10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED: March 31, 2015 Commission file number: 1-14527

EVEREST REINSURANCE HOLDINGS, INC.

(Exact name of registrant as specified in its charter)

Delaware	22-3263609
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

477 Martinsville Road

Post Office Box 830

Liberty Corner, New Jersey 07938-0830

(908) 604-3000

(Address, including zip code, and telephone number, including area code,

of registrant’s principal executive office)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

YES X NO

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

YES X NO

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.  See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer		Accelerated filer
Non-accelerated filer	X	Smaller reporting company
(Do not check if smaller reporting company)

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

YES NO X

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

	Number of Shares Outstanding
Class	At May 1, 2015
Common Shares, $0.01 par value	1,000

The Registrant meets the conditions set forth in General Instruction H (1)(a) and (b) of Form 10-Q and is therefore filing this form with the reduced disclosure format permitted by General Instruction H of Form 10-Q.

EVEREST REINSURANCE HOLDINGS, INC.

Table of Contents

Form 10-Q

Page

PART I

FINANCIAL INFORMATION

Item 1.	Financial Statements
	Consolidated Balance Sheets at March 31, 2015 (unaudited) and
		December 31, 2014	1
	Consolidated Statements of Operations and Comprehensive Income (Loss) for the
		three months ended March 31, 2015 and 2014 (unaudited)	2
	Consolidated Statements of Changes in Stockholder’s Equity for the three
		months ended March 31, 2015 and 2014 (unaudited)	3
	Consolidated Statements of Cash Flows for the three months ended
		March 31, 2015 and 2014 (unaudited)	4
	Notes to Consolidated Interim Financial Statements (unaudited)		5
Item 2.	Management’s Discussion and Analysis of Financial Condition and
		Results of Operation	26
Item 3.	Quantitative and Qualitative Disclosures About Market Risk		38
Item 4.	Controls and Procedures		38

PART II

OTHER INFORMATION

Item 1.	Legal Proceedings	39
Item 1A.	Risk Factors	39
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	39
Item 3.	Defaults Upon Senior Securities	39
Item 4.	Mine Safety Disclosures	39
Item 5.	Other Information	39
Item 6.	Exhibits	40

EVEREST REINSURANCE HOLDINGS, INC.

CONSOLIDATED BALANCE SHEETS

	March 31,		December 31,
(Dollars in thousands, except par value per share)	2015		2014
	(unaudited)
ASSETS:
Fixed maturities - available for sale, at market value	$	5,226,919	$	5,293,411
(amortized cost: 2015, $5,108,085; 2014, $5,235,523)
Fixed maturities - available for sale, at fair value		363		1,509
Equity securities - available for sale, at market value (cost: 2015, $15; 2014, $15)		16		16
Equity securities - available for sale, at fair value		1,350,070		1,299,037
Short-term investments		559,947		564,364
Other invested assets (cost: 2015, $440,616; 2014, $435,010)		440,616		435,010
Other invested assets, at fair value		1,691,275		1,655,311
Cash		267,487		323,975
Total investments and cash		9,536,693		9,572,633
Note receivable - affiliated		250,000		250,000
Accrued investment income		47,856		45,386
Premiums receivable		1,161,029		1,086,203
Reinsurance receivables - unaffiliated		690,641		659,303
Reinsurance receivables - affiliated		3,386,137		3,372,715
Funds held by reinsureds		192,108		182,159
Deferred acquisition costs		94,703		109,262
Prepaid reinsurance premiums		791,245		809,083
Other assets		257,876		235,576
TOTAL ASSETS	$	16,408,288	$	16,322,320
LIABILITIES:
Reserve for losses and loss adjustment expenses	$	7,805,030	$	7,843,856
Unearned premium reserve		1,408,321		1,442,122
Funds held under reinsurance treaties		107,444		101,743
Losses in the course of payment		237,919		178,521
Commission reserves		66,461		63,110
Other net payable to reinsurers		972,196		1,028,549
4.868% Senior notes due 6/1/2044		400,000		400,000
6.6% Long term notes due 5/1/2067		238,365		238,364
Accrued interest on debt and borrowings		12,341		3,537
Income taxes		81,928		46,835
Unsettled securities payable		27,206		41,092
Other liabilities		350,540		361,874
Total liabilities		11,707,751		11,749,603
Commitments and Contingencies (Note 6)
STOCKHOLDER'S EQUITY:
Common stock, par value: $0.01; 3,000 shares authorized;
1,000 shares issued and outstanding (2015 and 2014)		-		-
Additional paid-in capital		366,258		362,293
Accumulated other comprehensive income (loss), net of deferred income tax expense
(benefit) of $6,693 at 2015 and $2,434 at 2014		12,430		4,519
Retained earnings		4,321,849		4,205,905
Total stockholder's equity		4,700,537		4,572,717
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY	$	16,408,288	$	16,322,320
The accompanying notes are an integral part of the consolidated financial statements.

1

EVEREST REINSURANCE HOLDINGS, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

AND COMPREHENSIVE INCOME (LOSS)

	Three Months Ended
	March 31,
(Dollars in thousands)	2015			2014
	(unaudited)
REVENUES:
Premiums earned	$	521,062		$	470,445
Net investment income		72,581			63,787
Net realized capital gains (losses):
Other-than-temporary impairments on fixed maturity securities		(24,121	)		-
Other-than-temporary impairments on fixed maturity securities
transferred to other comprehensive income (loss)		-			-
Other net realized capital gains (losses)		45,417			(4,050	)
Total net realized capital gains (losses)		21,296			(4,050	)
Other income (expense)		15,833			(3,055	)
Total revenues		630,772			527,127
CLAIMS AND EXPENSES:
Incurred losses and loss adjustment expenses		308,880			278,046
Commission, brokerage, taxes and fees		96,531			76,094
Other underwriting expenses		48,543			39,251
Corporate expenses		1,609			1,302
Interest, fee and bond issue cost amortization expense		8,859			7,436
Total claims and expenses		464,422			402,129
INCOME (LOSS) BEFORE TAXES		166,350			124,998
Income tax expense (benefit)		50,406			38,532
NET INCOME (LOSS)	$	115,944		$	86,466
Other comprehensive income (loss), net of tax :
Unrealized appreciation (depreciation) ("URA(D)") on securities arising during the period		15,950			20,797
Less: reclassification adjustment for realized losses (gains) included in net income (loss)		23,665			1,298
Total URA(D) on securities arising during the period		39,615			22,095
Foreign currency translation adjustments		(33,308	)		(7,836	)
Benefit plan actuarial net gain (loss) for the period		-			-
Reclassification adjustment for amortization of net (gain) loss included in net income (loss)		1,604			771
Total benefit plan net gain (loss) for the period		1,604			771
Total other comprehensive income (loss), net of tax		7,911			15,030
COMPREHENSIVE INCOME (LOSS)	$	123,855		$	101,496
The accompanying notes are an integral part of the consolidated financial statements.

2

EVEREST REINSURANCE HOLDINGS, INC.

CONSOLIDATED STATEMENTS OF

CHANGES IN STOCKHOLDER’S EQUITY

	Three Months Ended
	March 31,
(Dollars in thousands, except share amounts)	2015		2014
	(unaudited)
COMMON STOCK (shares outstanding):
Balance, beginning of period		1,000		1,000
Balance, end of period		1,000		1,000
ADDITIONAL PAID-IN CAPITAL:
Balance, beginning of period	$	362,293	$	351,051
Share-based compensation plans		3,965		3,394
Balance, end of period		366,258		354,445
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS),
NET OF DEFERRED INCOME TAXES:
Balance, beginning of period		4,519		87,648
Net increase (decrease) during the period		7,911		15,030
Balance, end of period		12,430		102,678
RETAINED EARNINGS:
Balance, beginning of period		4,205,905		3,751,779
Net income (loss)		115,944		86,466
Balance, end of period		4,321,849		3,838,245
TOTAL STOCKHOLDER'S EQUITY, END OF PERIOD	$	4,700,537	$	4,295,368
The accompanying notes are an integral part of the consolidated financial statements.

3

EVEREST REINSURANCE HOLDINGS, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

	Three Months Ended
	March 31,
(Dollars in thousands)	2015			2014
	(unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$	115,944		$	86,466
Adjustments to reconcile net income to net cash provided by operating activities:
Decrease (increase) in premiums receivable		(78,969	)		12,611
Decrease (increase) in funds held by reinsureds, net		(4,707	)		2,877
Decrease (increase) in reinsurance receivables		(68,311	)		(279,364	)
Decrease (increase) in income taxes		31,408			24,447
Decrease (increase) in prepaid reinsurance premiums		15,016			(47,040	)
Increase (decrease) in reserve for losses and loss adjustment expenses		20,927			(58,410	)
Increase (decrease) in unearned premiums		(28,224	)		76,126
Increase (decrease) in other net payable to reinsurers		(52,400	)		130,527
Increase (decrease) in losses in course of payment		60,419			101,869
Change in equity adjustments in limited partnerships		(7,173	)		3,143
Distribution of limited partnership income		7,369			5,824
Change in other assets and liabilities, net		35,494			(16,618	)
Non-cash compensation expense		1,946			1,729
Amortization of bond premium (accrual of bond discount)		4,955			6,004
Amortization of underwriting discount on senior notes		1			14
Net realized capital (gains) losses		(21,296	)		4,050
Net cash provided by (used in) operating activities		32,399			54,255
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from fixed maturities matured/called - available for sale, at market value		188,815			207,534
Proceeds from fixed maturities matured/called - available for sale, at fair value		-			875
Proceeds from fixed maturities sold - available for sale, at market value		112,846			149,578
Proceeds from fixed maturities sold - available for sale, at fair value		1,236			20,763
Proceeds from equity securities sold - available for sale, at fair value		133,960			176,116
Distributions from other invested assets		10,797			9,828
Cost of fixed maturities acquired - available for sale, at market value		(293,848	)		(689,205	)
Cost of fixed maturities acquired - available for sale, at fair value		-			(1,309	)
Cost of equity securities acquired - available for sale, at fair value		(164,112	)		(77,427	)
Cost of other invested assets acquired		(16,600	)		(4,961	)
Net change in short-term investments		(860	)		113,571
Net change in unsettled securities transactions		(31,296	)		(8,812	)
Net cash provided by (used in) investing activities		(59,062	)		(103,449	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Tax benefit from share-based compensation		2,020			1,665
Net cash provided by (used in) financing activities		2,020			1,665
EFFECT OF EXCHANGE RATE CHANGES ON CASH		(31,845	)		3,987
Net increase (decrease) in cash		(56,488	)		(43,542	)
Cash, beginning of period		323,975			316,807
Cash, end of period	$	267,487		$	273,265
SUPPLEMENTAL CASH FLOW INFORMATION:
Income taxes paid (recovered)	$	18,077		$	12,474
Interest paid		-			42
The accompanying notes are an integral part of the consolidated financial statements.

4

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS (UNAUDITED)

For the Three Months Ended March 31, 2015 and 2014

1.       GENERAL

As used in this document, “Holdings” means Everest Reinsurance Holdings, Inc., a Delaware company and direct subsidiary of Everest Underwriting Group (Ireland) Limited (“Holdings Ireland”); “Group” means Everest Re Group, Ltd. (Holdings Ireland’s parent); “Bermuda Re” means Everest Reinsurance (Bermuda), Ltd., a subsidiary of Group; “Everest Re” means Everest Reinsurance Company and its subsidiaries, a subsidiary of Holdings (unless the context otherwise requires); “Mt. Logan Re” means Mt. Logan Re Ltd., a subsidiary of Group; and the “Company” means Holdings and its subsidiaries.

2.       BASIS OF PRESENTATION

The unaudited consolidated financial statements of the Company for the three months ended March 31, 2015 and 2014 include all adjustments, consisting of normal recurring accruals, which, in the opinion of management, are necessary for a fair statement of the results on an interim basis.  Certain financial information, which is normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”), has been omitted since it is not required for interim reporting purposes. The December 31, 2014 consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP.  The results for the three months ended March 31, 2015 and 2014 are not necessarily indicative of the results for a full year.  These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the years ended December 31, 2014, 2013 and 2012 included in the Company’s most recent Form 10-K filing.

All intercompany accounts and transactions have been eliminated.

Application of Recently Issued Accounting Standard Changes

No accounting standards or guidance have been issued recently that would have a material impact on the Company’s financial statements or financial reporting process.

5

3.       INVESTMENTS

The amortized cost, market value and gross unrealized appreciation and depreciation of available for sale, fixed maturity, equity security investments, carried at market value and other-than-temporary impairments (“OTTI”) in accumulated other comprehensive income (“AOCI”) are as follows for the periods indicated:

	At March 31, 2015
	Amortized		Unrealized		Unrealized			Market		OTTI in AOCI
(Dollars in thousands)	Cost		Appreciation		Depreciation			Value		(a)
Fixed maturity securities
U.S. Treasury securities and obligations of
U.S. government agencies and corporations	$	174,065	$	3,541	$	(83	)	$	177,523	$	-
Obligations of U.S. states and political subdivisions		750,672		39,084		(914	)		788,842		-
Corporate securities		1,941,982		53,670		(24,416	)		1,971,236		-
Asset-backed securities		115,357		826		(96	)		116,087		-
Mortgage-backed securities
Commercial		55,527		2,752		-			58,279		-
Agency residential		568,152		8,658		(1,449	)		575,361		-
Non-agency residential		240		37		-			277		-
Foreign government securities		459,079		30,882		(7,684	)		482,277		-
Foreign corporate securities		1,043,011		41,601		(27,575	)		1,057,037		-
Total fixed maturity securities	$	5,108,085	$	181,051	$	(62,217	)	$	5,226,919	$	-
Equity securities	$	15	$	1	$	-		$	16	$	-

	At December 31, 2014
	Amortized		Unrealized		Unrealized			Market		OTTI in AOCI
(Dollars in thousands)	Cost		Appreciation		Depreciation			Value		(a)
Fixed maturity securities
U.S. Treasury securities and obligations of
U.S. government agencies and corporations	$	135,724	$	1,416	$	(304	)	$	136,836	$	-
Obligations of U.S. states and political subdivisions		783,129		41,969		(626	)		824,472		-
Corporate securities		1,992,200		39,954		(53,219	)		1,978,935		(9,735	)
Asset-backed securities		94,470		727		(374	)		94,823		-
Mortgage-backed securities
Commercial		57,027		2,292		(51	)		59,268		-
Agency residential		596,140		6,697		(4,720	)		598,117		-
Non-agency residential		271		44		-			315		-
Foreign government securities		515,016		27,415		(5,344	)		537,087		-
Foreign corporate securities		1,061,546		27,832		(25,820	)		1,063,558		-
Total fixed maturity securities	$	5,235,523	$	148,346	$	(90,458	)	$	5,293,411	$	(9,735	)
Equity securities	$	15	$	1	$	-		$	16	$	-

(a)   Represents the amount of OTTI recognized in AOCI.  Amount includes unrealized gains and losses on impaired securities relating to changes in the value of such securities subsequent to the impairment measurement date.

6

The amortized cost and market value of fixed maturity securities are shown in the following table by contractual maturity. Mortgage-backed securities are generally more likely to be prepaid than other fixed maturity securities. As the stated maturity of such securities may not be indicative of actual maturities, the totals for mortgage-backed and asset-backed securities are shown separately.

	At March 31, 2015				At December 31, 2014
	Amortized		Market		Amortized		Market
(Dollars in thousands)	Cost		Value		Cost		Value
Fixed maturity securities – available for sale
Due in one year or less	$	353,025	$	352,544	$	385,721	$	384,022
Due after one year through five years		2,447,447		2,468,119		2,387,533		2,369,917
Due after five years through ten years		921,195		943,216		1,025,221		1,029,077
Due after ten years		647,142		713,036		689,140		757,872
Asset-backed securities		115,357		116,087		94,470		94,823
Mortgage-backed securities
Commercial		55,527		58,279		57,027		59,268
Agency residential		568,152		575,361		596,140		598,117
Non-agency residential		240		277		271		315
Total fixed maturity securities	$	5,108,085	$	5,226,919	$	5,235,523	$	5,293,411

The changes in net unrealized appreciation (depreciation) for the Company’s investments are derived from the following sources for the periods as indicated:

	Three Months Ended
	March 31,
(Dollars in thousands)	2015			2014
Increase (decrease) during the period between the market value and cost
of investments carried at market value, and deferred taxes thereon:
Fixed maturity securities	$	51,211		$	33,993
Fixed maturity securities, other-than-temporary impairment		9,735			-
Change in unrealized  appreciation (depreciation), pre-tax		60,946			33,993
Deferred tax benefit (expense)		(17,924	)		(11,898	)
Deferred tax benefit (expense), other-than-temporary impairment		(3,407	)		-
Change in unrealized appreciation (depreciation),
net of deferred taxes, included in stockholder's equity	$	39,615		$	22,095

The Company frequently reviews all of its fixed maturity, available for sale securities for declines in market value and focuses its attention on securities whose fair value has fallen below 80% of their amortized cost at the time of review.  The Company then assesses whether the decline in value is temporary or other-than-temporary.  In making its assessment, the Company evaluates the current market and interest rate environment as well as specific issuer information.  Generally, a change in a security’s value caused by a change in the market, interest rate or foreign exchange environment does not constitute an other-than-temporary impairment, but rather a temporary decline in market value.  Temporary declines in market value are recorded as unrealized losses in accumulated other comprehensive income (loss).  If the Company determines that the decline is other-than-temporary and the Company does not have the intent to sell the security; and it is more likely than not that the Company will not have to sell the security before recovery of its cost basis, the carrying value of the investment is written down to fair value.  The fair value adjustment that is credit or foreign exchange related is recorded in net realized capital gains (losses) in the Company’s consolidated statements of operations and comprehensive income (loss). The fair value adjustment that is non-credit related is recorded as a component of other comprehensive income (loss), net of tax, and is included in accumulated other comprehensive income (loss) in the Company’s consolidated balance sheets.  The Company’s assessments are based on the issuers current and expected future financial position, timeliness with respect to interest and/or principal payments, speed of repayments and any applicable credit enhancements or breakeven constant default rates on mortgage-backed and asset-backed securities, as well as relevant information provided by rating agencies, investment advisors and analysts.

7

The majority of the Company’s equity securities available for sale at market value are primarily comprised of mutual fund investments whose underlying securities consist of fixed maturity securities.  When a fund’s value reflects an unrealized loss, the Company assesses whether the decline in value is temporary or other-than-temporary.  In making its assessment, the Company considers the composition of its portfolios and their related markets, reports received from the portfolio managers and discussions with portfolio managers.  If the Company determines that the declines are temporary and it has the ability and intent to continue to hold the investments, then the declines are recorded as unrealized losses in accumulated other comprehensive income (loss).  If declines are deemed to be other-than-temporary, then the carrying value of the investment is written down to fair value and recorded in net realized capital gains (losses) in the Company’s consolidated statements of operations and comprehensive income (loss).

