Third Quarter Operating Earnings per share of $2.41; Net Income per share of $2.43

Third Quarter Annualized Operating ROE of 10.3%; Annualized Net Income ROE of 10.4%

Nine Month Operating Loss per share of $7.43; Net Loss per share of $7.88

Nine Month Annualized Operating ROE of (10.6)%; Annualized Net Income ROE of (11.2)%

Book Value of $85.26 per share, up 2% for the quarter, and down 9% year-to-date

PartnerRe Ltd.

Wellesley House, 5^th Floor

90 Pitts Bay Road

Pembroke, Bermuda HM 08

Telephone +1 441 292 0888

Fax +1 441 292 6080

www.partnerre.com

For the third quarter, net premiums written were up 9%, or 2% on a constant foreign exchange basis, to $1.1 billion primarily related to new business and increased treaty participations within the Global (Non-U.S.) Specialty sub-segment, increased agricultural premiums within the North America sub-segment and increased premiums in our Life segment. These increases were partially offset by the effect of the Company’s decisions in prior quarters to cancel and non-renew business in order to reposition its portfolios, and also reflects a continued competitive pricing environment in many markets. For the first nine months of 2011, net premiums written were down 7% to $3.6 billion across all sub-segments, except for the North America sub-segment and Life segment, primarily due to the effect of the cancellations and non-renewals described for the third quarter, while foreign exchange increased net premiums written by 2%.

For the third quarter, net premiums earned were down 1% to $1.3 billion primarily due to the impact of the cancelled and non-renewed business in the Global (Non-U.S) P&C, Catastrophe and Global (Non-U.S.) Specialty sub-segments, which was partially offset by the favorable impact of foreign exchange and the growth in the North America sub-segment’s agriculture business. For the first nine months of 2011, net premiums earned were down 3% to $3.5 billion primarily for the same reasons described for the third quarter.

For the third quarter, the Non-life combined ratio was 93.1%. The Non-Life combined ratio included 16.5 points (or $178 million) of net adverse prior quarter loss development, which was primarily related to the Japan earthquake and resulting tsunami (Japan earthquake), the February 2011 New Zealand earthquake (New Zealand earthquake) and other mid-sized loss events that occurred during the first half of 2011, and 16.2 points (or $176 million) of net favorable loss development on prior accident years. For the first nine months of 2011, the Non-life combined ratio was

PartnerRe Ltd.

Wellesley House, 5^th Floor

90 Pitts Bay Road

Pembroke, Bermuda HM 08

Telephone +1 441 292 0888

Fax +1 441 292 6080

www.partnerre.com

126.7% and included 47.1 points (or $1,346 million) related to the 2011 catastrophic events including the Japan earthquake, the New Zealand earthquake, the April and May 2011 U.S. tornados, the Australian cyclone and flood events and losses related to an aggregate contract covering events in Australia and New Zealand (together “the 2011 catastrophic events”) and included 16.7 points (or $479 million) of net favorable loss development on prior accident years.

For the first nine months of 2011, our total direct losses related to the 2011 catastrophic events are estimated to be $1,403 million pre-tax, net of reinstatements, reinsurance and commission adjustments, and include $1,346 million in our Non-life segment, $3 million in our Life segment and $54 million in our Corporate and Other segment primarily related to insurance-linked securities.

For the third quarter, net investment income was flat at $164 million primarily reflecting lower reinvestment rates, which was partially offset by the positive impact of foreign exchange of 3%. For the first nine months of 2011, net investment income was down 7% to $474 million primarily due to lower reinvestment rates.

For the third quarter, pre-tax net realized and unrealized investment gains were $26 million and primarily related to decreases in risk-free interest rates, partially offset by widening credit spreads and losses from equity securities. For the first nine months of 2011, pre-tax net realized and unrealized investment losses were $8 million primarily due to widening credit spreads and losses from equity securities, which were partially offset by decreases in risk free interest rates.

For the third quarter, the effective tax rate on operating earnings and non-operating earnings was 6% and 96%, respectively. For the first nine months of 2011, the effective tax rate on operating losses and non-operating losses was (6)% and 522%, respectively.

Total investments, cash and funds held – directly managed at September 30, 2011 were flat at $18.2 billion compared to December 31, 2010.

