<PAGE>

                                                                    Exhibit 4.14
________________________________________________________________________________

                                     FORM OF

                               GUARANTEE AGREEMENT

                                     BETWEEN

                                 PARTNERRE LTD.

                                 (AS GUARANTOR)

                                       AND

                            THE CHASE MANHATTAN BANK

                             (AS GUARANTEE TRUSTEE)

                                   DATED AS OF


                             ________________, 2001


________________________________________________________________________________





<PAGE>

                                TABLE OF CONTENTS
                                -----------------
<TABLE>
<CAPTION>
                                                                             Page
                                                                             ----

                                   ARTICLE I

                                  DEFINITIONS
<S>                                                                          <C>
SECTION 1.1  Definitions ...................................................    1

                                   ARTICLE II

                              TRUST INDENTURE ACT

SECTION 2.1  Trust Indenture Act: Application ..............................    4
SECTION 2.2  List of Holders ...............................................    5
SECTION 2.3  Reports by the Guarantee Trustee ..............................    5
SECTION 2.4  Periodic Reports to the Guarantee Trustee .....................    5
SECTION 2.5  Evidence of Compliance with Conditions Precedent ..............    5
SECTION 2.6  Events of Default; Waiver .....................................    5
SECTION 2.7  Event of Default; Notice ......................................    6
SECTION 2.8  Conflicting Interests .........................................    6

                                  ARTICLE III

                 POWERS, DUTIES AND RIGHTS OF GUARANTEE TRUSTEE

SECTION 3.1  Powers and Duties of the Guarantee Trustee ....................    6
SECTION 3.2  Certain Rights of the Guarantee Trustee .......................    7
SECTION 3.3  Indemnity .....................................................    9

                                   ARTICLE IV

                               GUARANTEE TRUSTEE

SECTION 4.1  Guarantee Trustee; Eligibility ................................    9
SECTION 4.2  Appointment, Removal and Resignation of Guarantee Trustees ....   10

                                   ARTICLE V

                                   GUARANTEE

SECTION 5.1  Guarantee .....................................................   11
SECTION 5.2  Waiver of Notice and Demand ...................................   11
SECTION 5.3  Obligations Not Affected ......................................   11
SECTION 5.4  Rights of Holders .............................................   12
SECTION 5.5  Guarantee of Payment ..........................................   12
SECTION 5.6  Subrogation ...................................................   12
</TABLE>

                                       (i)

<PAGE>

<TABLE>
<S>                                                                     <C>
SECTION 5.7  Independent Obligations .................................  12
SECTION 5.8  Net Payments ............................................  13

                                   ARTICLE VI

                      LIMITATION OF TRANSACTIONS; RANKING

SECTION 6.1  Limitation of Transactions ..............................  14
SECTION 6.2  Ranking .................................................  15
SECTION 6.3  Pari Passu Guarantees ...................................  15

                                  ARTICLE VII

                                  TERMINATION

SECTION 7.1  Termination .............................................  15

                                  ARTICLE VIII

                                 MISCELLANEOUS

SECTION 8.1  Successors and Assigns ..................................  15
SECTION 8.2  Amendments ..............................................  16
SECTION 8.3  Notices .................................................  16
SECTION 8.4  Benefit .................................................  17
SECTION 8.5  Governing Law ...........................................  17
SECTION 8.6  Interpretation ..........................................  17
SECTION 8.7  Submission to Jurisdiction ..............................  18
SECTION 8.8  Judgment Currency .......................................  19
</TABLE>

                                      (ii)



<PAGE>

                               GUARANTEE AGREEMENT

         This GUARANTEE AGREEMENT, dated as of _______, 2001, is executed and
delivered by PartnerRe Ltd., a Bermuda company ("PartnerRe" or the "Guarantor"),
                                                 ---------          ---------
having its principal executive offices at 96 Pitts Bay Road, Pembroke HM 08,
Bermuda, and The Chase Manhattan Bank, a New York banking corporation, having a
corporate trust office located at 450 West 33/rd/ Street, New York, New York
10001, as trustee (the "Guarantee Trustee"), for the benefit of the Holders (as
                        -----------------
defined herein) from time to time of the Preferred Securities (as defined
herein) of PartnerRe Capital Trust I, a Delaware statutory business trust (the
"Issuer").
 ------

         WHEREAS, pursuant to an Amended and Restated Trust Agreement, dated as
of ________, 2001, among the Trustees named therein, the Guarantee Trustee, as
Property Trustee, Chase Manhattan Bank USA, National Association, a national
banking association, as Delaware Trustee, and the Guarantor, as depositor (in
such capacity, the "Depositor"), and the Holders from time to time of undivided
                    ---------
beneficial ownership interests in the assets of the Issuer (the "Trust
                                                                 -----
Agreement"), the Issuer is issuing up to $_______ aggregate liquidation
---------
preference of its __% Trust Originated Preferred Securities (liquidation
preference $__ per preferred security) (the "Preferred Securities") representing
                                             --------------------
preferred undivided beneficial interests in the assets of the Issuer and having
the terms set forth in the Trust Agreement;

         WHEREAS, the Preferred Securities will be issued by the Issuer and the
proceeds thereof, together with the proceeds from the issuance of the Issuer's
Common Securities (as defined herein), will be used to purchase the Debentures
(as defined herein) of PartnerRe (in its capacity as issuer of the Debentures,
the "Debenture Issuer"), which will be deposited with The Chase Manhattan Bank,
     ----------------
as Property Trustee under the Trust Agreement, as trust assets; and

         WHEREAS, as incentive for the Holders to purchase the Preferred
Securities, the Guarantor desires irrevocably and unconditionally to agree, to
the extent set forth in this Guarantee, to pay to the Holders of the Preferred
Securities the Guarantee Payments (as defined herein) and to make certain other
payments on the terms and conditions set forth herein;

         NOW, THEREFORE, in consideration of the purchase by each Holder of
Preferred Securities, which purchase the Guarantor hereby agrees shall benefit
the Guarantor, the Guarantor executes and delivers this Guarantee Agreement for
the benefit of the Holders from time to time of the Preferred Securities.

                                   ARTICLE I

                                  DEFINITIONS

SECTION 1.1       Definitions
                  -----------

         As used in this Guarantee Agreement, the terms set forth below shall,
unless the context otherwise requires, have the following meanings. Capitalized
or otherwise defined terms used, but not otherwise defined herein shall have the
meanings assigned to such terms in the Trust Agreement as in effect on the date
hereof.

<PAGE>

         "Additional Amounts" means any additional amounts which are required
          ------------------
hereby or by the terms of the Preferred Securities, under circumstances
specified herein or therein, to be paid by the Guarantor in respect of certain
taxes, assessments or other governmental charges imposed on Holders specified
therein and which are owing to such Holders.