Retrospective adjustments are employed to recalculate the values of asset-backed securities. All of the Company’s asset-backed and mortgage-backed securities have a pass-through structure. Each acquisition lot is reviewed to recalculate the effective yield. The recalculated effective yield is used to derive a book value as if the new yield were applied at the time of acquisition. Outstanding principal factors from the time of acquisition to the adjustment date are used to calculate the prepayment history for all applicable securities. Conditional prepayment rates, computed with life to date factor histories and weighted average maturities, are used in the calculation of projected prepayments for pass-through security types.

The tables below display the aggregate market value and gross unrealized depreciation of fixed maturity and equity securities, by security type and contractual maturity, in each case subdivided according to length of time that individual securities had been in a continuous unrealized loss position for the periods indicated:

	Duration of Unrealized Loss at March 31, 2015 By Security Type
	Less than 12 months					Greater than 12 months					Total
			Gross					Gross					Gross
			Unrealized					Unrealized					Unrealized
(Dollars in thousands)	Market Value		Depreciation			Market Value		Depreciation			Market Value		Depreciation
Fixed maturity securities - available for sale
U.S. Treasury securities and obligations of
U.S. government agencies and corporations	$	200	$	(1	)	$	2,043	$	(82	)	$	2,243	$	(83	)
Obligations of U.S. states and political subdivisions		26,973		(579	)		18,171		(335	)		45,144		(914	)
Corporate securities		362,527		(22,140	)		153,423		(2,276	)		515,950		(24,416	)
Asset-backed securities		43,245		(96	)		-		-			43,245		(96	)
Mortgage-backed securities
Commercial		-		-			-		-			-		-
Agency residential		10,595		(33	)		192,684		(1,416	)		203,279		(1,449	)
Non-agency residential		-		-			-		-			-		-
Foreign government securities		60,663		(3,273	)		46,741		(4,411	)		107,404		(7,684	)
Foreign corporate securities		133,917		(25,626	)		47,221		(1,949	)		181,138		(27,575	)
Total fixed maturity securities	$	638,120	$	(51,748	)	$	460,283	$	(10,469	)	$	1,098,403	$	(62,217	)
Equity securities		-		-			-		-			-		-
Total	$	638,120	$	(51,748	)	$	460,283	$	(10,469	)	$	1,098,403	$	(62,217	)

	Duration of Unrealized Loss at March 31, 2015 By Maturity
	Less than 12 months					Greater than 12 months					Total
			Gross					Gross					Gross
			Unrealized					Unrealized					Unrealized
(Dollars in thousands)	Market Value		Depreciation			Market Value		Depreciation			Market Value		Depreciation
Fixed maturity securities
Due in one year or less	$	19,187	$	(1,716	)	$	24,224	$	(2,820	)	$	43,411	$	(4,536	)
Due in one year through five years		307,725		(40,128	)		165,952		(4,376	)		473,677		(44,504	)
Due in five years through ten years		222,882		(9,192	)		56,606		(1,070	)		279,488		(10,262	)
Due after ten years		34,486		(583	)		20,817		(787	)		55,303		(1,370	)
Asset-backed securities		43,245		(96	)		-		-			43,245		(96	)
Mortgage-backed securities		10,595		(33	)		192,684		(1,416	)		203,279		(1,449	)
Total fixed maturity securities	$	638,120	$	(51,748	)	$	460,283	$	(10,469	)	$	1,098,403	$	(62,217	)

8

The aggregate market value and gross unrealized losses related to investments in an unrealized loss position at March 31, 2015 were $1,098,403 thousand and $62,217 thousand, respectively.  The market value of securities for the single issuer whose securities comprised the largest unrealized loss position at March 31, 2015, did not exceed 0.5% of the overall market value of the Company’s fixed maturity securities.  In addition, as indicated on the above table, there was no significant concentration of unrealized losses in any one market sector.  The $51,748 thousand of unrealized losses related to fixed maturity securities that have been in an unrealized loss position for less than one year were primarily comprised of foreign and domestic corporate securities and foreign government securities.  The majority of these unrealized losses are attributable to unrealized losses in the energy sector, $36,644 thousand, as falling oil prices disrupted the market values for this sector, particularly for oil exploration, production and servicing companies and unrealized foreign exchange losses, $13,713 thousand, as the U.S. dollar has strengthened against other currencies. The $10,469 thousand of unrealized losses related to fixed maturity securities in an unrealized loss position for more than one year related primarily to foreign government securities, domestic and foreign corporate securities and agency residential mortgage-backed securities.  Of these unrealized losses, $9,180 thousand were related to securities that were rated investment grade by at least one nationally recognized statistical rating organization.  The Company did not have any sub-prime or alt-A loans with gross unrealized depreciation at March 31, 2015.  In all instances, there were no projected cash flow shortfalls to recover the full book value of the investments and the related interest obligations.  The mortgage-backed securities still have excess credit coverage and are current on interest and principal payments.

The Company, given the size of its investment portfolio and capital position, does not have the intent to sell these securities; and it is more likely than not that the Company will not have to sell the security before recovery of its cost basis.  In addition, all securities currently in an unrealized loss position are current with respect to principal and interest payments.

The tables below display the aggregate market value and gross unrealized depreciation of fixed maturity and equity securities, by security type and contractual maturity, in each case subdivided according to length of time that individual securities had been in a continuous unrealized loss position for the periods indicated:

	Duration of Unrealized Loss at December 31, 2014 By Security Type
	Less than 12 months					Greater than 12 months					Total
			Gross					Gross					Gross
			Unrealized					Unrealized					Unrealized
(Dollars in thousands)	Market Value		Depreciation			Market Value		Depreciation			Market Value		Depreciation
Fixed maturity securities - available for sale
U.S. Treasury securities and obligations of
U.S. government agencies and corporations	$	13,187	$	(20	)	$	26,897	$	(284	)	$	40,084	$	(304	)
Obligations of U.S. states and political subdivisions		20,428		(242	)		18,199		(384	)		38,627		(626	)
Corporate securities		830,928		(48,891	)		171,207		(4,328	)		1,002,135		(53,219	)
Asset-backed securities		62,451		(374	)		-		-			62,451		(374	)
Mortgage-backed securities
Commercial		11,742		(51	)		-		-			11,742		(51	)
Agency residential		24,230		(59	)		267,824		(4,661	)		292,054		(4,720	)
Non-agency residential		-		-			-		-			-		-
Foreign government securities		45,521		(913	)		53,086		(4,431	)		98,607		(5,344	)
Foreign corporate securities		228,733		(21,704	)		117,713		(4,116	)		346,446		(25,820	)
Total fixed maturity securities	$	1,237,220	$	(72,254	)	$	654,926	$	(18,204	)	$	1,892,146	$	(90,458	)
Equity securities		-		-			-		-			-		-
Total	$	1,237,220	$	(72,254	)	$	654,926	$	(18,204	)	$	1,892,146	$	(90,458	)

9

	Duration of Unrealized Loss at December 31, 2014 By Maturity
	Less than 12 months					Greater than 12 months					Total
			Gross					Gross					Gross
			Unrealized					Unrealized					Unrealized
(Dollars in thousands)	Market Value		Depreciation			Market Value		Depreciation			Market Value		Depreciation
Fixed maturity securities
Due in one year or less	$	12,858	$	(550	)	$	53,528	$	(4,224	)	$	66,386	$	(4,774	)
Due in one year through five years		622,137		(51,262	)		243,192		(6,306	)		865,329		(57,568	)
Due in five years through ten years		467,187		(18,958	)		66,630		(2,018	)		533,817		(20,976	)
Due after ten years		36,615		(1,000	)		23,752		(995	)		60,367		(1,995	)
Asset-backed securities		62,451		(374	)		-		-			62,451		(374	)
Mortgage-backed securities		35,972		(110	)		267,824		(4,661	)		303,796		(4,771	)
Total fixed maturity securities	$	1,237,220	$	(72,254	)	$	654,926	$	(18,204	)	$	1,892,146	$	(90,458	)

The aggregate market value and gross unrealized losses related to investments in an unrealized loss position at December 31, 2014 were $1,892,146 thousand and $90,458 thousand, respectively.  The market value of securities for the single issuer whose securities comprised the largest unrealized loss position at December 31, 2014, did not exceed 0.3% of the overall market value of the Company’s fixed maturity securities.  In addition, as indicated on the above table, there was no significant concentration of unrealized losses in any one market sector.  The $72,254 thousand of unrealized losses related to fixed maturity securities that have been in an unrealized loss position for less than one year were primarily comprised of domestic and foreign corporate securities.  The majority of these unrealized losses are attributable to unrealized losses in the energy sector, $53,772 thousand, as falling oil prices disrupted the market values for this sector, particularly for oil exploration, production and servicing companies during the fourth quarter of 2014 and unrealized foreign exchange losses, $7,298 thousand, as the U.S. dollar has strengthened against other currencies. The $18,204 thousand of unrealized losses related to fixed maturity securities in an unrealized loss position for more than one year related primarily to agency residential mortgage-backed securities, foreign and domestic corporate securities and foreign government securities.  Of these unrealized losses, $16,680 thousand were related to securities that were rated investment grade by at least one nationally recognized statistical rating organization.  The Company did not have any sub-prime or alt-A loans with gross unrealized depreciation at December 31, 2014.  In all instances, there were no projected cash flow shortfalls to recover the full book value of the investments and the related interest obligations.  The mortgage-backed securities still have excess credit coverage and are current on interest and principal payments.

Other invested assets, at fair value, are comprised of common shares of the Company’s ultimate parent, Group.  At March 31, 2015, the Company held 9,719,971 shares of Group representing 18.0% of the total outstanding shares.

The components of net investment income are presented in the table below for the periods indicated:

	Three Months Ended
	March 31,
(Dollars in thousands)	2015			2014
Fixed maturities	$	47,972		$	51,079
Equity securities		8,742			8,937
Short-term investments and cash		164			186
Other invested assets
Limited partnerships		7,379			(3,087	)
Dividends from Parent's shares		9,234			7,290
Other		625			2,021
Gross investment income before adjustments		74,116			66,426
Funds held interest income (expense)		2,521			2,109
Interest income from Parent		1,075			-
Gross investment income		77,712			68,535
Investment expenses		(5,131	)		(4,748	)
Net investment income	$	72,581		$	63,787

10

The Company records results from limited partnership investments on the equity method of accounting with changes in value reported through net investment income. Due to the timing of receiving financial information from these partnerships, the results are generally reported on a one month or quarter lag.  If the Company determines there has been a significant decline in value of a limited partnership during this lag period, a loss will be recorded in the period in which the Company identifies the decline.

The Company had contractual commitments to invest up to an additional $237,637 thousand in limited partnerships at March 31, 2015.  These commitments will be funded when called in accordance with the partnership agreements, which have investment periods that expire, unless extended, through 2020.

The components of net realized capital gains (losses) are presented in the table below for the periods indicated:

	Three Months Ended
	March 31,
(Dollars in thousands)	2015			2014
Fixed maturity securities, market value:
Other-than-temporary impairments	$	(24,121	)	$	-
Gains (losses) from sales		(11,518	)		(1,997	)
Fixed maturity securities, fair value:
Gains (losses) from sales		28			940
Gains (losses) from fair value adjustments		62			-
Equity securities, fair value:
Gains (losses) from sales		(65	)		(1,336	)
Gains (losses) from fair value adjustments		20,946			25,753
Other invested assets, fair value:
Gains (losses) from fair value adjustments		35,964			(27,410	)
Short-term investment gains (losses)		-			-
Total net realized capital gains (losses)	$	21,296		$	(4,050	)

The Company recorded as net realized capital gains (losses) in the consolidated statements of operations and comprehensive income (loss) both fair value re-measurements and write-downs in the value of securities deemed to be impaired on an other-than-temporary basis as displayed in the table above.  The Company had no other-than-temporary impaired securities where the impairment had both a credit and non-credit component.

The proceeds and split between gross gains and losses, from sales of fixed maturity and equity securities, are presented in the table below for the periods indicated:

	Three Months Ended
	March 31,
(Dollars in thousands)	2015			2014
Proceeds from sales of fixed maturity securities	$	114,082		$	170,341
Gross gains from sales		2,542			2,475
Gross losses from sales		(14,032	)		(3,532	)
Proceeds from sales of equity securities	$	133,960		$	176,116
Gross gains from sales		5,142			6,588
Gross losses from sales		(5,207	)		(7,924	)

11

4.       FAIR VALUE

The Company’s fixed maturity and equity securities are primarily managed by third party investment asset managers.  The investment asset managers obtain prices from nationally recognized pricing services.   These services seek to utilize market data and observations in their evaluation process.  They use pricing applications that vary by asset class and incorporate available market information and when fixed maturity securities do not trade on a daily basis the services will apply available information through processes such as benchmark curves, benchmarking of like securities, sector groupings and matrix pricing.  In addition, they use model processes, such as the Option Adjusted Spread model to develop prepayment and interest rate scenarios for securities that have prepayment features.

In limited instances where prices are not provided by pricing services or in rare instances when a manager may not agree with the pricing service, price quotes on a non-binding basis are obtained from investment brokers.  The investment asset managers do not make any changes to prices received from either the pricing services or the investment brokers.  In addition, the investment asset managers have procedures in place to review the reasonableness of the prices from the service providers and may request verification of the prices.  In addition, the Company continually performs analytical reviews of price changes and tests the prices on a random basis to an independent pricing source.   No material variances were noted during these price validation procedures.  In limited situations, where financial markets are inactive or illiquid, the Company may use its own assumptions about future cash flows and risk-adjusted discount rates to determine fair value.  Due to the unavailability of prices for one private placement security, the Company valued the security at $6,125 thousand at March 31, 2015 and made no such adjustments at December 31, 2014.

The Company internally manages a small public equity portfolio which had a fair value at March 31, 2015 and December 31, 2014 of $103,866 thousand and $96,890 thousand, respectively, and all prices were obtained from publically published sources.

Equity securities in U.S. denominated currency are categorized as Level 1, Quoted Prices in Active Markets for Identical Assets, since the securities are actively traded on an exchange and prices are based on quoted prices from the exchange.  Equity securities traded on foreign exchanges are categorized as Level 2 due to potential foreign exchange adjustments to fair or market value.

Fixed maturity securities are generally categorized as Level 2, Significant Other Observable Inputs, since a particular security may not have traded but the pricing services are able to use valuation models with observable market inputs such as interest rate yield curves and prices for similar fixed maturity securities in terms of issuer, maturity and seniority. Valuations that are derived from techniques in which one or more of the significant inputs are unobservable (including assumptions about risk) are categorized as Level 3, Significant Unobservable Inputs.  These securities include broker priced securities.

As of March 31, 2015 and December 31, 2014, all Level 3 fixed maturity securities, except the one security priced by the Company, were priced using single non-binding broker quotes since prices for these securities were not provided by normal pricing service companies.  The single broker quotes are provided by market makers or broker-dealers who are recognized as market participants in the markets in which they are providing the quotes.  The prices received from brokers are reviewed for reasonableness by the third party asset managers and the Company.

Other invested assets, at fair value, are categorized as Level 1, Quoted Prices in Active Markets for Identical Assets, since the securities are shares of the Company’s parent, which are actively traded on an exchange and the price is based on a quoted price.

12

The following table presents the fair value measurement levels for all assets, which the Company has recorded at fair value (fair and market value) as of the period indicated:

			Fair Value Measurement Using:
			Quoted Prices
			in Active		Significant
			Markets for		Other		Significant
			Identical		Observable		Unobservable
			Assets		Inputs		Inputs
(Dollars in thousands)	March 31, 2015		(Level 1)		(Level 2)		(Level 3)
Assets:
Fixed maturities, market value
U.S. Treasury securities and obligations of
U.S. government agencies and corporations	$	177,523	$	-	$	177,523	$	-
Obligations of U.S. States and political subdivisions		788,842		-		788,842		-
Corporate securities		1,971,236		-		1,968,583		2,653
Asset-backed securities		116,087		-		116,087		-
Mortgage-backed securities
Commercial		58,279		-		58,279		-
Agency residential		575,361		-		575,361		-
Non-agency residential		277		-		277		-
Foreign government securities		482,277		-		482,277		-
Foreign corporate securities		1,057,037		-		1,050,912		6,125
Total fixed maturities, market value		5,226,919		-		5,218,141		8,778
Fixed maturities, fair value		363		-		363		-
Equity securities, market value		16		16		-		-
Equity securities, fair value		1,350,070		1,236,565		113,505		-
Other invested assets, fair value		1,691,275		1,691,275		-		-

There were no transfers between Level 1 and Level 2 for the three months ended March 31, 2015.

The following table presents the fair value measurement levels for all assets, which the Company has recorded at fair value (fair and market value) as of the period indicated:

			Fair Value Measurement Using:
			Quoted Prices
			in Active		Significant
			Markets for		Other		Significant
			Identical		Observable		Unobservable
			Assets		Inputs		Inputs
(Dollars in thousands)	December 31, 2014		(Level 1)		(Level 2)		(Level 3)
Assets:
Fixed maturities, market value
U.S. Treasury securities and obligations of
U.S. government agencies and corporations	$	136,836	$	-	$	136,836	$	-
Obligations of U.S. States and political subdivisions		824,472		-		824,472		-
Corporate securities		1,978,935		-		1,978,935		-
Asset-backed securities		94,823		-		94,823		-
Mortgage-backed securities
Commercial		59,268		-		50,671		8,597
Agency residential		598,117		-		598,117		-
Non-agency residential		315		-		315		-
Foreign government securities		537,087		-		537,087		-
Foreign corporate securities		1,063,558		-		1,056,392		7,166
Total fixed maturities, market value		5,293,411		-		5,277,648		15,763
Fixed maturities, fair value		1,509		-		1,509		-
Equity securities, market value		16		16		-		-
Equity securities, fair value		1,299,037		1,188,613		110,424		-
Other invested assets, fair value		1,655,311		1,655,311		-		-

13

The following table presents the activity under Level 3, fair value measurements using significant unobservable inputs by asset type, for the periods indicated:

	Three Months Ended March 31, 2015											Three Months Ended March 31, 2014
	Corporate					Foreign						Asset-backed			Foreign			Non-agency
(Dollars in thousands)	Securities		CMBS			Corporate			Total			Securities			Corporate			RMBS			Total
Beginning balance	$	-	$	8,597		$	7,166		$	15,763		$	3,533		$	481		$	4		$	4,018
Total gains or (losses) (realized/unrealized)
Included in earnings		2		-			57			59			18			1			1			20
Included in other comprehensive income (loss)		1		-			(1,098	)		(1,097	)		65			-			-			65
Purchases, issuances and settlements		1,940		-			-			1,940			(572	)		(9	)		(1	)		(582	)
Transfers in and/or (out) of Level 3		710		(8,597	)		-			(7,887	)		-			-			-			-
Ending balance	$	2,653	$	-		$	6,125		$	8,778		$	3,044		$	473		$	4		$	3,521
The amount of total gains or losses for the period
included in earnings (or changes in net assets)
attributable to the change in unrealized gains
or losses relating to assets still held at the
reporting date	$	-	$	-		$	-		$	-		$	-		$	-		$	-		$	-
(Some amounts may not reconcile due to rounding.)

