Document:

Exhibit 4.3

 

EXECUTION VERSION

 

 

 

SUBORDINATED DEBT SECURITIES GUARANTEE
AGREEMENT

 

BETWEEN

 

PARTNERRE LTD.

 

(AS GUARANTOR)

 

AND

 

THE BANK OF NEW YORK MELLON

 

(AS GUARANTEE TRUSTEE)

 

DATED AS OF

 

September 22, 2020

 

 

 

     

     

    

 

 

TABLE OF CONTENTS

 

	 	 	PAGE
	Article I	 
	Definitions	 
	 	 	 
	Section 1.01	Definitions	1
	 	 	 
	Article II	 
	Trust Indenture Act	 
	 	 	 
	Section 2.01	Trust Indenture Act: Application	4
	Section 2.02	List of Holders	4
	Section 2.03	Reports by the Guarantee Trustee	5
	Section 2.04	Periodic Reports to the Guarantee Trustee	5
	Section 2.05	Evidence of Compliance with Conditions Precedent	5
	Section 2.06	Events of Default; Waiver	5
	Section 2.07	Event of Default; Notice	5
	Section 2.08	Conflicting Interests	6
	 	 	 
	Article III	 
	Powers, Duties and Rights of Guarantee Trustee	 
	 	 	 
	Section 3.01	Powers, and Duties of the Guarantee Trustee	6
	Section 3.02	Certain Rights of the Guarantee Trustee	7
	Section 3.03	Indemnity	9
	 	 	 
	Article IV	 
	Guarantee Trustee	 
	 	 	 
	Section 4.01	Guarantee Trustee; Eligibility	10
	Section 4.02	Appointment, Removal and Resignation of Guarantee Trustees	10
	 	 	 
	Article V	 
	Guarantee	 
	 	 	 
	Section 5.01	Guarantee	11
	Section 5.02	Waiver of Notice and Demand	11
	Section 5.03	Obligations Not Affected	11
	Section 5.04	Rights of Holders	12
	Section 5.05	Guarantee of Payment	12
	Section 5.06	Limitation on Liability	12
	Section 5.07	Subrogation	12
	Section 5.08	Independent Obligations	12

 

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	Article VI	 
	Ranking	 
	 	 	 
	Section 6.01	Reserved	13
	Section 6.02	Ranking	13
	Section 6.03	Pari Passu Guarantees	13
	 	 	 
	Article VII	 
	Termination	 
	 	 	 
	Section 7.01	Termination	13
	 	 	 
	Article VIII	 
	Miscellaneous	 
	 	 	 
	Section 8.01	Successors and Assigns	13
	Section 8.02	Amendments	14
	Section 8.03	Notices	14
	Section 8.04	Benefit	15
	Section 8.05	Governing Law	15
	Section 8.06	Interpretation	15
	Section 8.07	Submission to Jurisdiction	16
	Section 8.08	Judgment Currency	16
	Section 8.09	Waiver of Jury Trial	17
	Section 8.10	Force Majeure	17

 

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SUBORDINATED DEBT SECURITIES GUARANTEE
AGREEMENT

 

This SUBORDINATED DEBT SECURITIES GUARANTEE
AGREEMENT (this “Guarantee Agreement” or this “Guarantee”), dated as of September 22,
2020, is executed and delivered by PartnerRe Ltd., a Bermuda company (“PartnerRe” or the “Guarantor”),
having its principal executive offices at 90 Pitts Bay Road, Pembroke HM 08, Bermuda, and The Bank of New York Mellon, a New York
banking corporation, having a corporate trust office located at 240 Greenwich Street, New York, New York 10286, as trustee (the
 “Guarantee Trustee”), for the benefit of the Holders (as defined herein) from time to time of the Debentures
(as defined herein) issued by PartnerRe Finance B LLC, a Delaware limited liability company (the “Issuer”).

 

WHEREAS, pursuant to a Subordinated Indenture,
dated as of September 22, 2020 (the “Indenture”), among the Issuer, the Guarantor and the Guarantee Trustee,
as trustee thereunder, the Issuer may issue subordinated unsecured debt securities (the “Debentures”).

