SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ---------- SCHEDULE 13G/A UNDER THE SECURITIES EXCHANGE ACT OF 1934 (Amendment No. 2) PartnerRe Ltd. ------------------------------------- (Name of Issuer) COMMON STOCK, par value $1.00 per share ----------------------------------------- (Title of Class of Securities) G6852T105 -------------- (CUSIP Number) December 31, 2008 ------------------------------------ (Date of Event Which Requires Filing of this Statement) Check the appropriate box to designate the rule pursuant to which this Schedule is filed: |_| Rule 13d-1(b) |X| Rule 13d-1(c) |_| Rule 13d-1(d) The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act. (Continued on following pages) (Page 1 of 15 Pages) ------------------- ------------------ CUSIP NO. G6852T105 13G/A Page 2 of 15 Pages ------------------- ------------------ -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY) TPG-Axon Capital Management, LP ("TPG-Axon Management") -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X| (b) |_| -------------------------------------------------------------------------------- 3 SEC USE ONLY -------------------------------------------------------------------------------- 4 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware -------------------------------------------------------------------------------- NUMBER OF 5 SOLE VOTING POWER SHARES 0 --------------------------------------------------------- BENEFICIALLY 6 SHARED VOTING POWER 236,000 shares of Common Stock --------------------------------------------------------- OWNED BY 7 SOLE DISPOSITIVE POWER EACH 0 REPORTING --------------------------------------------------------- PERSON 8 SHARED DISPOSITIVE POWER WITH 236,000 shares of Common Stock -------------------------------------------------------------------------------- 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 236,000 shares of Common Stock -------------------------------------------------------------------------------- 10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES |_| -------------------------------------------------------------------------------- 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 0.43%* -------------------------------------------------------------------------------- 12 TYPE OF REPORTING PERSON PN -------------------------------------------------------------------------------- ------------------- ------------------ CUSIP NO. G6852T105 13G/A Page 3 of 15 Pages ------------------- ------------------ -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY) TPG-Axon Partners GP, LP ("PartnersGP") -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X| (b) |_| -------------------------------------------------------------------------------- 3 SEC USE ONLY -------------------------------------------------------------------------------- 4 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware -------------------------------------------------------------------------------- NUMBER OF 5 SOLE VOTING POWER SHARES 0 --------------------------------------------------------- BENEFICIALLY 6 SHARED VOTING POWER 76,320 shares of Common Stock --------------------------------------------------------- OWNED BY 7 SOLE DISPOSITIVE POWER EACH 0 REPORTING --------------------------------------------------------- PERSON 8 SHARED DISPOSITIVE POWER WITH 76,320 shares of Common Stock -------------------------------------------------------------------------------- 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 76,320 shares of Common Stock -------------------------------------------------------------------------------- 10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES |_| -------------------------------------------------------------------------------- 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) .14%* -------------------------------------------------------------------------------- 12 TYPE OF REPORTING PERSON PN -------------------------------------------------------------------------------- ------------------- ------------------ CUSIP NO. G6852T105 13G/A Page 4 of 15 Pages ------------------- ------------------ -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY) TPG-Axon GP, LLC ("GPLLC") -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X| (b) |_| -------------------------------------------------------------------------------- 3 SEC USE ONLY -------------------------------------------------------------------------------- 4 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware -------------------------------------------------------------------------------- NUMBER OF 5 SOLE VOTING POWER SHARES 0 --------------------------------------------------------- BENEFICIALLY 6 SHARED VOTING POWER 236,000 shares of Common Stock --------------------------------------------------------- OWNED BY 7 SOLE DISPOSITIVE POWER EACH 0 REPORTING --------------------------------------------------------- PERSON 8 SHARED DISPOSITIVE POWER WITH 236,000 shares of Common Stock -------------------------------------------------------------------------------- 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 236,000 shares of Common Stock -------------------------------------------------------------------------------- 10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES |_| -------------------------------------------------------------------------------- 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 