Exhibit 12.1

Computation of Ratio of Earnings to Fixed Charges

For purposes of computing the followingratios,earningsconsist of net incomebeforeincome tax expense plus fixed charges to the extent that such charges are included in the determination of earnings. Fixed chargesconsist of interest costs plus one-third of minimumrentalpayments under operatingleases(estimated by management to be the interestfactor of such rentals) .

	For the twelve months ended
		2004		2003		2002		2001			2000
Earnings	$	492,353	$	467,679	$	190,302	$	(160,482	)	$	142,307
Add:
Income taxes		7,560		2,110		2,661		(69,307	)		(43,738	)
Fixed charges:
Interest expense		35,214		18,570		12,960		13,044			13,029
Interest credited to life policyholders (1)		13,860		17,041		19,679		17,364			17,691
Interest credited to retrocessionnaires on funds held on
reinsurance treaties		1,325		1,282		1,180		1,098			942
One third of rental payments		6,865		5,467		4,528		3,751			3,070
Distributions related to Trust Preferred and Mandatorily
Redeemable Preferred Securities, net of applicable taxes		-		16,120		21,730		2,311			-
Earnings before income taxes and fixed charges	$	557,178	$	528,268	$	253,040	$	(192,221)		$	133,302
Fixed charges:
Interest expense		35,214		18,570		12,960		13,044			13,029
Interest credited to life policyholders (1)		13,860		17,041		19,679		17,364			17,691
Interest credited to retrocessionnaires on funds held on
reinsurance treaties		1,325		1,282		1,180		1,098			942
One third of rental payments		6,865		5,467		4,528		3,751			3,070
Total fixed charges		57,265		42,359		38,347		35,257			34,733
Preference share dividends (2)		21,485		29,390		20,000		20,000			20,000
Distributions related to Trust Preferred and Mandatorily
Redeemable Preferred Securities, net of applicable taxes		-		16,120		21,730		2,311			-
Total fixed charges	$	78,750	$	87,869	$	80,077	$	57,568		$	54,733
Ratio of earnings to fixed charges		9.73		12.47		6.60		NM (3	)		3.84
Deficiency of earnings to fixed charges (4)							$	227.5
Ratio of earnings to combined fixed
charges and preference share dividends		7.08		6.01		3.16		NM (3	)		2.44
Deficiency of earnings to combined fixed
charges and preference share dividends (4)							$	249.8

(1) Representsinterestcredited to policyholders on certain life reinsurancetreaties for which the Company earns compensatinginterest income.

(2) Dividends have not been tax effectedbecause they are presumed to be paid out of a Bermudaentity whose tax rate is zero.

(3) NM: Not meaningful. The ratios for the 2001 periods above are not meaningful due to the net loss which PartnerRe reported for 2001, which includedlossesrelated to the terroristattacks of September 11, 2001.

(4) Representsadditionalearnings that would be necessary to result in a one-to-one coverageratio.Expressed in millions of U.S. dollars.