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.