0.43%* -------------------------------------------------------------------------------- 12 TYPE OF REPORTING PERSON OO -------------------------------------------------------------------------------- ------------------- ------------------ CUSIP NO. G6852T105 13G/A Page 5 of 15 Pages ------------------- ------------------ -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY) TPG-Axon Partners, LP ("TPG-Axon Domestic") -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X| (b) |_| -------------------------------------------------------------------------------- 3 SEC USE ONLY -------------------------------------------------------------------------------- 4 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware -------------------------------------------------------------------------------- NUMBER OF 5 SOLE VOTING POWER SHARES 0 --------------------------------------------------------- BENEFICIALLY 6 SHARED VOTING POWER 76,320 shares of Common Stock --------------------------------------------------------- OWNED BY 7 SOLE DISPOSITIVE POWER EACH 0 REPORTING --------------------------------------------------------- PERSON 8 SHARED DISPOSITIVE POWER WITH 76,320 shares of Common Stock -------------------------------------------------------------------------------- 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 76,320 shares of Common Stock -------------------------------------------------------------------------------- 10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES |_| -------------------------------------------------------------------------------- 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) .14%* -------------------------------------------------------------------------------- 12 TYPE OF REPORTING PERSON PN -------------------------------------------------------------------------------- ------------------- ------------------ CUSIP NO. G6852T105 13G/A Page 6 of 15 Pages ------------------- ------------------ -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY) TPG-Axon Partners (Offshore), Ltd. ("TPG-Axon Offshore") -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X| (b) |_| -------------------------------------------------------------------------------- 3 SEC USE ONLY -------------------------------------------------------------------------------- 4 CITIZENSHIP OR PLACE OF ORGANIZATION Cayman Islands -------------------------------------------------------------------------------- NUMBER OF 5 SOLE VOTING POWER SHARES 0 --------------------------------------------------------- BENEFICIALLY 6 SHARED VOTING POWER 159,680 shares of Common Stock --------------------------------------------------------- OWNED BY 7 SOLE DISPOSITIVE POWER EACH 0 REPORTING --------------------------------------------------------- PERSON 8 SHARED DISPOSITIVE POWER WITH 159,680 shares of Common Stock -------------------------------------------------------------------------------- 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 159,680 shares of Common Stock -------------------------------------------------------------------------------- 10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES |_| -------------------------------------------------------------------------------- 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) .29%* -------------------------------------------------------------------------------- 12 TYPE OF REPORTING PERSON CO -------------------------------------------------------------------------------- ------------------- ------------------ CUSIP NO. G6852T105 13G/A Page 7 of 15 Pages ------------------- ------------------ -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY) Dinakar Singh LLC ("Singh LLC") -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X| (b) |_| -------------------------------------------------------------------------------- 3 SEC USE ONLY -------------------------------------------------------------------------------- 4 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware -------------------------------------------------------------------------------- NUMBER OF 5 SOLE VOTING POWER SHARES 0 --------------------------------------------------------- BENEFICIALLY 6 SHARED VOTING POWER 236,000 shares of Common Stock --------------------------------------------------------- OWNED BY 7 SOLE DISPOSITIVE POWER EACH 0 REPORTING --------------------------------------------------------- PERSON 8 SHARED DISPOSITIVE POWER WITH 236,000 shares of Common Stock -------------------------------------------------------------------------------- 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 236,000 shares of Common Stock -------------------------------------------------------------------------------- 10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES |_| -------------------------------------------------------------------------------- 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 0.43%* -------------------------------------------------------------------------------- 12 TYPE OF REPORTING PERSON OO -------------------------------------------------------------------------------- ------------------- ------------------ CUSIP NO. G6852T105 13G/A Page 8 of 15 Pages ------------------- ------------------ -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY) Dinakar Singh ("Mr. Singh") -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X| (b) |_| -------------------------------------------------------------------------------- 3 SEC USE ONLY -------------------------------------------------------------------------------- 4 CITIZENSHIP OR PLACE OF ORGANIZATION USA -------------------------------------------------------------------------------- NUMBER OF 5 SOLE VOTING POWER SHARES 0 --------------------------------------------------------- BENEFICIALLY 6 SHARED VOTING POWER 236,000 shares of Common Stock --------------------------------------------------------- OWNED BY 7 SOLE DISPOSITIVE POWER EACH 0 REPORTING --------------------------------------------------------- PERSON 8 SHARED DISPOSITIVE POWER WITH 236,000 shares of Common Stock -------------------------------------------------------------------------------- 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 236,000 shares of Common Stock -------------------------------------------------------------------------------- 10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES |_| -------------------------------------------------------------------------------- 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 0.43%* -------------------------------------------------------------------------------- 12 TYPE OF REPORTING PERSON IN -------------------------------------------------------------------------------- ------------------- ------------------ CUSIP NO. G6852T105 13G/A Page 9 of 15 Pages ------------------- ------------------ ITEM 1. (a) NAME OF ISSUER: PartnerRe Ltd. (b) ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES: 90 Pitts Bay Road Pembroke, Bermuda HM08 ITEM 2. 2(a). NAME OF PERSON FILING: This statement is filed by the entities and persons listed below, all of whom together are referred to herein as the "Reporting Persons": (i) TPG-Axon Capital Management, LP ("TPG-Axon Management"), a Delaware limited partnership, with respect to the Shares reported in this Schedule 13G/A held by TPG-Axon Partners, LP ("TPG-Axon Domestic") and TPG-Axon Partners (Offshore), Ltd. ("TPG-Axon Offshore," and together with TPG-Axon Domestic the "Funds"). (ii) TPG-Axon Partners GP, LP ("PartnersGP"), a Delaware limited partnership which serves as the general partner of TPG-Axon Domestic, with respect to the Shares reported in this Schedule 13G/A managed by TPG-Axon Management and held by TPG-Axon Domestic. (iii) TPG-Axon GP, LLC ("GPLLC"), a Delaware limited liability company, which serves as the general partner of TPG-Axon Management and PartnersGP, with respect to the Shares reported in this Schedule 13G/A managed by TPG-Axon Management and held by the Funds. (iv) TPG-Axon Domestic, a Delaware limited partnership, with respect to the Shares reported in this Schedule 13G/A directly held by it. (v) TPG-Axon Offshore, a Cayman Islands exempted company, with respect to the Shares reported in this Schedule 13G/A directly held by it. (vi) Dinakar Singh LLC ("Singh LLC"), a Delaware limited liability company which serves as the managing member of GPLLC, with respect to the Shares reported in this Schedule 13G/A managed by TPG-Axon Management and held by the Funds. (vii) Dinakar Singh ("Mr. Singh"), an individual who serves as the managing member of Singh LLC, with respect to the Shares reported in this Schedule 13G/A managed by TPG-Axon Management and held by the Funds. ------------------- ------------------- CUSIP NO. G6852T105 13G/A Page 10 of 15 Pages ------------------- ------------------- (b) ADDRESS OF PRINCIPAL OFFICE: (All, except TPG-Axon TPG-Axon Offshore Offshore) 888 Seventh Avenue c/o Goldman Sachs (Cayman) Trust Limited 38th Floor PO Box 896GT, Harbour Centre, 2nd Floor New York, New York 10019 George Town, Grand Cayman Cayman Islands, BWI (c) Citizenship: Delaware (all except TPG-Axon Offshore and Mr. Singh); TPG-Axon Offshore: Cayman Islands; Mr. Singh is a United States citizen. (d) Title of Class of Securities: Common Stock, par value $1.00 per share (the "Shares") (e) CUSIP Number: G6852T105 ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO SS.SS.240.13D-1(B) OR 240.13D-2(B) OR (C), CHECK WHETHER THE PERSON FILING IS A: (a) |_| Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o). (b) |_| Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c). (c) |_| Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c). (d) |_| Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8). (e) |_| An investment adviser in accordance with ss.240.13d-1(b)(1)(ii)(E). (f) |_| An employee benefit plan or endowment fund in accordance with ss.240.13d-1(b)(1)(ii)(F). (g) |_| A parent holding company or control person in accordance with ss.240.13d-1(b)(1)(ii)(G). (h) |_| A savings association as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813). (i) |_| A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3). (j) |_| Group, in accordance with ss.240.13d-1(b)(1)(ii)(J). IF THIS STATEMENT IS FILED PURSUANT TO Rule 13d-1(c), CHECK THIS BOX [X] ------------------- ------------------- CUSIP NO. G6852T105 13G/A Page 11 of 15 Pages ------------------- ------------------- ITEM 4. OWNERSHIP TPG-Axon Management, as investment manager to TPG-Axon Domestic and TPG-Axon Offshore, has the power to direct the disposition and voting of the Shares held by TPG-Axon Domestic and TPG-Axon Offshore. PartnersGP is the general partner of TPG-Axon Domestic. GPLLC is the general partner of PartnersGP and TPG-Axon Management. Singh LLC is a Managing Member of GPLLC. Mr. Singh, an individual, is the Managing Member of Singh LLC and in such capacity may be deemed to control Singh LLC, GPLLC and TPG-Axon Management, and therefore