Exhibit 11.1

PartnerRe Ltd.

Computation of Net Income per Common and Common Equivalent Share

For the Six Months and Three Months Ended June 30, 2004 and 2003

(in thousands of U.S. dollars, except per-share amounts)

	For the Six Months Ended June 30, 2004					For the Six Months Ended June 30, 2003
	Income (Numerator)		Shares (Denominator)	Per-Share Amount		Income (Numerator)		Shares (Denominator)	Per-Share Amount
Net income	$	265,479				$	246,284
Less: preferred dividends		9,788					19,567
Net income available to common shareholders/Weighted average number of common shares outstanding/ Basic net income per share		255,691	53,737.5	$	4.76		226,717	52,810.3	$	4.29
Effect of dilutive securities:
Class B warrants			—					449.3
Stock options			568.4					456.8
Net income available to common shareholders/Weighted average number of common and common equivalent shares outstanding/Diluted net income per share	$	255,691	54,305.9	$	4.71	$	226,717	53,716.4	$	4.22

	For the Three Months Ended June 30, 2004					For the Three Months Ended June 30, 2003
	Income (Numerator)		Shares (Denominator)	Per-Share Amount		Income (Numerator)		Shares (Denominator)	Per-Share Amount
Net income	$	119,835				$	121,915
Less: preferred dividends		4,894					14,567
Net income available to common shareholders/Weighted average number of common shares outstanding/ Basic net income per share		114,941	53,791.5	$	2.14		107,348	53,221.8	$	2.02
Effect of dilutive securities:
Stock options			547.8					476.9
Net income available to common shareholders/Weighted average number of common and common equivalent shares outstanding/Diluted net income per share	$	114,941	54,339.3	$	2.12	$	107,348	53,698.7	$	2.00