Walter Kielholz to Retire from PartnerRe’s Board; Dividend Payment Set

March 24, 2003

Bermuda’s PartnerRe Ltd. announced that Walter Kielholz will not stand for re-election as a Director of PartnerRe Ltd., in order to devote more time to his new role as Chairman of Credit Suisse Group and his continuing duties with Swiss Re. He will complete his term as Director at the Company’s Annual General Meeting in May. The company also announced dividend distribution provisions.

Patrick Thiele, PartnerRe President and CEO stated: “Walter has been a member of PartnerRe’s Board since the Company’s inception in November 1993. He was one of the original architects of this Company and has been an important contributor to our success. His stewardship as a knowledgeable industry voice on our Board has helped drive PartnerRe to the strong position it has currently reached. My fellow Board Members join me in thanking him for his dedication and contribution.”

Board Chairman John Rollwagen commented that “With 25 years experience in the reinsurance industry, Walter Kielholz has provided the Board with invaluable insight. He has been a great contributor to the development and growth of the Company, and I would like to personally thank him for his support to me, and the rest of the Board.”

The company also announced that “payment of a distribution on Capital Trust I Preferred Securities, and a dividend and contract adjustment payment on Premium Equity Participating Security (PEPS) Units, will be made on March 31, 2003. Payment will be to shareholders of record on March 21, 2003. The dividend on the Capital Trust I Preferred Securities will be $0.49375 per share. Payment for each PEPS unit will be $1.00 per share, consisting of a dividend of $0.70125 and a contract adjustment payment of $0.29875.”

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