EXHIBIT 10.4.5

FOURTH AMENDMENT TO CREDIT AGREEMENT

FOURTH AMENDMENT TO CREDIT AGREEMENT (this “Fourth Amendment”), dated as of
December 19, 2007, among PARTNERRE LTD., a company organized under the laws of
Bermuda (the “Company”), the Designated Subsidiary Borrowers party to the Credit
Agreement referred to below, the lenders party to the Credit Agreement referred
to below (each, a “Lender” and, collectively, the “Lenders”) and JPMORGAN CHASE
BANK, N.A. (“JPMorgan Chase”), as Administrative Agent (in such capacity, the
“Administrative Agent”). All capitalized terms used herein and not otherwise
defined shall have the respective meanings provided such terms in the Credit
Agreement.

W I T N E S S E T H:

WHEREAS, the Company, the Designated Subsidiary Borrowers, the Lenders and the
Administrative Agent are parties to a Credit Agreement, dated as of June 17,
2004 and amended and restated as of September 30, 2005 (as in effect on the date
hereof, the “Credit Agreement”); and

WHEREAS, the parties hereto desire to make certain modifications to the Credit
Agreement as set forth herein;

NOW, THEREFORE, it is agreed:

 

I. Fourth Amendment to the Credit Agreement.

1. Section 2.02(a) of the Credit Agreement is hereby amended by deleting the
reference to “$100,000,000” appearing therein and inserting “$350,000,000” in
lieu thereof.

 

II. Miscellaneous Provisions.

1. In order to induce the Lenders to enter into this Fourth Amendment, the
Company hereby represents and warrants that:

(a) no Default or Event of Default exists on the Fourth Amendment Effective Date
(as defined below), immediately after giving effect to this Fourth Amendment;
and

(b) all of the representations and warranties contained in the Credit Agreement
and the other Credit Documents are true and correct in all material respects on
and as of the Fourth Amendment Effective Date immediately after giving effect to
this Fourth Amendment, with the same effect as though such representations and
warranties had been made on and as of the Fourth Amendment Effective Date (it
being understood that any representation or warranty made as of a specific date
shall be true and correct in all material respects as of such specific date).

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2. This Fourth Amendment is limited as specified and shall not constitute a
modification, acceptance or waiver of any other provision of the Credit
Agreement or any other Credit Document.

3. This Fourth Amendment may be executed in any number of counterparts and by
the different parties hereto on separate counterparts, each of which
counterparts when executed and delivered shall be an original, but all of which
shall together constitute one and the same instrument. A complete set of
counterparts shall be lodged with the Borrower and the Administrative Agent.

4. THIS FOURTH AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER
SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF
NEW YORK.

5. This Fourth Amendment shall become effective on the date (the “Fourth
Amendment Effective Date”) when the Company, each Designated Subsidiary Borrower
and the Required Lenders shall have signed a counterpart hereof (whether the
same or different counterparts) and shall have delivered (including by way of
facsimile transmission) the same to White & Case LLP, 1155 Avenue of the
Americas, New York, New York 10036, Attention: May Yip-Daniels (facsimile:
212-819-8113).

6. From and after the Fourth Amendment Effective Date all references in the
Credit Agreement and each of the other Credit Documents to the Credit Agreement
shall be deemed to be a reference to the Credit Agreement as modified hereby on
the Fourth Amendment Effective Date, pursuant to the terms of this Fourth
Amendment.

*    *    *

 

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IN WITNESS WHEREOF, the parties hereto have caused their duly authorized
officers to execute and deliver this Fourth Amendment as of the date first above
written.

 

PARTNERRE LTD. By:  

 

Name:   Title:   PARTNER REINSURANCE COMPANY LTD. By:  

 

Name:   Title:   PARTNERRE S.A. By:  

 

Name:   Title:   PARTNER REINSURANCE COMPANY OF THE U.S. By:  

 

Name:   Title:   By:  

 

Name:   Title:   PARTNERRE INSURANCE COMPANY OF NEW YORK By:  

 

Name:   Title:   By:  

 

Name:   Title:  

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PARTNERRE IRELAND INSURANCE LIMITED By:  

 

Name:   Title:   By:  

 

Name:   Title:   PARTNER REINSURANCE EUROPE LIMITED (formerly known as PARTNER
REINSURANCE IRELAND LIMITED) By:  

 

Name:   Title:   By:  

 

Name:   Title:   JPMORGAN CHASE BANK, N.A., individually and as Administrative
Agent By:  

 

Name:   Title:   WACHOVIA BANK, N.A. By:  

 

Name:   Title:   BARCLAYS BANK PLC By:  

 

Name:   Title:  

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CREDIT SUISSE By:  

 

Name:   Title:   By:  

 

Name:   Title:   HSBC BANK USA, N.A. By:  

 

Name:   Title:   BANK OF AMERICA, N.A. By:  

 

Name:   Title:   CITIBANK, N.A. By:  

 

Name:   Title:   DEUTSCHE BANK AG NEW YORK BRANCH By:  

 

Name:   Title:   By:  

 

Name:   Title:  

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LEHMAN BROTHERS BANK, FSB By:  

 

Name:   Title:   LLOYDS TSB BANK PLC By:  

 

Name:   Title:   By:  

 

Name:   Title:   THE ROYAL BANK OF SCOTLAND PLC By:  

 

Name:   Title:   UBS AG, STAMFORD BRANCH By:  

 

Name:   Title:   By:  

 

Name:   Title:   MELLON BANK, N.A. By:  

 

Name:   Title:   NATIONAL AUSTRALIA BANK LTD. By:  

 

Name:   Title:  

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STANDARD CHARTERED BANK

By:

 

 

Name:

 

Title:

 

By:

 

 

Name:

 

Title:

 

THE BANK OF NOVA SCOTIA

By:

 

 

Name:

 

Title: