Everest Re Group Completes Gibraltar Acquisition

September 20, 2000

Everest Re Group, Ltd.’s U.S. subsidiary Everest Reinsurance Holdings, Inc. has completed the acquisition of Gibraltar Casualty Company from The Prudential Insurance Company of America. The acquisition price of $51.8 million effectively adds approximately $500 million of invested assets to the $4.6 billion base Everest Re Group reported at June 30, 2000.

Gibraltar will be managed by a team led by James H. Foster, who has been named President of the company and promoted to Senior Vice President within Everest Re. Foster, who has been with Everest since 1989, has over twenty years of experience handling many different types of litigation.

Foster will maintain his current role as the principal investor relations officer for Everest Re Group. Immediately following the acquisition, Gibraltar’s name was changed to Mt. McKinley Insurance Company.

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