The net transfers from level 3, fair value measurements using significant unobservable inputs, of $7,887 thousand of investments for the three months ended March 31, 2015, primarily relate to securities that were priced using single non-binding broker quotes and were subsequently priced using a recognized pricing service and were then classified as level 2.  There were no transfers from level 3, fair value measurements using significant unobservable inputs, for the three months ended March 31, 2014.

5.       CAPITAL TRANSACTIONS

On July 9, 2014, the Company renewed its shelf registration statement on Form S-3ASR with the Securities and Exchange Commission (the “SEC”), as a Well Known Seasoned Issuer.  This shelf registration statement can be used by Group to register common shares, preferred shares, debt securities, warrants, share purchase contracts and share purchase units; by Holdings to register debt securities and by Everest Re Capital Trust III (“Capital Trust III”) to register trust preferred securities.

6.       CONTINGENCIES

In the ordinary course of business, the Company is involved in lawsuits, arbitrations and other formal and informal dispute resolution procedures, the outcomes of which will determine the Company’s rights and obligations under insurance and reinsurance agreements.  In some disputes, the Company seeks to enforce its rights under an agreement or to collect funds owing to it.  In other matters, the Company is resisting attempts by others to collect funds or enforce alleged rights.  These disputes arise from time to time and are ultimately resolved through both informal and formal means, including negotiated resolution, arbitration and litigation.  In all such matters, the Company believes that its positions are legally and commercially reasonable.  The Company considers the statuses of these proceedings when determining its reserves for unpaid loss and loss adjustment expenses.

Aside from litigation and arbitrations related to these insurance and reinsurance agreements, the Company is not a party to any other material litigation or arbitration.

The Company has entered into separate annuity agreements with The Prudential Insurance of America (“The Prudential”) and an additional unaffiliated life insurance company in which the Company has either purchased annuity contracts or become the assignee of annuity proceeds that are meant to settle claim payment obligations in the future. In both instances, the Company would become contingently liable if either The Prudential or the unaffiliated life insurance company were unable to make payments related to the respective annuity contact.

14

The table below presents the estimated cost to replace all such annuities for which the Company was contingently liable for the periods indicated:

	At March 31,		At December 31,
(Dollars in thousands)	2015		2014
The Prudential	$	142,618	$	142,653
Unaffiliated life insurance company		31,158		31,964

7.       OTHER COMPREHENSIVE INCOME (LOSS)

The following table presents the components of comprehensive income (loss) in the consolidated statements of operations and comprehensive income (loss) for the periods indicated:

	Three Months Ended March 31, 2015									Three Months Ended March 31, 2014
(Dollars in thousands)	Before Tax			Tax Effect			Net of Tax			Before Tax			Tax Effect			Net of Tax
Unrealized appreciation (depreciation) ("URA(D)") on securities - temporary	$	15,572		$	(5,950	)	$	9,622		$	31,996		$	(11,199	)	$	20,797
URA(D) on securities - OTTI		9,735			(3,407	)		6,328			-			-			-
Reclassification of net realized losses (gains) included in net income (loss)		35,639			(11,974	)		23,665			1,997			(699	)		1,298
Foreign currency translation adjustments		(51,243	)		17,935			(33,308	)		(12,055	)		4,219			(7,836	)
Reclassification of amortization of net gain (loss) included in net income (loss)		2,467			(863	)		1,604			1,186			(415	)		771
Total other comprehensive income (loss)	$	12,170		$	(4,259	)	$	7,911		$	23,124		$	(8,094	)	$	15,030
(Some amounts may not reconcile due to rounding)

The following table presents details of the amounts reclassified from AOCI for the periods indicated:

	Three Months Ended
	March 31,						Affected line item within the statements of
AOCI component	2015			2014			operations and comprehensive income (loss)
(Dollars in thousands)
URA(D) on securities	$	35,639		$	1,997		Other net realized capital gains (losses)
		(11,974	)		(699	)	Income tax expense (benefit)
	$	23,665		$	1,298		Net income (loss)
Benefit plan net gain (loss)	$	2,467		$	1,186		Other underwriting expenses
		(863	)		(415	)	Income tax expense (benefit)
	$	1,604		$	771		Net income (loss)
(Some amounts may not reconcile due to rounding)

15

The following table presents the components of accumulated other comprehensive income (loss), net of tax, in the consolidated balance sheets for the periods indicated:

	Three Months Ended			Twelve Months Ended
	March 31,			December 31,
(Dollars in thousands)	2015			2014
Beginning balance of URA (D) on securities	$	37,628		$	55,457
Current period change in URA (D) of investments - temporary		33,287			(11,501	)
Current period change in URA (D) of investments - non-credit OTTI		6,328			(6,328	)
Ending balance of URA (D) on securities		77,243			37,628
Beginning balance of foreign currency translation adjustments		41,877			71,087
Current period change in foreign currency translation adjustments		(33,308	)		(29,210	)
Ending balance of foreign currency translation adjustments		8,569			41,877
Beginning balance of benefit plan net gain (loss)		(74,986	)		(38,896	)
Current period change in benefit plan net gain (loss)		1,604			(36,090	)
Ending balance of benefit plan net gain (loss)		(73,382	)		(74,986	)
Ending balance of accumulated other comprehensive income (loss)	$	12,430		$	4,519

8.       CREDIT FACILITY - EXPIRED

Effective August 15, 2011, the Company entered into a three year, $150,000 thousand unsecured revolving credit facility, referred to as the “Holdings Credit Facility”, which expired on August 15, 2014.  The Company decided not to renew the Holdings Credit Facility at expiration.

9.       REINSURANCE AND TRUST AGREEMENTS

A subsidiary of the Company, Everest Re, has established a trust agreement, which effectively uses Everest Re’s investments as collateral, as security for assumed losses payable to a non-affiliated ceding company.  At March 31, 2015, the total amount on deposit in the trust account was $258,324 thousand.

On April 24, 2014, the Company entered into two collateralized reinsurance agreements with Kilimanjaro Re Limited (“Kilimanjaro”), a Bermuda based special purpose reinsurer, to provide the Company with catastrophe reinsurance coverage.  These agreements are multi-year reinsurance contracts which cover specified named storm and earthquake events.  The first agreement provides up to $250,000 thousand of reinsurance coverage from named storms in specified states of the Southeastern United States.  The second agreement provides up to $200,000 thousand of reinsurance coverage from named storms in specified states of the Southeast, Mid-Atlantic and Northeast regions of the United States and Puerto Rico as well as reinsurance coverage from earthquakes in specified states of the Southeast, Mid-Atlantic, Northeast and West regions of the United States, Puerto Rico and British Columbia.

On November 18, 2014, the Company entered into a collateralized reinsurance agreement with Kilimanjaro Re to provide the Company with catastrophe reinsurance coverage.  This agreement is a multi-year reinsurance contract which covers specified earthquake events.  The agreement provides up to $500,000 thousand of reinsurance coverage from earthquakes in the United States, Puerto Rico and Canada.

Kilimanjaro has financed the various property catastrophe reinsurance coverage by issuing catastrophe bonds to unrelated, external investors. On April, 24, 2014, Kilimanjaro issued $450,000 thousand of variable rate notes (“Series 2014-1 Notes”).  On November 18, 2014, Kilimanjaro issued $500,000 thousand of variable rate notes (“Series 2014-2 Notes”). The proceeds from the issuance of the Series 2014-1 Notes and the Series 2014-2 Notes are held in reinsurance trust throughout the duration of the applicable reinsurance agreements and invested solely in US government money market funds with a rating of at least “AAAm” by Standard & Poor’s.

16

10.       SENIOR NOTES

The table below displays Holdings’ outstanding senior notes.  Market value is based on quoted market prices, but due to limited trading activity, these senior notes are considered Level 2 in the fair value hierarchy.

					March 31, 2015				December 31, 2014
					Consolidated Balance				Consolidated Balance
(Dollars in thousands)	Date Issued	Date Due	Principal Amounts		Sheet Amount		Market Value		Sheet Amount		Market Value
4.868% Senior notes	06/05/2014	06/01/2044	$	400,000	$	400,000	$	418,876	$	400,000	$	404,892
5.40% Senior notes	10/12/2004	10/15/2014		250,000		-		-		-		-

On June 5, 2014, Holdings issued $400,000 thousand of 30 year senior notes at 4.868%, which will mature on June 1, 2044. Interest will be paid semi-annually on June 1 and December 1 of each year.  The proceeds from the issuance have been used in part to pay off the $250,000 thousand of 5.40% senior notes which matured on October 15, 2014.

Interest expense incurred in connection with these senior notes is as follows for the periods indicated:

	Three Months Ended
	March 31,
(Dollars in thousands)	2015		2014
Interest expense incurred	$	4,868	$	3,388

11.       LONG TERM SUBORDINATED NOTES

The table below displays Holdings’ outstanding fixed to floating rate long term subordinated notes.  Market value is based on quoted market prices, but due to limited trading activity, these subordinated notes are considered Level 2 in the fair value hierarchy.

Maturity Date

March 31, 2015

December 31, 2014

Original

Consolidated Balance

Consolidated Balance

(Dollars in thousands)

Date Issued

Principal Amount

Scheduled

Final

Sheet Amount

Market Value

Sheet Amount

Market Value

6.6% Long term subordinated notes

04/26/2007

$

400,000

05/15/2037

05/01/2067

$

238,365

$

239,227

$

238,364

$

246,312

During the fixed rate interest period from May 3, 2007 through May 14, 2017, interest will be at the annual rate of 6.6%, payable semi-annually in arrears on November 15 and May 15 of each year, commencing on November 15, 2007, subject to Holdings’ right to defer interest on one or more occasions for up to ten consecutive years.  During the floating rate interest period from May 15, 2017 through maturity, interest will be based on the 3 month LIBOR plus 238.5 basis points, reset quarterly, payable quarterly in arrears on February 15, May 15, August 15 and November 15 of each year, subject to Holdings’ right to defer interest on one or more occasions for up to ten consecutive years.  Deferred interest will accumulate interest at the applicable rate compounded semi-annually for periods prior to May 15, 2017, and compounded quarterly for periods from and including May 15, 2017.

Holdings can redeem the long term subordinated notes prior to May 15, 2017, in whole but not in part at the applicable redemption price, which will equal the greater of (a) 100% of the principal amount being redeemed and (b) the present value of the principal payment on May 15, 2017 and scheduled payments of interest that would have accrued from the redemption date to May 15, 2017 on the long term subordinated notes being redeemed, discounted to the redemption date on a semi-annual basis at a discount rate equal to the treasury rate plus an applicable spread of either 0.25% or 0.50%, in each case plus accrued and unpaid interest.  Holdings may redeem the long term subordinated notes on or after May 15, 2017, in whole or in part at 100% of the principal amount plus accrued and unpaid interest; however, redemption on or after the scheduled maturity date and prior to May 1, 2047 is subject to a replacement capital covenant.  This covenant is for the benefit of certain senior note holders and it mandates that Holdings receive proceeds from the sale of another subordinated debt issue, of at least similar size, before it may redeem the subordinated notes.  Effective upon the maturity of the Company’s 5.40% senior notes on October 15, 2014,

17

the Company’s 4.868% senior notes, due on June 1, 2044, have become the Company’s long term indebtedness that ranks senior to the long term subordinated notes.

On March 19, 2009, Group announced the commencement of a cash tender offer for any and all of the 6.60% fixed to floating rate long term subordinated notes.  Upon expiration of the tender offer, the Company had reduced its outstanding debt by $161,441 thousand.

Interest expense incurred in connection with these long term subordinated notes is as follows for the periods indicated:

	Three Months Ended
	March 31,
(Dollars in thousands)	2015		2014
Interest expense incurred	$	3,937	$	3,937

12.       SEGMENT REPORTING

The U.S. Reinsurance operation writes property and casualty reinsurance and specialty lines of business, including Marine, Aviation, Surety and Accident and Health (“A&H”) business, on both a treaty and facultative basis, through reinsurance brokers, as well as directly with ceding companies primarily within the U.S.  The International operation writes non-U.S. property and casualty reinsurance through Everest Re’s branches in Canada, Singapore and through offices in Brazil, Miami and New Jersey.  The Insurance operation writes property and casualty insurance directly and through general agents, brokers and surplus lines brokers within the U.S. and Canada.

These segments are managed independently, but conform with corporate guidelines with respect to pricing, risk management, control of aggregate catastrophe exposures, capital, investments and support operations.  Management generally monitors and evaluates the financial performance of these operating segments based upon their underwriting results.

Underwriting results include earned premium less losses and LAE incurred, commission and brokerage expenses and other underwriting expenses.  Underwriting results are measured using ratios, in particular loss, commission and brokerage and other underwriting expense ratios, which, respectively, divide incurred losses, commissions and brokerage and other underwriting expenses by premiums earned.

The Company does not maintain separate balance sheet data for its operating segments.  Accordingly, the Company does not review and evaluate the financial results of its operating segments based upon balance sheet data.

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The following tables present the underwriting results for the operating segments for the period indicated:

	Three Months Ended
U.S. Reinsurance	March 31,
(Dollars in thousands)	2015		2014
Gross written premiums	$	562,647	$	530,301
Net written premiums		240,694		251,521
Premiums earned	$	255,412	$	218,191
Incurred losses and LAE		111,455		115,984
Commission and brokerage		58,364		40,136
Other underwriting expenses		11,529		9,482
Underwriting gain (loss)	$	74,064	$	52,589

	Three Months Ended
International	March 31,
(Dollars in thousands)	2015			2014
Gross written premiums	$	333,615		$	328,878
Net written premiums		121,681			141,457
Premiums earned	$	140,699		$	145,004
Incurred losses and LAE		101,445			83,575
Commission and brokerage		33,999			29,169
Other underwriting expenses		8,115			7,837
Underwriting gain (loss)	$	(2,860	)	$	24,423

	Three Months Ended
Insurance	March 31,
(Dollars in thousands)	2015			2014
Gross written premiums	$	330,501		$	225,276
Net written premiums		146,052			106,726
Premiums earned	$	124,951		$	107,250
Incurred losses and LAE		95,980			78,487
Commission and brokerage		4,168			6,789
Other underwriting expenses		28,899			21,932
Underwriting gain (loss)	$	(4,096	)	$	42

The following table reconciles the underwriting results for the operating segments to income (loss) before taxes as reported in the consolidated statements of operations and comprehensive income (loss) for the periods indicated:

	Three Months Ended
	March 31,
(Dollars in thousands)	2015			2014
Underwriting gain (loss)	$	67,108		$	77,054
Net investment income		72,581			63,787
Net realized capital gains (losses)		21,296			(4,050	)
Corporate expense		(1,609	)		(1,302	)
Interest, fee and bond issue cost amortization expense		(8,859	)		(7,436	)
Other income (expense)		15,833			(3,055	)
Income (loss) before taxes	$	166,350		$	124,998

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The Company produces business in the U.S. and internationally.  The net income deriving from assets residing in the individual foreign countries in which the Company writes business are not identifiable in the Company’s financial records.  Based on gross written premium, the table below presents the largest country, other than the U.S., in which the Company writes business, for the periods indicated:

	Three Months Ended
	March 31,
(Dollars in thousands)	2015		2014
Canada	$	23,512	$	37,659

No other country represented more than 5% of the Company’s revenues.

13.       RELATED-PARTY TRANSACTIONS

Parent

Group entered into a $250,000 thousand long term promissory note agreement with Holdings as of December 31, 2014. The note will mature on December 31, 2023 and has an interest rate of 1.72% that will be paid annually, on December 15th of each year. This transaction is presented as a Note Receivable – Affiliated in the Consolidated Balance Sheets of Holdings.

Group’s Board of Directors approved an amended share repurchase program authorizing Group and/or its subsidiary Holdings to purchase Group’s common shares through open market transactions, privately negotiated transactions or both.  The table below represents the amendments to the share repurchase program for the common shares approved for repurchase.

	Common Shares
	Authorized for
Amendment Date	Repurchase
(Dollars in thousands)
09/21/2004	5,000,000
07/21/2008	5,000,000
02/24/2010	5,000,000
02/22/2012	5,000,000
05/15/2013	5,000,000
11/19/2014	5,000,000
	30,000,000

20

As of March 31, 2015, Holdings held 9,719,971 common shares of Group, which it had purchased in the open market between February 1, 2007 and March 8, 2011.  The table below represents the total purchase price for these common shares purchased.

(Dollars in thousands)
Total purchase price	$	835,371

Holdings reports these purchases as other invested assets, fair value, in the consolidated balance sheets with changes in fair value re-measurement recorded in net realized capital gains (losses) in the consolidated statements of operations and comprehensive income (loss).  The following table presents the dividends received on these common shares that are reported as net investment income in the consolidated statements of operations and comprehensive income (loss) for the period indicated.

	Three Months Ended
	March 31,
(Dollars in thousands)	2015		2014
Dividends received	$	9,234	$	7,290

Affiliated Companies

Everest Global Services, Inc. (“Global Services”), an affiliate of Holdings, provides centralized management and home office services, through a management agreement, to Holdings and other affiliated companies within Holdings’ consolidated structure.  Services provided by Everest Global include executive managerial services, legal services, actuarial services, accounting services, information technology services and others.

The following table presents the expenses incurred by Holdings from services provided by Everest Global for the periods indicated.

