Employment Agreement between

Exhibit 10.4

Employment Agreement

between

PartnerRe Holdings Europe Limited, Dublin, Zurich Branch

Bellerivestrasse 36

CH-8008 Zurich

Switzerland

(the “Company”)

and

Emmanuel Clarke

At the address maintained in the Company’s employment records.

(the “Executive”)

This Employment Agreement shall be subject to the competent authorities issuing the work and residence permits required for the Executive under Swiss law.

The Company’s articles of incorporation and regulations, as amended from time to time, are an integral part of this Agreement (Annexes 1 and 2).

Ordinary Termination: This Employment Agreement may be terminated by either party upon twelve (12) months’ notice (other than for death), effective as of the end of the month.

Termination for death: This Employment Agreement is terminated from the date of the Executive’s death.

Termination for disability: Subject to Art. 336c Swiss Code of Obligations, this Employment Agreement may be terminated twelve (12) months after the date of the Executive’s disability.

If the Executive’s employment terminates as a result of his retirement on or after attaining retirement age, as defined by the policy in place in the Executive’s country of employment in the year of his retirement, the Company shall pay to the Executive, within 30 days after the date on which his employment terminates was a result of his retirement (the “Retirement Date”): (i) all accrued Base Salary and benefits (the “Accrued Benefits”) through the Retirement Date, and (ii) an amount equal to the greater of the average of the Annual Incentive received by the Executive for the three fiscal years prior to the year of the Retirement Date or the Target Annual Incentive for the current year (the “Average Incentive Amount”), prorated based on the number of days elapsed in the current fiscal year as of the Retirement Date, and (iii) any other payments or benefits that may be approved by the Board in its sole discretion. Such payments shall be paid to the Executive on the first business day of the seventh month after the Retirement Date. All equity awards will be treated in accordance with the terms set forth in the Plans and Equity Award Agreements.

In the event that the Executive’s employment is terminated for any reason other than pursuant to section 6), the provisions of this Section 7 shall determine the Executive’s entitlement to compensation and benefits in connection with and subsequent to such Termination.

(i) Upon his death, the Company shall either pay the spouse or his dependent children or other dependents, in aggregate, provide for or take such actions necessary to ensure the following:

(v) 6 months Base Salary (reduced, in the case of termination by reason of disability, by any amounts paid pursuant to section 7 (b) (ii) hereof); notwithstanding the above, the Company shall in any case pay at least 2 months Base Salary;

(w) a bonus equal to 50% of the Target Annual Incentive in the year of the Date of Termination;

(x) continuation of the Housing Allowance and school allowance for the period ending the earlier of the date the dependents of the Employee leave Switzerland or 6 months after the Date of Termination;

(y) take actions necessary such that all Options or Shares granted to the Employee under the Plans which remain unvested shall immediately vest;

(z) a pro rata bonus for the fiscal year in which the Date of Termination occurs based on the Average Incentive amount and the number of days elapsed in the current fiscal year as of the Date of Termination.

(ii) If the Executive’s employment is terminated by reason of disability, the Company shall:

(v) pay to the Employee, not less frequently than monthly and for so long as the Employee remains entitled to such benefits pursuant to the Benefit Plans, the amount of any difference between the level of long-term disability benefits required to be maintained under the Benefit Plans, and the amount actually paid in satisfaction of such benefits by insurance or any governmental authority;

(w) continue to provide the Housing Allowance and school allowance for the period ending the earlier of the date the Employee leaves Switzerland or 6 months after the Date of Termination;

(x) take actions necessary such that all Options or Shares granted to the Employee under the Plans which remain unvested shall immediately vest;

(y) pay a pro rata bonus for the fiscal year in which the Date of Termination occurs, based on the Average Incentive amount and the number of days elapsed in the current fiscal year as of the Date of Termination; and

(z) following the Date of Termination pursuant to this Section 7(b) (ii), ensure that the Employee’s Health Coverage under the Benefit Plans shall continue to be provided at the Company’s expense for so long as the Employee remains entitled to such benefits pursuant to the Benefit Plans.

