EVEREST RE GROUP, LTD.

Wessex House, 45 Reid Street, Hamilton HM DX, Bermuda

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

Everest Re Group Announces Dividend

HAMILTON, Bermuda - May 23, 2007 - Everest Re Group, Ltd. (NYSE: RE) today announced that its Board of Directors declared a dividend of $0.48 per share payable on or before June 22, 2007 to all shareholders of record as of June 5, 2007.

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.