EXHIBIT 99.1

                         [LETTERHEAD OF PARTNERRE LTD.]

          PartnerRe Announces Plan to Increase Capital by $350 million
          Expects to Grow Premiums by 30% and to Earn a 17% ROE in 2002

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PEMBROKE, BERMUDA, October 26, 2001 -- PartnerRe Ltd. (NYSE:PRE) announced today
that it intends, subject to market conditions, to raise $350 million of new
capital in the form of trust preferred and convertible preferred securities,
before the end of the year.

Patrick Thiele, CEO and President of PartnerRe Ltd. commented, "We have decided
to raise new capital in order to provide additional capacity to our clients and
to ensure the maintenance of our very strong financial strength ratings."

Mr. Thiele continued,"This capital increase will also allow us to support the
increased business opportunities that we anticipate for 2002. As we have said
previously, our outlook for next year is very positive and we now expect premium
income to grow by at least 30% during 2002. We have set as a target for 2002
operating earnings in excess of $5.50 per share and a return on beginning book
value in excess of 17% (barring unexpectedly large loss events), despite issuing
new securities and larger than expected losses in the third quarter 2001."

PartnerRe advised that a high frequency of large events not related to the
September 11 attacks, including Tropical Storm Nari, the Toulouse, France
chemical explosion, a large surety loss and a refinery fire, resulted in
incremental losses of $25 million for the Company. As a result, PartnerRe
expects a third quarter operating loss of $6.65 - $6.75 per share.

PartnerRe plans to release its third quarter 2001 earnings after regular market
trading on November 6, 2001. The Company's management will discuss the earnings
in more detail on a conference call on November 7, 2001 at 11.00 a.m. E.S.T. The
conference call will be broadcast live over the Internet at
www.partnerre.com/investor information.

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PartnerRe Ltd. is a leading global reinsurer, providing multi-line reinsurance
to insurance companies. Risks reinsured include property, catastrophe,
agriculture, automobile, casualty, marine, aviation/space, credit/surety,
technical and miscellaneous lines, life/annuity and health. As of June 30, 2001,
total assets were $6.2 billion.

PartnerRe on the Internet: www.partnerre.com

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This press release contains forward-looking statements that are based upon the
Company's assumptions and expectations concerning future events and 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 made by, or on behalf of the Company. These risks and
uncertainties include, among other things, those described in the Company's
filings with the Securities and Exchange Commission, all of which are difficult
or impossible to predict accurately and many of which are beyond the control of
the Company. Whether or not actual results differ materially from
forward-looking statements may depend on numerous foreseeable and unforeseeable
events or developments, such as general economic conditions and interest rates,
some of which may be related to the insurance industries generally, such as
pricing competition, industry consolidation and regulatory developments, and
others of which may relate to the Company specifically, such as risks with
implementing business strategies, adequacy of reserves, exposure to catastrophe
losses, emergence of new information, credit, interest rate, currency and other
risks associated with the Company's investment portfolio, and other factors. In
light of the significant uncertainties inherent in the forward-looking
information herein, the inclusion of such information should not be regarded as
a representation by the Company or any other person that the Company's
objectives or plans will be realized. The Company disclaims any obligation to
update forward-looking information.

Contacts:

PartnerRe Ltd.
(441) 292-0888
Investor Contact: Harold C. Hoeg, Group Treasurer
Media Contact: Celia Powell, Corporate Relations

Citigate Sard Verbinnen
(212) 687-8080
Jim Barron/Hallie Bozzi