	Three Months Ended
	March 31,
(Dollars in thousands)	2015		2014
Expenses incurred	$	18,363	$	15,843

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Affiliates

The table below represents affiliated quota share reinsurance agreements ("whole account quota share") for all new and renewal business for the indicated coverage period:

(Dollars in thousands)
		Percent			Assuming		Single			Aggregate
Coverage Period	Ceding Company	Ceded			Company	Type of Business	Occurrence Limit			Limit
01/01/2002-12/31/2002	Everest Re		20.0	%	Bermuda Re	property / casualty business	$	-		$	-
01/01/2003-12/31/2003	Everest Re		25.0	%	Bermuda Re	property / casualty business		-			-
01/01/2004-12/31/2005	Everest Re		22.5	%	Bermuda Re	property / casualty business		-			-
	Everest Re		2.5	%	Everest International	property / casualty business		-			-
01/01/2006-12/31/2006	Everest Re		18.0	%	Bermuda Re	property business		125,000	(1)		-
	Everest Re		2.0	%	Everest International	property business		-			-
01/01/2006-12/31/2007	Everest Re		31.5	%	Bermuda Re	casualty business		-			-
	Everest Re		3.5	%	Everest International	casualty business		-			-
01/01/2007-12/31/2007	Everest Re		22.5	%	Bermuda Re	property business		130,000	(1)		-
	Everest Re		2.5	%	Everest International	property business		-			-
01/01/2008-12/31/2008	Everest Re		36.0	%	Bermuda Re	property / casualty business		130,000	(1)		275,000	(2)
	Everest Re		4.0	%	Everest International	property / casualty business		-			-
01/01/2009-12/31/2009	Everest Re		36.0	%	Bermuda Re	property / casualty business		150,000	(1)		325,000	(2)
	Everest Re		8.0	%	Everest International	property / casualty business		-			-
01/01/2010-12/31/2010	Everest Re		44.0	%	Bermuda Re	property / casualty business		150,000			325,000
01/01/2011-12/31/2011	Everest Re		50.0	%	Bermuda Re	property / casualty business		150,000			300,000
01/01/2012-12/31/2014	Everest Re		50.0	%	Bermuda Re	property / casualty business		100,000			200,000
01/01/2015	Everest Re		50.0	%	Bermuda Re	property / casualty business		162,500			325,000
01/01/2003-12/31/2006	Everest Re- Canadian Branch		50.0	%	Bermuda Re	property business		-			-
01/01/2007-12/31/2009	Everest Re- Canadian Branch		60.0	%	Bermuda Re	property business		-			-
01/01/2010-12/31/2010	Everest Re- Canadian Branch		60.0	%	Bermuda Re	property business		350,000	(3)		-
01/01/2011-12/31/2011	Everest Re- Canadian Branch		60.0	%	Bermuda Re	property business		350,000	(3)		-
01/01/2012-12/31/2012	Everest Re- Canadian Branch		75.0	%	Bermuda Re	property / casualty business		206,250	(3)		412,500	(3)
01/01/2013-12/31/2013	Everest Re- Canadian Branch		75.0	%	Bermuda Re	property / casualty business		150,000	(3)		412,500	(3)
01/01/2014	Everest Re- Canadian Branch		75.0	%	Bermuda Re	property / casualty business		262,500	(3)		412,500	(3)

01/01/2012 Everest Canada 80.0 % Everest Re- Canadian Branch property business - -

(1)	The single occurance limit is applied before the loss cessions to either Bermuda Re or Everest International.
(2)	The aggregate limit is applied before the loss cessions to either Bermuda Re or Everest International.
(3)	Amounts shown are Canadian dollars.

22

For premiums earned and losses incurred for the period January 1, 2002 through December 31, 2002, Everest Re, Everest National Insurance Company and Everest Security Insurance Company entered into an Excess of Loss Reinsurance Agreement with Bermuda Re, covering workers’ compensation losses occurring on and after January 1, 2002, as respect to new, renewal and in force policies effective on that date through December 31, 2002.  This agreement was commuted as of September 30, 2013.  The table below represents Bermuda Re's liability limits for any losses per one occurrence.

	Liability Limits
(Dollars in thousands)	Exceeding		Not to Exceed
Losses per one occurrence	$	100,000	$	150,000

The table below represents loss portfolio transfer reinsurance agreements whereby net insurance exposures and reserves were transferred to an affiliate.

(Dollars in thousands)
Effective	Transferring	Assuming	% of Business or		Covered Period
Date	Company	Company	Amount of Transfer		of Transfer
09/19/2000	Mt. McKinley	Bermuda Re		100%	All years
10/01/2001	Everest Re  (Belgium Branch)	Bermuda Re		100%	All years
10/01/2008	Everest Re	Bermuda Re	$	747,022	01/01/2002-12/31/2007

The following tables summarize the premiums and losses ceded by the Company to Bermuda Re and Everest International, respectively, and premiums and losses assumed by the Company from Everest Canada for the periods indicated:

	Three Months Ended
Bermuda Re	March 31,
(Dollars in thousands)	2015		2014
Ceded written premiums	$	539,033	$	518,017
Ceded earned premiums		554,051		479,813
Ceded losses and LAE (a)		295,131		238,501

	Three Months Ended
Everest International	March 31,
(Dollars in thousands)	2015			2014
Ceded written premiums	$	(2	)	$	(115	)
Ceded earned premiums		41			(74	)
Ceded losses and LAE		(822	)		1,884

	Three Months Ended
Everest Canada	March 31,
(Dollars in thousands)	2015		2014
Assumed written premiums	$	6,664	$	4,010
Assumed earned premiums		8,699		4,688
Assumed losses and LAE		4,729		3,292

(a)    Ceded losses and LAE include the Mt. McKinley loss portfolio transfer that constitutes losses ceded under retroactive reinsurance and therefore, in accordance with FASB guidance, a deferred gain on retroactive reinsurance is reflected in other expenses on the consolidated statements of operations and comprehensive income (loss).

Everest Re sold net assets of its UK branch to Bermuda Re and provided Bermuda Re with a reserve indemnity agreement allowing for indemnity payments of up to 90% of ₤25.0 million of the excess of 2002 and prior reserves, provided that any recognition of profit from the reserves for 2002 and prior underwriting years is taken into account.

23

Effective February 27, 2013, Group established a new subsidiary, Mt. Logan Re, which is a Class 3 insurer based in Bermuda.  Effective July 1, 2013, Mt. Logan Re established separate segregated accounts for its business activity, which will invest in a diversified set of catastrophe exposures.

The following table summarizes the premiums and losses that are ceded by the Company to Mt. Logan Re and assumed by the Company from Mt. Logan Re.

	Three Months Ended
Mt. Logan Re	March 31,
(Dollars in thousands)	2015		2014
Ceded written premiums	$	61,670	$	28,366
Ceded earned premiums		38,683		17,837
Ceded losses and LAE		8,314		5,143
Assumed written premiums		3,984		9,919
Assumed earned premiums		3,984		2,106
Assumed losses and LAE		-		-

14.       RETIREMENT BENEFITS

The Company maintains both qualified and non-qualified defined benefit pension plans and a retiree health plan for its U.S. employees employed prior to April 1, 2010.

Net periodic benefit cost for U.S. employees included the following components for the periods indicated:

Pension Benefits	Three Months Ended
	March 31,
(Dollars in thousands)	2015			2014
Service cost	$	2,940		$	2,460
Interest cost		2,457			2,542
Expected return on plan assets		(2,903	)		(2,823	)
Amortization of prior service cost		5			13
Amortization of net (income) loss		2,251			1,091
Net periodic benefit cost	$	4,750		$	3,283

Other Benefits	Three Months Ended
	March 31,
(Dollars in thousands)	2015		2014
Service cost	$	401	$	407
Interest cost		263		342
Amortization of net (income) loss		211		82
Net periodic benefit cost	$	875	$	831

The Company did not make any contributions to the qualified pension benefit plan for the three months ended March 31, 2015 and 2014.

15.       INCOME TAXES

The Company is domiciled in the United States and has subsidiaries domiciled within the United States with significant branches in Canada and Singapore.  The Company’s non-U.S. branches are subject to income taxation at varying rates in their respective domiciles.

24

For interim reporting periods, the company is generally required to use the annualized effective tax rate (“AETR”) method, as prescribed by ASC 740-270, Interim Reporting, to calculate its income tax provision.  Under this method, the AETR is applied to the interim year-to-date pre-tax income to determine the income tax expense or benefit for the year-to-date period.  The income tax expense or benefit for a quarter represents the difference between the year-to-date income tax expense or benefit for the current year-to-date period less such amount for the immediately preceding year-to-date period.  Management considers the impact of all known events in its estimation of the Company’s annual pre-tax income and AETR.

16.       SUBSEQUENT EVENTS

On April 23, 2015, the Company entered into an agreement to sell all of the outstanding shares of capital stock of Mt. McKinley Insurance Company (“Mt. McKinley”), a Delaware domiciled insurance company and wholly-owned subsidiary of the Company to Clearwater Insurance Company, a Delaware domiciled insurance company.  The purchase price shall be paid in cash and based on the statutory book value of Mt. McKinley as of the closing date, which is expected to be approximately $20,000 thousand. The Company expects to recognize a realized gain of approximately $61,000 thousand on the sale of Mt. McKinley.

The transaction is subject to receipt of insurance regulatory approvals and satisfaction of other customary closing conditions.

The transaction meets the criteria for Held for Sale accounting.  In accordance with the guidance, the table below details the approximate assets and liabilities associated with the business classified as Held for Sale. 

(Dollars in thousands)
Investments and cash	$	17,000
Reinsurance recoverables		146,000
Deferred tax asset		35,000
Other assets		1,000
Total assets held for sale	$	199,000
Reserve for losses and loss adjustment expenses	$	142,000
Deferred gain on retroactive reinsurance		97,000
Other liabilities		1,000
Total liabilities held for sale	$	240,000
Net liabilities held for sale	$	(41,000	)

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ITEM 2.        MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION

Industry Conditions.

The worldwide reinsurance and insurance businesses are highly competitive, as well as cyclical by product and market.  As such, financial results tend to fluctuate with periods of constrained availability, high rates and strong profits followed by periods of abundant capacity, low rates and constrained profitability.  Competition in the types of reinsurance and insurance business that we underwrite is based on many factors, including the perceived overall financial strength of the reinsurer or insurer, ratings of the reinsurer or insurer by A.M. Best and/or Standard & Poor’s, underwriting expertise, the jurisdictions where the reinsurer or insurer is licensed or otherwise authorized, capacity and coverages offered, premiums charged, other terms and conditions of the reinsurance and insurance business offered, services offered, speed of claims payment and reputation and experience in lines written.  Furthermore, the market impact from these competitive factors related to reinsurance and insurance is generally not consistent across lines of business, domestic and international geographical areas and distribution channels.

We compete in the U.S. and international reinsurance and insurance markets with numerous global competitors.  Our competitors include independent reinsurance and insurance companies, subsidiaries or affiliates of established worldwide insurance companies, reinsurance departments of certain insurance companies, domestic and international underwriting operations, including underwriting syndicates at Lloyd’s and certain government sponsored risk transfer vehicles.  Some of these competitors have greater financial resources than we do and have established long term and continuing business relationships, which can be a significant competitive advantage.  In addition, the lack of strong barriers to entry into the reinsurance business and recently, the securitization of reinsurance and insurance risks through capital markets provide additional sources of potential reinsurance and insurance capacity and competition.

Worldwide insurance and reinsurance market conditions continued to be very competitive, particularly in the property catastrophe and casualty reinsurance lines of business.  Generally, there was ample insurance and reinsurance capacity relative to demand, as well as, additional capital from the capital markets through insurance linked financial instruments.  These financial instruments such as side cars, catastrophe bonds and collateralized reinsurance funds, provide capital markets with access to insurance and reinsurance risk exposure. The capital markets demand for these products is being primarily driven by the current low interest environment and the desire to achieve greater risk diversification and potentially higher returns on their investments.  This increased competition is generally having a negative impact on rates, terms and conditions; however, the impact varies widely by market and coverage.

Rates tend to fluctuate by specific region and products, particularly areas recently impacted by large catastrophic events.  During the second and third quarters of 2013, Canada experienced historic flooding in Alberta and Toronto, which resulted in higher catastrophe rates in these areas during 2014.  Although there were flooding and wind storm events in Europe and Asia in the latter part of 2013, the overall 2013 catastrophe losses for the industry were lower than average.  This lower level of losses, combined with increased competition resulted in downward pressure on rates in certain geographical areas during 2014.  Catastrophe results during 2014 and the first quarter of 2015 were also generally benign, which could have a negative impact on worldwide regional catastrophe markets for the balance of 2015.

Overall, we believe that given our size, strong ratings, distribution system, reputation, expertise and capital market vehicle activity the current marketplace conditions provide profit opportunities.  We continue to employ our strategy of targeting business that offers the greatest profit potential, while maintaining balance and diversification in our overall portfolio.

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Financial Summary.

We monitor and evaluate our overall performance based upon financial results.  The following table displays a summary of the consolidated net income (loss), ratios and stockholder’s equity for the periods indicated:

	Three Months Ended						Percentage
	March 31,						Increase/
(Dollars in millions)	2015			2014			(Decrease)
Gross written premiums	$	1,226.8		$	1,084.5			13.1	%
Net written premiums		508.4			499.7			1.7	%
REVENUES:
Premiums earned	$	521.1		$	470.4			10.8	%
Net investment income		72.6			63.8			13.8	%
Net realized capital gains (losses)		21.3			(4.1	)	NM
Other income (expense)		15.8			(3.1	)	NM
Total revenues		630.8			527.1			19.7	%
CLAIMS AND EXPENSES:
Incurred losses and loss adjustment expenses		308.9			278.0			11.1	%
Commission, brokerage, taxes and fees		96.5			76.1			26.9	%
Other underwriting expenses		48.5			39.3			23.7	%
Corporate expense		1.6			1.3			23.6	%
Interest, fee and bond issue cost amortization expense		8.9			7.4			19.1	%
Total claims and expenses		464.4			402.1			15.5	%
INCOME (LOSS) BEFORE TAXES		166.4			125.0			33.1	%
Income tax expense (benefit)		50.4			38.5			30.8	%
NET INCOME (LOSS)		115.9			86.5			34.1	%
RATIOS:							Point Change
Loss ratio		59.3	%		59.1	%		0.2
Commission and brokerage ratio		18.5	%		16.2	%		2.3
Other underwriting expense ratio		9.3	%		8.3	%		1.0
Combined ratio		87.1	%		83.6	%		3.5
	At			At			Percentage
	March 31,			December 31,			Increase/
(Dollars in millions)		2015			2014		(Decrease)
Balance sheet data:
Total investments and cash	$	9,536.7		$	9,572.6			-0.4	%
Total assets		16,408.3			16,322.3			0.5	%
Loss and loss adjustment expense reserves		7,805.0			7,843.9			-0.5	%
Total debt		638.4			638.4			0.0	%
Total liabilities		11,707.8			11,749.6			-0.4	%
Stockholder's equity		4,700.5			4,572.7			2.8	%
(NM, not meaningful)
(Some amounts may not reconcile due to rounding)

Revenues.

Premiums.  Gross written premiums increased by 13.1% to $1,226.8 million for the three months ended March 31, 2015, compared to $1,084.5 million for the three months ended March 31, 2014, reflecting a $105.2 million, or 46.7%, increase in our insurance business and a $37.1 million, or 4.3%, increase in our reinsurance business.  The rise in insurance premiums was primarily due to increases in crop and workers’ compensation business as well as eight other business units.  The rise in reinsurance premiums was primarily due to an increase in treaty property and catastrophe business, partially offset by approximately $14.7 million negative impact from the year over year movement in exchange rates.  Net written premiums increased by 1.7% to $508.4 million for the three months ended March 31, 2015, compared to $499.7

27

million for the three months ended March 31, 2014.  The variance between the increase in gross written premiums compared to the increase in net written premiums is primarily due to a higher utilization of reinsurance for the crop business and for the quota share contracts, which increased due to the changes in the mix of business.  Premiums earned increased by 10.8% to $521.1 million for the three months ended March 31, 2015, compared to $470.4 million for the three months ended March 31, 2014.  The change in premiums earned relative to net written premiums is the result of timing; premiums are earned ratably over the coverage period whereas written premiums are recorded at the initiation of the coverage period.

Net Investment Income.  Net investment income increased by 13.8% to $72.6 million for the three months ended March 31, 2015, compared with net investment income of $63.8 million for the three months ended March 31, 2014.  Net pre-tax investment income, as a percentage of average invested assets, was 3.5% for the three months ended March 31, 2015, compared to 3.0% for the three months ended March 31, 2014. The increase in income and yield for the three months ended March 31, 2015 compared to the three months ended March 31, 2014 was primarily the result of an increase in our limited partnership income and an increase in dividends from shares held of the parent.

Net Realized Capital Gains (Losses). Net realized capital gains were $21.3 million for the three months ended March 31, 2015, and net realized capital losses were $4.1 million for the three months ended March 31, 2014.  The $21.3 million was comprised of $57.0 million of gains from fair value re-measurements on fixed maturity securities, equity securities and other invested assets, partially offset by $24.1 million of other-than-temporary impairments and $11.6 million of losses from sales on our fixed maturity and equity securities.  The net realized capital losses of $4.1 million for the three months ended March 31, 2014 were the result of $2.4 million of net realized capital losses from sales on our fixed maturity and equity securities and $1.7 million of losses from fair value re-measurements.

Other Income (Expense).  We recorded other income of $15.8 million for the three months ended March 31, 2015 and other expense of $3.1 million for the three months ended March 31, 2014.  The changes were primarily the result of fluctuations in foreign currency exchange rates for the corresponding periods.

Claims and Expenses.

Incurred Losses and Loss Adjustment Expenses.  The following table presents our incurred losses and loss adjustment expenses (“LAE”) for the periods indicated.

	Three Months Ended March 31,
	Current		Ratio %/				Prior			Ratio %/				Total			Ratio %/
(Dollars in millions)	Year		Pt Change				Years			Pt Change				Incurred			Pt Change
2015
Attritional (a)	$	312.8		60.1	%		$	(1.7	)		-0.4	%		$	311.1			59.7	%
Catastrophes		-		0.0	%			(2.2	)		-0.4	%			(2.2	)		-0.4	%
Total	$	312.8		60.1	%		$	(3.9	)		-0.8	%		$	308.9			59.3	%
2014
Attritional (a)	$	281.3		59.8	%		$	(0.6	)		-0.1	%		$	280.7			59.7	%
Catastrophes		-		0.0	%			(2.7	)		-0.6	%			(2.7	)		-0.6	%
Total	$	281.3		59.8	%		$	(3.3	)		-0.7	%		$	278.0			59.1	%
Variance 2015/2014
Attritional (a)	$	31.5		0.3		pts	$	(1.1	)		(0.3	)	pts	$	30.4			-		pts
Catastrophes		-		-		pts		0.5			0.2		pts		0.5			0.2		pts
Total	$	31.5		0.3		pts	$	(0.6	)		(0.1	)	pts	$	30.9			0.2		pts
(a) Attritional losses exclude catastrophe losses.
(Some amounts may not reconcile due to rounding.)