 

WHEREAS, as incentive for the Holders (as
defined in the Indenture) to purchase such Debentures, the Guarantor desires irrevocably and unconditionally, to guarantee the
obligations of the Issuer under the Indenture.

 

NOW, THEREFORE, in consideration of the
purchase and acceptance of the Debentures by the Holders thereof, which purchase the Guarantor hereby agrees shall benefit the
Guarantor, the Guarantor executes and delivers this Guarantee Agreement for the benefit of the Holders.

 

Article I

Definitions

 

Section 1.01     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 Indenture as in effect on the date hereof.

 

“Additional Amounts”
means any additional amounts which are required by the terms of the Debentures, under circumstances specified in the terms of
such Debentures, to be paid by the Guarantor in respect of certain taxes, assessments or other governmental charges imposed on
Holders specified herein and 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 Director, 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 Chief Legal Counsel, the Secretary or an Assistant Secretary, of such Person.

 

     

     

    

 

“Board of Directors”
means the board of directors of the Guarantor or any committee of that board of directors duly authorized to act generally or
in any particular respect for the Guarantor hereunder.

 

“Board Resolution” means
a copy of one or more resolutions, certified by the Secretary or an Assistant Secretary of the Guarantor to have been duly adopted
by the Board of Directors and to be in full force and effect on the date of such certification, delivered to the Trustee.

 

“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.

 

“Debentures” has the
meaning set forth in the preamble hereto.

 

“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 payment default, the Guarantor shall have received notice of default and shall not have cured such
default within 60 days after receipt of such notice.

 

“Guarantee Trustee”
means The Bank of New York Mellon, 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.

 

“Guarantor Senior
Indebtedness” means, with respect to the Guarantee of any particular series of Debentures, all the principal of and
premium, if any, and interest on (1) all Indebtedness of the Guarantor, whether outstanding on the date of this
Guarantee or thereafter created, (a) for money borrowed by the Guarantor (other than obligations pursuant to the
Indenture or the Guarantee, in each case in respect of the Debentures of such series), (b) for money borrowed by, or
obligations of, others and either assumed or guaranteed, directly or indirectly, by the Guarantor (other than the Guarantee
of the Debentures of such series or any obligation that by its terms or the terms of the instrument creating or evidencing
it, has a subordinate or equivalent right to payment with the Guarantee of the Debentures of such series), (c) in
respect of letters of credit and acceptances issued or made by banks in favor of the Guarantor or (d) constituting
purchase money indebtedness, or Indebtedness secured by property included in the property, plant and equipment accounts of
the Guarantor at the time of the acquisition of such property for the payment of which the Guarantor is directly liable, and
(2) all deferrals, renewals, extensions and refundings of, and amendments, modifications and supplements to, any such
Indebtedness. As used in the preceding sentence the term “purchase money indebtedness” means Indebtedness
evidenced by a note, debenture, bond or other instrument (whether or not secured by any lien or other security interest)
issued or assumed as all or a part of the consideration for the acquisition of property, whether by purchase, merger,
consolidation or otherwise. Notwithstanding anything to the contrary in the Guarantee of any particular series of Debentures,
Guarantor Senior Indebtedness shall not, with respect to that series of Debentures, include any Indebtedness of the
Guarantor, which, by its terms or the terms of the instrument creating or evidencing it, is subordinate in right of payment
to or pari passu with the Guarantee of the Debentures of  such series. 

 

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“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” has the
meaning set forth in the preamble hereto.

 

“List of Holders” has
the meaning specified in Section 2.02(a).

 

“Officer’s Certificate”
means, with respect to any Person, a certificate signed by an Authorized Officer, who is a principal executive, principal financial,
principal accounting officer or, in respect of the Guarantor, Chief Legal Counsel, or Secretary or Assistant Secretary of the
Guarantor, and is delivered to the Guarantee Trustee. Any Officer’s Certificate delivered with respect to compliance with
a condition or covenant provided for in this Guarantee shall include:

 

(a)            a
statement that the officer signing the Officer’s 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 Officer’s
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

 

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(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 within the corporate trust department of the Guarantee Trustee, including
any vice president, assistant vice president, assistant secretary, assistant treasurer, trust officer or any other officer of
the Guarantee Trustee who customarily performs functions similar to those performed by the Persons who at the time shall be such
officers, respectively, or to whom any corporate trust matter is referred because of such person’s knowledge of and familiarity
with the particular subject and who shall have direct responsibility for the administration of this Guarantee Agreement.

