Everest Re Group Announces Application for Licensing in Brazil

Everest Re Group, Ltd. (NYSE: RE) announced today that its subsidiary, Everest Reinsurance Company, has applied to the Brazilian regulatory authorities for approval as an occasional reinsurer.

HAMILTON, Bermuda - April 22, 2008 -- Everest Re Group, Ltd. (NYSE: RE) announced today that its subsidiary, Everest Reinsurance Company, has applied to the Brazilian regulatory authorities for approval as an occasional reinsurer. The initial approval is the prelude to Everest's planned entry as an admitted reinsurer, as it commences establishing a representative office in Brazil.

With over thirty years experience in the Brazilian reinsurance market, Everest is very well known with an established reputation for underwriting and service excellence. As a market leader, Everest looks forward to satisfying the growing needs of its clients through a diverse array of treaty and facultative reinsurance products in all lines of property and casualty, including property, engineering, general and professional liability, surety, personal accident, health, marine and aviation.

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.