Exhibit 11.1
EVEREST RE GROUP, LTD.
COMPUTATION OF EARNINGS PER SHARE
For The Three and Six Months Ended June 30, 2005 and 2004
	Three Months Ended June 30,				Six Months Ended June 30,
(Dollars in thousands)	2005		2004		2005		2004
Net Income	$	194,180	$	263,967	$	361,275	$	390,068
Weighted average common and effect
of dilutive shares used in the
computation of net income per share:
Average shares outstanding
- basic		56,266,220		55,932,707		56,204,200		55,851,721
Effect of dilutive shares:
Options outstanding		820,529		875,579		824,791		893,405
Options exercised		10,757		32,114		44,729		82,491
Options cancelled		363		388		777		1,607
Restricted shares		30,423		19,642		27,923		16,929
Average shares outstanding
- diluted		57,128,292		56,860,430		57,102,420		56,846,153
Net Income per common share:
Basic	$	3.45	$	4.72	$	6.43	$	6.98
Diluted	$	3.40	$	4.64	$	6.33	$	6.86