Incurred losses and LAE increased by 11.1% to $308.9 million for the three months ended March 31, 2015 compared to $278.0 million for the three months ended March 31, 2014, primarily due to increases in current year attritional losses of $31.5 million resulting primarily from the impact of the increase in

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premiums earned.  There were no current year catastrophe losses for the three months ended March 31, 2015 and 2014.

Commission, Brokerage, Taxes and Fees.  Commission, brokerage, taxes and fees increased by 26.9% to $96.5 million for the three months ended March 31, 2015 compared to $76.1 million for the three months ended March 31, 2014.  These changes were primarily due to the impact of the increase in premiums earned, higher contingent commissions and changes in the mix of business.

Other Underwriting Expenses.  Other underwriting expenses were $48.5 million and $39.3 million for the three months ended March 31, 2015 and 2014, respectively.  The increase in other underwriting expenses was mainly due to the impact of the increase in premiums earned.

Corporate Expenses.  Corporate expenses, which are general operating expenses that are not allocated to segments, were comparable at $1.6 million and $1.3 million for the three months ended March 31, 2015 and 2014, respectively.

Interest, Fees and Bond Issue Cost Amortization Expense.  Interest, fees and other bond amortization expense was $8.9 million and $7.4 million for the three months ended March 31, 2015 and 2014, respectively.  The increase was primarily due to the issuance of $400.0 million of senior notes in June, 2014, partially offset by the maturity of $250.0 million of senior notes on October 15, 2014.

Income Tax Expense (Benefit).  Income tax expense was $50.4 million and $38.5 million for the three months ended March 31, 2015 and 2014, respectively.  Income tax expense is primarily a function of the geographic location of the Company’s pre-tax income and the statutory tax rates in those jurisdictions, as affected by tax-exempt investment income.  Variations in the income tax expense generally result from changes in the relative levels of pre-tax income, including the impact of catastrophe losses and net capital gains (losses), among jurisdictions with different tax rates.  The increase in income tax expense for the three months ended March 31, 2015 compared to the three months ended March 31, 2014 was primarily due to higher net realized capital gains.

Net Income (Loss).

Our net income was $115.9 million and $86.5 million for the three months ended March 31, 2015 and 2014, respectively.  The changes were primarily driven by the financial component fluctuations explained above.

Ratios.

Our combined ratio increased by 3.5 points to 87.1% for the three months ended March 31, 2015, compared to 83.6% for the three months ended March 31, 2014.  The loss ratio component increased slightly by 0.2 points for the three months ended March 31, 2015, over the same period last year.  The commission and brokerage ratio components increased 2.3 points for the three months ended March 31, 2015, over the same period last year, primarily due to higher contingent commissions and changes in the mix of business.  The other underwriting expense ratio components increased 1.0 point for the three months ended March 31, 2015, over the same period last year.

Stockholder's Equity.

Stockholders’ equity increased by $127.8 million to $4,700.5 million at March 31, 2015 from $4,572.7 million at December 31, 2014, principally as a result of $115.9 million of net income, $39.6 million of net unrealized appreciation on investments, net of tax, $4.0 million of share-based compensation transactions and $1.6 million of net benefit plan obligation adjustments, partially offset by $33.3 million of net foreign currency translation adjustments.

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Consolidated Investment Results

Net Investment Income.

Net investment income increased 13.8% to $72.6 million for the three months ended March 31, 2015 compared to $63.8 million for the three months ended March 31, 2014, primarily due to an increase in income from our limited partnership investments and an increase in dividends from parent’s shares.

The following table shows the components of net investment income for the periods indicated:

	Three Months Ended
	March 31,
(Dollars in millions)	2015			2014
Fixed maturities	$	48.0		$	51.1
Equity securities		8.7			8.9
Short-term investments and cash		0.2			0.2
Other invested assets
Limited partnerships		7.4			(3.1	)
Dividends from Parent's shares		9.2			7.3
Other		0.6			2.0
Gross investment income before adjustments		74.1			66.4
Funds held interest income (expense)		2.5			2.1
Interest income from Parent		1.1			-
Gross investment income		77.7			68.5
Investment expenses		(5.1	)		(4.7	)
Net investment income	$	72.6		$	63.8
(Some amounts may not reconcile due to rounding.)

The following tables show a comparison of various investment yields for the periods indicated:

	At	At
	March 31.	December 31,
	2015	2014
Imbedded pre-tax yield of cash and invested assets at December 31	3.1%	3.1%
Imbedded after-tax yield of cash and invested assets at December 31	2.2%	2.2%

	Three Months Ended
	March 31.
	2015	2014
Annualized pre-tax yield on average cash and invested assets	3.5%	3.0%
Annualized after-tax yield on average cash and invested assets	2.5%	2.2%

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Net Realized Capital Gains (Losses).

The following table presents the composition of our net realized capital gains (losses) for the periods indicated:

	Three Months Ended March 31,
(Dollars in millions)	2015			2014			Variance
Gains (losses) from sales:
Fixed maturity securities, market value
Gains	$	2.5		$	1.3		$	1.2
Losses		(14.0	)		(3.3	)		(10.7	)
Total		(11.5	)		(2.0	)		(9.5	)
Fixed maturity securities, fair value
Gains		-			1.2			(1.2	)
Losses		-			(0.3	)		0.3
Total		-			0.9			(0.9	)
Equity securities, fair value
Gains		5.1			6.6			(1.5	)
Losses		(5.2	)		(7.9	)		2.7
Total		(0.1	)		(1.3	)		1.2
Total net realized gains (losses) from sales
Gains		7.7			9.1			(1.4	)
Losses		(19.2	)		(11.5	)		(7.7	)
Total		(11.6	)		(2.4	)		(9.2	)
Other than temporary impairments:		(24.1	)		-			(24.1	)
Gains (losses) from fair value adjustments:
Fixed maturities, fair value		0.1			-			0.1
Equity securities, fair value		20.9			25.8			(4.9	)
Other invested assets, fair value		36.0			(27.4	)		63.4
Total		57.0			(1.7	)		58.7
Total net realized gains (losses)	$	21.3		$	(4.1	)	$	25.4
(Some amounts may not reconcile due to rounding)

Net realized capital gains were $21.3 million for the three months ended March 31, 2015, and net realized capital losses were $4.1 million for the three months ended March 31, 2014.  For the three months ended March 31, 2015, we recorded $57.0 million of net realized capital gains due to fair value re-measurements on fixed maturity securities, equity securities and other invested assets, partially offset by $24.1 million of other-than-temporary impairments and $11.6 million of net realized capital losses from sales of fixed maturity and equity securities. The fixed maturity and equity sales for the three months ended March 31, 2015 related primarily to adjusting the portfolios for overall market changes and individual credit shifts.  For the three months ended March 31, 2014, we recorded $2.4 million of net realized capital losses from sales on our fixed maturity and equity securities and $1.7 million of losses from fair value re-measurements.

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Segment Results.

The U.S. Reinsurance operation writes property and casualty reinsurance and specialty lines of business, including Marine, Aviation, Surety and A&H business, on both a treaty and facultative basis, through reinsurance brokers, as well as directly with ceding companies primarily within the U.S.  The International operation writes non-U.S. property and casualty reinsurance through Everest Re’s branches in Canada, Singapore and through offices in Brazil, Miami and New Jersey.  The Insurance operation writes property and casualty insurance directly and through general agents, brokers and surplus lines brokers within the U.S and Canada.

These segments are managed independently, but conform with corporate guidelines with respect to pricing, risk management, control of aggregate catastrophe exposures, capital, investments and support operations.  Management generally monitors and evaluates the financial performance of these operating segments based upon their underwriting results.

Underwriting results include earned premium less losses and LAE incurred, commission and brokerage expenses and other underwriting expenses.  We measure our underwriting results using ratios, in particular loss, commission and brokerage and other underwriting expense ratios, which respectively, divide incurred losses, commissions and brokerage and other underwriting expenses by premiums earned.

Our loss and LAE reserves are our best estimate of our ultimate liability for unpaid claims.  We re-evaluate our estimates on an ongoing basis, including all prior period reserves, taking into consideration all available information and, in particular, recently reported loss claim experience and trends related to prior periods.  Such re-evaluations are recorded in incurred losses in the period in which the re-evaluation is made.

The following discusses the underwriting results for each of our segments for the periods indicated:

U.S. Reinsurance.

The following table presents the underwriting results and ratios for the U.S. Reinsurance segment for the periods indicated.

	Three Months Ended March 31,
(Dollars in millions)	2015			2014			Variance			% Change
Gross written premiums	$	562.6		$	530.3		$	32.3			6.1	%
Net written premiums		240.7			251.5			(10.8	)		-4.3	%
Premiums earned	$	255.4		$	218.2		$	37.2			17.1	%
Incurred losses and LAE		111.5			116.0			(4.5	)		-3.9	%
Commission and brokerage		58.4			40.1			18.2			45.4	%
Other underwriting expenses		11.5			9.5			2.0			21.6	%
Underwriting gain (loss)	$	74.1		$	52.6		$	21.5			40.8	%
										Point Chg
Loss ratio		43.6	%		53.2	%					(9.6	)
Commission and brokerage ratio		22.9	%		18.4	%					4.5
Other underwriting expense ratio		4.5	%		4.3	%					0.2
Combined ratio		71.0	%		75.9	%					(4.9	)
(Some amounts may not reconcile due to rounding)

Premiums.Gross written premiums increased by 6.1% to $562.6 million for the three months ended March 31, 2015 from $530.3 million for the three months ended March 31, 2014, primarily due to an increase in treaty property and catastrophe business, partially offset by a decline in treaty casualty business.  Net written premiums decreased by 4.3% to $240.7 million for the three months ended March 31, 2015 compared to $251.5 million for the three months ended March 31, 2014.  The variance between the increase in gross written premiums compared to the decrease in net written premiums is primarily due to a higher utilization of reinsurance related to quota share contracts. Premiums earned increased 17.1% to $255.4 million for the

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three months ended March 31, 2015 compared to $218.2 million for the three months ended March 31, 2014.  The change in premiums earned relative to net written premiums is primarily the result of timing; premiums are earned ratably over the coverage period whereas written premiums are recorded at the initiation of the coverage period.

Incurred Losses and LAE.The following table presents the incurred losses and LAE for the U.S. Reinsurance segment for the periods indicated.

	Three Months Ended March 31,
	Current			Ratio %/				Prior			Ratio %/				Total			Ratio %/
(Dollars in millions)	Year			Pt Change				Years			Pt Change				Incurred			Pt Change
2015
Attritional	$	117.5			46.0	%		$	(3.6	)		-1.5	%		$	113.9			44.5	%
Catastrophes		-			0.0	%			(2.4	)		-0.9	%			(2.4	)		-0.9	%
Total segment	$	117.5			46.0	%		$	(6.0	)		-2.5	%		$	111.5			43.6	%
2014
Attritional	$	120.6			55.3	%		$	(3.2	)		-1.5	%		$	117.4			53.8	%
Catastrophes		-			0.0	%			(1.4	)		-0.6	%			(1.4	)		-0.6	%
Total segment	$	120.6			55.3	%		$	(4.6	)		-2.1	%		$	116.0			53.2	%
Variance 2015/2014
Attritional	$	(3.1	)		(9.3	)	pts	$	(0.4	)		-		pts	$	(3.5	)		(9.3	)	pts
Catastrophes		-			-		pts		(1.0	)		(0.3	)	pts		(1.0	)		(0.3	)	pts
Total segment	$	(3.1	)		(9.3	)	pts	$	(1.4	)		(0.4	)	pts	$	(4.5	)		(9.6	)	pts
(Some amounts may not reconcile due to rounding.)

Incurred losses decreased by 3.9% to $111.5 million for the three months ended March 31, 2015 compared to $116.0 million for the three months ended March 31, 2014, primarily due to a decrease in losses on treaty casualty business and the impact of changes in affiliated quota share agreements, partially offset by the impact of the increase in earned premiums.  There were no current year catastrophe losses for the three months ended March 31, 2015 and 2014.

Segment Expenses.  Commission and brokerage increased by 45.4% to $58.4 million for the three months ended March 31, 2015 compared to $40.1 million for the three months ended March 31, 2014.  This variance was due to the impact of the increase in premiums earned, higher contingent commissions and changes in the mix of business.  Segment other underwriting expenses increased to $11.5 million for the three months ended March 31, 2015 from $9.5 million for the three months ended March 31, 2014 due primarily to the impact of the increase in premiums earned.

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International.

The following table presents the underwriting results and ratios for the International segment for the periods indicated.

	Three Months Ended March 31,
(Dollars in millions)	2015			2014			Variance			% Change
Gross written premiums	$	333.6		$	328.9		$	4.7			1.4	%
Net written premiums		121.7			141.5			(19.8	)		-14.0	%
Premiums earned	$	140.7		$	145.0		$	(4.3	)		-3.0	%
Incurred losses and LAE		101.4			83.6			17.9			21.4	%
Commission and brokerage		34.0			29.2			4.8			16.6	%
Other underwriting expenses		8.1			7.8			0.3			3.5	%
Underwriting gain (loss)	$	(2.9	)	$	24.4		$	(27.3	)		-111.7	%
										Point Chg
Loss ratio		72.1	%		57.6	%					14.5
Commission and brokerage ratio		24.2	%		20.1	%					4.1
Other underwriting expense ratio		5.7	%		5.5	%					0.2
Combined ratio		102.0	%		83.2	%					18.8
(Some amounts may not reconcile due to rounding)

Premiums.Gross written premiums increased by 1.4% to $333.6 million for the three months ended March 31, 2015 compared to $328.9 million for the three months ended March 31, 2014, primarily due to new quota share contracts, partially offset by the negative impact of approximately $12.4 million from the movement of foreign exchange rates.  Net written premiums decreased by 14.0% to $121.7 million for the three months ended March 31, 2015 compared to $141.5 million for the three months ended March 31, 2015.  The variance of the change in gross written premiums compared to the change in net written premiums is due to a higher utilization of reinsurance related to the new quota share contracts.  Premiums earned decreased 3.0% to $140.7 million for the three months ended March 31, 2015 compared to $145.0 million for the three months ended March 31, 2015.  The change in premiums earned relative to net written premiums is primarily the result of timing; premiums are earned ratably over the coverage period whereas written premiums are recorded at the initiation of the coverage period.

Incurred Losses and LAE. The following table presents the incurred losses and LAE for the International segment for the periods indicated.

	Three Months Ended March 31,
	Current		Ratio %/				Prior			Ratio %/				Total			Ratio %/
(Dollars in millions)	Year		Pt Change				Years			Pt Change				Incurred			Pt Change
2015
Attritional	$	99.7		70.9	%		$	1.6			1.1	%		$	101.3			72.0	%
Catastrophes		-		0.0	%			0.2			0.1	%			0.2			0.1	%
Total segment	$	99.7		70.9	%		$	1.7			1.2	%		$	101.4			72.1	%
2014
Attritional	$	84.7		58.4	%		$	0.2			0.2	%		$	85.0			58.6	%
Catastrophes		-		0.0	%			(1.4	)		-1.0	%			(1.4	)		-1.0	%
Total segment	$	84.7		58.4	%		$	(1.1	)		-0.8	%		$	83.6			57.6	%
Variance 2015/2014
Attritional	$	15.0		12.5		pts	$	1.4			0.9		pts	$	16.3			13.4		pts
Catastrophes		-		-		pts		1.6			1.1		pts		1.6			1.1		pts
Total segment	$	15.0		12.5		pts	$	2.8			2.0		pts	$	17.9			14.5		pts
(Some amounts may not reconcile due to rounding.)

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Incurred losses and LAE increased by 21.4% to $101.4 million for the three months ended March 31, 2015 compared to $83.6 million for the three months ended March 31, 2014, due to the increase in current year attritional losses of $15.0 million. The increase in attritional losses was primarily due to higher losses in the Middle East, Africa and Latin America. There were no current year catastrophe losses for the three months ended March 31, 2015 and 2014.

Segment Expenses.Commission and brokerage increased 16.6% to $34.0 million for the three months ended March 31, 2015 compared to $29.2 million for the three months ended March 31, 2014.  The increase was primarily due to the impact of changes in affiliated quota share agreements and the impact of changes in the mix of business.  Segment other underwriting expenses slightly increased to $8.1 million for the three months ended March 31, 2015 compared to $7.8 million for the three months ended March 31, 2014.

Insurance.

The following table presents the underwriting results and ratios for the Insurance segment for the periods indicated.

	Three Months Ended March 31,
(Dollars in millions)	2015			2014			Variance			% Change
Gross written premiums	$	330.5		$	225.3		$	105.2			46.7	%
Net written premiums		146.1			106.7			39.3			36.8	%
Premiums earned	$	125.0		$	107.3		$	17.7			16.5	%
Incurred losses and LAE		96.0			78.5			17.5			22.3	%
Commission and brokerage		4.2			6.8			(2.6	)		-38.6	%
Other underwriting expenses		28.9			21.9			7.0			31.8	%
Underwriting gain (loss)	$	(4.1	)	$	-		$	(4.1	)	NM
										Point Chg
Loss ratio		76.8	%		73.2	%					3.6
Commission and brokerage ratio		3.3	%		6.3	%					(3.0	)
Other underwriting expense ratio		23.2	%		20.5	%					2.7
Combined ratio		103.3	%		100.0	%					3.3
(NM, not meaningful)
(Some amounts may not reconcile due to rounding)

Premiums. Gross written premiums increased by 46.7% to $330.5 million for the three months ended March 31, 2015 compared to $225.3 million for the three months ended March 31, 2014.  This increase was primarily driven by an increase in crop and workers’ compensation business as well as eight other business units. Net written premiums increased by 36.8% to $146.1 million for the three months ended March 31, 2015 compared to $106.7 million for the three months ended March 31, 2014, which is consistent with the change in gross written premiums.  Premiums earned increased 16.5% to $125.0 million for the three months ended March 31, 2015 compared to $107.3 million for the three months ended March 31, 2014.  The change in premiums earned relative to net written premiums is the result of timing; premiums are earned ratably over the coverage period whereas written premiums are recorded at the initiation of the coverage period.

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Incurred Losses and LAE.The following table presents the incurred losses and LAE for the Insurance segment for the periods indicated.

