Everest Re Q1 Operating Income Up 23.6%

April 24, 2002

Everest Re Group, Ltd. reported that its first quarter 2002 after-tax operating income, which excludes realized capital gains and losses, was $66 million, or $1.35 per diluted share, a 23.6 percent increase compared to $53.4 million, or $1.14 per diluted share, in the first quarter of 2001.

The first three months of the year were definitely good ones for the Barbados-based reinsurer, as it posted gains in in all areas. Its gross premiums written in the first quarter were $596.3 million, a 42.2% increase compared to $419.4 million in 2001.

Everest Re’s combined ratio fell to 99.3% for the quarter compared to 103.0% in 2001, while it also registered gains in its investment income and saw its cash flow from operations reach $105.5 million, an increase of 66.3% compared to $63.5 million in the first quarter of 2001.

Commenting on the Company’s results, Chairman and CEO Joseph V. Taranto stated, “As one of the strongest companies in its markets, Everest benefits from the clear flight to quality and the continuing increases in insurance and reinsurance rates. This has allowed us to begin 2002 with strong growth in premiums, earnings and cash flow. We are on track for an extremely positive year.”

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