Exhibit 99.1

News Release

PartnerRe Ltd. Reports Third Quarter and Nine Month 2009 Results

• Third Quarter Operating Earnings per share of $4.77; Net Income per share of $9.44

• Third Quarter Annualized Operating ROE of 30.7%; Annualized Net Income ROE of 60.7%

• Nine Month Operating Earnings per share of $10.64; Net Income per share of $19.95

• Nine Month Annualized Operating ROE of 22.4%; Annualized Net Income ROE of 41.9%

• Record Book Value of $83.07 per share, up 30% year-to-date, and 27% year-over-year

PEMBROKE, Bermuda, October 26, 2009 — PartnerRe Ltd. (NYSE:PRE) today reported net income of $566.7 million, or $9.44 per share on a fully diluted basis for the third quarter of 2009. This net income includes after-tax net realized and unrealized gains on investments of $274.4 million, or $4.64 per share. Net loss for the third quarter of 2008 was $(151.7) million, or $(3.01) per share, including after-tax net realized and unrealized losses on investments of $(281.1) million, or $(5.27) per share. Operating earnings for the third quarter of 2009 were $282.1 million, or $4.77 per share on a fully diluted basis. This compares to operating earnings of $121.3 million, or $2.27 per share, for the third quarter of 2008.

Net income for the first nine months of 2009 was $1.2 billion, or $19.95 per share. This net income includes after-tax net realized and unrealized gains on investments of $479.4 million, or $8.27 per share, as well as a after-tax net gain of $57.0 million or $0.98 per share, from the purchase of approximately 75% of the Company’s outstanding Capital Efficient Notes (CENts) in the first quarter of 2009. Net loss for the first nine months of 2008 was $(48.7) million, or $(1.38) per share, including after-tax net realized and unrealized losses on investments of $(491.3) million, or $(9.10) per share. Operating earnings for the first nine months of 2009 were $617.1 million, or $10.64 per share on a fully diluted basis. This compares to operating earnings of $415.4 million, or $7.70 per share, for the first nine months of 2008.

Operating earnings exclude after-tax net realized and unrealized investment gains and losses, after-tax net realized gain on the purchase of the CENts and after-tax interest in results of equity investments, and are 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 the third quarter and nine month 2009 results, PartnerRe President & Chief Executive Officer Patrick Thiele said, “PartnerRe had another excellent quarter and first nine months of 2009, with both its reinsurance and capital markets activities performing well. For the first nine months of 2009, we achieved an operating return on beginning equity of 22%, and 30% growth in GAAP book value per share. Our reinsurance results benefited from a low level of large losses while our investment operations continued to participate fully in the improvement experienced by the global capital markets.”

PartnerRe Ltd. Wellesley House, 5^th Floor 90 Pitts Bay Road Pembroke, Bermuda HM 08 Telephone +1 441 292 0888 Fax +1 441 292 6080 www.partnerre.com

News Release

Summary unaudited consolidated financial data for the period is set out below.

U.S.$ thousands (except per share amounts and ratios)	Three months ended September 30						Nine months ended September 30
	2009			2008			2009			2008
Net Premiums Written	$	891,547		$	869,194		$	3,044,264		$	3,237,027
Net Premiums Earned	$	1,090,691		$	1,078,459		$	2,783,270		$	2,943,752
Non-life Combined Ratio		78.1	%		95.5	%		82.5	%		91.4	%
Net Income (Loss)	$	566,705		$	(151,719	)	$	1,182,494		$	(48,723	)
Net Income (Loss) per share (a)	$	9.44		$	(3.01	)	$	19.95		$	(1.38	)
Operating Earnings (a)	$	282,064		$	121,331		$	617,097		$	415,373
Operating Earnings per share (a)	$	4.77		$	2.27		$	10.64		$	7.70

(a) Net income/loss per share is defined as net income/loss available to common shareholders divided by the weighted average number of fully diluted shares outstanding for the period. Net income/loss available to common shareholders is defined as net income/loss less preferred dividends. Operating earnings is defined as net income/loss available to common shareholders excluding after-tax net realized and unrealized gains/losses on investments, after-tax net realized gain on the purchase of the CENts and after-tax interest in earnings/losses of equity investments. Operating earnings per share is defined as operating earnings divided by the weighted average number of fully diluted shares outstanding for the period. As the effect of dilutive securities would have been anti-dilutive in the three months and nine months ended September 30, 2008, the fully diluted per share figures for the period were compiled using the basic weighted average number of common shares outstanding.