	Three Months Ended March 31,
	Current		Ratio %/				Prior			Ratio %/				Total			Ratio %/
(Dollars in millions)	Year		Pt Change				Years			Pt Change				Incurred			Pt Change
2015
Attritional	$	95.6		76.5	%		$	0.4			0.3	%		$	96.0			76.8	%
Catastrophes		-		0.0	%			-			0.0	%			-			0.0	%
Total segment	$	95.6		76.5	%		$	0.4			0.3	%		$	96.0			76.8	%
2014
Attritional	$	76.0		70.8	%		$	2.4			2.3	%		$	78.4			73.1	%
Catastrophes		-		0.0	%			0.1			0.1	%			0.1			0.1	%
Total segment	$	76.0		70.8	%		$	2.5			2.4	%		$	78.5			73.2	%
Variance 2015/2014
Attritional	$	19.6		5.7		pts	$	(2.0	)		(2.0	)	pts	$	17.6			3.7		pts
Catastrophes		-		-		pts		(0.1	)		(0.1	)	pts		(0.1	)		(0.1	)	pts
Total segment	$	19.6		5.7		pts	$	(2.1	)		(2.1	)	pts	$	17.5			3.6		pts
(Some amounts may not reconcile due to rounding.)

Incurred losses and LAE increased by 22.3% to $96.0 million for the three months ended March 31, 2015 compared to $78.5 million for the three months ended March 31, 2014, mainly due to an increase of $19.6 million in current year attritional losses.  This rise was primarily related to the impact of the increase in premiums earned.  There were no current year catastrophe losses for the three months ended March 31, 2015 and 2014.

Segment Expenses.Commission and brokerage decreased 38.6% to $4.2 million for the three months ended March 31, 2015 compared to $6.8 million for the three months ended March 31, 2014.  This increase was primarily due to the impact of changes in affiliated quota share agreements and the impact of changes in the mix of business, partially offset by the impact of the increase in premiums earned.  Segment other underwriting expenses increased to $28.9 million for the three months ended March 31, 2015 compared to $21.9 million for the three months ended March 31, 2014 primarily due to the impact of the increase in premiums earned.

Market Sensitive Instruments.

The SEC’s Financial Reporting Release #48 requires registrants to clarify and expand upon the existing financial statement disclosure requirements for derivative financial instruments, derivative commodity instruments and other financial instruments (collectively, “market sensitive instruments”).  We do not generally enter into market sensitive instruments for trading purposes.

Our current investment strategy seeks to maximize after-tax income through a high quality, diversified, taxable and tax-preferenced fixed maturity portfolio, while maintaining an adequate level of liquidity.  Our mix of taxable and tax-preferenced investments is adjusted periodically, consistent with our current and projected operating results, market conditions and our tax position.  The fixed maturity securities in the investment portfolio are comprised of non-trading available for sale securities.  Additionally, we have invested in equity securities.

The overall investment strategy considers the scope of present and anticipated Company operations.  In particular, estimates of the financial impact resulting from non-investment asset and liability transactions, together with our capital structure and other factors, are used to develop a net liability analysis.  This analysis includes estimated payout characteristics for which our investments provide liquidity.  This analysis is considered in the development of specific investment strategies for asset allocation, duration and credit quality.  The change in overall market sensitive risk exposure principally reflects the asset changes that took place during the period.

36

Interest Rate Risk.  Our $9.5 billion investment portfolio, at March 31, 2015, is principally comprised of fixed maturity securities, which are generally subject to interest rate risk and some foreign currency exchange rate risk, and some equity securities, which are subject to price fluctuations and some foreign exchange rate risk.  The overall economic impact of the foreign exchange risks on the investment portfolio is partially mitigated by changes in the dollar value of foreign currency denominated liabilities and their associated income statement impact.

Interest rate risk is the potential change in value of the fixed maturity securities portfolio, including short-term investments, from a change in market interest rates.  In a declining interest rate environment, it includes prepayment risk on the $633.9 million of mortgage-backed securities in the $5,227.3 million fixed maturity portfolio.  Prepayment risk results from potential accelerated principal payments that shorten the average life and thus the expected yield of the security.

The table below displays the potential impact of market value fluctuations and after-tax unrealized appreciation on our fixed maturity portfolio (including $559.9 million of short-term investments) for the period indicated based on upward and downward parallel and immediate 100 and 200 basis point shifts in interest rates.  For legal entities with a U.S. dollar functional currency, this modeling was performed on each security individually.  To generate appropriate price estimates for mortgage-backed securities, changes in prepayment expectations under different interest rate environments were taken into account.  For legal entities with non-U.S. dollar functional currency, the effective duration of the involved portfolio of securities was used as a proxy for the market value change under the various interest rate change scenarios.

	Impact of Interest Rate Shift in Basis Points
	At March 31, 2015
(Dollars in millions)	-200			-100			0			100			200
Total Market/Fair Value	$	6,077.5		$	5,933.6		$	5,787.2		$	5,634.7		$	5,477.6
Market/Fair Value Change from Base (%)		5.0	%		2.5	%		0.0	%		-2.6	%		-5.3	%
Change in Unrealized Appreciation
After-tax from Base ($)	$	188.7		$	95.1		$	-		$	(99.1	)	$	(201.2	)

We had $7,805.0 million and $7,843.9 million of gross reserves for losses and LAE as of March 31, 2015 and December 31, 2014, respectively.  These amounts are recorded at their nominal value, as opposed to present value, which would reflect a discount adjustment to reflect the time value of money.  Since losses are paid out over a period of time, the present value of the reserves is less than the nominal value.  As interest rates rise, the present value of the reserves decreases and, conversely, as interest rates decline, the present value increases.  These movements are the opposite of the interest rate impacts on the fair value of investments.  While the difference between present value and nominal value is not reflected in our financial statements, our financial results will include investment income over time from the investment portfolio until the claims are paid.  Our loss and loss reserve obligations have an expected duration that is reasonably consistent with our fixed income portfolio.

Equity Risk.  Equity risk is the potential change in fair and/or market value of the common stock and preferred stock portfolios arising from changing prices.  Our equity investments consist of a diversified portfolio of individual securities.  The primary objective of the equity portfolio is to obtain greater total return relative to bonds over time through market appreciation and income.

The table below displays the impact on fair/market value and after-tax change in fair/market value of a 10% and 20% change in equity prices up and down for the periods indicated.

	Impact of Percentage Change in Equity Fair/Market Values
	At March 31, 2015
(Dollars in millions)	-20%			-10%			0%		10%		20%
Fair/Market Value of the Equity Portfolio	$	1,080.1		$	1,215.1		$	1,350.1	$	1,485.1	$	1,620.1
After-tax Change in Fair/Market Value		(175.5	)		(87.8	)		-		87.8		175.5

37

Foreign Exchange Risk.  Foreign currency risk is the potential change in value, income and cash flow arising from adverse changes in foreign currency exchange rates.  Each of our non-U.S. (“foreign”) operations maintains capital in the currency of the country of its geographic location consistent with local regulatory guidelines.  Each foreign operation may conduct business in its local currency, as well as the currency of other countries in which it operates.  The primary foreign currency exposures for these foreign operations are the Singapore and Canadian Dollars.  We mitigate foreign exchange exposure by generally matching the currency and duration of our assets to our corresponding operating liabilities.  In accordance with FASB guidance, we translate the assets, liabilities and income of non-U.S. dollar functional currency legal entities to the U.S. dollar.  This translation amount is reported as a component of other comprehensive income.  As of March 31, 2015, there has been no material change in exposure to foreign exchange rates as compared to December 31, 2014.

SAFE HARBOR DISCLOSURE

This report contains forward-looking statements within the meaning of the U.S. federal securities laws.  We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the federal securities laws.  In some cases, these statements can be identified by the use of forward-looking words such as “may”, “will”, “should”, “could”, “anticipate”, “estimate”, “expect”, “plan”, “believe”, “predict”, “potential” and “intend”.  Forward-looking statements contained in this report include information regarding our reserves for losses and LAE, the adequacy of our provision for uncollectible balances, estimates of our catastrophe exposure, the effects of catastrophic events on our financial statements and the ability of our subsidiaries to pay dividends.  Forward-looking statements only reflect our expectations and are not guarantees of performance.  These statements involve risks, uncertainties and assumptions.  Actual events or results may differ materially from our expectations.  Important factors that could cause our actual events or results to be materially different from our expectations include those discussed under the caption ITEM 1A, “Risk Factors” in the Company’s most recent 10-K filing.  We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

ITEM 3.        QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Market Risk Instruments.  See “Market Sensitive Instruments” in PART I – ITEM 2.

ITEM 4.        CONTROLS AND PROCEDURES

As of the end of the period covered by this report, our management carried out an evaluation, with the participation of the Chief Executive Officer and Chief Financial Officer, of the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934 (the “Exchange Act”)).  Based on their evaluation, the Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures are effective to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act are recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.  Our management, with the participation of the Chief Executive Officer and Chief Financial Officer, also conducted an evaluation of our internal control over financial reporting to determine whether any changes occurred during the quarter covered by this report that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.  Based on that evaluation, there has been no such change during the quarter covered by this report.

38

PART II

ITEM 1.        LEGAL PROCEEDINGS

In the ordinary course of business, the Company is involved in lawsuits, arbitrations and other formal and informal dispute resolution procedures, the outcomes of which will determine the Company’s rights and obligations under insurance and reinsurance agreements.  In some disputes, the Company seeks to enforce its rights under an agreement or to collect funds owing to it.  In other matters, the Company is resisting attempts by others to collect funds or enforce alleged rights.  These disputes arise from time to time and are ultimately resolved through both informal and formal means, including negotiated resolution, arbitration and litigation.  In all such matters, the Company believes that its positions are legally and commercially reasonable.  The Company considers the statuses of these proceedings when determining its reserves for unpaid loss and loss adjustment expenses.

Aside from litigation and arbitrations related to these insurance and reinsurance agreements, the Company is not a party to any other material litigation or arbitration.

ITEM 1A.      RISK FACTORS

No material changes.

ITEM 2.        UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

None.

ITEM 3.        DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4.        MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5.        OTHER INFORMATION

None.

39

ITEM 6.        EXHIBITS

Exhibit Index:
Exhibit No.	Description
31.1	Section 302 Certification of Dominic J. Addesso
31.2	Section 302 Certification of Craig Howie
32.1	Section 906 Certification of Dominic J. Addesso and Craig Howie
101.INS	XBRL Instance Document
101.SCH	XBRL Taxonomy Extension Schema
101.CAL	XBRL Taxonomy Extension Calculation Linkbase
101.DEF	XBRL Taxonomy Extension Definition Linkbase
101.LAB	XBRL Taxonomy Extension Labels Linkbase
101.PRE	XBRL Taxonomy Extension Presentation Linkbase

40

Everest Reinsurance Holdings, Inc.

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 Reinsurance Holdings, Inc.

(Registrant)

/S/ CRAIG HOWIE

Craig Howie

Executive Vice President and

   Chief Financial Officer

(Duly Authorized Officer and Principal Financial Officer)

Dated: May 15, 2015

EX-31.1

Exhibit 31.1

CERTIFICATIONS

I, Dominic J. Addesso, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Everest Reinsurance Holdings, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

May 15, 2015

/S/ DOMINIC J. ADDESSO

Dominic J. Addesso

Chairman, President and

    Chief Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATIONS

I, Craig Howie, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Everest Reinsurance Holdings, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

May 15, 2015

/S/ CRAIG HOWIE

Craig Howie

Executive Vice President and

    Chief Financial Officer

EX-32.1

Exhibit 32.1

CERTIFICATIONS PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report on Form 10-Q for the quarter ended March 31, 2015 of Everest Reinsurance Holdings, Inc., a corporation organized under the laws of Delaware (the “Company”), filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned hereby certify, pursuant to 18 U.S.C. ss. 1350, as enacted by section 906 of the Sarbanes-Oxley Act of 2002, that:

1. The Report fully complies with the requirements of section 13(a) of the Securities Exchange Act of 1934, and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

May 15, 2015

/S/ DOMINIC J. ADDESSO

Dominic J. Addesso

Chairman, President and

    Chief Executive Officer

/S/ CRAIG HOWIE

Craig Howie

Executive Vice President and

    Chief Financial Officer

XML

Investments (Summary Of Components Of Net Investment Income) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
Gross investment income before adjustment	$ 74,116	$ 66,426
Funds held interest income (expense)	2,521	2,109
Interest income from Parent	1,075
Gross investment income	77,712	68,535
Investment expenses	(5,131)	(4,748)
Net investment income	72,581	63,787
Fixed Maturity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Gross investment income before adjustment	47,972	51,079
Equity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Gross investment income before adjustment	8,742	8,937
Short-Term Investments [Member]
Schedule of Available-for-sale Securities [Line Items]
Gross investment income before adjustment	164	186
Limited Partnerships [Member]
Schedule of Available-for-sale Securities [Line Items]
Gross investment income before adjustment	7,379	(3,087)
Dividends From Parent's Shares [Member]
Schedule of Available-for-sale Securities [Line Items]
Gross investment income before adjustment	9,234	7,290
Other [Member]
Schedule of Available-for-sale Securities [Line Items]
Gross investment income before adjustment	$ 625	$ 2,021

XML

Long Term Subordinated Notes (Narrative) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended	12 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Floating rate terms	interest will be based on the 3 month LIBOR plus 238.5 basis points, reset quarterly, payable quarterly in arrears on February 15, May 15, August 15 and November 15 of each year, subject to Holdings' right to defer interest on one or more occasions for up to ten consecutive years.
Percentage of principal amount required for redemption	100.00%
Long Term Subordinated Debt [Member]
Debt Instrument [Line Items]
Debt instrument, stated interest rate	6.60%	6.60%
Percentage of principal amount required for redemption	100.00%
Outstanding debt reduction	$ 161,441
Debt instrument, maturity date	May 01, 2067	May 01, 2067
Long Term Subordinated Debt [Member] | Minimum [Member]
Debt Instrument [Line Items]
Applicable spread on treasury rate	0.25%
Long Term Subordinated Debt [Member] | Maximum [Member]
Debt Instrument [Line Items]
Applicable spread on treasury rate	0.50%
Fixed Rate Interest Period [Member] | Long Term Subordinated Debt [Member]
Debt Instrument [Line Items]
Interest basis, 3 month LIBOR plus number of basis points, reset quarterly	2.385%
Fixed Rate Interest Period [Member] | Long Term Subordinated Debt [Member] | Maximum [Member]
Debt Instrument [Line Items]
Right to defer interest on one or more occasions for up to number of consecutive years	10 years
Floating Rate Interest Period [Member] | Long Term Subordinated Debt [Member] | Maximum [Member]
Debt Instrument [Line Items]
Right to defer interest on one or more occasions for up to number of consecutive years	10 years
Senior Notes 5.4% [Member] | Senior Notes [Member]
Debt Instrument [Line Items]
Debt instrument, stated interest rate	5.40%
Debt instrument, maturity date	Oct. 15, 2014
Senior Notes 4.868% [Member] | Senior Notes [Member]
Debt Instrument [Line Items]
Debt instrument, stated interest rate	4.868%	4.868%
Debt instrument, maturity date	Jun. 01, 2044	Jun. 01, 2044

XML

Other Comprehensive Income (Loss) (Components Of Accumulated Other Comprehensive Income (Loss), Net Of Tax, In The Consolidated Balance Sheets) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Other Comprehensive Income (Loss) [Abstract]
Beginning balance of URA (D) on securities	$ 37,628	$ 55,457	$ 55,457
Current period change in URA (D) of investments - temporary	33,287		(11,501)
Current period change in URA (D) of investments - non-credit OTTI	6,328		(6,328)
Ending balance of URA (D) on securities	77,243		37,628
Beginning balance of foreign currency translation adjustments	41,877	71,087	71,087
Current period change in foreign currency translation adjustments	(33,308)		(29,210)
Ending balance of foreign currency translation adjustments	8,569		41,877
Beginning balance of benefit plan net gain (loss)	(74,986)	(38,896)	(38,896)
Current period change in benefit plan net gain (loss)	1,604	771	(36,090)
Ending balance of benefit plan net gain (loss)	(73,382)		(74,986)
Ending balance of accumulated other comprehensive income (loss)	$ 12,430		$ 4,519

XML

Retirement Benefits (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Defined Benefit Plan Disclosure [Line Items]
Pension contributions	$ 0	$ 0
Pension Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	2,940	2,460
Interest cost	2,457	2,542
Expected return on plan assets	(2,903)	(2,823)
Amortization of unrecognized prior service cost	5	13
Amortization of net (income) loss	2,251	1,091
Net periodic benefit cost	4,750	3,283
Other Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	401	407
Interest cost	263	342
Amortization of net (income) loss	211	82
Net periodic benefit cost	$ 875	$ 831

XML

Long Term Subordinated Notes (Schedule Of Outstanding Fixed To Floating Rate Long Term Subordinated Notes) (Details) (Long Term Subordinated Debt [Member], USD $)	3 Months Ended	12 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Debt instrument, stated interest rate	6.60%	6.60%
Date issued	Apr. 26, 2007
Original Principal Amount	$ 400,000,000	$ 400,000,000
Maturity Date	May 01, 2067	May 01, 2067
Consolidated balance sheet amount	238,365,000	238,364,000
Market value	$ 239,227,000	$ 246,312,000
Scheduled [Member]
Debt Instrument [Line Items]
Maturity Date	May 15, 2037
Final [Member]
Debt Instrument [Line Items]
Maturity Date	May 01, 2067

XML

Other Comprehensive Income (Loss) (Components Of Comprehensive Income (Loss) In The Consolidated Statements Of Operations) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Other Comprehensive Income (Loss) [Abstract]
Unrealized appreciation (depreciation) ("URA(D)") of securities - temporary, Before Tax	$ 15,572	$ 31,996
URA(D) on securities - OTTI, Before Tax	9,735
Reclassification of net realized losses (gains) included in net income (loss), Before Tax	35,639	1,997
Foreign currency translation adjustments, Before Tax	(51,243)	(12,055)
Reclassification of amortization of net gain (loss) included in net income (loss), Before Tax	2,467	1,186
Total other comprehensive income (loss), Before Tax	12,170	23,124
Unrealized appreciation (depreciation) ("URA(D)") of securities - temporary, Tax Effect	(5,950)	(11,199)
URA(D) on securities - OTTI, Tax Effect	(3,407)
Reclassification of net realized losses (gains) included in net income (loss), Tax Effect	(11,974)	(699)
Foreign currency translation adjustments, Tax Effect	17,935	4,219
Reclassification of amortization of net gain (loss) included in net income (loss), Tax Effect	(863)	(415)
Total other comprehensive income (loss), Tax Effect	(4,259)	(8,094)
Unrealized appreciation (depreciation) ("URA(D)") of securities - temporary, Net of Tax	9,622	20,797
URA(D) of securities - OTTI, Net of Tax	6,328
Less: reclassification adjustment for realized losses (gains) included in net income (loss)	23,665	1,298
Foreign currency translation adjustments, Net of Tax	(33,308)	(7,836)
Benefit plan actuarial net gain (loss), Net of Tax
Reclassification adjustment for amortization of net (gain) loss included in net income (loss)	1,604	771
Total other comprehensive income (loss), net of tax	$ 7,911	$ 15,030

