To Our Shareholders:

When I became Chairman of the Board in the Spring of 2002, we were coming out of an important transitional period. With a clear strategy and a strong organization in place, PartnerRe was in a good position to deliver on its goals. The five years that followed served up many challenges, and yet the Company has not only succeeded in achieving its goals, but has come through stronger than ever. In many ways, the excellent results of 2006 illustrate what has been accomplished and the future potential of this Company.

2002 also brought about significant changes in the U.S. regulatory environment. At that time, the Board and I were confident that we had solid procedures and principles in place to guide us going forward, and they have. I am proud to say that we have an organization that prides itself on best-of-class governance. We have a solid risk management framework, with accountability at every level and the active inclusion of the Board. Finally, we are committed to open and transparent communication and we will continue to deliver on that commitment.

Our success over the last five years validates the strategic choices made during that time and prior to 2002. We have delivered on our long-term return goals, we are able to provide valuable capacity to our clients and we have an organizational framework that promotes trust and accountability.

In that context, the Company’s results in 2006 are particularly gratifying; and I would be remiss in not offering special congratulations to our CEO, Patrick Thiele, his executive staff and the entire PartnerRe team on their superb performance this year. Just as our shareholders have benefited from the effective execution of PartnerRe’s strategy, so too will employees be rewarded appropriately for their accomplishments.

I also want to take this opportunity to welcome Lucio Stanca back to our Board. After a period of service as a cabinet member of the Italian government, Mr. Stanca re-joins us as a member of the Company’s Nominating & Governance Committee, and of the Finance & Risk Management Committee.

It is a pleasure to serve as Chairman of the Board for PartnerRe. Thank you for your continued support, not only for 2006 but over the last five years. The Board and I look forward to continuing our good working relationship together, as we oversee the creation of value for you in 2007 and beyond.

John A. Rollwagen
Chairman of the Board