Letter from the Chairman

To Our Shareholders:

2007 has been another remarkable year for PartnerRe. In spite of a softening market, the 2007 operating results surpassed the excellent results of the previous year. Prudent risk taking has enabled the Company to mitigate the effects of the sub-prime mortgage credit crisis, and combined with the absence of any major catastrophe events, has resulted in another exceptional year.

This points to a mature organization that is well-positioned to weather new challenges and capitalize on new opportunities. The stability of the Company, its strong track record and good management at all levels of the organization bode well for the future, and I congratulate CEO Patrick Thiele, senior managers and PartnerRe employees for achieving these excellent results.

Over the year, the Board has been active in reviewing and supporting new ventures for the Company; in particular opportunities arising out of the convergence of the reinsurance and capital markets. As PartnerRe grows and broadens its outlook, we understand and support the Company’s rationale to diversify into new areas. As a Board, we will continue to provide the governance and advice the Company requires from us as it embraces this new level of maturity.

Culturally, we have also seen the Company evolve in recent years and have witnessed evidence of strong leadership and management across the organization. PartnerRe is committed to developing its employees to take on the challenges of a changing industry, and this is something that the Board fully supports.

Once again, it continues to be a pleasure and a privilege to serve as PartnerRe’s Chairman. Speaking for the whole Board, we all look forward to continuing our important role in the governance of PartnerRe in what looks to be a more complex and challenging time ahead for the industry. I am confident PartnerRe has the leadership and commitment to succeed in the future as it has in the past.

John A. Rollwagen
Chairman of the Board