Everest CEO Joseph Taranto Delays Retirement

October 12, 2010

The Board of Directors of Everest Re Group Ltd. announced that it has asked Joseph V. Taranto to reconsider his decision to retire and to remain as Chairman and Chief Executive Officer through December 31, 2012. Mr. Taranto had announced in July that he intended to retire as CEO at the end of the year.

The Board also announced that Mr. Ralph E. Jones III, President and Chief Operating Officer, has asked the Company to accept his resignation effective October 7, 2010. He had been slated to take over the CEO position job on January 1st.

Mr. Taranto stated, “I am dedicated and energized to continue to lead the Company forward. Given all of Everest’s strengths, I expect us to continue to perform well despite challenging market conditions. I also want to thank Ralph Jones for his contributions to Everest and wish him the very best.”

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.

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