Net Non-life loss and loss expense reserves were up 7% to $11.0 billion at September 30, 2011 when compared to December 31, 2010, primarily due to the impact of the 2011 catastrophic events.

Net policy benefits for life and annuity contracts were down 4% to $1.7 billion when compared to December 31, 2010.

Total capital was $7.5 billion at September 30, 2011, down 6% from $8.0 billion at December 31, 2010. The decrease was primarily due to the comprehensive loss of $515 million for the first nine months of 2011, which was driven by the net loss of $503 million and a decrease of $11 million in the currency translation account, and also reflects the issuance of $374 million 7.25% Series E Cumulative Redeemable Preferred Shares in June 2011, share repurchases and dividends paid in 2011.

PartnerRe Ltd.

Wellesley House, 5^th Floor

90 Pitts Bay Road

Pembroke, Bermuda HM 08

Telephone +1 441 292 0888

Fax +1 441 292 6080

www.partnerre.com

Total shareholders’ equity was $6.7 billion at September 30, 2011 compared to $7.2 billion at December 31, 2010. The decrease was primarily driven by the factors described above under total capital.

Book value per common share at September 30, 2011 was $85.26 on a fully diluted basis compared to $93.77 per diluted share at December 31, 2010.

For the third quarter of 2011, all Non-life sub-segments, except for the Global (Non-U.S.) P&C sub-segment, reported an increase in net premiums written compared to the third quarter of 2011 due to new business, increased treaty participations and increased bound premiums in certain lines of business. For the first nine months of 2011, all sub-segments, with the exception of the North America sub-segment, reported a reduction in net premiums written compared to the first nine months of 2010. The reductions in net premiums written primarily related to the effect of the Company’s decision to cancel and non-renew business in prior periods in order to reposition portfolios, including a reduction in the exposure and limits of its catastrophe exposed business, and also reflects a continued competitive pricing environment in many markets.

For the third quarter, the North America sub-segment’s net premiums written were up 8% primarily due to an increased level of bound agricultural premiums for the 2011 underwriting year compared to the 2010 underwriting year. This sub-segment reported a technical ratio of 82.7%, which included $75 million, or 22.7 points, of net favorable prior year loss development and $10 million, or 2.9 points, of net adverse prior quarter loss development. For the first nine months of 2011, the North America sub-segment’s net premiums written were up 5% primarily due to the same factors describing the third quarter. This sub-segment reported a technical ratio of 90.1%, which included $169 million, or 19.9 points, of net favorable prior year loss development and $51 million, or 6.0 points, of losses related to the 2011 catastrophic events.

For the third quarter, the Global (Non-U.S.) P&C sub-segment’s net premiums written were down 9%, or 21% on a constant foreign exchange basis, due to the effect of cancellations and non-renewals in prior quarters in all lines of this sub-segment, driven by decreases in pricing and a reduction in catastrophe exposed business. This sub-segment reported a technical ratio of 79.8%, which included $35 million, or 18.1

PartnerRe Ltd.

Wellesley House, 5^th Floor

90 Pitts Bay Road

Pembroke, Bermuda HM 08

Telephone +1 441 292 0888

Fax +1 441 292 6080

www.partnerre.com

points, of net favorable prior year loss development. For the first nine months of 2011, the Global (Non-U.S.) P&C sub-segment’s net premiums written were down 25%, due to the same reasons describing the third quarter. This sub-segment was less affected by catastrophe losses for the first nine months of 2011 compared to the same period last year and reported a technical ratio of 92.5%, which included $53 million, or 9.4 points, attributable to the 2011 catastrophic events and $90 million, or 15.8 points, of net favorable prior year loss development.

For the third quarter, the Global (Non-U.S.) Specialty sub-segment’s net premiums written were up 23%, or 15% on a constant foreign exchange basis, primarily due to new business and increased treaty participations, within the specialty property, marine and credit/surety lines of business, which were partially offset by the effects of the repositioning of the Company’s portfolio. This sub-segment’s technical ratio of 91.0% included $30 million, or 8.3 points, of net favorable prior year loss development. For the first nine months of 2011, the Global (Non-U.S.) Specialty sub-segment’s net premiums written were down 9%, due mainly to the Company’s decision to cancel and non-renew business in order to reposition its portfolios and the decrease in specialty casualty renewals written at January 1, 2011. These declines in net premiums written were partially offset by the factors describing the increase in net premiums written during the third quarter of 2011. This sub-segment’s technical ratio of 89.6% included $122 million, or 12.0 points, of net favorable prior year loss development and $31 million, or 3.0 points, of losses related to the 2011 catastrophic events.

