[PartnerRe Letterhead]



News Release


  PartnerRe Reports Aggregate Limits Exposed to Enron of  $34 Million After Tax

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PEMBROKE, BERMUDA, December 13, 2001 - PartnerRe Ltd. (NYSE: PRE) today
announced that the aggregate limits of its exposures to Enron Corporation are
approximately $49 million on a pre-tax basis, and $34 million after tax. Enron
Corporation recently filed a petition for reorganization under Chapter 11 of the
U.S. Bankruptcy Code.

The bulk of PartnerRe's exposures relate to surety reinsurance contracts.
Exposures to various liability reinsurance coverages and investment losses are
not material.

At this point in time, PartnerRe is not in a position to accurately estimate the
actual losses, if any, it may incur under its various reinsurance contracts.
Various contingencies may affect the amount and the timing of actual claims, if
any. These include developments in the Enron bankruptcy proceedings, the nature
of Enron's obligations supported by surety bonds and Enron's performance under
these obligations, and potential recoveries by PartnerRe's reinsureds in
mitigation of their losses.

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PartnerRe Ltd. is a leading global reinsurer, providing multi-line reinsurance
to insurance companies through its wholly owned subsidiaries, Partner
Reinsurance Company, PartnerRe U.S. and PartnerRe S.A. Risks reinsured include
property, catastrophe, agriculture, automobile, casualty, marine,
aviation/space, credit/surety, technical and miscellaneous lines, life/annuity
and health. In 2000 total revenues were $1.5 billion. As of September 30, 2001,
total assets were $6.5 billion and total shareholders' equity was $1.8 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



2

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 Bozzie