PartnerRe Updates Impact of Q3 Catastrophic Events

Bermuda-based PartnerRe Ltd. has provided a further update on the catastrophic events of the third quarter, and the potential impact on the company’s shareholders’ equity.

The company currently estimates that total net impact of the Gulf Coast Hurricanes Katrina and Rita and the flooding in Central Europe, adjusted for reinstatement premiums, will be between $560-$590 million on a pre-tax basis.

This includes estimated claims of between $470-$490 million relating to Hurricane Katrina, estimated claims of between $30-$35 million relating to Hurricane Rita, and estimated claims of between $60-$65 million for the flooding in Central Europe.

Based on the company’s analyses and modeling for these events to date, the company estimates that total shareholders’ equity at Sept. 30, 2005 will be between $3.030 billion and $3.100 billion representing a decline of between 11 and 13 percent from the $3.482 billion reported at June 30, 2005. The company’s estimate of total shareholders’ equity includes projected third quarter results for all of the company’s operations, as well as $20 million of common share dividends and $38 million of share repurchases during the quarter.

Total shareholders’ equity at Dec. 31, 2004 was $3.352 billion, and at
Sept. 30, 2004 was $2.821 billion.

The company is currently engaged in its quarterly closing process,
including review of any new information received prior to the release of
earnings, and continuing review of its catastrophe loss estimates, which face substantial uncertainty created by complex coverage issues and potential legal and regulatory issues related to Katrina.

The company will release third quarter earnings on Monday, Oct. 24.