 

“Subsidiary”
means, in respect of any Person, any Corporation, limited or general partnership or other business entity of which at the time
of determination more than 50% of the voting power of the shares of its Capital Stock or other interests (including partnership
interests) entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees
thereof is owned or controlled, directly or indirectly, by (i) such Person, (ii) such
Person and one or more Subsidiaries of such Person or (iii) one or more Subsidiaries of such Person.

 

“Successor Guarantee Trustee”
means a successor Guarantee Trustee possessing the qualifications to act as Guarantee Trustee under Section 4.01.

 

“Trust Indenture Act”
means the Trust Indenture Act of 1939, as amended.

 

Article II

Trust Indenture Act

 

Section 2.01     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.

 

Section 2.02     List
of Holders.

 

(a)            Within
30 days after the receipt by the Guarantor of a request in writing from the Guarantee Trustee, the Guarantor shall furnish or
cause to be furnished to the Guarantee Trustee a list, in such form as the Guarantee Trustee may reasonably require, of the names
and addresses of the Holders (“List of Holders”), such List of Holders to be as of a date not more than 15
days prior to the time such List of Holders 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.

 

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(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 2.03     Reports
by the Guarantee Trustee. Within 60 days after March 15 of each year commencing with March 15, 2021, 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 2.04     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. Delivery of such documents, reports and information to the
Guarantee Trustee is for information purposes only, and the Guarantee Trustee’s receipt of such shall not constitute constructive
notice of any information contained therein or determinable from information contained therein, including the Guarantor’s
compliance with any of its covenants hereunder (as to which the Guarantee Trustee is entitled to conclusively rely exclusively
on an Officer’s Certificate).

 

Section 2.05     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 Officer’s Certificate.

 

Section 2.06     Events
of Default; Waiver. The holders of not less than a majority of the outstanding principal amount of the Debentures 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.

 

Section 2.07     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 by the Guarantor of
any amount due under this Guarantee Agreement, the Guarantee Trustee shall be protected in withholding such notice if and so long
as 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.

 

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(b)            The
Guarantee Trustee shall not be deemed to have knowledge of any Event of Default (except in the case of a default in the payment
of principal of or interest on any Security) unless a Responsible Officer of the Guarantee Trustee shall have obtained written
notice and such notice references this Guarantee or the Indenture, of such Event of Default.

 

Section 2.08     Conflicting
Interests. The Indenture 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 3.01     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 5.04(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 hereunder or under the Indenture 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 hereunder or under the Indenture 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 hereunder or under the Indenture (that has not been cured or waived pursuant to Section 2.06
of this Guarantee Agreement or Section 5.13 of the Indenture), the Guarantee Trustee shall exercise such of the rights and
powers vested in it by this Guarantee Agreement, 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:

 

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(i)            prior
to the occurrence of any Event of Default hereunder or under the Indenture and after the curing or waiving of any 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 action taken or omitted to be taken or 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 or engaged in
willful misconduct;

 

(iii)          the
Guarantee Trustee shall not be liable (including, without limitation, for consequential loss or damages) 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 of
the outstanding principal amount of the Debentures 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;

 

(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; and

 

(v)           the
Guarantee Trustee may request that the Guarantor deliver a certificate and/or Board Resolutions, as the Guarantor deems appropriate,
setting forth the names of individuals and/or titles of officers authorized at such time to take specified actions pursuant to
this Guarantee.

 

Section 3.02     Certain
Rights of the Guarantee Trustee.

 

(a)            Subject
to the provisions of Section 3.01:

 

(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.

 

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(ii)           Any
direction or act of the Guarantor contemplated by this Guarantee Agreement shall be sufficiently evidenced by an Officer’s
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 Officer’s Certificate which, upon receipt
of such request, shall be promptly delivered by the Guarantor.