may be deemed the beneficial owner of the securities held by TPG-Axon Domestic and TPG-Axon Offshore. Each of Singh LLC, GPLLC, PartnersGP and Mr. Singh disclaim beneficial ownership of all of the shares of Common Stock reported in this 13G/A. A. TPG-Axon Management (a) Amount beneficially owned: 236,000 shares of Common Stock (b) Percent of class: 0.43%* (*All percentages of beneficial ownership reported in this Schedule 13G/A are based on the 55,049,354 outstanding shares of Common Stock reported in the Issuer's form 10Q for the quarterly period ended September 30, 2008.) (c) Number of shares as to which the person has: (i) Sole power to vote or to direct the vote: 0 (ii) Shared power to vote or to direct the vote: 236,000 shares of Common Stock (iii) Sole power to dispose or to direct the disposition of: 0 (iv) Shared power to dispose or to direct the disposition of: 236,000 shares of Common Stock B. PartnersGP (a) Amount beneficially owned: 76,320 shares of Common Stock (b) Percent of class: .14%* (c) Number of shares as to which the person has: (i) Sole power to vote or to direct the vote: 0 (ii) Shared power to vote or to direct the vote: 76,320 shares of Common Stock (iii) Sole power to dispose or to direct the disposition of: 0 (iv) Shared power to dispose or to direct the disposition of: 76,320 shares of Common Stock ------------------- ------------------- CUSIP NO. G6852T105 13G/A Page 12 of 15 Pages ------------------- ------------------- C. GPLLC (a) Amount beneficially owned: 236,000 shares of Common Stock (b) Percent of class: 0.43%* (c) Number of shares as to which the person has: (i) Sole power to vote or to direct the vote: 0 (ii) Shared power to vote or to direct the vote: 236,000 shares of Common Stock (iii) Sole power to dispose or to direct the disposition of: 0 (iv) Shared power to dispose or to direct the disposition of: 236,000 shares of Common Stock D. TPG-Axon Domestic (a) Amount beneficially owned: 76,320 shares of Common Stock (b) Percent of class: .14%* (c) Number of shares as to which the person has: (i) Sole power to vote or to direct the vote: 0 (ii) Shared power to vote or to direct the vote: 76,320 shares of Common Stock (iii) Sole power to dispose or to direct the disposition of: 0 (iv) Shared power to dispose or to direct the disposition of: 76,320 shares of Common Stock E. TPG-Axon Offshore (a) Amount beneficially owned: 159,680 shares of Common Stock (b) Percent of class: .29%* (c) Number of shares as to which the person has: (i) Sole power to vote or to direct the vote: 0 (ii) Shared power to vote or to direct the vote: 159,680 shares of Common Stock (iii) Sole power to dispose or to direct the disposition of: 0 (iv) Shared power to dispose or to direct the disposition of: 159,680 shares of Common Stock F. Singh LLC (a) Amount beneficially owned: 236,000 shares of Common Stock (b) Percent of class: 0.43%* (c) Number of shares as to which the person has: (i) Sole power to vote or to direct the vote: 0 (ii) Shared power to vote or to direct the vote: 236,000 shares of Common Stock (iii) Sole power to dispose or to direct the disposition of: 0 (iv) Shared power to dispose or to direct the disposition of: 236,000 shares of Common Stock -------------------- -------------------- CUSIP NO. G6852T105 13G/A Page 13 of 15 Pages ------------------- -------------------- G. Mr. Singh (a) Amount beneficially owned: 236,000 shares of Common Stock (b) Percent of class: 0.43%* (c) Number of shares as to which the person has: (i) Sole power to vote or to direct the vote: 0 (ii) Shared power to vote or to direct the vote: 236,000 shares of Common Stock (iii) Sole power to dispose or to direct the disposition of: 0 (iv) Shared power to dispose or to direct the disposition of: 236,000 shares of Common Stock ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS. If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than 5 percent of the class of securities, check the following [X]. ITEM 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON Not applicable. ITEM 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY OR CONTROL PERSON. Not applicable. ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP Not applicable. ITEM 9. NOTICE OF DISSOLUTION OF THE GROUP Not applicable. ------------------- ------------------- CUSIP NO. G6852T105 13G/A Page 14 of 15 Pages ------------------- ------------------- ITEM 10. CERTIFICATION By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect. SIGNATURE After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. Dated: February 13, 2009 TPG-Axon Capital Management, LP By: TPG-Axon GP, LLC, general partner By: /s/ Dinakar Singh ---------------------- Dinakar Singh Co-President TPG-Axon Partners GP, LP By: TPG-Axon GP, LLC, general partner By: /s/ Dinakar Singh ---------------------- Dinakar Singh Co-President TPG-Axon GP, LLC By: /s/ Dinakar Singh ---------------------- Dinakar Singh Co-President ------------------- ------------------- CUSIP NO. G6852T105 13G/A Page 15 of 15 Pages ------------------- ------------------- TPG-Axon Partners, LP By: TPG-Axon Partners GP, LP, general partner By: TPG-Axon GP, LLC, general partner By: /s/ Dinakar Singh ---------------------- Dinakar Singh Co-President TPG-Axon Partners (Offshore), Ltd. By: /s/ Dinakar Singh ---------------------- Dinakar Singh Director Dinakar Singh LLC By: /s/ Dinakar Singh ---------------------- Dinakar Singh Managing Member /s/ Dinakar Singh --------------------------- Dinakar Singh