         "Affiliate" of any specified Person means any other Person directly or
          ---------
indirectly controlling or controlled by or under direct or indirect common
control with such specified Person; provided, however, that an Affiliate of the
Guarantor shall not be deemed to include the Issuer. For the purpose of this
definition, "control" when used with respect to any specified Person means the
power to direct the management and policies of such Person, directly or
indirectly, whether through the ownership of voting securities, by contract or
otherwise; and the terms "controlling" and "controlled" have meanings
correlative to the foregoing.

         "Authorized Officer" means, when used with respect to any Person, the
          ------------------
Chairman of the Board of Directors, a Vice Chairman, the President, a Vice
President, the Chief Financial Officer, the Treasurer, an Assistant Treasurer,
the Chief Investment Officer, the Chief Accounting Officer, the General Counsel,
the Secretary or an Assistant Secretary, of such Person.

         "Capitalized Lease Obligations" means an obligation under a lease that
          -----------------------------
is required to be capitalized for financial reporting purposes in accordance
with generally accepted accounting principles, and the amount of Indebtedness
represented by such obligation shall be the capitalized amount of such
obligation determined in accordance with such principles.

         "Common Securities" means the securities representing common undivided
          -----------------
beneficial interests in the assets of the Issuer.

         "Debentures" means the series of subordinated debt securities of the
          ----------
Debenture Issuer designated the __% Junior Subordinated _______due _______,
_____ held by the Property Trustee.

         "Event of Default" means a default by the Guarantor on any of its
          ----------------
payment or other obligations under this Guarantee Agreement; provided, however,
that, except with respect to a default in payment of any Guarantee Payments, the
Guarantor shall have received notice of default and shall not have cured such
default within 60 days after receipt of such notice.

         "Guarantee Payments" means the following payments or distributions,
          ------------------
without duplication, with respect to the Preferred Securities, to the extent not
paid or made by or on behalf of the Issuer: (i) any accrued and unpaid
Distributions (as defined in the Trust Agreement) that are required to be paid
on such Preferred Securities, to the extent the Issuer shall have funds on hand
available therefor at such time, (ii) the redemption price, including all
accrued and unpaid Distributions to the date of redemption (the "Redemption
                                                                 ----------
Price") with respect to Preferred Securities called for redemption by the Issuer
-----
to the extent the Issuer shall have funds on hand available therefor at such
time and (iii) upon a voluntary or involuntary dissolution, winding-up or
liquidation of the Issuer, unless Debentures are distributed to the Holders, the
lesser of (a) the aggregate of the liquidation preference of $__ per Preferred
Security plus accrued and unpaid Distributions on the Preferred Securities to
the date of payment, to the extent

                                        2

<PAGE>

the Issuer shall have funds on hand available to make such payment at such time
and (b) the amount of assets of the Issuer remaining available for
distribution to Holders in liquidation of the Issuer (in either case, the
"Liquidation Distribution").
 ------------------------

         "Guarantee Trustee" means The Chase Manhattan Bank, until a Successor
          -----------------
Guarantee Trustee has been appointed and has accepted such appointment pursuant
to the terms of this Guarantee Agreement and thereafter means each such
Successor Guarantee Trustee.

         "Holder" shall mean any holder, as registered on the books and records
          ------
of the Issuer, of any Preferred Securities; provided, however, that, in
determining whether the holders of the requisite percentage of Preferred
Securities have given any request, notice, consent or waiver hereunder, "Holder"
shall not include the Guarantor, the Depositor, the Guarantee Trustee or any
Affiliate of the Guarantor, the Depositor, or the Guarantee Trustee.

         "Indebtedness" means, with respect to any Person, (i) the principal of
          ------------
and any premium and interest on (a) indebtedness of such Person for money
borrowed and (b) indebtedness evidenced by notes, debentures, bonds or other
similar instruments for the payment of which such Person is responsible or
liable; (ii) all Capitalized Lease Obligations of such Person; (iii) all
obligations of such Person issued or assumed as the deferred purchase price of
property, all conditional sale obligations and all obligations under any title
retention agreement (but excluding trade accounts payable arising in the
ordinary course of business); (iv) all obligations of such Person for the
reimbursement of any obligor on any letter of credit, banker's acceptance or
similar credit transaction (other than obligations with respect to letters of
credit securing obligations (other than obligations described in (i) through
(iii) above) entered into in the ordinary course of business of such Person to
the extent such letters of credit are not drawn upon or, if and to the extent
drawn upon, such drawing is reimbursed no later than the third Business Day
following receipt by such Person of a demand for reimbursement following payment
on the letter of credit); (v) all obligations of the type referred to in clauses
(i) through (iv) of other Persons and all dividends of other Persons for the
payment of which, in either case, such Person is responsible or liable as
obligor, guarantor or otherwise; and (vi) all obligations of the type referred
to in clauses (i) through (v) of other Persons secured by any lien on any
property or asset of such Person (whether or not such obligation is assumed by
such Person), the amount of such obligation being deemed to be the lesser of the
value of such property or assets or the amount of the obligation so secured; and
(vii) any amendments, modifications, refundings, renewals or extensions of any
indebtedness or obligation described as Indebtedness in clauses (i) through (vi)
above.

         "Indenture" means the Junior Subordinated Indenture dated as of
          ---------
_______, 2001 among the Debenture Issuer and The Chase Manhattan Bank, as
trustee, and any indenture supplemental thereto pursuant to which the Debentures
are to be issued to the Property Trustee of the Issuer.

         "List of Holders" has the meaning specified in Section 2.2(a).
          ---------------

         "Majority in liquidation preference of the Preferred Securities" means,
          --------------------------------------------------------------
except as provided by the Trust Indenture Act, a vote by Holder(s), voting
separately as a class, of more than 50% of the liquidation preference of all
then outstanding Preferred Securities issued by the Issuer.

                                       3

<PAGE>

         "Officers' Certificate" means, with respect to any Person, a
          ---------------------
certificate signed by two Authorized Officers, at least one of which is a
principal executive, principal financial or principal accounting officer, and is
delivered to the Guarantee Trustee. Any Officers' Certificate delivered with
respect to compliance with a condition or covenant provided for in this
Guarantee shall include:

         (a) a statement that each officer signing the Officers' Certificate has
read the covenant or condition and the definitions relating thereto;

         (b) a brief statement of the nature and scope of the examination or
investigation undertaken by such officer in rendering the Officers' Certificate;

         (c) a statement that such officer has made such examination or
investigation as, in such officer's opinion, is necessary to enable such officer
to express an informed opinion as to whether or not such covenant or condition
has been complied with; and

         (d) a statement as to whether, in the opinion of such officer, such
condition or covenant has been complied with.