 

(iv)          The
Guarantee Trustee may consult with competent legal counsel of its selection, and the 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
satisfactory to the Guarantee Trustee in its reasonable judgment, 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 3.02(a)(v) shall
be taken to relieve the Guarantee Trustee, upon the occurrence of an Event of Default hereunder or under the Indenture, 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 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.

 

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(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 not less than a majority of the outstanding principal amount of the Debentures,

 

(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.

 

(c)            The
parties hereto hereby agree that the Guarantee Trustee shall have all the rights, protections, privileges, immunities and indemnities
afforded to the Trustee set forth in the Indenture, as if such rights, protections, privileges, immunities and indemnities were
specifically set forth herein. The Guarantee Trustee shall not be responsible for the validity or sufficiency of this Guarantee
Agreement, nor for the recitals hereunder.

 

Section 3.03     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, claim, damage, liability or expense incurred, 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, except to the extent that any such loss, claim, damage, liability or expense shall be determined to have
been caused by the Guarantee Trustee’s negligence, bad faith or willful misconduct. The Guarantee Trustee will not claim
or exact any lien or charge on any other guarantee that may be granted under this Guarantee Agreement as a result of any amount
due to it under this Guarantee Agreement.

 

The provisions of this Section 3.03
shall survive the termination of this Guarantee Agreement or the resignation or removal of the Guarantee Trustee.

 

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Article IV

Guarantee Trustee

 

Section 4.01     Guarantee
Trustee; Eligibility.

 

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

 

(i)            not
be an Affiliate of the Guarantor or the Issuer; 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(a) 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 4.01(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 4.01(a), the Guarantee Trustee shall
immediately resign in the manner and with the effect set out in Section 4.02(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 4.02     Appointment,
Removal and Resignation of Guarantee Trustees.

 

(a)            Subject
to Section 4.02(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 4.02(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 4.02 within
90 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-

     

    

 

Article V

Guarantee

 

Section 5.01     Guarantee.
The Guarantor hereby irrevocably and unconditionally guarantees to each Holder the due and punctual payment of the principal of,
any premium and interest on, and any Additional Amounts, if applicable, with respect to any Debenture held by such Holder, when
and as the same shall become due and payable, whether at maturity, by acceleration, redemption, repayment or otherwise, in accordance
with the terms of such Debenture and of the Indenture, and to the Trustee payment of all amounts due to the Trustee relating to
the performance of its duties under the Indenture. The Guarantor further agrees that, as between the Guarantor, on the one hand,
and the Holders and the Guarantee Trustee, on the other hand, the maturity of the Debentures guaranteed hereby may be accelerated
as provided in Article 5 of the Indenture for the purposes of this Guarantee, notwithstanding any stay, injunction or other
prohibition preventing such acceleration in respect of the Debentures guaranteed hereby.

 

Section 5.02     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, the 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 5.03     Obligations
Not Affected. The obligations, covenants, agreements and duties of the Guarantor under this Guarantee shall be as if
it were a principal debtor, and not merely a surety, and 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 Debentures to be performed or observed by the Issuer;

 

(b)            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 Debentures, or any action on the part of the Issuer granting
indulgence or extension of any kind;

 

(c)            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;

 

(d)            any
invalidity or unenforceability of, or defect or deficiency in, the Debentures; or

 

(e)            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 5.03 that the obligations of the Guarantor hereunder shall be absolute and unconditional under
any and all circumstances.

 

    -11-

     

    

 

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 5.04     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 not less than a majority of the principal amount of the outstanding
Debentures 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 5.05     Guarantee
of Payment. This Guarantee creates a guarantee of payment and not of collection. This Guarantee Agreement will not
be discharged except by payment in full of all amounts (without duplication of amounts theretofore paid by the Issuer) owed under
the Debentures.