XML

Investments (Narrative) (Details) (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended	12 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
Percentage threshold that triggers a review of available for sale debt securities for declines in market value	80.00%
Aggregate market value of investments in unrealized loss position	$ 1,098,403	$ 1,892,146
Gross unrealized losses on investments in unrealized loss position	62,217	90,458
Percentage threshold of unrealized losses not exceeded by any one single issuer	0.50%	0.30%
Fixed maturity securities, duration of unrealized loss, less than 12 months, gross unrealized depreciation	51,748	72,254
Fixed maturity securities, duration of unrealized loss, greater than 12 months, gross unrealized depreciation	10,469	18,204
Additional contractual commitments	237,637
Other invested assets, at fair value, shares	9,719,971
Percentage of shares representing the total outstanding shares	18.00%
Minimum [Member]
Schedule of Available-for-sale Securities [Line Items]
Limited partnership financial reporting lag time, months	1 month
Maximum [Member]
Schedule of Available-for-sale Securities [Line Items]
Limited partnership financial reporting lag time, months	3 months
Investment Grade [Member]
Schedule of Available-for-sale Securities [Line Items]
Fixed maturity securities, duration of unrealized loss, greater than 12 months, gross unrealized depreciation	9,180	16,680
Fixed Maturity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Aggregate market value of investments in unrealized loss position	1,098,403	1,892,146
Gross unrealized losses on investments in unrealized loss position	62,217	90,458
Fixed maturity securities, duration of unrealized loss, less than 12 months, gross unrealized depreciation	51,748	72,254
Fixed maturity securities, duration of unrealized loss, greater than 12 months, gross unrealized depreciation	10,469	18,204
Energy Sector [Member]
Schedule of Available-for-sale Securities [Line Items]
Fixed maturity securities, duration of unrealized loss, less than 12 months, gross unrealized depreciation	36,644	53,772
Foreign Exchange Losses [Member]
Schedule of Available-for-sale Securities [Line Items]
Fixed maturity securities, duration of unrealized loss, less than 12 months, gross unrealized depreciation	$ 13,713	$ 7,298

XML

Segment Reporting (Narrative) (Details)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Segment Reporting [Abstract]
Percentage threshold of company revenue not exceeded by any other country	5.00%	5.00%

XML

Subsequent Events (Narrative) (Details) (Mt. Mckinley Insurance Company [Member], Subsequent Events [Member], USD $) In Thousands, unless otherwise specified	0 Months Ended
	Apr. 23, 2015	Apr. 23, 2015
Mt. Mckinley Insurance Company [Member] | Subsequent Events [Member]
Subsequent Event [Line Items]
Capital Stock Value Outstanding	$ 20,000	$ 20,000
realized gain	$ 61,000

XML

Contingencies (Tables)

3 Months Ended

Mar. 31, 2015

Contingencies [Abstract]

Estimated Cost To Replace All Such Annuities For Which The Company Was Contingently Liable

	At March 31,		At December 31,
(Dollars in thousands)	2015		2014
The Prudential	$	142,618	$	142,653
Unaffiliated life insurance company		31,158		31,964

XML

Reinsurance And Trust Agreements (Details) (USD $) In Thousands, unless otherwise specified	0 Months Ended
	Apr. 24, 2014 item	Nov. 18, 2014	Mar. 31, 2015
Effects of Reinsurance [Line Items]
Amount on deposit in trust accounts			$ 258,324
Kilimanjaro Re Limited [Member]
Effects of Reinsurance [Line Items]
Number of collateralized reinsurance agreements	2
Catastrophe reinsurance bonds, funded amount	450,000
Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance [Member]
Effects of Reinsurance [Line Items]
Reinsurance coverage amount		500,000
Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance [Member] | Southeastern United States [Member]
Effects of Reinsurance [Line Items]
Reinsurance coverage amount	250,000
Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance [Member] | Southeast, Mid-Atlantic And Northeast United States And Puerto Rico [Member]
Effects of Reinsurance [Line Items]
Reinsurance coverage amount	$ 200,000

XML

Fair Value (Narrative) (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of public equity portfolio	$ 103,866,000		$ 96,890,000
Transfers between Level 1 and Level 2	0
Transfers from level 3	7,887,000	0
Available For Sale Securities Debt Securities Market Value	5,226,919,000		5,293,411,000
Private Placement [Member] | Unavailability Of Prices [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Number of securities	1
Available For Sale Securities Debt Securities Market Value	$ 6,125,000

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Investments (Summary Of Aggregate Market Value And Gross Unrealized Depreciation Of Fixed Maturity And Equity Securities, By Security Type) (Details) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
Available for sale securities, Less than 12 months, Market Value	$ 638,120	$ 1,237,220
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation	(51,748)	(72,254)
Available for sale securities, Greater than 12 months, Market Value	460,283	654,926
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation	(10,469)	(18,204)
Available-for-sale Securities, Market Value, Total	1,098,403	1,892,146
Available-for-sale Securities, Gross Unrealized Depreciation, Total	(62,217)	(90,458)
Fixed Maturity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available for sale securities, Less than 12 months, Market Value	638,120	1,237,220
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation	(51,748)	(72,254)
Available for sale securities, Greater than 12 months, Market Value	460,283	654,926
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation	(10,469)	(18,204)
Available-for-sale Securities, Market Value, Total	1,098,403	1,892,146
Available-for-sale Securities, Gross Unrealized Depreciation, Total	(62,217)	(90,458)
U.S. Treasury Securities And Obligations Of U.S. Government Agencies And Corporations [Member]
Schedule of Available-for-sale Securities [Line Items]
Available for sale securities, Less than 12 months, Market Value	200	13,187
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation	(1)	(20)
Available for sale securities, Greater than 12 months, Market Value	2,043	26,897
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation	(82)	(284)
Available-for-sale Securities, Market Value, Total	2,243	40,084
Available-for-sale Securities, Gross Unrealized Depreciation, Total	(83)	(304)
State, Municipalities and Political Subdivisions [Member]
Schedule of Available-for-sale Securities [Line Items]
Available for sale securities, Less than 12 months, Market Value	26,973	20,428
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation	(579)	(242)
Available for sale securities, Greater than 12 months, Market Value	18,171	18,199
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation	(335)	(384)
Available-for-sale Securities, Market Value, Total	45,144	38,627
Available-for-sale Securities, Gross Unrealized Depreciation, Total	(914)	(626)
Corporate Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available for sale securities, Less than 12 months, Market Value	362,527	830,928
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation	(22,140)	(48,891)
Available for sale securities, Greater than 12 months, Market Value	153,423	171,207
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation	(2,276)	(4,328)
Available-for-sale Securities, Market Value, Total	515,950	1,002,135
Available-for-sale Securities, Gross Unrealized Depreciation, Total	(24,416)	(53,219)
Asset-Backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available for sale securities, Less than 12 months, Market Value	43,245	62,451
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation	(96)	(374)
Available for sale securities, Greater than 12 months, Market Value
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation
Available-for-sale Securities, Market Value, Total	43,245	62,451
Available-for-sale Securities, Gross Unrealized Depreciation, Total	(96)	(374)
Commercial Mortgage-Backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available for sale securities, Less than 12 months, Market Value		11,742
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation		(51)
Available for sale securities, Greater than 12 months, Market Value
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation
Available-for-sale Securities, Market Value, Total		11,742
Available-for-sale Securities, Gross Unrealized Depreciation, Total		(51)
Agency Residential Mortgage-Backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available for sale securities, Less than 12 months, Market Value	10,595	24,230
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation	(33)	(59)
Available for sale securities, Greater than 12 months, Market Value	192,684	267,824
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation	(1,416)	(4,661)
Available-for-sale Securities, Market Value, Total	203,279	292,054
Available-for-sale Securities, Gross Unrealized Depreciation, Total	(1,449)	(4,720)
Foreign Government Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available for sale securities, Less than 12 months, Market Value	60,663	45,521
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation	(3,273)	(913)
Available for sale securities, Greater than 12 months, Market Value	46,741	53,086
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation	(4,411)	(4,431)
Available-for-sale Securities, Market Value, Total	107,404	98,607
Available-for-sale Securities, Gross Unrealized Depreciation, Total	(7,684)	(5,344)
Foreign Corporate Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available for sale securities, Less than 12 months, Market Value	133,917	228,733
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation	(25,626)	(21,704)
Available for sale securities, Greater than 12 months, Market Value	47,221	117,713
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation	(1,949)	(4,116)
Available-for-sale Securities, Market Value, Total	181,138	346,446
Available-for-sale Securities, Gross Unrealized Depreciation, Total	$ (27,575)	$ (25,820)

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Senior Notes (Schedule Of Outstanding Senior Notes) (Details) (Senior Notes [Member], USD $)	3 Months Ended	12 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
Senior Notes 5.4% [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Debt instrument, stated interest rate	5.40%
Date issued	Oct. 12, 2004
Date due	Oct. 15, 2014
Principal amounts	$ 250,000,000
Senior Notes 4.868% [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Debt instrument, stated interest rate	4.868%	4.868%
Date issued	Jun. 05, 2014
Date due	Jun. 01, 2044	Jun. 01, 2044
Principal amounts	400,000,000
Consolidated balance sheet amount	400,000,000	400,000,000
Market value	$ 418,876,000	$ 404,892,000

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Related-Party Transactions (Liability Limits For Any Losses Per One Occurrence) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015
Related-Party Transactions [Abstract]
Liability Limits, Losses per one occurrence, Exceeding	$ 100,000
Liability Limits, Losses per one occurrence, Not to Exceed	$ 150,000

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Related-Party Transactions (Narrative) (Details)	3 Months Ended			3 Months Ended
	Mar. 31, 2015 GBP (£)	Mar. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)	Mar. 31, 2015 Parent Company [Member]	Dec. 31, 2014 Parent Company [Member] USD ($)
Related Party Transaction [Line Items]
Note receivable - affiliated		$ 250,000,000	$ 250,000,000		$ 250,000,000
Debt instrument, stated interest rate				1.72%
Maturity Date				Dec. 31, 2023
Stock repurchase program, number of shares held	9,719,971
Reserve indemnity agreement, percent	90.00%
Reserve indemnity agreement, amount	£ 25,000,000

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Other Comprehensive Income (Loss) (Reclassification From Accumulated Other Comprehensive Income) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other net realized capital gains (losses)	$ 45,417	$ (4,050)
Other underwriting expenses	(48,543)	(39,251)
Income tax expense (benefit)	(50,406)	(38,532)
NET INCOME (LOSS)	115,944	86,466
URA(D) On Securities [Member] | Reclassification From Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other net realized capital gains (losses)	35,639	1,997
Income tax expense (benefit)	(11,974)	(699)
NET INCOME (LOSS)	23,665	1,298
Benefit Plan Liability [Member] | Reclassification From Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other underwriting expenses	2,467	1,186
Income tax expense (benefit)	(863)	(415)
NET INCOME (LOSS)	$ 1,604	$ 771

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Investments

3 Months Ended

Mar. 31, 2015

Investments [Abstract]

Investments

3.       INVESTMENTS

The amortized cost, market value and gross unrealized appreciation and depreciation of available for sale, fixed maturity, equity security investments, carried at market value and other-than-temporary impairments ("OTTI") in accumulated other comprehensive income ("AOCI") are as follows for the periods indicated:

	At March 31, 2015
	Amortized		Unrealized		Unrealized			Market		OTTI in AOCI
(Dollars in thousands)	Cost		Appreciation		Depreciation			Value		(a)
Fixed maturity securities
U.S. Treasury securities and obligations of
U.S. government agencies and corporations	$	174,065	$	3,541	$	(83	)	$	177,523	$	-
Obligations of U.S. states and political subdivisions		750,672		39,084		(914	)		788,842		-
Corporate securities		1,941,982		53,670		(24,416	)		1,971,236		-
Asset-backed securities		115,357		826		(96	)		116,087		-
Mortgage-backed securities
Commercial		55,527		2,752		-			58,279		-
Agency residential		568,152		8,658		(1,449	)		575,361		-
Non-agency residential		240		37		-			277		-
Foreign government securities		459,079		30,882		(7,684	)		482,277		-
Foreign corporate securities		1,043,011		41,601		(27,575	)		1,057,037		-
Total fixed maturity securities	$	5,108,085	$	181,051	$	(62,217	)	$	5,226,919	$	-
Equity securities	$	15	$	1	$	-		$	16	$	-

	At December 31, 2014
	Amortized		Unrealized		Unrealized			Market		OTTI in AOCI
(Dollars in thousands)	Cost		Appreciation		Depreciation			Value		(a)
Fixed maturity securities
U.S. Treasury securities and obligations of
U.S. government agencies and corporations	$	135,724	$	1,416	$	(304	)	$	136,836	$	-
Obligations of U.S. states and political subdivisions		783,129		41,969		(626	)		824,472		-
Corporate securities		1,992,200		39,954		(53,219	)		1,978,935		(9,735	)
Asset-backed securities		94,470		727		(374	)		94,823		-
Mortgage-backed securities
Commercial		57,027		2,292		(51	)		59,268		-
Agency residential		596,140		6,697		(4,720	)		598,117		-
Non-agency residential		271		44		-			315		-
Foreign government securities		515,016		27,415		(5,344	)		537,087		-
Foreign corporate securities		1,061,546		27,832		(25,820	)		1,063,558		-
Total fixed maturity securities	$	5,235,523	$	148,346	$	(90,458	)	$	5,293,411	$	(9,735	)
Equity securities	$	15	$	1	$	-		$	16	$	-

(a)   Represents the amount of OTTI recognized in AOCI.  Amount includes unrealized gains and losses on impaired securities relating to changes in the value of such securities subsequent to the impairment measurement date.

The amortized cost and market value of fixed maturity securities are shown in the following table by contractual maturity. Mortgage-backed securities are generally more likely to be prepaid than other fixed maturity securities. As the stated maturity of such securities may not be indicative of actual maturities, the totals for mortgage-backed and asset-backed securities are shown separately.

	At March 31, 2015				At December 31, 2014
	Amortized		Market		Amortized		Market
(Dollars in thousands)	Cost		Value		Cost		Value
Fixed maturity securities – available for sale
Due in one year or less	$	353,025	$	352,544	$	385,721	$	384,022
Due after one year through five years		2,447,447		2,468,119		2,387,533		2,369,917
Due after five years through ten years		921,195		943,216		1,025,221		1,029,077
Due after ten years		647,142		713,036		689,140		757,872
Asset-backed securities		115,357		116,087		94,470		94,823
Mortgage-backed securities
Commercial		55,527		58,279		57,027		59,268
Agency residential		568,152		575,361		596,140		598,117
Non-agency residential		240		277		271		315
Total fixed maturity securities	$	5,108,085	$	5,226,919	$	5,235,523	$	5,293,411

The changes in net unrealized appreciation (depreciation) for the Company's investments are derived from the following sources for the periods as indicated:

	Three Months Ended
	March 31,
(Dollars in thousands)	2015			2014
Increase (decrease) during the period between the market value and cost
of investments carried at market value, and deferred taxes thereon:
Fixed maturity securities	$	51,211		$	33,993
Fixed maturity securities, other-than-temporary impairment		9,735			-
Change in unrealized  appreciation (depreciation), pre-tax		60,946			33,993
Deferred tax benefit (expense)		(17,924	)		(11,898	)
Deferred tax benefit (expense), other-than-temporary impairment		(3,407	)		-
Change in unrealized appreciation (depreciation),
net of deferred taxes, included in stockholder's equity	$	39,615		$	22,095

The Company frequently reviews all of its fixed maturity, available for sale securities for declines in market value and focuses its attention on securities whose fair value has fallen below 80% of their amortized cost at the time of review.  The Company then assesses whether the decline in value is temporary or other-than-temporary.  In making its assessment, the Company evaluates the current market and interest rate environment as well as specific issuer information.  Generally, a change in a security's value caused by a change in the market, interest rate or foreign exchange environment does not constitute an other-than-temporary impairment, but rather a temporary decline in market value.  Temporary declines in market value are recorded as unrealized losses in accumulated other comprehensive income (loss).  If the Company determines that the decline is other-than-temporary and the Company does not have the intent to sell the security; and it is more likely than not that the Company will not have to sell the security before recovery of its cost basis, the carrying value of the investment is written down to fair value.  The fair value adjustment that is credit or foreign exchange related is recorded in net realized capital gains (losses) in the Company's consolidated statements of operations and comprehensive income (loss). The fair value adjustment that is non-credit related is recorded as a component of other comprehensive income (loss), net of tax, and is included in accumulated other comprehensive income (loss) in the Company's consolidated balance sheets.  The Company's assessments are based on the issuers current and expected future financial position, timeliness with respect to interest and/or principal payments, speed of repayments and any applicable credit enhancements or breakeven constant default rates on mortgage-backed and asset-backed securities, as well as relevant information provided by rating agencies, investment advisors and analysts.

The majority of the Company's equity securities available for sale at market value are primarily comprised of mutual fund investments whose underlying securities consist of fixed maturity securities.  When a fund's value reflects an unrealized loss, the Company assesses whether the decline in value is temporary or other-than-temporary.  In making its assessment, the Company considers the composition of its portfolios and their related markets, reports received from the portfolio managers and discussions with portfolio managers.  If the Company determines that the declines are temporary and it has the ability and intent to continue to hold the investments, then the declines are recorded as unrealized losses in accumulated other comprehensive income (loss).  If declines are deemed to be other-than-temporary, then the carrying value of the investment is written down to fair value and recorded in net realized capital gains (losses) in the Company's consolidated statements of operations and comprehensive income (loss).

Retrospective adjustments are employed to recalculate the values of asset-backed securities. All of the Company's asset-backed and mortgage-backed securities have a pass-through structure. Each acquisition lot is reviewed to recalculate the effective yield. The recalculated effective yield is used to derive a book value as if the new yield were applied at the time of acquisition. Outstanding principal factors from the time of acquisition to the adjustment date are used to calculate the prepayment history for all applicable securities. Conditional prepayment rates, computed with life to date factor histories and weighted average maturities, are used in the calculation of projected prepayments for pass-through security types.

