UPDATE: Partnerre Board Will Review Proposal

PartnerRe Ltd.

today announced that it has received an unsolicited proposal from EXOR (EXO IM), a European investment company controlled by the Agnelli family, to acquire 100% of the common shares of the company for $130.00 per share in cash, valuing PartnerRe at $6.4 billion. As was previously announced on January 25, 2015, PartnerRe has entered into a definitive amalgamation agreement with AXIS Capital to combine and create one of the world's leading specialty insurance and reinsurance companies. Consistent with its fiduciary duties, the PartnerRe Board of Directors will review the EXOR proposal to determine the course of action that it believes is in the best interests of PartnerRe and its shareholders. The Board will announce its position regarding the EXOR proposal following its review, which will be completed in due course. Credit Suisse is acting as financial advisor and Davis Polk & Wardwell LLP and Appleby (Bermuda) Limited are acting as legal counsel to PartnerRe.