EXHIBIT 11.1

PartnerRe Ltd.

Computation of Net Income Per Common and Common Share Equivalents

For the years ended December 31, 2004, 2003 and 2002

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

	December 31, 2004			December 31, 2003			December 31, 2002
Basic Net Income Per Share
Net income	$	492,353		$	467,679		$	190,302
Preferred dividends		(21,485	)		(29,390	)		(20,000	)
Net income available to common shareholders	$	470,868		$	438,289		$	170,302
Weighted average number of common shares outstanding		53,490.8			52,238.6			50,551.0
Basic net income per share	$	8.80		$	8.23		$	3.37
Diluted Net Income Per Share
Net income	$	492,353		$	467,679		$	190,302
Preferred dividends		(21,485	)		(29,390	)		(20,000	)
Net income available to common shareholders	$	470,868		$	438,289		$	170,302
Weighted average number of common shares outstanding		53,490.8			52,238.6			50,551.0
Stock options		556.6			432.6			460.0
Class B warrants		—			224.7			896.7
Weighted average number of common and common share equivalents outstanding		54,047.4			53,895.9			51,907.7
Diluted net income per share	$	8.71		$	8.13		$	3.28