PartnerRe Announces 2004 Plan

December 3, 2003

Bermuda’s PartnerRe Ltd. took advantage of its presentation at the 12th annual Bermuda Angle Conference at the Boca Raton Resort & Club in Boca Raton, Florida to announce its plans for 2004, which were recently approved by its board of directors.

President and CEO Patrick Thiele stated: “Our plan is based upon pricing loss ratios that assume a normalized loss experience, and barring unusual large loss events, the Company expects to achieve an operating return on equity of approximately 17 percent and operating earnings per share of at least $6.90. The Company also expects to grow net written premiums to at least $3.9 billion, and achieve a Non-Life combined ratio of between 92-95 percent.

“We expect the market to provide attractive opportunities in 2004 and PartnerRe is in an excellent position to capitalize on those opportunities,” Thiele continued. “We are confident that given our financial strength, people, diversified global book of business and direct and broker distribution capabilities, we will be able to achieve our plan for 2004.”

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