Exhibit 10.2

                        AMENDMENT OF EMPLOYMENT AGREEMENT

     WHEREAS,  Everest Reinsurance Company (the "Company"),  Everest Reinsurance
Holdings,  Inc. ("Holdings") and Joseph V. Taranto were parties to an employment
agreement  effective  as  of  January  1,  2000,  as  amended  (the  "Employment
Agreement");

     WHEREAS,  pursuant  to a  restructuring  of  Holdings,  Holdings  became  a
wholly-owned subsidiary of Everest Re Group, Ltd. ("Everest Group");

     WHEREAS, in connection with the restructuring,  Everest Group established a
subsidiary, Everest Global Services, Inc. ("Everest Services");

     WHEREAS,  the  Employment  Agreement  was  amended in  connection  with the
restructuring  to reflect the  restructuring  and the  establishment  of Everest
Services;

     WHEREAS,  Taranto has been transferred to employment with Everest Services,
and, as required  under the  Employment  Agreement,  Everest  Services  has been
substituted for the Company under the Employment  Agreement and Everest Services
has  adopted  and  has  become  a party  to the  Employment  Agreement,  and the
Employment   Agreement  has  been  amended  to  reflect  all  of  the  foregoing
transactions;

     WHEREAS,  the parties  have agreed to certain  other  modifications  to the
Employment Agreement; and

     WHEREAS,  it is now desirable to amend the Employment  Agreement to reflect
the additional modifications agreed to by the parties;

     NOW, THEREFORE, the Employment Agreement is hereby amended, effective as of
April 20, 2001 in the following particulars:

     1. By  substituting  the  following  for the  Section  2 of the  Employment
Agreement:

         "2. Term.

         The term of  employment  under  this  Agreement  shall  commence  as of
January 1,  2000  (the `Appointment  Date') and shall continue through March 31,
2004, unless sooner terminated in accordance with this Agreement."


     2. By adding the  following  new  Section 5.2 to the  Employment  Agreement
immediately after Section 5.1 thereof:

         5.2 Upon  execution of an amendment to this Agreement which extends the
term of employment under this  Agreement to March 31, 2004 and in  consideration
of such extension, Everest Group shall grant to  Taranto,  Two Hundred  Thousand
(200,000)  non-qualified  options  for the  purchase  of stock of Everest  Group
under,  and subject to the terms of, the  Holdings'  1995 Stock  Incentive  Plan
(which plan was assumed by Everest Group in connection  with the  Restructuring)
(the `Incentive  Plan').  The options granted pursuant to this Section 5.2 shall
be  subject  to the  general  terms and  conditions  of the  Incentive  Plan and
applicable award agreements  issued thereunder and shall vest at the rate of 20%
per year over  five  years,  such  vesting  to occur on each of the  first  five
anniversary dates of the grant."

          IN WITNESS  WHEREOF,  the parties have executed this  amendment to the
     Employment Agreement as of April 20, 2001.


                                Everest Reinsurance Company


                                By: /S/ JANET J. BURAK
                                    -------------------------------------------
                                    Janet J. Burak
                                    Senior Vice President


                                Everest Reinsurance Holdings, Inc.

                                By: /S/ JANET J. BURAK
                                    -------------------------------------------
                                    Janet J. Burak
                                    Senior Vice President


                                Everest Re Group, Ltd.

                                By: /S/ JANET J. BURAK
                                    -------------------------------------------
                                    Janet J. Burak
                                    Senior Vice President


                                Everest Global Services, Inc.

                                By: /S/ JANET J. BURAK
                                    -------------------------------------------
                                    Janet J. Burak
                                    Senior Vice President


                                    /S/ JOSEPH V. TARANTO
                                    -------------------------------------------
                                    Joseph V. Taranto



                                      -2-