Everest Re Completes Note Sale

April 30, 2007

Bermuda’s Everest Re Group, Ltd. announced that its wholly-owned subsidiary, Everest Reinsurance Holdings, Inc., has 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 percent 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 percent 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 percent. 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.

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