8-K

UNITED STATES

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)

March 20, 2012

Everest Re Group, Ltd.

(Exact name of registrant as specified in its charter)

Bermuda	1-15731	98-0365432
(State or other jurisdiction	(Commission	(IRS Employer
of incorporation)	File Number)	Identification No.)
Wessex House – 2nd Floor 45 Reid Street PO Box HM 845 Hamilton HM DX, Bermuda		Not Applicable
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code 441-295-0006

Not Applicable

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

ITEM 5.02 DEPARTURE OF DIRECTORS OR PRINCIPAL OFFICERS, ELECTION OF DIRECTORS, APPOINTMENT OF PRINCIPAL OFFICERS

On March 20, 2012, the registrant announced the appointment of Craig Howie to the position of Executive Vice President, effective March 26, 2012, and subsequent to the filing of the registrant's first quarter 2012 SEC financial statements, he will assume the role of Chief Financial Officer.  Mr. Howie had been with Munich Re America since 1989, where he held the position of Vice President and Controller since 2005.  Prior to joining Munich Re America, Mr. Howie had been with Ernst & Young.

On March 20, 2012, the registrant issued an offer letter to Mr. Howie.

The material terms of the offer letter are as follows:

Term:  Effective March 26, 2012

Annual Salary:  $450,000, with a one time payment of $300,000 within 30 days of employment

Bonus:  Eligible to participant in the annual incentive plan (“Bonus Plan”) and in March, 2013, eligible to receive a target bonus of $450,000 under this plan

Restricted Shares:  To be granted restricted shares, valued at $750,000, pending approval by the registrant compensation committee in accordance with the 2010 Stock Incentive Plan

Change of Control:  Eligible to participate in the Senior Executive Change Control Plan as amended and restated effective January 1, 2009

Termination Clause:  Restricted shares will fully vest upon termination without cause

A copy of the offer letter is filed here within as Exhibit 10.1 and is incorporated herein by reference.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS

(c)	Exhibits
	Exhibit No.	Description
	10.1	Offer Letter with Craig Howie
	99.1	News Release of the registrant,
		dated March 20, 2012

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 hereunto duly authorized.

	EVEREST RE GROUP, LTD.
By:	/S/ DOMINIC J. ADDESSO
	Dominic J. Addesso
	President and
		Chief Financial Officer

Dated:  March 20, 2012

EXHIBIT INDEX

Exhibit
Number	Description of Document	Page No.
10.1	Offer Letter with Craig Howie	5
99.1	News Release of the registrant,
	dated March 20, 2012	7

EX-10.1

Barry H. Smith, CPCU, ARe Executive Vice President and Chief Administrative Officer Everest Reinsurance Company 477 Martinsville Road P.O. Box 830 Liberty Corner, NJ 07938-0830 Tel:908.604.3535  Fax: 908.604.3571 e-mail:  barry.smith@everestre.com

This letter is not an employment contract

March 20, 2012

Craig W. Howie

1094 Drew Drive

Yardley, PA 19067

Dear Craig,

I am pleased to extend an offer of employment to join Everest Global Services, Inc. a member of the Everest Re Group, Ltd., as Executive Vice President and, subsequent to the filing of Group’s first quarter 2012 10-Q, Chief Financial Officer.

Your annual salary will be $450,000 and you will be eligible for future salary consideration, subject to the approval of the Compensation Committee of the Board, in April 2013.  You will also be eligible to participate in the Company’s Annual Incentive Plan (“Bonus Plan”) at the discretion of the Company. In March 2013, you will be eligible to receive a target bonus of $450,000 under this Plan.

At the first practicable time, you will be granted restricted shares of Everest Re Group, Ltd. stock valued at approximately $750,000 in accordance with the Company’s 2010 Stock Incentive Plan. This grant is subject to approval by the Everest Re Group, Ltd. Compensation Committee.  Restricted shares vest twenty percent per year over a five-year period while you remain employed with the Company. You shall also receive a one-time payment of a $300,000 within 30 days of employment.

Your vacation days will be earned throughout the year under the Everest Vacation Plan.  You will be eligible to earn 21 paid vacation days and 3 personal days in 2012 and 25 paid vacation days annually thereafter.

