Everest Re Group Establishes European Headquarters in Ireland

Everest Re Group, Ltd. (NYSE: RE) announced today that its newly formed subsidiary, Everest Reinsurance Company (Ireland), Limited, has been granted a license by the Irish Financial Services Regulatory Authority to operate as an authorized non-life reinsurer in Ireland, which enables the Company to operate throughout the European Union (EU) under a single regulatory framework.

HAMILTON, Bermuda - June 29, 2009 -- Everest Re Group, Ltd. (NYSE: RE) announced today that its newly formed subsidiary, Everest Reinsurance Company (Ireland), Limited, has been granted a license by the Irish Financial Services Regulatory Authority to operate as an authorized non-life reinsurer in Ireland, which enables the Company to operate throughout the European Union (EU) under a single regulatory framework.

Headquartered in Dublin, Everest Reinsurance Company (Ireland), Limited, together with its direct parent, Everest Underwriting Group (Ireland) Limited, form a hub for Everest's Continental European operations and complements its existing operations in London and Brussels, and its new operation in Cologne, adding to the breadth of its worldwide franchise. Everest Reinsurance Company (Ireland), Limited has been rated A+ (Strong) by Standard and Poor's and A+ (Superior) by A.M. Best, recognizing the importance of this entity to the overall group.

Mark de Saram, Chairman of the Everest Reinsurance Company (Ireland), Limited Board of Directors, said "With over thirty years experience operating on the European continent, Everest is recognized for underwriting and service excellence. Our Irish company enhances our position in this important market and increases our operating flexibility by giving our customers access to our highly rated security through a European Union regulated company."

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.