PartnerRe Ltd. Revises its Estimate of Losses Relating to the Tohoku Earthquake in Japan

PEMBROKE, Bermuda – 02 May, 2011 - PartnerRe Ltd. (the “Company”; NYSE, Euronext: PRE) has  increased its estimate of losses related to the Tohoku Earthquake and subsequent tsunami in Japan. The Company has reserved an additional $230 million for expected losses for these events.

PartnerRe President & CEO Costas Miranthis said, “We recently received new information from a long standing large cedant in the region for whom we underwrite several treaties, including some underwritten on an exclusive basis at pricing not available to the broader market. While this information remains limited, we believe it is prudent to increase our loss estimate at this time, including reserving the full limit of our exclusive arrangements. Although the Tohoku earthquake loss is a significant one for PartnerRe, we continue to believe in the value of diversification in a catastrophe portfolio, and we will continue to pursue transactions which optimize our long-term risk adjusted returns.”

Based on information currently available to the Company, PartnerRe now estimates that the total net impact of these events will result in a loss of approximately $730 million. The net loss for these events, which will be recorded in the Company’s first quarter 2011 results, will primarily impact the Company’s Catastrophe sub-segment, with smaller amounts included in the North America, Global Property & Casualty and Global Specialty sub-segments, and its Corporate and Other segment. Loss estimates are pre-tax, net of retrocession and reinstatement premiums, and relate to all reinsurance contracts and insurance-linked securities expected to be impacted by these events.

Considerable uncertainty in the loss estimates remain for this event. The final settlement of claims may differ materially from our estimates.

PartnerRe is scheduled to release first quarter 2011 results after the close of trading on Monday, May 2, 2011. PartnerRe Management will conduct a conference call and webcast on Tuesday, May 3, 2011 at 10:00 a.m. Eastern.

 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

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PartnerRe Ltd.

Investor Contact:        Robin Sidders                        
Media Contact:           Celia Powell                (441) 292-0888

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