EVEREST RE GROUP, LTD.

Wessex House, 45 Reid Street, 2nd Floor, Hamilton HM DX, Bermuda

Contact: Elizabeth B. Farrell Vice President, Investor Relations Everest Global Services, Inc. 908.604.3169

Everest Names Mark Herman President of Everest Specialty Underwriters

HAMILTON, Bermuda – March 9, 2009 – Everest Re Group, Ltd. (NYSE: RE) announced today that Mark Herman has been appointed President of the newly-created Everest Specialty Underwriters, effective immediately. This new division, based in New York, will focus its attention on the professional lines markets, specifically directors and officers and errors and omissions products for the primary insurance market.

Mr. Herman joins Everest from Valiant Insurance Group, where he served as Non-executive Chairman. Prior to that, Mr. Herman was Co-President of Ariel Holdings Ltd., where he was instrumental in building the operation from its formation in 2005. Before assuming this role, he spent nine years with ACE Limited as President and Chief Executive Officer of ACE Bermuda. Having joined ACE in 1995 from the Chubb Group, where he held a number of senior assignments, Mr. Herman brings to Everest significant underwriting depth and management experience in the professional lines arena.

Mr. Ralph E. Jones, President and Chief Operating Officer, said “We are delighted to welcome an executive of Mark’s background and experience to our team. He has a great reputation in the market and will be a strong asset as we build out our insurance platform.”

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 U.S. and international markets. Everest Reinsurance (Bermuda), Ltd., including through its branch in the United Kingdom, provides reinsurance and insurance to worldwide property and casualty markets and reinsurance to life insurers. Everest National Insurance Company and Everest Security Insurance Company provide property and casualty insurance to policyholders in the U.S. Everest Indemnity Insurance Company offers excess and surplus lines insurance in the U.S. Additional information on Everest Re Group companies can be found at the Group’s web site at www.everestre.com.