For the third quarter, the Catastrophe sub-segment’s net premiums written were up 2% from $87 million in 2010 to $89 million in 2011. Net premiums written were down 4% on a constant foreign exchange basis and reflect a continuing reduction of certain catastrophe limits and exposures as part of the portfolio rebalancing, which was partially offset by new business written and improved pricing in certain markets. This sub-segment’s technical ratio of 92.4% included net adverse prior quarter loss development of $165 million, or 83.2 points, primarily related to the Japan earthquake and New Zealand earthquake and other mid-sized loss events that occurred during the first half of 2011, and $36 million, or 18.2 points, of net favorable prior year loss development. For the first nine months of 2011, the Catastrophe sub-segment’s net premiums written were down 15% primarily due to the reduction of certain catastrophe limits and exposures described for the third quarter of 2011. This sub-segment reported a technical loss for the first nine months of 2011, which included $1,211 million, or 284.6 points, of losses related to the 2011 catastrophic events and $98 million, or 22.6 points, of net favorable prior year loss development.

PartnerRe Ltd.

Wellesley House, 5^th Floor

90 Pitts Bay Road

Pembroke, Bermuda HM 08

Telephone +1 441 292 0888

Fax +1 441 292 6080

www.partnerre.com

For the third quarter, the Life segment’s net premiums written increased by 6%. Without the favorable effect of foreign exchange, net premiums written would have decreased by 4% primarily due to the restructuring of a longevity treaty from a traditional treaty to a swap basis during the first quarter of 2011. This segment’s technical result was $2 million and reflected net adverse loss development of $5 million. For the first nine months of 2011, the Life segment’s net premiums written increased by 12%. Without the favorable effect of foreign exchange, net premiums written would have increased by 7% due to growth in the longevity and mortality business compared to the same period in 2010. This segment’s technical result was $20 million and reflected net adverse loss development of $4 million.

The Life allocated underwriting result, which includes the technical result, allocated investment income and operating expenses, was $9 million for the third quarter of 2011 comparable to $10 million in the same period in 2010. The Life allocated underwriting result increased to $32 million for the first nine months of 2011 compared to $10 million in the same period in 2010 which was primarily due to a charge of $20 million recorded in the second quarter of 2010 related to an impaired life annuity treaty.

For the third quarter, investment and capital markets activities contributed $167 million to pre-tax net income, excluding investment income allocated to the Life segment. Of this amount, $146 million was included in pre-tax operating earnings and an additional $21 million in net realized and unrealized gains on investments and losses from equity investee companies in pre-tax net income. For the first nine months of 2011, investment and capital markets activities contributed income of $403 million to pre-tax net loss, excluding Life investment income. Of this amount, income of $416 million was included in pre-tax operating loss and $13 million in net realized and unrealized losses on investments and losses from equity investee companies in pre-tax net loss.

PartnerRe Ltd.

Wellesley House, 5^th Floor

90 Pitts Bay Road

Pembroke, Bermuda HM 08

Telephone +1 441 292 0888

Fax +1 441 292 6080

www.partnerre.com

PartnerRe Ltd.

Wellesley House, 5^th Floor

90 Pitts Bay Road

Pembroke, Bermuda HM 08

Telephone +1 441 292 0888

Fax +1 441 292 6080

www.partnerre.com

(441) 292-0888

Investor Contact: Robin Sidders

Media Contact: Celia Powell

(212) 687-8080

Drew Brown/Briana Kelly

PartnerRe Ltd.

