a total cost of approximately $400 million. For the full year 2010, the Company repurchased 14.0 million common shares at a total cost of approximately $1.1 billion. At December 31, 2010, approximately 6.5 million common shares remained under our current repurchase authorization.

Separately, the Company announced today that its Board of Directors declared a quarterly dividend of $0.55 per common share. The dividend will be payable on March 1, 2011, to common shareholders of record on February 18, 2011, with the shares trading ex-dividend commencing February 16, 2011.

For the complete text of this release and additional information, the Company has posted a fourth quarter 2010 financial supplement on its website www.partnerre.com in the Investor Relations section on the Financial Reports page under Supplementary Financial Data.

Commentary and Outlook

PartnerRe President and Chief Executive Officer Costas Miranthis said, “We saw a continuation of moderately declining pricing and terms in the January 1, 2011 renewals. As planned, we optimized the combined portfolio including the former PARIS RE business to improve balance and risk-adjusted returns. In the current market, this led to the non-renewal of some business and restructuring of other business. Although current market conditions remain challenging, our strong capital position, global franchise and broad capabilities position us well to take advantage of any opportunities as they arise.”

PartnerRe Ltd. is a leading global reinsurer, providing multi-line reinsurance to insurance companies. The Company, through its wholly owned subsidiaries, also offers capital markets products that include weather and credit protection to financial, industrial and service companies. Risks reinsured include property, casualty, motor, agriculture, aviation/space, catastrophe, credit/surety, engineering, energy, marine, specialty property, specialty casualty, multiline and

other lines, mortality, longevity and health, and alternative risk products. For the year ended December 31, 2010, total revenues were $5.9 billion, and at December 31, 2010, total assets were $23.4 billion, total capital was $8.0 billion and total shareholders’ equity was $7.2 billion.

PartnerRe on the Internet: www.partnerre.com

Contacts:

PartnerRe Ltd: – (441) 292-0888

Investor Contact: Robin Sidders

Media Contact: Celia Powell

Sard Verbinnen & Co: - Drew Brown/Briana Kelly - (212) 687-8080