         "Person" means a legal person, including any individual, corporation,
          ------
estate, partnership, joint venture, association, joint stock company, limited
liability company, trust, unincorporated association or government or any agency
or political subdivision thereof, or any other entity of whatever nature.

         "Responsible Officer" means, with respect to the Guarantee Trustee, any
          -------------------
officer of the Guarantee Trustee with direct responsibility for administration
of this Guarantee Agreement and also means, with respect to a particular
corporate trust matter, any other officer to whom such matter is referred
because of that officer's knowledge of and familiarity with the particular
subject.

         "Successor Guarantee Trustee" means a successor Guarantee Trustee
          ---------------------------
possessing the qualifications to act as Guarantee Trustee under Section 4.1.

         "Trust Indenture Act" means the Trust Indenture Act of 1939, as
          -------------------
amended.

                                   ARTICLE II

                               TRUST INDENTURE ACT

SECTION 2.1       Trust Indenture Act:  Application
                  ---------------------------------

         (a) This Guarantee Agreement is subject to the provisions of the Trust
Indenture Act that are required to be part of this Guarantee Agreement and
shall, to the extent applicable, be governed by such provisions.

         (b) If and to the extent that any provision of this Guarantee Agreement
limits, qualifies or conflicts with the duties imposed by Sections 310 to 317,
inclusive, of the Trust Indenture Act, such imposed duties shall control.

                                       4

<PAGE>

SECTION 2.2 List of Holders
            ---------------

     (a) The Guarantor shall furnish or cause to be furnished to the Guarantee
Trustee (a) semiannually, not later than [    ] and [    ] of each year, a
list, in such form as the Guarantee Trustee may reasonably require, of the names
and addresses of the Holders ("List of Holders") as of the applicable date, and
                               ---------------
(ii) at such other times as the Guarantee Trustee may request in writing, within
30 days after the receipt by the Guarantor of any such request, a List of
Holders as of a date not more than 15 days prior to the time such list is
furnished, in each case to the extent such information is in the possession or
control of the Guarantor and is not identical to a previously supplied list of
Holders or has not otherwise been received by the Guarantee Trustee in its
capacity as such. The Guarantee Trustee may destroy any List of Holders
previously given to it on receipt of a new List of Holders.

     (b) The Guarantee Trustee shall comply with its obligations under Section
311(a), Section 311(b) and Section 312(b) of the Trust Indenture Act.

SECTION 2.3 Reports by the Guarantee Trustee
            --------------------------------

     Within 60 days after May 15 of each year commencing with May 15, ____, the
Guarantee Trustee shall provide to the Holders such reports as are required by
Section 313 of the Trust Indenture Act, if any, in the form and in the manner
provided by Section 313 of the Trust Indenture Act. The Guarantee Trustee shall
also comply with the requirements of Section 313(d) of the Trust Indenture Act.

SECTION 2.4 Periodic Reports to the Guarantee Trustee
            -----------------------------------------

     The Guarantor shall provide to the Guarantee Trustee, the Securities and
Exchange Commission and the Holders, such documents, reports and information, if
any, as required by Section 314 of the Trust Indenture Act and the compliance
certificate required by Section 314 of the Trust Indenture Act, in the form, in
the manner and at the times required by Section 314 of the Trust Indenture Act.

SECTION 2.5 Evidence of Compliance with Conditions Precedent
            ------------------------------------------------

     The Guarantor shall provide to the Guarantee Trustee such evidence of
compliance with such conditions precedent, if any, provided for in this
Guarantee Agreement that relate to any of the matters set forth in Section
314(c) of the Trust Indenture Act. Any certificate or opinion required to be
given by an officer pursuant to Section 314(c)(1) may be given in the form of an
Officers' Certificate.

SECTION 2.6 Events of Default; Waiver
            -------------------------

     The Holders of a Majority in liquidation preference of the Preferred
Securities may, by vote, on behalf of all Holders, waive any past Event of
Default and its consequences. Upon such waiver, any such Event of Default shall
cease to exist, and any Event of Default arising therefrom shall be deemed to
have been cured, for every purpose of this Guarantee Agreement, but no such
waiver shall extend to any subsequent or other default or Event of Default or
impair any right consequent thereon.

                                       5

<PAGE>

SECTION 2.7 Event of Default; Notice
            ------------------------

     (a) The Guarantee Trustee shall, within 90 days after the occurrence of an
Event of Default known to the Guarantee Trustee, transmit by mail, first class
postage prepaid, to the Holders, notices of all such Events of Default, unless
such defaults have been cured or waived before the giving of such notice,
provided, except in the case of a default in the payment of a Guarantee Payment,
the Guarantee Trustee shall be protected in withholding such notice if and so
long as a the board of directors, the executive committee or a trust committee
of directors and/or Responsible Officers of the Guarantee Trustee in good faith
determines that the withholding of such notice is in the interests of the
Holders.

     (b) The Guarantee Trustee shall not be deemed to have knowledge of any
Event of Default unless the Guarantee Trustee shall have received written
notice, or a Responsible Officer of the Guarantee Trustee charged with the
administration of the Trust Agreement shall have obtained written notice, of
such Event of Default.

SECTION 2.8 Conflicting Interests
            ---------------------

     The Trust Agreement shall be deemed to be specifically described in this
Guarantee Agreement for the purposes of clause (i) of the first proviso
contained in Section 310(b) of the Trust Indenture Act.

                                  ARTICLE III

                 POWERS, DUTIES AND RIGHTS OF GUARANTEE TRUSTEE

SECTION 3.1 Powers and Duties of the Guarantee Trustee
            ------------------------------------------

     (a) This Guarantee Agreement shall be held by the Guarantee Trustee for the
benefit of the Holders, and the Guarantee Trustee shall not transfer this
Guarantee Agreement to any Person except a Holder exercising his or her rights
pursuant to Section 5.4(iv) or to a Successor Guarantee Trustee on acceptance by
such Successor Guarantee Trustee of its appointment to act as Successor
Guarantee Trustee. The right, title and interest of the Guarantee Trustee shall
automatically vest in any Successor Guarantee Trustee, upon acceptance by such
Successor Guarantee Trustee of its appointment hereunder, and such vesting and
cessation of title shall be effective whether or not conveyancing documents have
been executed and delivered pursuant to the appointment of such Successor
Guarantee Trustee.

     (b) If an Event of Default has occurred and is continuing, the Guarantee
Trustee shall enforce this Guarantee Agreement for the benefit of the Holders.