Net premiums written for the third quarter of 2009 were $891.5 million, compared to $869.2 million in the third quarter of 2008. Total revenues for the third quarter of 2009 were $1.6 billion, compared to $896.6 million in the third quarter of 2008, and included $1.1 billion of net premiums earned, reflecting a slight increase over the third quarter of 2008; net investment income of $145.3 million, essentially flat with the third quarter of 2008; and pre-tax net realized and unrealized investment gains of $330.2 million, as compared to pre-tax net realized and unrealized investment losses of $(324.2) million for the third quarter of 2008. Foreign exchange negatively impacted comparisons as a result of the year-over-year strengthening of the U.S. dollar. Excluding the impact of foreign exchange, net premiums written, net premiums earned and net investment income would have increased relative to the amounts reported for the third quarter of 2008 by 8%, 6% and 3%, respectively.

PartnerRe Ltd. Wellesley House, 5^th Floor 90 Pitts Bay Road Pembroke, Bermuda HM 08 Telephone +1 441 292 0888 Fax +1 441 292 6080 www.partnerre.com

News Release

For the first nine months of 2009, net premiums written were $3.0 billion, compared to $3.2 billion in the first nine months of 2008. Total revenues for the first nine months of 2009 were $3.9 billion, compared to $2.8 billion for the first nine months of 2008, and included $2.8 billion of net premiums earned, compared to $2.9 billion in the first nine months of 2008; net investment income of $414.1 million, which compares to $428.6 million for the first nine months of 2008; pre-tax net realized and unrealized investment gains of $566.6 million as compared to pre-tax net realized and unrealized investment losses of $(595.3) million for the first nine months of 2008; and a pre-tax gain of $88.4 million ($57.0 million after-tax) from the purchase of approximately 75% of the Company’s outstanding CENts during the first quarter of 2009. Foreign exchange negatively impacted comparisons as a result of the year-over-year strengthening of the U.S. dollar. Excluding the impact of foreign exchange, net premiums written would have increased approximately 1% while net premiums earned and net investment income would have increased approximately 2%, relative to the amounts reported for the first nine months of 2008.

Separately, the Company announced today that its Board of Directors declared a quarterly dividend of $0.47 per common share. The dividend will be payable on December 1, 2009, to common shareholders of record on November 20, 2009, with the stock trading ex-dividend commencing November 18, 2009.

The Company recently provided an update on its acquisition of PARIS RE, announcing the successful closing of the block purchase of PARIS RE shares, bringing total ownership of PARIS RE to 83% at that time. Subsequent to that announcement, the Company has signed agreements to purchase an additional 4,521,051 PARIS RE shares to bring its estimated total ownership of PARIS RE to approximately 87%. At the same time the Company has entered into binding voting commitments with certain other shareholders of PARIS RE which, when combined with the PARIS RE shares already purchased, give the Company more than 90% of the PARIS RE voting rights based on the number of PARIS RE common shares currently outstanding. The Company remains optimistic that it will complete the full acquisition of PARIS RE by year-end 2009.

Results by Segment

The Non-life segment reported net premiums written of $733 million for the third quarter of 2009, compared to $723 million in the same period in 2008. The combined ratio was 78.1% for the third quarter of 2009, compared to 95.5% for the same period in 2008 which included 20 points related to the impact by Hurricanes Ike and Gustav. The Non-life technical result was $263 million for the third quarter of 2009 compared to $97 million for the prior year period. For the first nine months, Non-life net premiums written were $2.6 billion, compared

PartnerRe Ltd. Wellesley House, 5^th Floor 90 Pitts Bay Road Pembroke, Bermuda HM 08 Telephone +1 441 292 0888 Fax +1 441 292 6080 www.partnerre.com

News Release

to $2.8 billion for same period of 2008. The nine month technical result was $582 million, compared to $388 million for the same period in 2008. The combined ratio for the nine month period was 82.5% compared to 91.4% in 2008.

