PartnerRe Ltd. Reports Q3 2011 Results (Excerpt)

PEMBROKE, Bermuda – 01 November, 2011 –PartnerRe Ltd. (the “Company”; NYSE, Euronext: PRE) reported net income of $180.1 million, or $2.43 per share on a fully diluted basis for the third quarter of 2011. This net income includes net after-tax realized and unrealized gains on investments of $6.2 million, or $0.09 per share. Net income for the third quarter of 2010 was $524.9 million, or $6.76 per share on a fully diluted basis, including net after-tax realized and unrealized gains on investments of $233.0 million, or $3.05 per share. The Company recorded operating earnings of $164.5 million, or $2.41 per share on a fully diluted basis, for the third quarter of 2011. This compares to operating earnings of $301.6 million, or $3.95 per share, for the third quarter of 2010.

Net loss for the first nine months of 2011 was $502.6 million, or $7.88 per share. This net loss includes net after-tax realized and unrealized losses on investments of $41.3 million, or $0.61 per share. Net income for the first nine months of 2010 was $795.5 million, or $9.68 per share, including net after-tax realized and unrealized gains on investments of $373.3 million, or $4.69 per share. Operating loss for the first nine months of 2011 was $503.9 million, or $7.43 per share on a fully diluted basis. This compares to operating earnings of $393.0 million, or $4.94 per share, for the first nine months 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.

Commenting on results for the third quarter and first nine months of 2011, PartnerRe President & Chief Executive Officer Costas Miranthis said, “We had respectable third quarter results overall, with a 10.3% annualized operating ROE, which is below our long term ROE goal, but reasonable given the current low interest rate environment.”

Mr. Miranthis added, “The third quarter benefitted from the absence of large catastrophic losses, and also from the fact that reported losses were considerably lower than expectations, resulting in favorable reserve development. Results were negatively impacted, however, by an increase in our provisions for the earthquake events of the first quarter. This increase reflects our revised view of ultimate losses incorporating most recently available information including cedants’ own estimate of loss.”

“As we approach the January 1 renewals, we are cautiously optimistic about market trends,” Mr. Miranthis said. “We are beginning to see price increases in many lines, particularly short tail lines, as well as increased demand for reinsurance. Our strong capital base positions us well to take advantage of any opportunities. We will assess such opportunities, as well as other capital management alternatives, with the objective of maximizing the growth of our economic value per share over the medium term.”

The Company has posted the full text of this release and its third quarter 2011 financial supplement on its website www.partnerre.com

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. At September 30, 2011, total assets were $23.6 billion, total capital was $7.5 billion and total shareholders’ equity was $6.7 billion.

PartnerRe on the Internet: www.partnerre.com

Contacts:        

PartnerRe Ltd.

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

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