PartnerRe Ltd. yesterday announced that its board of directors has approved the Company's repurchase authorisation for a total of up to 5 million common shares.

This reflects an increase of approximately 800,000 common shares to the approximately 4.2 million common shares remaining under the prior authorisation of 1999. From time to time, and depending on market conditions, the repurchase program will be accomplished in open market or privately negotiated transactions.

PartnerRe Ltd. President and CEO Patrick Thiele said, "Active capital management is an important component of the Company's strategy. This authorisation provides us the flexibility to balance our objectives of optimising return on equity with unquestioned financial security and superior ratings."