The U.S. business, which represented 32% of total net premiums written for the third quarter, reported net premiums written of $279 million for the third quarter of 2009, compared to $264 million in last year’s third quarter. Net premiums earned were $312 million in the third quarter of 2009, compared to $276 million for the same period in 2008. The technical ratio for this sub-segment was 80.6% for the 2009 third quarter, compared to 101.1% in the third quarter of 2008. The technical result for the third quarter of 2009 was a gain of $61 million, compared to a loss of $(3) million for the same period in 2008. Net premiums written for the first nine months of 2009 were $841 million, flat with the same period in 2008. The nine-month technical ratio was 86.7%, compared to 97.6% in 2008. The technical result for the first nine months was $108 million compared to $19 million in the same period in 2008.

The Global (Non-U.S.) P&C business, which represented 14% of total net premiums written for the quarter, reported net premiums written of $124 million for the third quarter of 2009, compared to $137 million for the same period in 2008. Net premiums earned during the quarter were $160 million, compared to $195 million in the third quarter of 2008. The technical ratio for this sub-segment was 76.7% for the third quarter of 2009 compared to 74.5% for the same period in 2008. The technical result for the third quarter of 2009 was $37 million, compared to $50 million for the same period in 2008. For the first nine months of 2009, net premiums written were $541 million, compared to $642 million for the first nine months of 2008. The nine-month technical ratio was 75.3%, compared to 82.3% in 2008. The technical result for the first nine months was $118 million in 2009 compared to $103 million in the same period in 2008.

The Global (Non-U.S.) Specialty business, which represented 32% of total net premiums written for the quarter, reported net premiums written of $283 million for the third quarter of 2009, compared to $274 million for the third quarter of 2008. Net premiums earned were $295 million for the quarter, compared to $290 million in the same period in 2008. This sub-segment’s technical ratio was 90.9% for the third quarter of 2009 compared to 88.6% for the third quarter of 2008. The technical result for the third quarter of 2009 was $27 million, compared to $33 million for the same period in 2008. For the nine-month period, net premiums written were $846 million, compared to $898 million in the first nine months of 2008. The nine-month technical ratio was 88.8%, compared to 86.8% in 2008. The technical result for the first nine months was $87 million in 2009 compared to $103 million in the same period in 2008.

PartnerRe Ltd. Wellesley House, 5^th Floor 90 Pitts Bay Road Pembroke, Bermuda HM 08 Telephone +1 441 292 0888 Fax +1 441 292 6080 www.partnerre.com

News Release

The Catastrophe business, which represented 5% of total net premiums written for the quarter, reported net premiums written of $47 million for the third quarter of 2009, compared to $48 million for the prior year period. Net premiums earned were $159 million for the quarter, flat with the same period in 2008. This sub-segment’s technical ratio was 13.0% for the third quarter 2009, compared to 89.5% for the third quarter of 2008, reflecting the impact of Hurricane Ike and Gustav in the 2008 third quarter. The technical result for the third quarter 2009 was $138 million, compared to $17 million for the same period in 2008. For the nine-month period, net premiums written were $376 million, compared to $391 million for the prior year period. The nine-month technical ratio was 7.3%, compared to 45.7% in 2008. The technical result for the first nine months was $269 million in 2009 compared to $163 million in the same period 2008.

The Life segment, which represented 17% of total net premiums written for the third quarter of 2009, reported net premiums written of $157 million for the third quarter, compared to $141 million in the third quarter of 2008. The allocated underwriting result for the quarter was $20 million, compared to $9 million in the same period of 2008. For the nine-month period in 2009, net premiums written were $433 million, with an allocated underwriting result of $41 million, compared with net premiums written of $448 million and an allocated underwriting result of $21 million in the first nine months of 2008.

The Company’s capital markets and investment activities are reported under the heading of “Corporate and Other”. Within Corporate and Other, capital markets and investment activities contributed $133 million to pre-tax operating income in the third quarter and $371 million to pre-tax operating income in the first nine months of the year (exclusive of Life investment income), as compared to $119 million and $368 million in 2008, respectively. Separately, with the Company reporting changes in the unrealized market values of invested assets in net income, capital markets and investment activities contributed pre-tax non-operating gains of $332 million and $568 million in the third quarter and first nine months of 2009, respectively, compared to pre-tax non-operating losses of $(324) million and $(595) million, respectively, in the third quarter and first nine months of 2008.

Balance Sheet Items

At September 30, 2009, total assets were $17.8 billion as compared to $16.3 billion at December 31, 2008. Over the trailing 12 month period, total investments and cash increased 13% to $13.1 billion at September 30, 2009. Gross Non-life loss and loss expense reserves were $7.6 billion at September 30, 2009, compared to $7.5 billion at December 31, 2008. During the third quarter of 2009, the Company’s estimate of Non-life reserves for prior accident years was reduced by $122 million due to favorable development. The overall third

PartnerRe Ltd. Wellesley House, 5^th Floor 90 Pitts Bay Road Pembroke, Bermuda HM 08 Telephone +1 441 292 0888 Fax +1 441 292 6080 www.partnerre.com

News Release

quarter prior year reserve development in the Non-life segment includes net favorable development in all sub-segments, with reductions of $43 million in the U.S. sub-segment, $46 million in the Global (Non-U.S.) P&C sub-segment, $18 million in the Global (Non-U.S.) Specialty sub-segment, and $15 million in the Catastrophe sub-segment. In the third quarter of 2008, Non-life reserves for prior years developed favorably by $103 million. Policy benefits for life and annuity contracts increased by 10% year-to-date to $1.6 billion at September 30, 2009. During the third quarter of 2009, the Company’s estimate of Life reserves for prior years developed favorably by $14 million, while there was $5 million adverse development on prior estimates in the third quarter of 2008.

At September 30, 2009, total capital was $5.8 billion, and total shareholder’s equity was $5.4 billion. This compares to total capital of $4.9 billion, and total shareholder’s equity of $4.2 billion at December 31, 2008. Total capital and shareholders’ equity at September 30, 2009 reflect the initial purchase by PartnerRe of 6% of PARIS RE common shares. Book value per common share at September 30, 2009 was $83.07 on a fully diluted basis compared to $63.95 per diluted share at December 31, 2008.

For additional information, the Company has posted a third quarter 2009 financial supplement on its website www.partnerre.com in the Investor Relations section on the Financial Reports page under Supplementary Financial Data.

Commentary and Outlook

“As we move toward the end of 2009, the non-life market overall remains unchanged – stable to gradually deteriorating; and without any precipitating events, there will likely be a continuation of those trends in 2010,” said Mr. Thiele. “Despite that trend, PartnerRe continues to perform well, and we expect that to continue through the remainder of the year and into 2010, barring any unusually large loss events.”

Mr. Thiele added: “Our acquisition of PARIS RE enhances an already well-balanced portfolio of attractively priced risks. The integration of PARIS RE into the PartnerRe group will provide us with both increased diversification of reinsurance and capital markets risk, and, with expanded capital and resources, significant growth opportunities at a time when industry demand is likely to remain stagnant. We are confident that the larger and stronger PartnerRe will be better able to achieve its financial goals, with reduced risk.”

PartnerRe Ltd. Wellesley House, 5^th Floor 90 Pitts Bay Road Pembroke, Bermuda HM 08 Telephone +1 441 292 0888 Fax +1 441 292 6080 www.partnerre.com

News Release

The Company uses operating earnings, diluted operating earnings per share and annualized operating return on beginning common shareholders’ equity to measure performance, as these measures focus on the underlying fundamentals of our operations without the impact of after-tax net realized and unrealized gains/losses on investments, after-tax net realized gain on the purchase of the CENts, and the after-tax interest in earnings/losses of equity investments, where the Company does not control the investee companies’ activities. The Company uses technical ratio and technical result as measures of underwriting performance. The technical ratio is defined as the sum of the loss and acquisition ratios. These metrics exclude other operating expenses. The Company also uses combined ratio to measure results for the Non-life segment. The combined ratio is the sum of the technical and other operating expense ratios. The Company uses total capital, which is defined as total shareholders’ equity, long-term debt, senior notes and capital efficient notes, to manage the capital structure of the Company.

