Exhibit 12.1

Computation of Ratio of Earnings to Fixed Charges

For purposes of computing the following ratios, earnings consist of net income before income tax expense plus fixed charges to the extent that these charges are included in the determination of earnings and exclude undistributed earnings of equity investements. Fixed charges consist of interest costs plus one-third of minimum rental payments under operating leases (estimated by our management to be the interest factor of these rentals).

(Expressed in thousands of U.S. dollars, except ratios)

	For the Six months ended June 30,		For the twelvemonths ended December 31,
		2006		2005			2004		2003		2002		2001
Earnings (loss) excluding undistributed earnings of equity investments	$	265,538	$	(60,793	)	$	486,023	$	467,679	$	190,302	$	(160,482	)
Add (deduct):
Income taxes		27,976		22,924			7,560		2,110		2,661		(69,307	)
Fixed charges:
Interest expense		29,539		41,911			50,400		36,892		33,819		31,506
One third of rental payments		3,650		7,575			6,865		5,467		4,528		3,751
Distributions related to Trust Preferred and Mandatorily
Redeemable Preferred Securities, net of applicable taxes		-		-			-		16,120		21,730		2,311
Earnings (loss) before income taxes and fixed charges	$	326,703	$	11,617		$	550,848	$	528,268	$	253,040	$	(192,221	)
Fixed charges:
Interest expense	$	29,539	$	41,911		$	50,400	$	36,892	$	33,819	$	31,506
One third of rental payments		3,650		7,575			6,865		5,467		4,528		3,751
Total fixed charges	$	33,189	$	49,486		$	57,265	$	42,359	$	38,347	$	35,257
Ratio of earnings to fixed charges		9.84		0.23			9.62		12.47		6.60		NM (1	)
Deficiency of earnings to fixed charges (2)			$	37,869								$	227,478

(1) NM: Not meaningful. The ratio for the 2001 period above is not meaningful due to the net loss which PartnerRe reported for 2001, which includedlossesrelated to the terroristattacks of September 11, 2001.

(2) Representsadditionalearnings that would be necessary to result in a one-to-one coverageratio of earnings to fixed charges.