     (c) The Guarantee Trustee, before the occurrence of any Event of Default
and after the curing or waiver of all Events of Default that may have occurred,
shall undertake to perform only such duties as are specifically set forth in
this Guarantee Agreement, and no implied covenants shall be read into this
Guarantee Agreement against the Guarantee Trustee. In case an Event of Default
has occurred (that has not been cured or waived pursuant to Section 2.6), the
Guarantee Trustee shall exercise such of the rights and powers vested in it by
this Guarantee Agreement,

                                       6

<PAGE>

and use the same degree of care and skill in its exercise thereof, as a prudent
person would exercise or use under the circumstances in the conduct of his or
her own affairs.


     (d) No provision of this Guarantee shall be construed to relieve the
Guarantee Trustee from liability for its own negligent action, its negligent
failure to act or its own bad faith or willful misconduct, except that:

         (i) prior to the occurrence of any Event of Default and after the
     curing or waiving of such Events of Default that may have occurred:

                (A) the duties and obligations of the Guarantee Trustee shall be
         determined solely by the express provisions of this Guarantee
         Agreement, and the Guarantee Trustee shall not be liable except for the
         performance of such duties and obligations as are specifically set
         forth in this Guarantee Agreement, and

                (B) in the absence of bad faith on the part of the Guarantee
         Trustee, the Guarantee Trustee may conclusively rely, as to the truth
         of the statements and the correctness of the opinions expressed
         therein, upon any certificates or opinions furnished to the Guarantee
         Trustee and conforming to the requirements of this Guarantee Agreement;
         but in the case of any such certificates or opinions that by any
         provision hereof are specifically required to be furnished to the
         Guarantee Trustee, the Guarantee Trustee shall be under a duty to
         examine the same to determine whether or not they conform to the
         requirements of this Guarantee Agreement;

         (ii) the Guarantee Trustee shall not be liable for any error of
     judgment made in good faith by a Responsible Officer of the Guarantee
     Trustee, unless it shall be proved that the Guarantee Trustee was negligent
     in ascertaining the pertinent facts upon which such judgment was made;

         (iii) the Guarantee Trustee shall not be liable with respect to any
     action taken or omitted to be taken by it in good faith in accordance with
     the direction of the Holders of not less than a Majority in liquidation
     preference of the Preferred Securities relating to the time, method and
     place of conducting any proceeding for any remedy available to the
     Guarantee Trustee, or exercising any trust or power conferred upon the
     Guarantee Trustee under this Guarantee Agreement; and

         (iv) no provision of this Guarantee shall require the Guarantee Trustee
     to expend or risk its own funds or otherwise incur personal financial
     liability in the performance of any of its duties or in the exercise of any
     of its rights or powers, if the Guarantee Trustee shall have reasonable
     grounds for believing that the repayment of such funds or liability is not
     reasonably assured to it under the terms of this Guarantee Agreement or
     adequate indemnity against such risk or liability is not reasonably assured
     to it.

SECTION 3.2 Certain Rights of the Guarantee Trustee
            ---------------------------------------

     (a) Subject to the provisions of Section 3.1:

                                       7

<PAGE>


         (i) The Guarantee Trustee may rely upon, and shall be fully protected
     in acting or refraining from acting upon, any resolution, certificate,
     statement, instrument, opinion, report, notice, request, direction,
     consent, order, bond, debenture, note, other evidence of indebtedness or
     other paper or document believed by it to be genuine and to have been
     signed, sent or presented by the proper party or parties.

         (ii) Any direction or act of the Guarantor contemplated by this
     Guarantee Agreement shall be sufficiently evidenced by an Officers'
     Certificate unless otherwise prescribed herein.

         (iii) Whenever, in the administration of this Guarantee Agreement, the
     Guarantee Trustee shall deem it desirable that a matter be proved or
     established before taking, suffering or omitting any action hereunder, the
     Guarantee Trustee (unless other evidence is herein specifically prescribed)
     may, in the absence of bad faith on its part, request and rely upon an
     Officers' Certificate which, upon receipt of such request, shall be
     promptly delivered by the Guarantor.

         (iv) The Guarantee Trustee may consult with competent legal counsel,
     and the written advice or opinion of such counsel with respect to legal
     matters shall be full and complete authorization and protection in respect
     of any action taken, suffered or omitted to be taken by it hereunder in
     good faith and in accordance with such advice or opinion. Such counsel may
     be counsel to the Guarantor or any of its Affiliates and may include any of
     its employees. The Guarantee Trustee shall have the right at any time to
     seek instructions concerning the administration of this Guarantee Agreement
     from any court of competent jurisdiction.

         (v) The Guarantee Trustee shall be under no obligation to exercise any
     of the rights or powers vested in it by this Guarantee Agreement at the
     request or direction of any Holder, unless such Holder shall have provided
     to the Guarantee Trustee such security and indemnity reasonably
     satisfactory to the Guarantee Trustee, against the costs, expenses
     (including reasonable attorneys' fees and expenses) and liabilities that
     might be incurred by it in complying with such request or direction,
     including such reasonable advances as may be requested by the Guarantee
     Trustee; provided that, nothing contained in this Section 3.2(a)(v) shall
     be taken to relieve the Guarantee Trustee, upon the occurrence of an Event
     of Default, of its obligation to exercise the rights and powers vested in
     it by this Guarantee Agreement.

         (vi) The Guarantee Trustee shall not be bound to make any investigation
     into the facts or matters stated in any resolution, certificate, statement,
     instrument, opinion, report, notice, request, direction, consent, order,
     bond, debenture, note, other evidence of indebtedness or other paper or
     document, but the Guarantee Trustee, in its discretion, may make such
     further inquiry or investigation into such facts or matters as it may see
     fit.

         (vii) The Guarantee Trustee may execute any of the trusts or powers
     hereunder or perform any duties hereunder either directly or by or through
     agents, attorneys, custodians or nominees, and the Guarantee Trustee shall
     not be responsible for any

                                       8

<PAGE>

     misconduct or negligence on the part of any such agent, attorney, custodian
     or nominee appointed with due care by it hereunder.

         (viii) Any action taken by the Guarantee Trustee or its agents
     hereunder shall bind the Holders, and the signature of the Guarantee
     Trustee or its agents alone shall be sufficient and effective to perform
     any such action. No third party shall be required to inquire as to the
     authority of the Guarantee Trustee to so act or as to its compliance with
     any of the terms and provisions of this Guarantee Agreement, both of which
     shall be conclusively evidenced by the Guarantee Trustee's or its agent's
     taking such action.

         (ix) Whenever in the administration of this Guarantee Agreement the
     Guarantee Trustee shall deem it desirable to receive instructions with
     respect to enforcing any remedy or right or taking any other action
     hereunder, the Guarantee Trustee (A) may request instructions from the
     Holders of a Majority in liquidation preference of the Preferred
     Securities, (B) may refrain from enforcing such remedy or right or taking
     such other action until such instructions are received, and (C) shall be
     protected in acting in accordance with such instructions.