Wellesley House, 5^th Floor

90 Pitts Bay Road

Pembroke, Bermuda HM 08

Telephone +1 441 292 0888

Fax +1 441 292 6080

www.partnerre.com

Revenues

Gross premiums written

Net premiums written

Decrease (increase) in unearned premiums

Net premiums earned

Net investment income

Net realized and unrealized investment gains (losses)

Other income

Total revenues

Expenses

Losses and loss expenses and life policy benefits

Acquisition costs

Other operating expenses

Interest expense

Amortization of intangible assets

Net foreign exchange (gains) losses

Total expenses

Income (loss) before taxes and interest in (losses) earnings of equity investments

Income tax expense

Interest in (losses) earnings of equity investments

Net income (loss)

Preferred dividends

Operating earnings (loss) available to common shareholders

Comprehensive income (loss), net of tax

Per share data:

Earnings (loss) per common share:

Basic operating earnings (loss)

Net realized and unrealized investment gains (losses), net of tax

Net foreign exchange (losses) gains, net of tax

Interest in (losses) earnings of equity investments, net of tax

Basic net income (loss)

Weighted average number of common shares outstanding

Diluted operating earnings (loss)

Net realized and unrealized investment gains (losses), net of tax

Net foreign exchange (losses) gains, net of tax

Interest in (losses) earnings of equity investments, net of tax

Diluted net income (loss)

Weighted average number of common shares and common share equivalents outstanding

Dividends declared per common share

September 30,

2011

December 31,

2010

Assets

Investments:

Fixed maturities, trading securities, at fair value

Short-term investments, trading securities, at fair value

Equities, trading securities, at fair value

Other invested assets

Total investments

Funds held – directly managed

Cash and cash equivalents, at fair value, which approximates amortized cost

Accrued investment income

Reinsurance balances receivable

Reinsurance recoverable on paid and unpaid losses

Funds held by reinsured companies

Deferred acquisition costs

Deposit assets

Net tax assets

Goodwill

Intangible assets

Other assets

Total assets

Liabilities

Unpaid losses and loss expenses

Policy benefits for life and annuity contracts

Unearned premiums

Other reinsurance balances payable

Deposit liabilities

Net tax liabilities

Accounts payable, accrued expenses and other

Debt related to senior notes

Debt related to capital efficient notes

Total liabilities

Shareholders’ Equity

Common shares (par value $1.00; issued: 2011, 84,580,948 shares; 2010, 84,033,089 shares)

Preferred shares (par value $1.00; issued and outstanding: 2011, 35,750,000 shares; 2010, 20,800,000 shares; aggregate liquidation value: 2011, $893,750; 2010, $520,000)

Additional paid-in capital

Accumulated other comprehensive (loss) income:

Currency translation adjustment

Other accumulated comprehensive loss

Retained earnings

Common shares held in treasury, at cost (2011, 16,831,534 shares; 2010, 14,046,895 shares)

Total shareholders’ equity

Total liabilities and shareholders’ equity

Shareholders’ Equity Per Common Share (excluding preferred shares: 2011, $893,750; 2010, $520,000)

Diluted Book Value Per Common Share and Common Share Equivalents Outstanding (assuming exercise of all share-based awards)

Number of Common Share and Common Share Equivalents Outstanding

Gross premiums written

Net premiums written

Decrease in unearned premiums

Net premiums earned

Losses and loss expenses and life policy benefits

Acquisition costs

Technical result

Other income

Other operating expenses

Underwriting result

Net investment income

Allocated underwriting result ⁽¹⁾

Net realized and unrealized investment gains

Interest expense

Amortization of intangible assets

Net foreign exchange gains

Income tax expense

Interest in losses of equity investments

Net income

Loss ratio ⁽²⁾

Acquisition ratio ⁽³⁾

Technical ratio ⁽⁴⁾

Other operating expense ratio ⁽⁵⁾

Combined ratio ⁽⁶⁾

Gross premiums written

Net premiums written

Decrease in unearned premiums

Net premiums earned

Losses and loss expenses and life policy benefits

Acquisition costs

Technical result

Other income

Other operating expenses

Underwriting result

Net investment income

Allocated underwriting result ⁽¹⁾

Net realized and unrealized investment gains

Interest expense

Amortization of intangible assets

Net foreign exchange losses

Income tax expense

Interest in earnings of equity investments

Net income

Loss ratio ⁽²⁾

Acquisition ratio ⁽³⁾