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 Re Group Approved as an Admitted Reinsurer in Brazil

HAMILTON, Bermuda – December 22, 2008 -- Everest Re Group, Ltd. (NYSE: RE) announced today that its subsidiary, Everest Reinsurance Company, has been admitted as a
property and casualty reinsurer in Brazil.

The approval by the Brazilian insurance regulator, SUSEP (Superintendencia de Seguros Privados) enables Everest to further enhance its long-established market position in this very important Latin American market. With over thirty years experience in the Brazilian reinsurance market, Everest is recognized for underwriting and service excellence.

As an admitted reinsurer, Everest gains greater flexibility to satisfy the growing needs of its clients through a diverse array of treaty and facultative reinsurance products in all lines of property and casualty, including property, engineering, general and professional liability, surety, personal accident, health, marine and aviation.

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.