     (b) No provision of this Guarantee Agreement shall be deemed to impose any
duty or obligation on the Guarantee Trustee to perform any act or acts or
exercise any right, power, duty or obligation conferred or imposed on it in any
jurisdiction in which it shall be illegal, or in which the Guarantee Trustee
shall be unqualified or incompetent in accordance with applicable law, to
perform any such act or acts or to exercise any such right, power, duty or
obligation. No permissive power or authority available to the Guarantee Trustee
shall be construed to be a duty to act in accordance with such power and
authority.

SECTION 3.3 Indemnity
            ---------

     The Guarantor agrees to indemnify the Guarantee Trustee and its officers,
directors, employees and agents for, and to hold them harmless against, any
loss, liability or expense incurred without negligence, bad faith or willful
misconduct on the part of the Guarantee Trustee, arising out of or in connection
with the acceptance or administration of this Guarantee Agreement, including the
costs and expenses of defending itself against any claim or liability in
connection with the exercise or performance of any of its powers or duties
hereunder and including the reasonable fees and expenses of its counsel. The
Guarantee Trustee will not claim or exact any lien or charge on any Guarantee
Agreement as a result of any amount due to it under this Guarantee Agreement.

     The provisions of this Section 3.3 shall survive the termination of this
Guarantee Agreement or the resignation or removal of the Guarantee Trustee.

                                   ARTICLE IV

                                GUARANTEE TRUSTEE

SECTION 4.1 Guarantee Trustee; Eligibility
            ------------------------------

     (a) There shall at all times be a Guarantee Trustee which shall:

                                       9

<PAGE>


         (i) not be an Affiliate of the Guarantor or the Depositor; and

         (ii) be a Person that is eligible pursuant to the Trust Indenture Act
     to act as such and has a combined capital of at least 50 million U.S.
     dollars ($50,000,000), and shall be a corporation meeting the requirements
     of Section 310(c) of the Trust Indenture Act. If such corporation publishes
     reports of condition at least annually, pursuant to law or to the
     requirements of the supervising or examining authority, then, for the
     purposes of this Section 4.1(a)(ii), the combined capital and surplus of
     such corporation shall be deemed to be its combined capital and surplus as
     set forth in its most recent report of condition so published.

     (b) If at any time the Guarantee Trustee shall cease to be eligible to so
act under Section 4.1(a), the Guarantee Trustee shall immediately resign in the
manner and with the effect set out in Section 4.2(c).

     (c) If the Guarantee Trustee has or shall acquire any "conflicting
interest" within the meaning of Section 310(b) of the Trust Indenture Act, the
Guarantee Trustee and Guarantor shall in all respects comply with the provisions
of Section 310(b) of the Trust Indenture Act.

SECTION 4.2 Appointment, Removal and Resignation of Guarantee Trustees
            ----------------------------------------------------------

     (a) Subject to Section 4.2(b), the Guarantee Trustee may be appointed or
removed without cause at any time by the Guarantor.

     (b) The Guarantee Trustee shall not be removed in accordance with Section
4.2(a) until a Successor Guarantee Trustee has been appointed and has accepted
such appointment by written instrument executed by such Successor Guarantee
Trustee and delivered to the Guarantor.

     (c) The Guarantee Trustee appointed to office shall hold office until a
Successor Guarantee Trustee shall have been appointed or until its removal or
resignation. The Guarantee Trustee may resign from office (without need for
prior or subsequent accounting) by an instrument in writing executed by the
Guarantee Trustee and delivered to the Guarantor, which resignation shall not
take effect until a Successor Guarantee Trustee has been appointed and has
accepted such appointment by instrument in writing executed by such Successor
Guarantee Trustee and delivered to the Guarantor and the resigning Guarantee
Trustee.

     (d) If no Successor Guarantee Trustee shall have been appointed and
accepted appointment as provided in this Section Error! Reference source not
found. within 60 days after delivery to the Guarantor of an instrument of
resignation, the resigning Guarantee Trustee may petition any court of competent
jurisdiction for appointment of a Successor Guarantee Trustee. Such court may
thereupon, after prescribing such notice, if any, as it may deem proper, appoint
a Successor Guarantee Trustee.

                                       10

<PAGE>

                                   ARTICLE V

                                    GUARANTEE

SECTION 5.1 Guarantee
            ---------

       The Guarantor irrevocably and unconditionally agrees to pay in full to
the Holders the Guarantee Payments (without duplication of amounts theretofore
paid by or on behalf of the Issuer), as and when due, regardless of any defense,
right of set-off or counterclaim that the Issuer may have or assert, except the
defense of payment. The Guarantor's obligation to make a Guarantee Payment may
be satisfied by direct payment of the required amounts by the Guarantor to the
Holders or by causing the Issuer to pay such amounts to the Holders.

SECTION 5.2 Waiver of Notice and Demand
            ---------------------------

       The Guarantor hereby waives notice of acceptance of this Guarantee
Agreement and of any liability to which it applies or may apply, presentment,
demand for payment, any right to require a proceeding first against the
Guarantee Trustee, Issuer or any other Person before proceeding against the
Guarantor, protest, notice of nonpayment, notice of dishonor, notice of
redemption and all other notices and demands.

SECTION 5.3 Obligations Not Affected
            ------------------------

       The obligations, covenants, agreements and duties of the Guarantor under
this Guarantee shall in no way be affected or impaired by reason of the
happening from time to time of any of the following:

       (a) the release or waiver, by operation of law or otherwise, of the
performance or observance by the Issuer of any express or implied agreement,
covenant, term or condition relating to the Preferred Securities to be performed
or observed by the Issuer;


       (b) the extension of time for the payment by the Issuer of all or any
portion of the Distributions, Redemption Price, Liquidation Distribution or any
other sums payable under the terms of the Preferred Securities or the extension
of time for the performance of any other obligation under, arising out of, or in
connection with, the Preferred Securities (other than an extension of time for
payment of Distributions, Redemption Price, Liquidation Distribution or other
sum payable that results from the extension of any interest payment period on
the Debentures or so provided by the Indenture);

       (c) any failure, omission, delay or lack of diligence on the part of the
Holders to enforce, assert or exercise any right, privilege, power or remedy
conferred on the Holders pursuant to the terms of the Preferred Securities, or
any action on the part of the Issuer granting indulgence or extension of any
kind;

       (d) the voluntary or involuntary liquidation, dissolution, sale of any
collateral, receivership, insolvency, bankruptcy, assignment for the benefit of
creditors, reorganization, arrangement, composition or readjustment of debt of,
or other similar proceedings affecting, the Issuer or any of the assets of the
Issuer;

                                       11

<PAGE>

       (e) any invalidity of, or defect or deficiency in, the Preferred
Securities; or

     (f) any other circumstance whatsoever that might otherwise constitute a
legal or equitable discharge or defense of a guarantor, it being the intent of
this Section 5.3 that the obligations of the Guarantor hereunder shall be
absolute and unconditional under any and all circumstances.