 

Section 5.06     Limitation
on Liability. The Guarantor, and by its acceptance of Debentures of any series, each Holder, hereby confirms that it
is the intention of all such parties that the Guarantee not constitute a fraudulent transfer or conveyance for purposes of the
United States Bankruptcy Code or any similar state law to the extent applicable to any Guarantee. Any term or provision of the
Indenture to the contrary notwithstanding, the maximum aggregate amount of the obligations guaranteed hereunder by the Guarantor
shall not exceed the maximum amount that can be hereby guaranteed without rendering the Indenture, as it relates to the Guarantor,
or the Guarantee voidable or otherwise ineffective under applicable law relating to fraudulent conveyance or fraudulent transfer
or similar laws affecting the rights of creditors generally.

 

Section 5.07     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 applicable 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 5.08     Independent
Obligations. The Guarantor acknowledges that its obligations hereunder are independent of the obligations of the Issuer
with respect to the Debentures, and that the Guarantor shall be liable as principal and as debtor hereunder to make all payments
with respect to the Debentures pursuant to the terms of this Guarantee Agreement notwithstanding the occurrence of any event referred
to in subsections (a) through (e), inclusive, of Section 5.03 hereof.

 

    -12-

     

    

 

Article VI

Ranking

 

Section 6.01     Reserved.

 

Section 6.02     Ranking.
The Guarantee shall constitute a subordinated unsecured obligation of the Guarantor and shall rank (i) subordinated in right
of payment to Guarantor Senior Indebtedness, it being understood that the terms of Article 16 of the Indenture shall apply
to the obligations of the Guarantor under this Guarantee Agreement as if (w) such Article 16 were set forth herein in
full, (x) such guarantee obligations provided were substituted for the term “Securities” appearing in
such Article 16, (y) Guarantor Senior Indebtedness were substituted for the term “Senior Indebtedness”
appearing in such Article 16, and (z) the Guarantor were substituted for the term “Company” appearing
in such Article 16 and (ii) senior to the Guarantor’s common and preferred shares. For the purposes of the foregoing
sentence, the Trustee and the Holders will have the right to receive and/or retain payments by the Guarantor only at such times
as they may receive and/or retain payments in respect of the Securities of such series pursuant to the Indenture, including Article 16
thereof.

 

Section 6.03     Pari
Passu Guarantees. The Guarantee shall rank pari passu with any similar guarantee agreements issued by the Guarantor
on behalf of holders of subordinated unsecured notes issued by any entity affiliated with the Guarantor which is a financing vehicle
of the Guarantor.

 

Article VII

Termination

 

Section 7.01     Termination.
The Guarantee shall terminate and be of no further force and effect upon (i) full payment of the Redemption Price of all
Debentures and all other amounts then due and payable under the Indenture, or (ii) the full payment of the amounts payable
in accordance with the Indenture. 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 Debentures
or under this Guarantee Agreement.

 

Article VIII

Miscellaneous

 

Section 8.01     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 benefit of the Holders of the Debentures then
outstanding. Except in connection with a consolidation, merger, amalgamation 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.

 

    -13-

     

    

 

Section 8.02     Amendments.
Except with respect to any changes that do not adversely affect the rights of Holders of any particular series of Debentures in
any material respect (in which case no consent of such Holders will be required) and any changes to Section 5.01 and Section 6.01
hereof, which may only be amended in writing with the prior approval of each Holder of such Debentures then outstanding, this
Guarantee Agreement may only be amended in writing by the parties hereto with the prior approval of the Holders of not less than
a majority of the outstanding principal amount of the particular series of Debentures. The provisions of Article 15 of the
Indenture concerning meetings of Holders apply to the giving of such approval.

 

Section 8.03     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 Bank of New York Mellon

240 Greenwich Street

New York, New York 10286

Attention: Corporate Trust Administration

 

(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.

90 Pitts Bay Road

Pembroke HM 08

Bermuda

Attention: Legal and Compliance

 

with a copy to:

 

Sullivan & Cromwell LLP

125 Broad Street

New York, New York 10004

Attention: Scott Miller

 

(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:

 

PartnerRe Finance B LLC

c/o PartnerRe Ltd.

