ST. MICHAEL, Barbados - August 6, 2002 -- Everest Re Group, Ltd. (NYSE: RE) announced today that its Chief Executive Officer, Joseph V. Taranto, and its Chief Financial Officer, Stephen L. Limauro, will voluntarily certify the Company's 2001 annual report on Form 10-K and subsequent financial reports and filings. As a non-US company, Everest Re Group was not included in the Securities and Exchange Commission's June 27, 2002 Order requiring such certifications from the officers of certain large, publicly traded corporations.

These certifications will be made upon the filing of the Company's quarterly report on Form 10-Q on or before August 14, 2002.

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.