PartnerRe Ltd. Provides Update on Hurricane Charley PEMBROKE, Bermuda, Aug. 16 /PRNewswire-FirstCall/ -- PartnerRe Ltd. (NYSE: PRE) today provided information on the impact of Hurricane Charley, which hit the Florida coastline last Friday, August 13, 2004. Hurricane Charley moved over Cuba and the Gulf of Mexico before making landfall on the southwest coast of Florida. At its peak, Hurricane Charley was a Category 4 hurricane with winds exceeding 145 miles per hour, making it one of the strongest storms to hit the United States since 1992. The storm then followed a northeasterly path diagonally across Florida, eventually being downgraded to a Category 1 hurricane before heading out into the Atlantic, and then making landfall again in the Carolinas, and moving up the East Coast before dissipating east of Cape Cod yesterday. PartnerRe president and CEO Patrick Thiele said, "Our thoughts and prayers go out to those people whose lives have been affected by Hurricane Charley. "PartnerRe is currently working with clients and intermediaries to assess the impact of Charley and the potential claims that may be reported to PartnerRe. We expect to have a credible estimate of PartnerRe's exposure later this week and will communicate our estimate at that time. We would caution against making estimates of a loss to PartnerRe based on the industry loss estimates provided to date." PartnerRe Ltd. is a leading global reinsurer, providing multi-line reinsurance to insurance companies. Risks reinsured include property, casualty, motor, agriculture, aviation/space, catastrophe, credit/surety, engineering/energy, marine, special risks, other lines, life/annuity and health, and alternative risk transfer solutions. At year-end 2003, total revenues were $3.9 billion. As of June 30, 2004, total assets were $11.8 billion, total capitalization was $3.3 billion and total shareholders' equity was $2.7 billion. Our major reinsurance operations have ratings of AA- from Standard & Poor's, Aa3 from Moody's, A+ from A.M. Best, and AA from Fitch. PartnerRe on the Internet: http://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 losses, adequacy of reserves, risks associated with implementing business strategies, levels and pricing of new and renewal business achieved, credit, interest, currency and other risks associated with the Company's investment portfolio 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. DATASOURCE: PartnerRe Ltd. CONTACT: Investor, Robin Sidders, or Media, Celia Powell, both of PartnerRe Ltd., +1-441-292-0888; Jim Barron or Hallie Bozzi, both of Citigate Sard Verbinnen, +1-212-687-8080 Web site: http://www.partnerre.com/

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