PartnerRe is a leading global reinsurer, providing multi-line reinsurance to insurance companies. The Company through its wholly owned subsidiaries also offers alternative risk 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, other lines, life/annuity and health, and alternative risk products. For the year ended December 31, 2008, total revenues were $4.0 billion. At September 30, 2009, total assets were $17.8 billion, total capital was $5.8 billion and total shareholders’ equity was $5.4 billion.

PartnerRe on the Internet: www.partnerre.com

Forward-looking statements contained in this press release are based on the Company’s assumptions and expectations concerning future events and financial performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements are subject to significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those reflected in the forward-looking statements. PartnerRe’s forward-looking statements could be affected by numerous foreseeable and unforeseeable events and developments such as exposure to catastrophe, or other large property and casualty losses, adequacy of reserves, risks associated with implementing business strategies and integrating new acquisitions, levels and pricing of new and renewal business achieved, credit, interest, currency and other risks associated with the Company’s, PARIS RE’s, or the combined company’s investment portfolio, changes in accounting policies, failure to consummate or delay in consummating the complete acquisition of PARIS RE, and other factors identified in the Company’s filings with the Securities and Exchange Commission. In light of the significant uncertainties inherent in the forward-looking information contained herein, readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates on which they are made. The Company disclaims any obligation to publicly update or revise any forward-looking information or statements.

Contacts:	PartnerRe Ltd.	Sard Verbinnen & Co.
	(441) 292-0888	(212) 687-8080
	Investor Contact: Robin Sidders	Drew Brown/Jane Simmons
	Media Contact: Celia Powell

PartnerRe Ltd. Wellesley House, 5^th Floor 90 Pitts Bay Road Pembroke, Bermuda HM 08 Telephone +1 441 292 0888 Fax +1 441 292 6080 www.partnerre.com

PartnerRe Ltd.

Consolidated Statements of Operations and Comprehensive Income (Loss)

(Expressed in thousands of U.S. dollars, except per share data)

(Unaudited)

	For the three months ended September 30, 2009		For the three months ended September 30, 2008			For the nine months ended September 30, 2009			For the nine months ended September 30, 2008
Revenues
Gross premiums written	$	893,714	$	868,584		$	3,080,243		$	3,276,079
Net premiums written	$	891,547	$	869,194		$	3,044,264		$	3,237,027
Decrease (increase) in unearned premiums		199,144		209,265			(260,994	)		(293,275	)
Net premiums earned		1,090,691		1,078,459			2,783,270			2,943,752
Net investment income		145,350		146,138			414,071			428,642
Net realized and unrealized investment gains (losses)		330,226		(324,184	)		566,643			(595,327	)
Net realized gain on purchase of capital efficient notes		—		—			88,427			—
Other income (loss)		8,385		(3,838	)		16,327			2,390
Total revenues		1,574,652		896,575			3,868,738			2,779,457
Expenses
Losses and loss expenses and life policy benefits		574,228		751,961			1,552,025			1,890,349
Acquisition costs		232,475		232,814			614,133			665,222
Other operating expenses		102,224		86,939			284,286			275,956
Interest expense		6,161		11,877			21,643			38,687
Net foreign exchange losses		961		4,597			5,511			7,820
Total expenses		916,049		1,088,188			2,477,598			2,878,034
Income (loss) before taxes and interest in earnings (losses) of equity investments		658,603		(191,613	)		1,391,140			(98,577	)
Income tax expense (benefit)		93,433		(39,508	)		210,198			(50,205	)
Interest in earnings (losses) of equity investments		1,535		386			1,552			(351	)
Net income (loss)	$	566,705	$	(151,719	)	$	1,182,494		$	(48,723	)
Preferred dividends	$	8,631	$	8,631		$	25,894		$	25,894
Operating earnings available to common shareholders	$	282,064	$	121,331		$	617,097		$	415,373
Comprehensive income (loss), net of tax	$	605,974	$	(243,372	)	$	1,231,014		$	(68,477	)
Per Share Data:
Earnings (loss) per common share:
Basic operating earnings	$	4.85	$	2.27		$	10.81		$	7.70
Net realized and unrealized investment gains (losses), net of tax		4.72		(5.27	)		8.40			(9.10	)
Net realized gain on purchase of capital efficient notes, net of tax		—		—			1.00			—
Interest in earnings (losses) of equity investments, net of tax		0.03		(0.01	)		0.05			0.02
Basic net income (loss)	$	9.60	$	(3.01	)	$	20.26		$	(1.38	)
Weighted average number of common shares outstanding		58,118.2		53,339.9			57,085.6			53,952.7
Diluted operating earnings	$	4.77	$	2.27		$	10.64		$	7.70
Net realized and unrealized investment gains (losses), net of tax		4.64		(5.27	)		8.27			(9.10	)
Net realized gain on purchase of capital efficient notes, net of tax		—		—			0.98			—
Interest in earnings (losses) of equity investments, net of tax		0.03		(0.01	)		0.06			0.02
Diluted net income (loss)	$	9.44	$	(3.01	)	$	19.95		$	(1.38	)
Weighted average number of common and common share equivalents outstanding		59,128.5		53,339.9			57,978.5			53,952.7

