Everest Re Group Signs Letter of Intent to Acquire Heartland Crop Insurance

Everest Re Group, Ltd. (NYSE:RE) announced today that it has entered into discussions with Heartland Crop Insurance, Inc. regarding a potential acquisition of the Kansas-based company by Everest Reinsurance Holdings, Inc. or one of its affiliates. The parties have entered into a non-binding letter of intent.

HAMILTON, Bermuda – December 15, 2010 – Everest Re Group, Ltd. (NYSE:RE) announced today that it has entered into discussions with Heartland Crop Insurance, Inc. regarding a potential acquisition of the Kansas-based company by Everest Reinsurance Holdings, Inc. or one of its affiliates. The parties have entered into a non-binding letter of intent.

The potential transaction remains subject to negotiation and execution of definitive agreements, and there can be no assurance that a definitive agreement will be entered into or that the discussions will result in a transaction. Everest Re Group, Ltd. will provide further details once a definitive agreement is reached or upon consummation of the proposed transaction.

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 Reinsurance Company (Ireland), Limited provides reinsurance to non-life insurers in Europe. 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.