       There shall be no obligation of the Holders to give notice to, or obtain
the consent of, the Guarantor with respect to the happening of any of the
foregoing.

SECTION 5.4 Rights of Holders
            -----------------

       The Guarantor expressly acknowledges that: (i) this Guarantee Agreement
will be deposited with the Guarantee Trustee to be held for the benefit of the
Holders; (ii) the Guarantee Trustee has the right to enforce this Guarantee
Agreement on behalf of the Holders; (iii) the Holders of a Majority in
liquidation preference of the Preferred Securities have the right to direct the
time, method and place of conducting any proceeding for any remedy available to
the Guarantee Trustee in respect of this Guarantee Agreement or to direct the
exercise of any trust or power conferred upon the Guarantee Trustee under this
Guarantee Agreement; and (iv) any Holder may, to the extent permitted by law,
institute a legal proceeding directly against the Guarantor to enforce its
rights under this Guarantee Agreement, without first instituting a legal
proceeding against the Guarantee Trustee, the Issuer or any other Person. The
Guarantor waives any right or remedy to require that any action on this
Guarantee Agreement be brought first against the Issuer or any other Person or
entity before proceeding directly against the Guarantor.

SECTION 5.5 Guarantee of Payment
            --------------------

       This Guarantee creates a guarantee of payment and not of collection. This
Guarantee Agreement will not be discharged except by payment of the Guarantee
Payments in full (without duplication of amounts theretofore paid by the Issuer)
or upon distribution of Debentures to Holders as provided in the Trust
Agreement.

SECTION 5.6 Subrogation
            -----------

       The Guarantor shall be subrogated to all rights, if any, of the Holders
against the Issuer in respect of any amounts paid to such Holders by the
Guarantor under this Guarantee Agreement; provided, however, that the Guarantor
shall not (except to the extent required by mandatory provisions of law) be
entitled to enforce or exercise any right that it may acquire by way of
subrogation or any indemnity, reimbursement or other agreement, in all cases as
a result of payment under this Guarantee Agreement, if, at the time of any such
payment, any amounts are due and unpaid under this Guarantee Agreement. If any
amount shall be paid to the Guarantor in violation of the preceding sentence,
the Guarantor agrees to hold such amount in trust for the Holders and to pay
over such amount to the Holders.

SECTION 5.7 Independent Obligations
            -----------------------

       The Guarantor acknowledges that its obligations hereunder are independent
of the obligations of the Issuer with respect to the Preferred Securities, and
that the Guarantor shall be

                                       12

<PAGE>

liable as principal and as debtor hereunder to make Guarantee Payments pursuant
to the terms of this Guarantee Agreement notwithstanding the occurrence of any
event referred to in subsections (a) through (f), inclusive, of Section 5.3
hereof.

SECTION 5.8 Net Payments
            ------------

     All Guarantee Payments required to be made hereunder shall be made by the
Guarantor without withholding or deduction at source for, or on account of, any
present or future taxes, fees, duties, assessments or governmental charges of
whatever nature imposed or levied by or on behalf of the Islands of Bermuda or
such other jurisdiction in which the Guarantor (or any of its successors under
the Guarantee Agreement) may be organized (each, a "taxing jurisdiction") or any
                                                    -------------------
political subdivision or taxing authority thereof or therein, unless such taxes,
fees, duties, assessments or governmental charges are required to be withheld or
deducted by (i) the laws (or any regulations or ruling promulgated thereunder)
of a taxing jurisdiction or any political subdivision or taxing authority
thereof or therein or (ii) an official position regarding the application,
administration, interpretation or enforcement of any such laws, regulations or
rulings (including, without limitation, a holding by a court of competent
jurisdiction or by a taxing authority in a taxing jurisdiction or any political
subdivision thereof). If a withholding or deduction at source is required, the
Guarantor shall, subject to certain limitations and exceptions set forth below,
pay to the Holder of any Preferred Security such Additional Amounts as may be
necessary so that every Guarantee Payment made to such Holder, after such
withholding or deduction, shall not be less than the amount provided for in this
Guarantee Agreement to be then due and payable; provided, however, that the
Guarantor shall not be required to make payment of such Additional Amounts for
or on account of:

     (1) any tax, fee, duty, assessment or governmental charge of whatever
nature which would not have been imposed but for the fact that such Holder: (A)
was a resident, domiciliary or national of, or engaged in business or maintained
a permanent establishment or was physically present in, the relevant taxing
jurisdiction or any political subdivision thereof or otherwise had some
connection with the relevant taxing jurisdiction other than by reason of the
mere ownership of, or receipt of payment under, such Preferred Security; (B)
presented such Preferred Security for payment in the relevant taxing
jurisdiction or any political subdivision thereof, unless such Preferred
Security could not have been presented for payment elsewhere; or (C) presented
such Preferred Security more than thirty (30) days after the date on which the
payment in respect of such Preferred Security first became due and payable or
provided for, whichever is later, except to the extent that the Holder would
have been entitled to such Additional Amounts if it had presented such Preferred
Security for payment on any day within such period of thirty (30) days;

     (2) any estate, inheritance, gift, sale, transfer, personal property or
similar tax, assessment or other governmental charge;

     (3) any tax, assessment or other governmental charge that is imposed or
withheld by reason of the failure by the Holder or the beneficial owner of such
Preferred Security to comply with any reasonable request by the Guarantor or the
Trust addressed to the Holder within 90 days of such request (A) to provide
information concerning the nationality, residence or identity of the Holder or
such beneficial owner or (B) to make any declaration or other similar claim or
satisfy any information or reporting requirement, which, in the case of (A) or
(B), is required or

                                       13

<PAGE>

imposed by statute, treaty, regulation or administrative practice of the
relevant taxing jurisdiction or any political subdivision thereof as a
precondition to exemption from all or part of such tax, assessment or other
governmental charge; or

     (4) any combination of items (1), (2) and (3);

nor shall Additional Amounts be paid with respect to any Guarantee Payment to
any Holder who is a fiduciary or partnership or other than the sole beneficial
owner of the related Preferred Security, but only to the extent such payment
would be required by the laws of the relevant taxing jurisdiction (or any
political subdivision or relevant taxing authority thereof or therein) to be
included in the income for tax purposes of a beneficiary or partner or settlor
with respect to such fiduciary or a member of such partnership or a beneficial
owner who would not have been entitled to such Additional Amounts had it been
the Holder of such Preferred Security.