90 Pitts Bay Road

Pembroke HM 08

Bermuda

 

    -14-

     

    

 

Attention: Legal and Compliance

 

with a copy to:

 

The Bank of New York Mellon

240 Greenwich Street

New York, New York 10286

Attention: Corporate Trust Administration

 

(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 8.04     Benefit.
This Guarantee is solely for the benefit of the Holders and is not separately transferable from the Debentures.

 

Section 8.05     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 8.06     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
Section 1.01 or in the Indenture, as the case may be;

 

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

 

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

 

(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

 

    -15-

     

    

 

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

 

Section 8.07     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, 200 First Stamford Place, Stamford, CT 06902, 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 Sullivan & Cromwell LLP, 125 Broad Street, New York, New York
10004, Attention: Scott Miller) 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 located in New York or Connecticut 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 Debentures 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.

 

Section 8.08     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.

 

    -16-

     

    

 

Section 8.09     Waiver
of Jury Trial. EACH OF THE GUARANTOR AND THE GUARANTEE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED
BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS GUARANTEE.

 

Section 8.10     Force
Majeure. In no event shall the Guarantee Trustee be responsible or liable for any failure or delay in the
performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control,
including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances,
nuclear or natural catastrophes or acts of God, and interruptions, epidemics, loss or malfunctions of utilities,
communications or computer (software and hardware) services; it being understood that the Guarantee Trustee shall use
reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as
practicable under the circumstances.

 

* * *

 

This instrument may be executed in any
number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together
constitute but one and the same instrument. Counterparts may be delivered via facsimile, electronic mail (including any electronic
signature covered by the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act, the Electronic Signatures and Records
Act or other applicable law, e.g., www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed
to have been duly and validly delivered and be valid and effective for all purposes.

 

[THE REST OF THIS PAGE LEFT INTENTIONALLY
BLANK]

 

    -17-

     

    

 

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

 

	 	PARTNERRE LTD.,
	 	 	as Guarantor
	 	 	 
	 	 	 
		By:	/s/ Nick Burnet
	 	 	Name: Nick Burnet
	 	 	Title: Executive Vice President and Chief Financial Officer
	 	 	 
	 	 	 
	 	THE BANK OF NEW YORK MELLON,
	 	 	as Guarantee Trustee
	 	 	 
	 	 	 
		By:	/s/ Laurence J. O’Brien
	 	 	Name: Laurence J. O’Brien
	 	 	Title: Vice PresidentExhibit 4.4

 

EXECUTION VERSION

 

 

 

FIRST SUPPLEMENTAL SUBORDINATED DEBT SECURITIES

GUARANTEE AGREEMENT

 

BETWEEN

 

PARTNERRE LTD.

 

(AS GUARANTOR)

 

AND

 

THE BANK OF NEW YORK MELLON

 

(AS GUARANTEE TRUSTEE)

 

DATED AS OF

 

September 22, 2020

 

 

 

      

     

    

 

 

	TABLE
    OF CONTENTS
	 	 	 
	Page
	Article 1
	DEFINITIONS
	 	 	 
	Section 1.01	Definitions	1
	 	 	 
	Article 2
	NO ADDITIONAL
    AMOUNTS
	 	 	 
	Section 2.01	No Additional Amounts	2
	 	 	 
	Article 3
	TERMINATION
	 	 	 
	Section 3.01	Termination	2
	 	 	 
	Article 4
	RANKING
	 	 	 
	Section 4.01	Ranking	2
	Section 4.02	Pari Passu Guarantees	2
	 	 	 
	Article 5
	OTHER
    PROVISIONS
	 	 	 
	Section 5.01	Tax Treatment of the Notes	3
	Section 5.02	Contractual Subordination	3
	 	 	 
	Article 6
	MISCELLANEOUS
	 	 	 
	Section 6.01	Governing Law	3

 

    	 	-i-	 

     

    

 

FIRST
SUPPLEMENTAL SUBORDINATED DEBT SECURITIES GUARANTEE AGREEMENT

 

