ST. MICHAEL, Barbados - May 22, 2003 -- Everest Re Group, Ltd. (NYSE: RE) announced today that its Board of Directors declared a dividend of $0.09 per share payable on or before June 20, 2003 to all shareholders of record as of June 2, 2003.

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 US and international markets. Everest Reinsurance (Bermuda), Ltd. provides reinsurance to property and casualty and life insurers in both the Bermuda and international markets. Everest National Insurance Company and Everest Security Insurance Company provide property and casualty insurance to policyholders in the United States. Everest Indemnity Insurance Company offers excess and surplus lines insurance in the United States. Additional information on Everest Re Group companies can be found at the Group's web site at www.everestre.com.