The Company shall indemnify the Executive (and his legal representatives or other successors and heirs) to the fullest extent permitted (including payment of expenses in advance of final disposition of the proceeding provided approved by the Board) by the laws of Ireland, as in effect at the time of the subject act or omission; and the Executive shall be entitled to the protection of any insurance policies the Company may elect to maintain generally for the benefit of its directors and officers, against all costs, charges and expenses whatsoever incurred or sustained by him or his legal representatives in connection with any action, suit or proceeding to which he (or his legal representatives or other successors and heirs) may be made a party by reason of his being or having been a director, officer or Executive of the Company or any of its subsidiaries; provided, however, that no indemnification shall be made to the Executive for losses relating to any disgorgement remedy contemplated by Section 16 of the Securities and Exchange Act of 1934. If any action, suit or proceeding is brought or threatened

against the Executive in respect of which indemnity may be sought against the Company pursuant to the foregoing, the Executive shall notify the Company promptly in writing of the institution of such action, suit or proceeding and the Company shall assume the defense thereof and the employment of counsel and payment of all fees and expenses, provided, however, that if a conflict of interest exists between the Company and the Executive such that it is not legally practicable for the Company to assume the Executive’s defense, the Executive shall be entitled to retain separate counsel reasonably acceptable to the Company at the Company’s expense.

The Executive and the Company shall each pay half of the contributions for any payment made under Sections 5, 7 and 9, which are owed as a matter of law for AHV (Old Age and Survivors’ Insurance), IV (Invalidity Insurance), EO (Loss of Earnings) and ALV (Unemployment Insurance). The Executive’s contributions are deducted by the Company from his gross salary.

The Executive shall participate in the Company’s pension plan. The contributions and the benefits are determined by the rules and regulations of the pension plan, as amended from time to time. The Executive’s contributions are deducted by the Company from his gross salary.

The Company shall deduct all taxes required by law from all amounts payable under this Agreement.

The Executive is insured against occupational as well as non-occupational accidents. The Company shall bear the contributions for the insurance.

Due to the Executive’s position within the Company, he will have access to business secrets as well as customer data. All trade secrets including customer data, technical, organizational and financial information and all other information directly or indirectly related to the business of the Company or to the business of any customer of the Company, which is disclosed to the Executive by the Company or any of its Executives and which the Executive gets acquainted with

during the employment relationship with the Company, shall be treated as confidential information. At all times, both during the employment and after the termination thereof, the Executive shall keep such information secret and shall refrain from disclosing it or using it in any way for his/her own benefit or for the benefit of any person other than the Company.

Unless otherwise required by law or judicial process, the Executive shall retain in confidence during and after termination of the Executive’s employment with the Company all confidential information known to the Executive concerning the Company and its business. This clause shall remain in effect in perpetuity or until such confidential information is publicly disclosed by the Company or otherwise becomes publicly disclosed other than through the Executive’s actions. Violation by the Executive of this Section 16 will give the Company the right to immediately terminate any and all future payments including any post termination exercise periods.

The Executive acknowledges that all originals and copies of materials, records and documents generated by him or coming into his possession during the term of his employment hereunder are the sole property of the Company (“Company Property”). During the term of his employment, and at all times thereafter, the Executive shall not remove, or cause to be removed, from the premises of the Company, copies of any record, file, memorandum, document, computer related information or equipment, or any other item relating to the business of the Company, except in furtherance of his duties under the Agreement. When the Executive’s employment terminates, or upon request of the Company at any time, the Executive shall promptly deliver to the Company all copies of Company Property in his possession or control.

Inventions, designs, developments and improvements which the Executive makes while performing his employment activity and contractual duties or to which the Executive contributes belong to the Company, regardless of their protectability.

