PartnerRe Q3, 9-Month Operating Earnings Show Big Gain; Conference Call Details

October 24, 2006

What a difference benign weather can make on a reinsurance company’s earnings. Bermuda’s Partner Re Group announced record net operating earnings of $205.052 million, compared to a $345.176 million loss in Q3 2005. Net earnings for the period rose to $235.8 million, or $3.93 per share on a fully diluted basis, compared to a $288.7 million, or $5.48 per share net loss last year. For the first nine months of the year operating earnings were $454.729 million, compared to a $163.319 million loss in 2005.

Other highlights cited by the Company included the following:
— Annualized Q3 net income ROE of 35 percent;
— Annualized Operating ROE of 32 percent
— Nine Month Annualized net income ROE of 25 percent;
— Annualized Operating ROE of 24 percent
— 9 month net premiums written were $3.0 billion, representing a marginal increase from the same period in 2005

“PartnerRe’s performance over the first nine months of 2006, together with our cumulative performance since 2001, provides clear evidence of the strength of our strategy and indeed the PartnerRe franchise,” commented President & CEO Patrick Thiele. “While we are pleased with the 24 percent annualized operating ROE achieved for the first nine months, we maintain the belief that the test of a superior reinsurance company lies in its ability to grow book value over the longer term.

“The 17 percent or $7.75 growth in book value year-to- date, and the 13 percent compound annual growth rate, after the payment of dividends, since 2001, demonstrates our risk management capabilities, particularly our ability to withstand shock losses as well as our ability to take advantage of market opportunities as and when they occur.”

Commenting on the future outlook, Thiele indicated that in the “next renewal season, current indications are for mixed markets. Outside of the wind-exposed lines, where we expect to see continued strong pricing at January 1, 2007, we are still seeing mixed indications. Risk diversification and access to markets will continue to be key to success, and as a strong, globally diversified reinsurer with both direct and broker distribution channels, excellent risk diversification, and unquestioned financial strength, we are well-positioned to achieve an attractive portfolio of risks in 2007.”

PartnerRe senior management will conduct a dial-in conference call, which will include a question and answer period, today, Tuesday, October 24, 2006, at 10:00 a.m. Eastern. Investors and analysts are encouraged to call in 15 minutes prior to the commencement of the call. The conference call can be accessed by dialing 800-310-6649 or, from outside the United States, by dialing 719-457-2693.

The full earnings reports, additional comments and replays of the conference can be obtained on the Company’s Website at: http://www.partnerre.com.

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