                                   ARTICLE VI

                       LIMITATION OF TRANSACTIONS; RANKING

SECTION 6.1 Limitation of Transactions
            --------------------------

     The Guarantor hereby covenants and agrees that, so long as any Preferred
Securities remain outstanding, it will not, and will not permit any of its
Subsidiaries to, (a) declare or pay any dividends or distributions on, or
redeem, purchase, acquire or make a liquidation payment with respect to, any of
the outstanding capital shares of the Guarantor or (b) make any payment of
principal of, interest or premium, if any, on or repay, repurchase or redeem any
debt security of the Guarantor that ranks junior in interest to the Debentures
or the guarantee in respect thereof, as the case may be, or make any guarantee
payments with respect to any guarantee by the Guarantor of the debt securities
of any Subsidiary of the Guarantor if such guarantee ranks junior in interest to
the Debentures or the guarantee in respect thereof, as the case may be (other
than (i) dividends or distributions in shares of, or options, warrants, rights
to subscribe for or purchase shares of, common shares of the Guarantor, (ii) any
declaration of a dividend in connection with the implementation of a
stockholder's rights plan, or the issuance of stock under any such plan in the
future, or the redemption or repurchase of any such rights pursuant thereto,
(iii) payments under any preferred securities guarantee, (iv) the purchase of
fractional shares resulting from a reclassification of the Guarantor's capital
stock, (v) the exchange or conversion of any class or series of the Guarantor's
(or any subsidiary's) capital stock for another class or series of the
Guarantor's (or any subsidiary's) capital stock or of any class or series of the
Guarantor's (or any subsidiary's) indebtedness, (vi) the purchase of fractional
interests in shares of the Guarantor's capital stock pursuant to the conversion
or exchange provisions of such capital stock or the security being converted or
exchanged; and (vii) repurchases, redemptions or other acquisitions of shares of
capital stock of the Guarantor or any subsidiary under any employment agreement
or benefit plan for the benefit of the Guarantor's directors, officers, or
employees, or any dividend reinvestment or director, officer or employee stock
purchase plan of the Guarantor) if at such time (1) there shall have occurred
any event of which the Guarantor has actual knowledge that (A) with the giving
of notice or the lapse of time or both, would constitute an Event of Default
under the Indenture and (B) in respect of which the Guarantor, as the case may
be, shall not have taken reasonable steps to cure, (2) the Guarantor shall be in
default with

                                       14

<PAGE>

respect to its payment of any obligations under this Guarantee Agreement or (3)
the Guarantor shall have given notice of its election to begin an Extension
Period (as defined in the Indenture) with respect to the Debentures as provided
in the Indenture and shall not have rescinded such notice, or such Extension
Period, or any extension thereof, shall be continuing.

SECTION 6.2 Ranking
            -------

     This Guarantee Agreement will constitute an unsecured obligation of the
Guarantor and will rank (i) subordinate and junior in right of payment to Senior
Indebtedness (as defined in the Indenture), to the same extent and in the same
manner that the Debentures are subordinated to Senior Indebtedness pursuant to
the Indenture (except as indicated below), it being understood that the terms of
Article XVI of the Indenture shall apply to the obligations of the Guarantor
under this Guarantee Agreement as if (x) such Article XVI were set forth herein
in full and (y) such guarantee obligations provided were substituted for the
term "Securities" appearing in such Article XVI and (ii) senior to the
Guarantor's common shares.

SECTION 6.3 Pari Passu Guarantees
            ---------------------

     This Guarantee Agreement shall rank pari passu with any similar guarantee
agreements issued by the Guarantor on behalf of holders of preferred securities
of any other trust, partnership or other entity affiliated with the Guarantor
which is a financing vehicle of the Guarantor or any subsidiary of the Guarantor
in connection with the issuance by such entity of preferred securities or other
securities which are similar to preferred securities that are guaranteed by the
Guarantor pursuant to an instrument that ranks pari passu with or junior in
right of payment to this Guarantee Agreement.

                                   ARTICLE VII

                                   TERMINATION

SECTION 7.1 Termination
            -----------

     This Guarantee shall terminate and be of no further force and effect upon
(i) full payment of the Redemption Price of all Preferred Securities, (ii) the
distribution of the Debentures to all Holders in exchange for the Preferred
Securities or (iii) full payment of the amounts payable in accordance with the
Trust Agreement upon liquidation of the Issuer. Notwithstanding the foregoing,
this Guarantee Agreement will continue to be effective or will be reinstated, as
the case may be, if at any time any Holder must restore payment of any sums paid
with respect to the Preferred Securities or under this Guarantee Agreement.

                                  ARTICLE VIII

                                  MISCELLANEOUS

SECTION 8.1 Successors and Assigns
            ----------------------

     All guarantees and agreements contained in this Guarantee Agreement shall
bind the successors, assigns, receivers, trustees and representatives of the
Guarantor and shall inure to the

                                       15

<PAGE>

benefit of the Holders of the Preferred Securities then outstanding. Except in
connection with a consolidation, merger, or sale involving the Guarantor that is
permitted under Article 8 of the Indenture and pursuant to which the assignee
agrees in writing to perform the Guarantor's obligations hereunder, the
Guarantor shall not assign its obligations hereunder.

SECTION 8.2 Amendments
            ----------

     Except with respect to any changes that do not adversely affect the rights
of Holders in any material respect (in which case no consent of Holders will be
required), this Guarantee Agreement may only be amended in writing by the
parties hereto with the prior approval of the Holders of at least a Majority in
liquidation preference of the Preferred Securities. The provisions of Article VI
of the Trust Agreement concerning meetings of Holders apply to the giving of
such approval.

SECTION 8.3 Notices
            -------

     Any notice, request or other communication required or permitted to be
given hereunder shall be in writing, duly signed by the party giving such
notice, and shall be delivered, telecopied or mailed by first class mail, as
follows:

     (a) If given to the Guarantee Trustee, at the Guarantee Trustee's mailing
address set forth below (or such other address as the Guarantee Trustee may give
notice of to the Guarantor and the Holders):

         The Chase Manhattan Bank
         450 West 33/rd/ Street, 15/th/ Floor
         New York, New York 10001
         Attention:  Institutional Trust Services

     (b) If given to the Guarantor, at the Guarantor's mailing address set forth
below (or such other address as the Guarantor may give notice of to the
Holders):

         PartnerRe Ltd.
         96 Pitts Bay Road
         Pembroke HM 08
         Bermuda
         Attention: General Counsel

         with a copy to:

         Willkie Farr & Gallagher
         787 Seventh Avenue
         New York, New York 10019
         Attention: John S. D'Alimonte, Esq.