Inventions and designs which the Executive makes while performing his employment activity but not during the performance of his contractual duties or to which the Executives contributes are assigned to the Company without further formalities. The Executive shall inform the Company of such inventions or designs. The Company shall inform the Executive in writing within 6 months whether it wishes to keep the rights to the invention or the design or to release them to the Executive. In case that the invention or the design is not released to the Executive, the Company shall pay him an adequate compensation within the meaning of Art. 332 (4) Code of Obligations.

The rights to works of authorship (drafts, models, plans, drawings, texts) which the Executive creates while performing his/her employment activity, whether or not during the performance of his contractual duties, including the right to uses not yet known at this time, are transferred completely and exclusively to the Company.

In consideration of the benefits and entitlements provided by this Agreement, the Executive agrees that, during his employment hereunder and for a 12 month period following the date of Termination he will not, other than on behalf of the Company, directly or indirectly, as a sole proprietor, agent, broker or intermediary, member of a partnership, or stockholder, investor, officer or director of a corporation, or as an employee, agent, associate or consultant of any person, firm or corporation:

In case of violation of this non-competition clause, the Executive shall pay to the Company liquidated damages in the amount of twelve months base salary applicable at the time of the violation for each instance of violation. The payment of liquidated damages shall not discharge the Executive from complying with this non-competition undertaking.

In addition to the payment of liquidated damages and further damages incurred by the Company, the Company shall have the right to request specific performance of this provision and to apply to the courts for injunctive relief.

If to the Executive:

At the address maintained in the Company’s employment records.

If to the Company:

PartnerRe Ltd.:

Attn: Chief Executive Officer

Wellesley House

90 Pitts Bay Road

Pembroke HM08

Bermuda

or to such other address as any party may have furnished to the other in writing in accordance herewith, except that notices of change of address shall be effective only upon receipt.

If any provision of this Agreement is held by a court of competent jurisdiction to be enforceable only if modified, such holding shall not affect the validity of the remainder of this Agreement, the balance of which shall continue to be binding upon the parties hereto with any such modification to become a part hereof and treated as though originally set forth in this Agreement. The parties further agree that any such court or arbitration panel is expressly authorized to modify any such unenforceable provision of this Agreement in lieu of severing such unenforceable provision from this Agreement in its entirety, whether by rewriting the offending provision, deleting any or all of the offending provision, adding additional language to this Agreement, or by making such other modifications as it deems warranted to carry out the intent and agreement of the parties as embodied herein to the maximum extent permitted by law. The parties expressly agree that this Agreement as so modified by the court or arbitration panel shall be binding upon and enforceable against each of them. In any event, should one or more of the provisions of this Agreement be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions hereof, and if such provision or provisions are not modified as provided above, this Agreement shall be construed as if such invalid, illegal or unenforceable provisions had never been set forth herein.

The respective rights and obligations of the parties hereunder, including, without limitation, the rights and obligations set forth in Section 8 and Sections 16 through 19 of this Agreement, shall survive any termination of this Agreement to the extent necessary to the intended preservation of such rights and obligations.

This Agreement shall be governed by and construed and enforced in accordance with the laws of Switzerland, without regard to the principles of conflict of laws. Each party agrees to submit to the exclusive jurisdiction of the ordinary courts of the canton of Zurich, Switzerland.

The terms of the Change in Control Policy (the “CIC Policy”; Annex 5) as approved by the Compensation Committee and any amendment thereto, shall apply to the Executive. The CIC Policy shall be incorporated in this Agreement and shall be binding on the Executive as if such CIC Policy were contained herein verbatim. In addition to any payments and benefits to which the Executive is entitled pursuant to the CIC Policy, the Executive will be entitled to twelve (12) months housing allowance (Section 9(b)) in Switzerland and one year of school allowance (Section 9(c)) in Switzerland. If housing and/or school allowances are paid for by any other sources these benefits will cease.

The agreements and regulations attached to this Employment Agreement, as amended from time to time, form an integral part of this Agreement.

Signature page follows.

PartnerRe Holdings Europe Limited, Dublin, Zurich Branch

ANNEXES