PartnerRe Ltd. to Issue 13 Million Shares ($325 Million) of 7.25% Cumulative Redeemable Preferred Shares

PEMBROKE, Bermuda – 09 June, 2011 - PartnerRe Ltd. (the “Company”; NYSE, Euronext: PRE) announced that it has priced an offering of 7.25% Series E Cumulative Redeemable Preferred Shares (“the Series E preferred shares”). The offering is expected to close on June 15, 2011 and is being made pursuant to its shelf registration statement filed with the United States Securities and Exchange Commission (“SEC”).

In the offering, PartnerRe expects to issue 13 million shares ($325 million) of Series E preferred shares. In addition, the Company has granted the underwriters a 30 day overallotment option for the issuance of up to an additional 1,950,000 shares ($48.75 million) of Series E preferred shares. The Series E Preferred Shares, which are expected to trade on the New York Stock Exchange under the symbol “PRE PrE”, will have an annual dividend yield of 7.25% and a liquidation preference and redemption value of $25.00 per share. The Company may redeem these shares at any time on or after June 1, 2016.

PartnerRe President & CEO Costas Miranthis said, “The Company was presented with and took advantage of an excellent opportunity to access the capital markets at attractive rates. This issue enhances our financial flexibility and serves to reduce our overall cost of capital.”

The Company intends to use the net proceeds of the offering for general corporate purposes.

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