This FIRST SUPPLEMENTAL SUBORDINATED DEBT
SECURITIES GUARANTEE AGREEMENT (this “Supplemental Guarantee Agreement” or this “Supplemental Guarantee”),
dated as of September 22, 2020, is executed and delivered by PartnerRe Ltd., a Bermuda company (“PartnerRe”
or the “Guarantor”), having its principal executive offices at 90 Pitts Bay Road, Pembroke HM 08, Bermuda,
and The Bank of New York Mellon, a New York banking corporation, having its office located at 240 Greenwich Street, New York,
NY 10286, as trustee (the “Guarantee Trustee”), supplementing the Subordinated Debt Securities Guarantee Agreement,
dated as of September 22, 2020 (the “Base Guarantee Agreement” or the “Base Guarantee”),
and the Base Guarantee, as amended or supplemented by this Supplemental Guarantee Agreement, the “Agreement”
or the “Guarantee”), for the benefit of the Holders (as defined in the Base Guarantee Agreement) from time
to time of the Notes (as defined herein) issued by PartnerRe Finance B LLC, a Delaware limited liability company (the “Issuer”
or the “Company”).

 

WHEREAS, pursuant to an Indenture, dated
as of September 22, 2020 (the “Base Indenture”), as amended and supplemented by the First Supplemental
Indenture, dated as of September 22, 2020 (the “First Supplemental Indenture” and, together with the Base
Indenture, the “Indenture”), among the Issuer, the Guarantor and The Bank of New York Mellon, a New York banking
corporation, as trustee thereunder, the Issuer is initially issuing $500,000,000 aggregate principal amount of its 4.500% Fixed-Rate
Reset Junior Subordinated Notes due 2050 (the “Notes”).

 

WHEREAS, as incentive for the Holders (as
defined in the Indenture) to purchase such Notes, the Guarantor desires irrevocably and unconditionally, to guarantee the obligations
of the Issuer under the Indenture.

 

NOW, THEREFORE, in consideration of the
purchase and acceptance of the Notes by the Holders thereof, which purchase the Guarantor hereby agrees shall indirectly benefit
the Guarantor, the Guarantor executes and delivers this Supplemental Guarantee Agreement for the benefit of the Holders of the
Notes.

 

Article 1

DEFINITIONS

 

Section 1.01     Definitions.
Unless the context otherwise requires:

 

(a)            a
term not defined herein that is defined in the Base Guarantee Agreement or the Indenture has the same meaning when used in this
Supplemental Guarantee Agreement;

 

(b)            the
definition of any term in this Supplemental Guarantee Agreement that is also defined in the Base Guarantee Agreement or the Indenture
shall supersede the definition of such term in the Base Guarantee Agreement and the Indenture;

 

(c)            references
in the Base Guarantee Agreement to the Indenture shall be taken to be references to the Indenture (as defined herein);

 

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

 

(e)            the
singular includes the plural and vice versa;

 

(f)             headings
are for convenience of reference only and do not affect interpretation;

 

(g)            the
following terms have the meanings given to them in this Section 1.01(g):

 

“Agreement” or “Guarantee”
has the meaning set forth in the preamble hereto.

 

“Base Guarantee Agreement”
or “Base Guarantee” has the meaning set forth in the preamble hereto.

 

      

     

    

 

“Base Indenture” has
the meaning set forth in the recitals hereto.

 

“First Supplemental Indenture”
has the meaning set forth in the recitals hereto.

 

“Guarantee Trustee”
has the meaning set forth in the preamble hereto.

 

“Indenture” has the
meaning set forth in the recitals hereto.

 

“Issuer” or “Company”
has the meaning set forth in the preamble hereto.

 

“PartnerRe” or “Guarantor”
has the meaning set forth in the preamble hereto.

 

“Supplemental Guarantee Agreement”
or “Supplemental Guarantee” has the meaning set forth in the preamble hereto.

 

Article 2

NO ADDITIONAL AMOUNTS

 

Section 2.01     No
Additional Amounts. The Guarantor will not be required to pay any Additional Amounts with respect to the Notes or the Guarantee.

 

Article 3

TERMINATION

 

Section 3.01     Termination.
This Guarantee in respect of the Notes shall terminate and be of no further force and effect upon full payment of the Redemption
Price of all Notes and all other amounts then due and payable under the Indenture in respect of the Notes. Notwithstanding the
foregoing, this 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 Notes under this Agreement.