PartnerRe Ltd.

Consolidated Balance Sheets

(Expressed in thousands of U.S. dollars, except per share and parenthetical share and per share data)

(Unaudited)

	September 30, 2009			December 31, 2008
Assets
Investments:
Fixed maturities, trading securities, at fair value	$	11,252,027		$	10,181,995
Short-term investments, trading securities, at fair value		48,364			117,091
Equities, trading securities, at fair value		865,144			512,812
Other invested assets		120,281			74,493
Total investments		12,285,816			10,886,391
Cash and cash equivalents, at fair value, which approximates amortized cost		772,250			838,280
Accrued investment income		167,902			169,103
Reinsurance balances receivable		1,977,265			1,719,694
Reinsurance recoverable on paid and unpaid losses		148,663			153,594
Funds held by reinsured companies		851,932			786,422
Deferred acquisition costs		646,341			617,121
Deposit assets		320,455			342,132
Net tax assets		64,917			215,703
Goodwill		429,519			429,519
Net receivable for securities sold		—			43,007
Other assets		94,586			78,354
Total assets	$	17,759,646		$	16,279,320
Liabilities
Unpaid losses and loss expenses	$	7,558,318		$	7,510,666
Policy benefits for life and annuity contracts		1,580,380			1,432,015
Unearned premiums		1,594,274			1,273,787
Other reinsurance balances payable		216,537			209,007
Deposit liabilities		341,275			362,485
Net tax liabilities		278,860			219,679
Accounts payable, accrued expenses and other		188,855			164,968
Net payable for securities purchased		35,604			—
Current portion of long-term debt		200,000			200,000
Long-term debt		—			200,000
Debt related to senior notes		250,000			250,000
Debt related to capital efficient notes		70,989			257,605
Total liabilities		12,315,092			12,080,212
Shareholders’ Equity
Common shares (par value $1.00, issued: 2009, 58,276,502; 2008, 57,748,507)		58,277			57,749
Series C cumulative preferred shares (par value $1.00, issued and outstanding:
2009 and 2008, 11,600,000; aggregate liquidation preference: 2009 and 2008, $290,000,000)		11,600			11,600
Series D cumulative preferred shares (par value $1.00, issued and outstanding:
2009 and 2008, 9,200,000; aggregate liquidation preference: 2009 and 2008, $230,000,000)		9,200			9,200
Additional paid-in capital		1,501,960			1,465,688
Accumulated other comprehensive income:
Net unrealized gains on investments, net of tax		4,908			3,943
Currency translation adjustment		82,731			34,888
Unfunded pension obligation, net of tax		(16,311	)		(16,023	)
Retained earnings		3,792,561			2,729,662
Common shares held in treasury, at cost (2009, 5,000; 2008, 1,295,173)		(372	)		(97,599	)
Total shareholders’ equity		5,444,554			4,199,108
Total liabilities and shareholders’ equity	$	17,759,646		$	16,279,320
Shareholders’ Equity Per Common Share (excluding cumulative preferred shares: 2009 and 2008, $520,000,000)	$	84.51		$	65.17
Diluted Book Value Per Common and Common Share Equivalents Outstanding (assuming exercise of all stock-based awards)	$	83.07		$	63.95
Number of Common and Common Share Equivalents Outstanding		59,281.8			57,533.9

PartnerRe Ltd.