You are eligible to participate in the Senior Executive Change of Control Plan as amended and restated effective January 1, 2009. A copy of the plan is enclosed with this Agreement. Subject to approval by the Everest Re Group, Ltd. Compensation Committee, you will receive a letter confirming your Change of Control participation within 30 days of your employment.

Please note that the Company may terminate your employment with or without cause at any time without prior notice to you.  Termination for cause shall mean termination of your employment on account of: (i) willful misfeasance or gross negligence by you in a matter of material importance to the conduct of the Group’s affairs; (ii) your negligence having an adverse effect, financial or otherwise, on the Group or on the conduct of the Group’s affairs; or (iii) your conviction or indictment for a criminal offense.  In the event of a termination for cause, the Company shall have no further obligations to you.

In the event your employment is terminated without cause, all unvested restricted shares granted under this letter shall become fully vested. This accelerated vesting of restricted shares shall be conditional upon your execution of an appropriate release and waiver at the time of termination.  

The Immigration Reform and Control Act requires employers to verify the identity and employment eligibility of all new employees.  This offer of employment is contingent upon proof of your eligibility to work in the United States. 

If accepted, please sign and date this letter below. If you have any questions regarding this offer, I can be reached at 908-604-3535.

Sincerely,

/S/ BARRY H. SMITH

Barry H. Smith

This letter is intended to state only the basic terms of your employment with Everest Global Service, Inc. a member of the Everest Re Group, Ltd., for the period of your employment.  It is not intended to be, nor should it be interpreted as, an employment contract.  Unless the company enters into an express individual written employment contract signed by its Chief Executive Officer, your employment is “at will.”  This means that you or the Company may terminate your employment with or without cause and with or without notice at any time.

/S/ CRAIG W. HOWIE  3/20/12

Craig W. Howie                                                                           Date

EX-99.1

        NEWS RELEASE      

EVEREST RE GROUP, LTD.

Wessex House, 45 Reid Street, 2nd Floor, Hamilton HM DX, Bermuda

Contact:  Elizabeth B. Farrell

Vice President, Investor Relations

Everest Global Services, Inc.

908.604.3169

For Immediate Release

Craig Howie Joins Everest Re Group, Ltd.; to be Named Chief Financial Officer

HAMILTON, Bermuda – March 20, 2012 -- Everest Re Group, Ltd. (NYSE: RE) today announced that Craig Howie will join the Company as Executive Vice President on March 26, 2012. Following the first quarter filings of the Company’s SEC financial statements, Mr. Howie will assume the role of Chief Financial Officer from Mr. Dominic Addesso, who, as previously announced, was promoted to President.

Mr. Howie joins Everest from Munich Re America where he served as Vice President and Controller since 2005. Having joined Munich Re America in 1989 from Ernst & Young, Mr. Howie brings more than 23 years of insurance industry related financial experience to the organization. He holds an M.B.A. in Finance and Taxation from Villanova University and a B.S. in Accounting from Drexel University. In addition, Mr. Howie holds memberships in the American Institute of CPAs, the New Jersey Society of CPAs, and the Pennsylvania Institute of CPAs.

Mr. Joseph V. Taranto, Chairman and Chief Executive Officer, said "We are very pleased to have an experienced executive of Craig's caliber joining us at Everest. He is a terrific addition to our executive management team." Dominic Addesso, President and Chief Financial Officer, said, "I have known Craig for many years and I look forward to working with him again as he assumes the role of Chief Financial Officer. He will be a strong and welcome addition to our organization."

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 U.S. and international markets. Everest Reinsurance (Bermuda), Ltd., including through its branch in the United Kingdom, provides reinsurance and insurance to

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worldwide property and casualty markets and reinsurance to life insurers. Everest Reinsurance Company (Ireland), Limited provides reinsurance to non-life insurers in Europe. Everest National Insurance Company and Everest Security Insurance Company provide property and casualty insurance to policyholders in the U.S. Everest Indemnity Insurance Company offers excess and surplus lines insurance in the U.S. Everest Insurance Company of Canada provides property and casualty insurance to policyholders in Canada. Additional information on Everest Re Group companies can be found at the Group’s web site at www.everestregroup.com.

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