     (c) If given to the Issuer, in care of the Guarantee Trustee, at the
Issuer's (and the Guarantee Trustee's) address set forth below or such other
address as the Guarantee Trustee on behalf of the Issuer may give notice to the
Holders:

                                       16

<PAGE>

         PartnerRe Capital Trust I
         c/o PartnerRe Ltd.
         96 Pitts Bay Road
         Pembroke HM 08
         Bermuda
         Attention: General Counsel

         with a copy to:

         The Chase Manhattan Bank
         450 West 33/rd/ Street, 15/th/ Floor
         New York, New York 10001
         Attention: Institutional Trust Services

     (d) If given to any Holder, at the address set forth on the books and
records of the Issuer.

     All such notices shall be deemed to have been given when received in
person, telecopied with receipt confirmed, or mailed by first class mail,
postage prepaid except that if a notice or other document is refused delivery or
cannot be delivered because of a changed address of which no notice was given,
such notice or other document shall be deemed to have been delivered on the date
of such refusal or inability to deliver.

SECTION 8.4 Benefit
            -------

     This Guarantee is solely for the benefit of the Holders and is not
separately transferable from the Preferred Securities.

SECTION 8.5 Governing Law
            -------------

     THIS GUARANTEE SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE
AND PERFORMED IN THAT STATE.

SECTION 8.6 Interpretation
            --------------

     In this Guarantee, unless the context otherwise requires:

     (a) capitalized terms used in this Guarantee Agreement, but not defined in
the preamble hereto have the respective meanings assigned to them in this
Section 1.1 or in the Trust Agreement, as the case may be;

     (b) a term defined anywhere in this Guarantee Agreement has the same
meaning throughout;

     (c) all references to "the Guarantee Agreement" or "this Guarantee
Agreement" are to this Guarantee Agreement as modified, supplemented or amended
from time to time;

                                       17

<PAGE>

     (d) all references in this Guarantee Agreement to Articles and Sections are
to Articles and Sections of this Guarantee Agreement, unless otherwise
specified;

     (e) a term defined in the Trust Indenture Act has the same meaning when
used in this Guarantee Agreement, unless otherwise defined in this Guarantee
Agreement or unless the context otherwise requires;

     (f) a reference to the singular includes the plural and vice versa; and

     (g) the masculine, feminine, or neuter genders used herein shall include
the masculine, feminine and neuter genders.

SECTION 8.7 Submission to Jurisdiction
            --------------------------

     The Guarantor agrees that any judicial proceedings instituted in relation
to any matter arising under this Guarantee Agreement may be brought in any
United States Federal or New York State court sitting in the Borough of
Manhattan, The City of New York, New York to the extent that such court has
subject matter jurisdiction over the controversy, and, by execution and delivery
of this Guarantee Agreement, the Guarantor hereby irrevocably accepts, generally
and unconditionally, the jurisdiction of the aforesaid courts, acknowledges
their competence and irrevocably agrees to be bound by any judgment rendered in
such proceeding. The Guarantor also irrevocably and unconditionally waives for
the benefit of the Guarantee Trustee and the Holders any immunity from
jurisdiction and any immunity from legal process (whether through service or
notice, attachment prior to judgment, attachment in the aid of execution,
execution or otherwise) in respect of this Guarantee Agreement. The Guarantor
hereby irrevocably designates and appoints, for the benefit of the Guarantee
Trustee and the Holders for the term of this Guarantee Agreement, PartnerRe U.S.
Corporation, One Greenwich Plaza, Greenwich, CT 06830-6352, as its agent to
receive on its behalf service of all process (with a copy of all such service of
process to be delivered to Willkie Farr & Gallagher, 787 Seventh Avenue, New
York, New York 10019, Attention: John S. D'Alimonte, Esq.) brought against it
with respect to any such proceeding in any such court in The City of New York,
such service being hereby acknowledged by the Guarantor to be effective and
binding service on it in every respect whether or not the Guarantor shall then
be doing or shall have at any time done business in New York. Such appointment
shall be irrevocable so long as any of the Securities or the obligations of the
Guarantor hereunder remain outstanding, or until the appointment of a successor
by the Guarantor and such successor's acceptance of such appointment. Upon such
acceptance, the Guarantor shall notify the Guarantee Trustee in writing of the
name and address of such successor. The Guarantor further agrees for the benefit
of the Guarantee Trustee and the Holders to take any and all action, including
the execution and filing of any and all such documents and instruments, as may
be necessary to continue such designation and appointment of said PartnerRe U.S.
Corporation in full force and effect so long as any of the Preferred Securities
or the obligations of the Guarantor hereunder shall be outstanding. The
Guarantee Trustee shall not be obligated and shall have no responsibility with
respect to any failure by the Guarantor to take any such action. Nothing herein
shall affect the right to serve process in any other manner permitted by any law
or limit the right of the Guarantee Trustee or any Holder to institute
proceedings against the Guarantor in the courts of any other jurisdiction or
jurisdictions.

                                       18

<PAGE>

SECTION 8.8 Judgment Currency
            -----------------

     The Guarantor agrees, to the fullest extent that it may effectively do so
under applicable law, that (a) if for the purpose of obtaining judgment in any
court it is necessary to convert the sum due in respect of any Guarantee Payment
(the "Required Currency") into a currency in which a judgment will be rendered
      -----------------
(the "Judgment Currency"), the rate of exchange used shall be the rate at which
      -----------------
in accordance with normal banking procedures the Guarantee Trustee could
purchase in The City of New York the requisite amount of the Required Currency
with the Judgment Currency on the New York Banking Day preceding the day on
which a final unappealable judgment is given and (b) its obligations under this
Guarantee Agreement to make payments in the Required Currency (i) shall not be
discharged or satisfied by any tender, or any recovery pursuant to any judgment
(whether or not entered in accordance with clause (a)), in any currency other
than the Required Currency, except to the extent that such tender or recovery
shall result in the actual receipt, by the payee, of the full amount of the
Required Currency expressed to be payable in respect of such payments, (ii)
shall be enforceable as an alternative or additional cause of action for the
purpose of recovering in the Required Currency the amount, if any, by which such
actual receipt shall fall short of the full amount of the Required Currency so
expressed to be payable and (iii) shall not be affected by judgment being
obtained for any other sum due under this Guarantee Agreement. For purposes of
the foregoing, "New York Banking Day" means any day except a Saturday, Sunday or
a legal holiday in The City of New York or a day on which banking institutions
in The City of New York are authorized or obligated by law, regulation or
executive order to be closed.

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                                       19


<PAGE>

     THIS GUARANTEE AGREEMENT is executed as of the day and year first above
written.


                                               PARTNERRE LTD.,
                                                 as Guarantor



                                               By:______________________________
                                                  Name:
                                                  Title:



                                               THE CHASE MANHATTAN BANK,
                                                 as Guarantee Trustee



                                               By:______________________________
                                                  Name:
                                                  Title:

                                       20