PartnerRe Ltd. Reports First Quarter 2011 Results (Excerpt)

PEMBROKE, Bermuda – 03 May, 2011 - PartnerRe Ltd. (the “Company”; NYSE, Euronext: PRE) has reported a net loss of $807.0 million, or $11.99 per share on a fully diluted basis for the first quarter of 2011. This net loss includes net after-tax realized and unrealized losses on investments of $88.4 million, or $1.30 per share. Net income for the first quarter of 2010 was $79.7 million, or $0.85 per share on a fully diluted basis, including net after-tax realized and unrealized gains on investments of $110.6 million, or $1.33 per share. The Company recorded an operating loss of $735.6 million, or $10.82 per share on a fully diluted basis, for the first quarter of 2011. This compares to an operating loss of $50.4 million, or $0.60 per share, for the first quarter of 2010. Operating earnings or loss excludes net after-tax realized and unrealized investment gains and losses, net after-tax foreign exchange gains and losses, 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 Loss per share of $10.82; Net Loss per share of $11.99
• First Quarter Annualized Operating ROE of (46.1)%; Annualized Net Income /(Loss) ROE of (51.2)%
• Book Value of $82.50 per share, compared to $93.77 at December 31, 2010

Commenting on results for the first quarter of 2011, PartnerRe President & Chief Executive Officer Costas Miranthis said, “During the first quarter, we witnessed an exceptional frequency of catastrophic events in international markets. As PartnerRe underwrites a globally diversified portfolio, the losses in Japan, New Zealand and Australia together led to catastrophe losses significantly in excess of our quarterly expectations. Despite heavy losses in the current quarter, we continue to believe in the value of geographic diversification of our catastrophe portfolio as a means of optimizing our long-term risk–adjusted returns. The strength of our balance sheet has enabled us to absorb these losses and maintain a strong capital position.”

Mr. Miranthis added, “The frequency of recent events, as well as recent revisions in

modeling tools, are leading many of our clients to reevaluate their view of risk. While the

pricing reaction in loss affected areas is predictable, the broader reevaluation of catastrophe risk is beginning to change the pricing dynamics in all property catastrophe markets. While clearly we are at an early stage in this process, the initial indications we’ve received are encouraging. For longer tail lines, we do not have the same pricing momentum, but we have seen a bottoming out in rate levels and encouraging signs that opportunities will arise as economies begin their recovery.”

 “With PartnerRe’s financial strength and stability and global franchise, we remain wellpositioned to provide continued capital support to our clients and appropriate risk-adjusted returns to our shareholders,” Mr. Miranthis said.

The Company has posted the full text of this release as well as its first quarter 2011 financial supplement on its website www.partnerre.com in the Investor Relations section on the Financial Reports page under Supplementary Financial Data.

The Company held a dial-in conference call and question and answer session with

investors at 10 a.m. Eastern 03 May, 2011.

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.

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

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