Segment Information

(in millions of U.S. dollars)

(Unaudited)

For the three months ended September 30, 2009

	U.S.			Global (Non-U.S.) P&C			Global (Non-U.S.) Specialty			Catastrophe			Total Non-life Segment			Life Segment			Corporate and Other			Total
Gross premiums written	$	279		$	125		$	284		$	47		$	735		$	157		$	2		$	894
Net premiums written	$	279		$	124		$	283		$	47		$	733		$	157		$	2		$	892
Decrease in unearned premiums		33			36			12			112			193			3			2			198
Net premiums earned	$	312		$	160		$	295		$	159		$	926		$	160		$	4		$	1,090
Losses and loss expenses and life policy benefits		(171	)		(84	)		(195	)		(9	)		(459	)		(115	)		—			(574	)
Acquisition costs		(80	)		(39	)		(73	)		(12	)		(204	)		(28	)		—			(232	)
Technical result	$	61		$	37		$	27		$	138		$	263		$	17		$	4		$	284
Other income														5			—			3			8
Other operating expenses														(61	)		(13	)		(28	)		(102	)
Underwriting result													$	207		$	4			n/a		$	190
Net investment income																	16			129			145
Allocated underwriting result (1)																$	20			n/a			n/a
Net realized and unrealized investment gains																				330			330
Interest expense																				(6	)		(6	)
Net foreign exchange losses																				(1	)		(1	)
Income tax expense																				(93	)		(93	)
Interest in earnings of equity investments																				2			2
Net income																				n/a		$	567
Loss ratio (2)		54.9	%		52.2	%		66.1	%		5.6	%		49.5	%
Acquisition ratio (3)		25.7			24.5			24.8			7.4			22.0
Technical ratio (4)		80.6	%		76.7	%		90.9	%		13.0	%		71.5	%
Other operating expense ratio (5)														6.6
Combined ratio (6)														78.1	%
For the three months ended September 30, 2008
	U.S.			Global (Non-U.S.) P&C			Global (Non-U.S.) Specialty			Catastrophe			Total Non-life Segment			Life Segment			Corporate and Other			Total
Gross premiums written	$	263		$	137		$	276		$	48		$	724		$	140		$	5		$	869
Net premiums written	$	264		$	137		$	274		$	48		$	723		$	141		$	5		$	869
Decrease in unearned premiums		12			58			16			111			197			8			5			210
Net premiums earned	$	276		$	195		$	290		$	159		$	920		$	149		$	10		$	1,079
Losses and loss expenses and life policy benefits		(212	)		(98	)		(185	)		(128	)		(623	)		(114	)		(15	)		(752	)
Acquisition costs		(67	)		(47	)		(72	)		(14	)		(200	)		(32	)		(1	)		(233	)
Technical result	$	(3	)	$	50		$	33		$	17		$	97		$	3		$	(6	)	$	94
Other (loss) income														(5	)		—			1			(4	)
Other operating expenses														(55	)		(11	)		(21	)		(87	)
Underwriting result													$	37		$	(8	)		n/a		$	3
Net investment income																	17			129			146
Allocated underwriting result (1)																$	9			n/a			n/a
Net realized and unrealized investment losses																				(324	)		(324	)
Interest expense																				(12	)		(12	)
Net foreign exchange losses																				(5	)		(5	)
Income tax benefit																				40			40
Interest in earnings of equity investments																				—			—
Net loss																				n/a		$	(152	)
Loss ratio (2)		76.9	%		50.3	%		63.8	%		80.8	%		67.8	%
Acquisition ratio (3)		24.2			24.2			24.8			8.7			21.7
Technical ratio (4)		101.1	%		74.5	%		88.6	%		89.5	%		89.5	%
Other operating expense ratio (5)														6.0
Combined ratio (6)														95.5	%

(1) Allocated underwriting result is defined as net premiums earned, other income or loss and allocated net investment income less life policy benefits, acquisition costs and other operating expenses.

(2) Loss ratio is obtained by dividing losses and loss expenses by net premiums earned.

(3) Acquisition ratio is obtained by dividing acquisition costs by net premiums earned.

(4) Technical ratio is defined as the sum of the loss ratio and the acquisition ratio.

