Everest Re Completes $400 Million Offering of Long Term Subordinated Notes

Everest Re Group, Ltd. (NYSE: RE) announced today that its wholly-owned subsidiary, Everest Reinsurance Holdings, Inc. (Holdings), completed a public offering of $400 million of fixed to floating rate long term subordinated notes due 2067, pursuant to its currently effective shelf registration statement.

HAMILTON, Bermuda - April 27, 2007 - Everest Re Group, Ltd. (NYSE: RE) announced today that its wholly-owned subsidiary, Everest Reinsurance Holdings, Inc. (Holdings), completed a public offering of $400 million of fixed to floating rate long term subordinated notes due 2067, pursuant to its currently effective shelf registration statement. The Company expects to use the net proceeds from this offering to redeem all of the outstanding 7.85% Junior Subordinated Debt Securities due November 15, 2032 held by Everest Re Capital Trust as soon as practicable after November 14, 2007. The remaining net proceeds from this offering will be used for general corporate purposes.

The notes have a 30-year scheduled maturity and a 60-year final maturity and bear interest at the fixed rate of 6.60% for an initial ten-year period. After this period, the notes will bear interest at an annual rate equal to three-month LIBOR plus 2.385%. The notes are rated Baa1 by Moody's Investors Service, BBB by Standard & Poor's Rating Services and bbb by A.M. Best Company.

Wachovia Securities was the sole structuring coordinator for this offering. Wachovia Capital Markets, LLC and Citigroup Global Markets Inc. were the joint bookrunners for this offering. Copies of the prospectus supplement and the accompanying prospectus relating to the offering may be obtained from Wachovia Capital Markets, LLC. at (866) 289-1262 and Citigroup Global Markets Inc. at (877) 858-5407

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.

This news release contains forward-looking statements within the meaning of the U.S. federal securities laws. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the U.S. Federal securities laws. These statements involve risks and uncertainties that could cause actual results to differ materially from those contained in forward-looking statements made on behalf of the Company. These risks and uncertainties include the impact of general economic conditions and conditions affecting the insurance and reinsurance industry, the adequacy of our reserves, our ability to assess underwriting risk, trends in rates for property and casualty insurance and reinsurance, competition, investment market fluctuations, trends in insured and paid losses, catastrophes, regulatory and legal uncertainties and other factors described in our latest Annual Report on Form 10-K. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Everest Re Group, Ltd. is a Bermuda holding company that operates through the following subsidiaries: Everest Reinsurance Company provides reinsurance to property and casualty insurers in both the U.S. and international markets. Everest Reinsurance (Bermuda), Ltd., including through its branch in the United Kingdom, provides reinsurance and insurance to worldwide property and casualty markets and reinsurance to life insurers. Everest National Insurance Company and Everest Security Insurance Company provide property and casualty insurance to policyholders in the U.S. Everest Indemnity Insurance Company offers excess and surplus lines insurance in the U.S. Additional information on Everest Re Group companies can be found at the Group's web site at www.everestregroup.com.