Exhibit 11.1

PartnerRe Ltd.
Computation of Net Income per Common and Common Equivalent Share
For the Six Months and Three Months Ended June 30, 2003 and 2002
(Expressed in thousands of U.S. dollars, except per-share amounts)

	For the Six Months Ended June 30, 2003						For the Six Months Ended June 30, 2002
	Income (Numerator)		Shares (Denominator)		Per-Share Amount		Income (Numerator)		Shares (Denominator)		Per-Share Amount
Net Income	$	246,284					$	129,844
Less: Preferred dividends		19,567						10,000
Net Income available to common shareholders/ Basic Net Income Per Share		226,717		52,810.3	$	4.29		119,844		50,283.6	$	2.38
Effect of Dilutive Securities:
Class B Warrants				449.3						916.2
Stock Options				456.8						539.3
Net income available to common shareholders/Diluted Net Income Per Share	$	226,717		53,716.4	$	4.22	$	119,844		51,739.1	$	2.32

	For the Three Months Ended June 30, 2003						For the Three Months Ended June 30, 2002
	Income (Numerator)		Shares (Denominator)		Per-Share Amount		Income (Numerator)		Shares (Denominator)		Per-Share Amount
Net Income	$	121,915					$	66,589
Less: Preferred dividends		14,567						5,000
Net Income available to common shareholders/ Basic Net Income Per Share		107,348		53,221.8	$	2.02		61,589		50,280.5	$	1.22
Effect of Dilutive Securities:
Class B Warrants				—						913.3
Stock Options				476.9						512.6
Net income available to common shareholders/Diluted Net Income Per Share	$	107,348		53,698.7	$	2.00	$	61,589		51,706.4	$	1.19