(5) Other operating expense ratio is obtained by dividing other operating expenses by net premiums earned.

(6) Combined ratio is defined as the sum of the technical ratio and the other operating expense ratio.

PartnerRe Ltd.

Segment Information

(in millions of U.S. dollars)

(Unaudited)

For the nine months ended September 30, 2009

	U.S.			Global (Non-U.S.) P&C			Global (Non-U.S.) Specialty			Catastrophe			Total Non-life Segment			Life Segment			Corporate and Other			Total
Gross premiums written	$	840		$	544		$	875		$	376		$	2,635		$	438		$	7		$	3,080
Net premiums written	$	841		$	541		$	846		$	376		$	2,604		$	433		$	7		$	3,044
Increase in unearned premiums		(29	)		(63	)		(72	)		(86	)		(250	)		(10	)		(1	)		(261	)
Net premiums earned	$	812		$	478		$	774		$	290		$	2,354		$	423		$	6		$	2,783
Losses and loss expenses and life policy benefits		(498	)		(241	)		(504	)		2			(1,241	)		(313	)		2			(1,552	)
Acquisition costs		(206	)		(119	)		(183	)		(23	)		(531	)		(83	)		—			(614	)
Technical result	$	108		$	118		$	87		$	269		$	582		$	27		$	8		$	617
Other income														9			2			5			16
Other operating expenses														(170	)		(34	)		(80	)		(284	)
Underwriting result													$	421		$	(5	)		n/a		$	349
Net investment income																	46			368			414
Allocated underwriting result (1)																$	41			n/a			n/a
Net realized and unrealized investment gains																				567			567
Net realized gain on purchase of capital efficient notes																				89			89
Interest expense																				(22	)		(22	)
Net foreign exchange losses																				(6	)		(6	)
Income tax expense																				(210	)		(210	)
Interest in earnings of equity investments																				1			1
Net income																				n/a		$	1,182
Loss ratio (2)		61.3	%		50.5	%		65.1	%		(0.8	)%		52.7	%
Acquisition ratio (3)		25.4			24.8			23.7			8.1			22.6
Technical ratio (4)		86.7	%		75.3	%		88.8	%		7.3	%		75.3	%
Other operating expense ratio (5)														7.2
Combined ratio (6)														82.5	%
For the nine months ended September 30, 2008
	U.S.			Global (Non-U.S.) P&C			Global (Non-U.S.) Specialty			Catastrophe			Total Non-life Segment			Life Segment			Corporate and Other			Total
Gross premiums written	$	849		$	645		$	921		$	391		$	2,806		$	453		$	17		$	3,276
Net premiums written	$	841		$	642		$	898		$	391		$	2,772		$	448		$	17		$	3,237
Increase in unearned premiums		(14	)		(60	)		(118	)		(90	)		(282	)		(8	)		(3	)		(293	)
Net premiums earned	$	827		$	582		$	780		$	301		$	2,490		$	440		$	14		$	2,944
Losses and loss expenses and life policy benefits		(610	)		(332	)		(476	)		(111	)		(1,529	)		(347	)		(15	)		(1,891	)
Acquisition costs		(198	)		(147	)		(201	)		(27	)		(573	)		(91	)		(1	)		(665	)
Technical result	$	19		$	103		$	103		$	163		$	388		$	2		$	(2	)	$	388
Other (loss) income														(2	)		—			4			2
Other operating expenses														(175	)		(32	)		(69	)		(276	)
Underwriting result													$	211		$	(30	)		n/a		$	114
Net investment income																	51			378			429
Allocated underwriting result (1)																$	21			n/a			n/a
Net realized and unrealized investment losses																				(595	)		(595	)
Interest expense																				(39	)		(39	)
Net foreign exchange losses																				(8	)		(8	)
Income tax benefit																				50			50
Interest in losses of equity investments																				—			—
Net loss																				n/a		$	(49	)
Loss ratio (2)		73.7	%		57.1	%		61.1	%		36.6	%		61.4	%
Acquisition ratio (3)		23.9			25.2			25.7			9.1			23.0
Technical ratio (4)		97.6	%		82.3	%		86.8	%		45.7	%		84.4	%
Other operating expense ratio (5)														7.0
Combined ratio (6)														91.4	%