Net loss for the third quarter of 2008 was $(151.7)million, or $(3.01) per share, including after-tax net realized and unrealized losses on investments of $(281.1) million, or $(5.27) per share. Operating earnings for the third quarter of 2009 were $282.1 million, or $4.77 per share on a fully diluted basis. This compares to operating earnings of $121.3 million, or $2.27 per share, for the third quarter of 2008.

Net income for the first nine months of 2009 was $1.2 billion, or $19.95 per share. This net income includes after-tax net realized and unrealized gains on investments of $479.4 million, or $8.27 per share, as well as an after-tax net gain of $57.0 million or $0.98 per share from the purchase of approximately 75% of the Company’s outstanding Capital Efficient Notes (CENts) in the first quarter of 2009. Net loss for the first nine months of 2008 was $(48.7) million, or $(1.38) per share, including after-tax net realized and unrealized losses on investments of $(491.3) million, or $(9.10) per share. Operating earnings for the first nine months of 2009 were $617.1 million, or $10.64 per share on a fully diluted basis. This compares to operating earnings of $415.4 million, or $7.70 per share, for the first nine months of 2008.

Operating earnings exclude after-tax net realized and unrealized investment gains and losses, after-tax net realized gain on the purchase of the CENts and after-tax interest in results of equity investments, and are calculated after payment of preferred dividends. All references to per share amounts in the text of this press release are on a fully diluted basis.

Commenting on the third quarter and nine month 2009 results, PartnerRe President & Chief Executive Officer Patrick Thiele said, “PartnerRe had another excellent quarter and first nine months of 2009, with both its reinsurance and capital markets activities performing well. For the first nine months of 2009, we achieved an operating return on beginning equity of 22%, and 30% growth in GAAP book value per share. Our reinsurance results benefited from a low level of large losses while our investment operations continued to participate fully in the improvement experienced by the global capital markets.”