Exhibit 11.1

EVEREST RE GROUP, LTD.
COMPUTATION OF EARNINGS PER SHARE
For The Three and Six Months Ended June 30, 2004 and 2003

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(Dollars in thousands)		2004		2003		2004		2003
Net Income	$	263,967	$	109,555	$	390,068	$	203,922
Weighted average common and effect
of dilutive shares used in the
computation of net income per share:
Average shares outstanding
- basic		55,932,707		54,096,163		55,851,721		52,505,089
Effect of dilutive shares:
Options outstanding		875,579		978,079		893,405		798,367
Options exercised		32,114		16,147		82,491		10,373
Options cancelled		388		160		1,607		616
Restricted shares		19,642		--		16,929		--
Average share outstanding
- diluted		56,860,430		55,090,549		56,846,153		53,314,445
Net Income per common share:
Basic	$	4.72	$	2.03	$	6.98	$	3.88
Diluted	$	4.64	$	1.99	$	6.86	$	3.82