EVEREST RE GROUP, LTD.
                        COMPUTATION OF EARNINGS PER SHARE
              For The Three Months and Nine Months Ended September
                                30, 2000 and 1999
                             (Dollars in thousands)



                                    Three Months Ended           Nine Months Ended
                                       September 30,               September 30,
                                 -------------------------   -------------------------
                                     2000          1999          2000          1999
                                 -------------------------   -------------------------

                                                               
Net Income (Numerator)           $    47,687   $    39,209   $   134,974   $   118,516
                                 ===========   ===========   ===========   ===========

Weighted average common
 and effect of dilutive
 shares used in the
 computation of net
 income per share:
 Average shares outstanding
  - basic (denominator)           45,834,124    48,617,621    45,847,575    49,028,737
  Effect of dilutive shares:
    Options outstanding              572,745       178,395       330,759       206,457
    Options exercised                  6,680           297         2,300           105
    Options cancelled                     -             -            524           322
                                 -----------   -----------   -----------   -----------
 Average share outstanding
  - diluted (denominator)         46,413,549    48,796,313    46,181,158    49,235,621


Net Income per common share:
     Basic                       $      1.04   $      0.81   $      2.94   $      2.42
     Diluted                            1.03          0.80          2.92          2.41