 

Article 4

RANKING

 

Section 4.01        Ranking.
Solely with respect to the Guarantee of the Notes, for so long as any of the Notes remain outstanding, pursuant to Section 8.02
of the Base Guarantee Agreement, Section 6.02 of the Base Guarantee Agreement is hereby amending and restated in its entirety
as follows:

  

    	 	-2-	 

     

    

  

Section 6.02        Ranking.
The Guarantee shall constitute a junior subordinated unsecured obligation of the Guarantor and shall rank (i) junior and
subordinated in right of payment to Guarantor Senior Indebtedness, it being understood that the terms of Article 16 of the
Indenture shall apply to the obligations of the Guarantor under this Guarantee Agreement as if (w) such Article 16 were
set forth herein in full, (x) such guarantee obligations provided were substituted for the term “Securities”
appearing in such Article 16, (y) Guarantor Senior Indebtedness were substituted for the term “Senior Indebtedness”
appearing in such Article 16 (as the term “Senior Indebtedness” is amended and supplemented by the First Supplemental
Indenture) and (z) the Guarantor were substituted for the term “Company” appearing in such Article 16 and
(ii) senior to the Guarantor’s common and preferred shares. For the purposes of the foregoing sentence, the Trustee
and the Holders will have the right to receive and/or retain payments by the Guarantor only at such times as they may receive
and/or retain payments in respect of the Securities of such series pursuant to the Indenture, including Article 16 thereof.

 

Section 4.02        Pari
Passu Guarantees. Solely with respect to the Guarantee of the Notes, for so long as any of the Notes remain outstanding, pursuant
to Section 8.02 of the Base Guarantee Agreement, Section 6.03 of the Base Guarantee Agreement is hereby amending and
restated in its entirety as follows:

 

Section 6.03        Pari Passu
Guarantees. For the purposes of this Guarantee in respect of the Notes, the Guarantee shall rank pari passu with any
Indebtedness of the Guarantor that is by its terms equal in right of payment to the Guarantee of the Notes, including the guarantees
by the Guarantor of the Junior Subordinated Capital Efficient Notes due 2066 issued by PartnerRe Finance II Inc.

 

Article 5

OTHER PROVISIONS

 

Section 5.01     Tax
Treatment of the Notes. The Guarantor agrees to treat the Notes as indebtedness of PartnerRe U.S. Corporation for U.S. federal
income tax purposes, unless otherwise required by applicable law.

 

Section 5.02     Contractual
Subordination. The Guarantees of the Notes are junior subordinated unsecured obligations of the Guarantor and will be contractually
subordinated in right of payment to any existing and future liabilities of the Guarantor’s subsidiaries (other than the
Company, PartnerRe Finance II Inc. and PartnerRe Ireland Finance DAC), including amounts owed to holders of reinsurance and insurance
policies issued by the Guarantor’s reinsurance and insurance company subsidiaries.

 

Article 6

MISCELLANEOUS

 

Section 6.01     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.

 

* * *

 

    	 	-3-	 

     

    

 

This instrument may be executed in any
number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together
constitute but one and the same instrument. Counterparts may be delivered via facsimile, electronic mail (including any electronic
signature covered by the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act, the Electronic Signatures and Records
Act or other applicable law, e.g., www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed
to have been duly and validly delivered and be valid and effective for all purposes.

 

[THE REST OF THIS PAGE LEFT INTENTIONALLY
BLANK]

 

    	 	-4-	 

     

    

 

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

 

	 	PARTNERRE LTD.,
	 	   as Guarantor
	 	 	 
	 	By:	/s/
    Nick Burnet
	 	 	Name: 	Nick Burnet
	 	 	Title: 	Executive Vice President and
	 	 	Chief Financial Officer
	 	 	 
	 	THE BANK OF NEW YORK MELLON,
	 	   as Guarantee Trustee
	 	 	 
	 	By:	/s/
    Laurence J. O’Brien
		 	Name:	 Laurence J. O’Brien
	 	 	Title: 	Vice President

 

[First Supplemental Guarantee Agreement]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00314-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00314-of-00352.parquet"}]]