8-K

                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549



                                    FORM 8-K


                                 CURRENT REPORT
                     PURSUANT TO SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934


Date of Report (Date of earliest event reported): February 20, 2003


                             EVEREST RE GROUP, LTD.
- --------------------------------------------------------------------------------
               (Exact Name of Registrant as Specified in Charter)


         Bermuda                       1-15731                  Not Applicable
- ----------------------------         ------------            -------------------
(State or Other Jurisdiction         (Commission               (I.R.S. Employer
     of Incorporation)               File Number)            Identification No.)




c/o ABG Financial & Management Services, Inc.
         Parker House, Wildey Road
           St. Michael, Barbados                                  Not Applicable
- ---------------------------------------------                     --------------
  (Address of Principal Executive Offices)                          (Zip Code)


Registrant's telephone number, including area code: 246-228-7398


                                 Not Applicable
- --------------------------------------------------------------------------------
          (Former Name or Former Address, if Changed Since Last Report)





ITEM 5.   OTHER EVENTS

          On February 20, 2003, the registrant issued a news release  announcing
          an increase to its  quarterly  shareholder  dividend  and  declaring a
          dividend. A copy of that new release is filed herewith as Exhibit 99.1
          and is incorporated herein by reference.


ITEM 7.   FINANCIAL STATEMENTS AND EXHIBITS


     c.   Exhibits
          --------

          Exhibit No.                                    Description
          -----------                                 ------------------
          99.1                                        New Release of the
                                                      registrant, dated
                                                      February 20, 2003




                                   SIGNATURES

Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned thereunto duly authorized.



                                                          EVEREST RE GROUP, LTD.



                                                  By:/s/ STEPHEN L. LIMAURO
                                                     ---------------------------
                                                     Stephen L. Limauro
                                                     Executive Vice President
                                                     and Chief Financial Officer

Dated:  February 20, 2003



                                  EXHIBIT INDEX


EXHIBIT
NUMBER                      DESCRIPTION OF DOCUMENT                     PAGE NO.
- -------              --------------------------------------             --------
99.1                 Press Release of the registrant, dated                    4
                     February 20, 2003.

EX-99.1

Exhibit 99.1



NEWS RELEASE


EVEREST RE GROUP, LTD.
c/o ABG Financial & Management Services, Inc.
Parker House, Wildey Business Park, Wildey Road, St. Michael, Barbados


Contact:
Joseph A. Gervasi
Secretary
Everest Global Services, Inc.
908.604.3167

                              For Immediate Release
                       Everest Re Group Announces Dividend


ST. MICHAEL,  Barbados - February 20, 2003 -- Everest Re Group,  Ltd. (NYSE: RE)
announced  today  that its  Board  of  Directors  increased  the  amount  of its
quarterly  dividend  to $0.09 per share  from $0.08 per  share,  and  declared a
dividend  payable on or before March 21, 2003 to all  shareholders  of record on
March 3, 2003.

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 US and international markets. Everest
Reinsurance  (Bermuda),  Ltd.  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 United States.  Everest  Indemnity
Insurance  Company  offers  excess and  surplus  lines  insurance  in the United
States. Additional information on Everest Re Group companies can be found at the
Group's web site at WWW.EVERESTRE.COM.