Exhibit 11.1

PartnerRe Ltd.

Computation of Net Income per Common and Common Equivalent Share

For the Nine Months and Three Months Ended September 30, 2004 and 2003

(in thousands of U.S. dollars, except per-share amounts)

	For the Nine Months Ended September 30, 2004					For the Nine Months Ended September 30, 2003
	Income (Numerator)		Shares (Denominator)	Per-Share Amount		Income (Numerator)		Shares (Denominator)	Per-Share Amount
Net income	$	348,684				$	363,150
Less: preferred dividends		14,681					24,421
Net income available to common shareholders/Weighted average number of common shares outstanding/ Basic net income per share	$	334,003	53,633.0	$	6.23	$	338,729	53,091.6	$	6.38
Effect of dilutive securities:
Class B warrants			—					299.5
Stock options			515.8					409.8
Net income available to common shareholders/Weighted average number of common and common equivalent shares outstanding/Diluted net income per share	$	334,003	54,148.8	$	6.17	$	338,729	53,800.9	$	6.30
	For the Three Months Ended September 30, 2004					For the Three Months Ended September 30, 2003
	Income (Numerator)		Shares (Denominator)	Per-Share Amount		Income (Numerator)		Shares (Denominator)	Per-Share Amount
Net income	$	83,205				$	116,865
Less: preferred dividends		4,894					4,854
Net income available to common shareholders/Weighted average number of common shares outstanding/ Basic net income per share	$	78,311	53,311.2	$	1.47	$	112,011	53,636.4	$	2.09
Effect of dilutive securities:
Stock options			410.5					315.6
Net income available to common shareholders/Weighted average number of common and common equivalent shares outstanding/Diluted net income per share	$	78,311	53,721.7	$	1.46	$	112,011	53,952.0	$	2.08