The tables below display the aggregate market value and gross unrealized depreciation of fixed maturity and equity securities, by security type and contractual maturity, in each case subdivided according to length of time that individual securities had been in a continuous unrealized loss position for the periods indicated:

	Duration of Unrealized Loss at March 31, 2015 By Security Type
	Less than 12 months					Greater than 12 months					Total
			Gross					Gross					Gross
			Unrealized					Unrealized					Unrealized
(Dollars in thousands)	Market Value		Depreciation			Market Value		Depreciation			Market Value		Depreciation
Fixed maturity securities - available for sale
U.S. Treasury securities and obligations of
U.S. government agencies and corporations	$	200	$	(1	)	$	2,043	$	(82	)	$	2,243	$	(83	)
Obligations of U.S. states and political subdivisions		26,973		(579	)		18,171		(335	)		45,144		(914	)
Corporate securities		362,527		(22,140	)		153,423		(2,276	)		515,950		(24,416	)
Asset-backed securities		43,245		(96	)		-		-			43,245		(96	)
Mortgage-backed securities
Commercial		-		-			-		-			-		-
Agency residential		10,595		(33	)		192,684		(1,416	)		203,279		(1,449	)
Non-agency residential		-		-			-		-			-		-
Foreign government securities		60,663		(3,273	)		46,741		(4,411	)		107,404		(7,684	)
Foreign corporate securities		133,917		(25,626	)		47,221		(1,949	)		181,138		(27,575	)
Total fixed maturity securities	$	638,120	$	(51,748	)	$	460,283	$	(10,469	)	$	1,098,403	$	(62,217	)
Equity securities		-		-			-		-			-		-
Total	$	638,120	$	(51,748	)	$	460,283	$	(10,469	)	$	1,098,403	$	(62,217	)

	Duration of Unrealized Loss at March 31, 2015 By Maturity
	Less than 12 months					Greater than 12 months					Total
			Gross					Gross					Gross
			Unrealized					Unrealized					Unrealized
(Dollars in thousands)	Market Value		Depreciation			Market Value		Depreciation			Market Value		Depreciation
Fixed maturity securities
Due in one year or less	$	19,187	$	(1,716	)	$	24,224	$	(2,820	)	$	43,411	$	(4,536	)
Due in one year through five years		307,725		(40,128	)		165,952		(4,376	)		473,677		(44,504	)
Due in five years through ten years		222,882		(9,192	)		56,606		(1,070	)		279,488		(10,262	)
Due after ten years		34,486		(583	)		20,817		(787	)		55,303		(1,370	)
Asset-backed securities		43,245		(96	)		-		-			43,245		(96	)
Mortgage-backed securities		10,595		(33	)		192,684		(1,416	)		203,279		(1,449	)
Total fixed maturity securities	$	638,120	$	(51,748	)	$	460,283	$	(10,469	)	$	1,098,403	$	(62,217	)

The aggregate market value and gross unrealized losses related to investments in an unrealized loss position at March 31, 2015 were $1,098,403 thousand and $62,217 thousand, respectively.  The market value of securities for the single issuer whose securities comprised the largest unrealized loss position at March 31, 2015, did not exceed 0.5% of the overall market value of the Company's fixed maturity securities.  In addition, as indicated on the above table, there was no significant concentration of unrealized losses in any one market sector.  The $51,748 thousand of unrealized losses related to fixed maturity securities that have been in an unrealized loss position for less than one year were primarily comprised of foreign and domestic corporate securities and foreign government securities.  The majority of these unrealized losses are attributable to unrealized losses in the energy sector, $36,644 thousand, as falling oil prices disrupted the market values for this sector, particularly for oil exploration, production and servicing companies and unrealized foreign exchange losses, $13,713 thousand, as the U.S. dollar has strengthened against other currencies. The $10,469 thousand of unrealized losses related to fixed maturity securities in an unrealized loss position for more than one year related primarily to foreign government securities, domestic and foreign corporate securities and agency residential mortgage-backed securities.  Of these unrealized losses, $9,180 thousand were related to securities that were rated investment grade by at least one nationally recognized statistical rating organization.  The Company did not have any sub-prime or alt-A loans with gross unrealized depreciation at March 31, 2015.  In all instances, there were no projected cash flow shortfalls to recover the full book value of the investments and the related interest obligations.  The mortgage-backed securities still have excess credit coverage and are current on interest and principal payments.

The Company, given the size of its investment portfolio and capital position, does not have the intent to sell these securities; and it is more likely than not that the Company will not have to sell the security before recovery of its cost basis.  In addition, all securities currently in an unrealized loss position are current with respect to principal and interest payments.

The tables below display the aggregate market value and gross unrealized depreciation of fixed maturity and equity securities, by security type and contractual maturity, in each case subdivided according to length of time that individual securities had been in a continuous unrealized loss position for the periods indicated:

	Duration of Unrealized Loss at December 31, 2014 By Security Type
	Less than 12 months					Greater than 12 months					Total
			Gross					Gross					Gross
			Unrealized					Unrealized					Unrealized
(Dollars in thousands)	Market Value		Depreciation			Market Value		Depreciation			Market Value		Depreciation
Fixed maturity securities - available for sale
U.S. Treasury securities and obligations of
U.S. government agencies and corporations	$	13,187	$	(20	)	$	26,897	$	(284	)	$	40,084	$	(304	)
Obligations of U.S. states and political subdivisions		20,428		(242	)		18,199		(384	)		38,627		(626	)
Corporate securities		830,928		(48,891	)		171,207		(4,328	)		1,002,135		(53,219	)
Asset-backed securities		62,451		(374	)		-		-			62,451		(374	)
Mortgage-backed securities
Commercial		11,742		(51	)		-		-			11,742		(51	)
Agency residential		24,230		(59	)		267,824		(4,661	)		292,054		(4,720	)
Non-agency residential		-		-			-		-			-		-
Foreign government securities		45,521		(913	)		53,086		(4,431	)		98,607		(5,344	)
Foreign corporate securities		228,733		(21,704	)		117,713		(4,116	)		346,446		(25,820	)
Total fixed maturity securities	$	1,237,220	$	(72,254	)	$	654,926	$	(18,204	)	$	1,892,146	$	(90,458	)
Equity securities		-		-			-		-			-		-
Total	$	1,237,220	$	(72,254	)	$	654,926	$	(18,204	)	$	1,892,146	$	(90,458	)

	Duration of Unrealized Loss at December 31, 2014 By Maturity
	Less than 12 months					Greater than 12 months					Total
			Gross					Gross					Gross
			Unrealized					Unrealized					Unrealized
(Dollars in thousands)	Market Value		Depreciation			Market Value		Depreciation			Market Value		Depreciation
Fixed maturity securities
Due in one year or less	$	12,858	$	(550	)	$	53,528	$	(4,224	)	$	66,386	$	(4,774	)
Due in one year through five years		622,137		(51,262	)		243,192		(6,306	)		865,329		(57,568	)
Due in five years through ten years		467,187		(18,958	)		66,630		(2,018	)		533,817		(20,976	)
Due after ten years		36,615		(1,000	)		23,752		(995	)		60,367		(1,995	)
Asset-backed securities		62,451		(374	)		-		-			62,451		(374	)
Mortgage-backed securities		35,972		(110	)		267,824		(4,661	)		303,796		(4,771	)
Total fixed maturity securities	$	1,237,220	$	(72,254	)	$	654,926	$	(18,204	)	$	1,892,146	$	(90,458	)

The aggregate market value and gross unrealized losses related to investments in an unrealized loss position at December 31, 2014 were $1,892,146 thousand and $90,458 thousand, respectively.  The market value of securities for the single issuer whose securities comprised the largest unrealized loss position at December 31, 2014, did not exceed 0.3% of the overall market value of the Company's fixed maturity securities.  In addition, as indicated on the above table, there was no significant concentration of unrealized losses in any one market sector.  The $72,254 thousand of unrealized losses related to fixed maturity securities that have been in an unrealized loss position for less than one year were primarily comprised of domestic and foreign corporate securities.  The majority of these unrealized losses are attributable to unrealized losses in the energy sector, $53,772 thousand, as falling oil prices disrupted the market values for this sector, particularly for oil exploration, production and servicing companies during the fourth quarter of 2014 and unrealized foreign exchange losses, $7,298 thousand, as the U.S. dollar has strengthened against other currencies. The $18,204 thousand of unrealized losses related to fixed maturity securities in an unrealized loss position for more than one year related primarily to agency residential mortgage-backed securities, foreign and domestic corporate securities and foreign government securities.  Of these unrealized losses, $16,680 thousand were related to securities that were rated investment grade by at least one nationally recognized statistical rating organization.  The Company did not have any sub-prime or alt-A loans with gross unrealized depreciation at December 31, 2014.  In all instances, there were no projected cash flow shortfalls to recover the full book value of the investments and the related interest obligations.  The mortgage-backed securities still have excess credit coverage and are current on interest and principal payments.

Other invested assets, at fair value, are comprised of common shares of the Company's ultimate parent, Group.  At March 31, 2015, the Company held 9,719,971 shares of Group representing 18.0% of the total outstanding shares.

The components of net investment income are presented in the table below for the periods indicated:

	Three Months Ended
	March 31,
(Dollars in thousands)	2015			2014
Fixed maturities	$	47,972		$	51,079
Equity securities		8,742			8,937
Short-term investments and cash		164			186
Other invested assets
Limited partnerships		7,379			(3,087	)
Dividends from Parent's shares		9,234			7,290
Other		625			2,021
Gross investment income before adjustments		74,116			66,426
Funds held interest income (expense)		2,521			2,109
Interest income from Parent		1,075			-
Gross investment income		77,712			68,535
Investment expenses		(5,131	)		(4,748	)
Net investment income	$	72,581		$	63,787

The Company records results from limited partnership investments on the equity method of accounting with changes in value reported through net investment income. Due to the timing of receiving financial information from these partnerships, the results are generally reported on a one month or quarter lag.  If the Company determines there has been a significant decline in value of a limited partnership during this lag period, a loss will be recorded in the period in which the Company identifies the decline.

The Company had contractual commitments to invest up to an additional $237,637 thousand in limited partnerships at March 31, 2015.  These commitments will be funded when called in accordance with the partnership agreements, which have investment periods that expire, unless extended, through 2020.

The components of net realized capital gains (losses) are presented in the table below for the periods indicated:

	Three Months Ended
	March 31,
(Dollars in thousands)	2015			2014
Fixed maturity securities, market value:
Other-than-temporary impairments	$	(24,121	)	$	-
Gains (losses) from sales		(11,518	)		(1,997	)
Fixed maturity securities, fair value:
Gains (losses) from sales		28			940
Gains (losses) from fair value adjustments		62			-
Equity securities, fair value:
Gains (losses) from sales		(65	)		(1,336	)
Gains (losses) from fair value adjustments		20,946			25,753
Other invested assets, fair value:
Gains (losses) from fair value adjustments		35,964			(27,410	)
Short-term investment gains (losses)		-			-
Total net realized capital gains (losses)	$	21,296		$	(4,050	)

The Company recorded as net realized capital gains (losses) in the consolidated statements of operations and comprehensive income (loss) both fair value re-measurements and write-downs in the value of securities deemed to be impaired on an other-than-temporary basis as displayed in the table above.  The Company had no other-than-temporary impaired securities where the impairment had both a credit and non-credit component.

The proceeds and split between gross gains and losses, from sales of fixed maturity and equity securities, are presented in the table below for the periods indicated:

	Three Months Ended
	March 31,
(Dollars in thousands)	2015			2014
Proceeds from sales of fixed maturity securities	$	114,082		$	170,341
Gross gains from sales		2,542			2,475
Gross losses from sales		(14,032	)		(3,532	)
Proceeds from sales of equity securities	$	133,960		$	176,116
Gross gains from sales		5,142			6,588
Gross losses from sales		(5,207	)		(7,924	)

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Related-Party Transactions (Amendments To The Share Repurchase Program For The Common Shares Approved For Repurchase) (Details)	Mar. 31, 2015
Equity, Class of Treasury Stock [Line Items]
Common Shares Authorized for Repurchase, amount	30,000,000
Amendment Date, 09/21/2004 [Member]
Equity, Class of Treasury Stock [Line Items]
Common Shares Authorized for Repurchase, amount	5,000,000
Amendment Date, 07/21/2008 [Member]
Equity, Class of Treasury Stock [Line Items]
Common Shares Authorized for Repurchase, amount	5,000,000
Amendment Date, 02/24/2010 [Member]
Equity, Class of Treasury Stock [Line Items]
Common Shares Authorized for Repurchase, amount	5,000,000
Amendment Date, 02/22/2012 [Member]
Equity, Class of Treasury Stock [Line Items]
Common Shares Authorized for Repurchase, amount	5,000,000
Amendment Date, 05/15/2013 [Member]
Equity, Class of Treasury Stock [Line Items]
Common Shares Authorized for Repurchase, amount	5,000,000
Amendment Date, 11/19/2014 [Member]
Equity, Class of Treasury Stock [Line Items]
Common Shares Authorized for Repurchase, amount	5,000,000

XML

Fair Value (Fair Value Measurement Levels For All Assets, Recorded At Fair And Market Value) (Details) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities - available for sale, at market value	$ 5,226,919	$ 5,293,411
Fixed maturities - available for sale, at fair value	363	1,509
Equity securities - available for sale, at market value	16	16
Equity securities - available for sale, at fair value	1,350,070	1,299,037
Other invested assets, at fair value	1,691,275	1,655,311
Fair Value, Inputs, Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities - available for sale, at market value	16	16
Equity securities - available for sale, at fair value	1,236,565	1,188,613
Other invested assets, at fair value	1,691,275	1,655,311
Fair Value, Inputs, Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities - available for sale, at market value	5,218,141	5,277,648
Fixed maturities - available for sale, at fair value	363	1,509
Equity securities - available for sale, at fair value	113,505	110,424
Fair Value, Inputs, Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities - available for sale, at market value	8,778	15,763
U.S. Treasury Securities And Obligations Of U.S. Government Agencies And Corporations [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities - available for sale, at market value	177,523	136,836
U.S. Treasury Securities And Obligations Of U.S. Government Agencies And Corporations [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities - available for sale, at market value	177,523	136,836
State, Municipalities and Political Subdivisions [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities - available for sale, at market value	788,842	824,472
State, Municipalities and Political Subdivisions [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities - available for sale, at market value	788,842	824,472
Corporate Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities - available for sale, at market value	1,971,236	1,978,935
Corporate Securities [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities - available for sale, at market value	1,968,583	1,978,935
Corporate Securities [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities - available for sale, at market value	2,653
Asset-Backed Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities - available for sale, at market value	116,087	94,823
Asset-Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities - available for sale, at market value	116,087	94,823
Commercial Mortgage-Backed Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities - available for sale, at market value	58,279	59,268
Commercial Mortgage-Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities - available for sale, at market value	58,279	50,671
Commercial Mortgage-Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities - available for sale, at market value		8,597
Agency Residential Mortgage-Backed Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities - available for sale, at market value	575,361	598,117
Agency Residential Mortgage-Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities - available for sale, at market value	575,361	598,117
Non-Agency Residential Mortgage-Backed Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities - available for sale, at market value	277	315
Non-Agency Residential Mortgage-Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities - available for sale, at market value	277	315
Foreign Government Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities - available for sale, at market value	482,277	537,087
Foreign Government Securities [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities - available for sale, at market value	482,277	537,087
Foreign Corporate Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities - available for sale, at market value	1,057,037	1,063,558
Foreign Corporate Securities [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities - available for sale, at market value	1,050,912	1,056,392
Foreign Corporate Securities [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities - available for sale, at market value	$ 6,125	$ 7,166

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Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2015

Segment Reporting [Abstract]

Schedule Of Underwriting Results For Operating Segments

	Three Months Ended
U.S. Reinsurance	March 31,
(Dollars in thousands)	2015		2014
Gross written premiums	$	562,647	$	530,301
Net written premiums		240,694		251,521
Premiums earned	$	255,412	$	218,191
Incurred losses and LAE		111,455		115,984
Commission and brokerage		58,364		40,136
Other underwriting expenses		11,529		9,482
Underwriting gain (loss)	$	74,064	$	52,589

	Three Months Ended
International	March 31,
(Dollars in thousands)	2015			2014
Gross written premiums	$	333,615		$	328,878
Net written premiums		121,681			141,457
Premiums earned	$	140,699		$	145,004
Incurred losses and LAE		101,445			83,575
Commission and brokerage		33,999			29,169
Other underwriting expenses		8,115			7,837
Underwriting gain (loss)	$	(2,860	)	$	24,423

	Three Months Ended
Insurance	March 31,
(Dollars in thousands)	2015			2014
Gross written premiums	$	330,501		$	225,276
Net written premiums		146,052			106,726
Premiums earned	$	124,951		$	107,250
Incurred losses and LAE		95,980			78,487
Commission and brokerage		4,168			6,789
Other underwriting expenses		28,899			21,932
Underwriting gain (loss)	$	(4,096	)	$	42

Schedule Of Underwriting Results For Operating Segments To Income (Loss) Before Taxes

	Three Months Ended
	March 31,
(Dollars in thousands)	2015			2014
Underwriting gain (loss)	$	67,108		$	77,054
Net investment income		72,581			63,787
Net realized capital gains (losses)		21,296			(4,050	)
Corporate expense		(1,609	)		(1,302	)
Interest, fee and bond issue cost amortization expense		(8,859	)		(7,436	)
Other income (expense)		15,833			(3,055	)
Income (loss) before taxes	$	166,350		$	124,998

Schedule Of Gross Written Premium Derived From Largest Non-U.S. Market

	Three Months Ended
	March 31,
(Dollars in thousands)	2015		2014
Canada	$	23,512	$	37,659

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Long Term Subordinated Notes (Tables)

3 Months Ended

Mar. 31, 2015

Long Term Subordinated Notes [Abstract]

Schedule Of Outstanding Fixed To Floating Rate Long Term Subordinated Notes

Maturity Date

March 31, 2015

December 31, 2014

Original

Consolidated Balance

Consolidated Balance

(Dollars in thousands)

Date Issued

Principal Amount

Scheduled

Final

Sheet Amount

Market Value

Sheet Amount

Market Value

6.6% Long term subordinated notes

04/26/2007

$

400,000

05/15/2037

05/01/2067

$

238,365

$

239,227

$

238,364

$

246,312

Schedule Of Interest Expense Incurred In Connection With Long Term Subordinated Notes

	Three Months Ended
	March 31,
(Dollars in thousands)	2015		2014
Interest expense incurred	$	3,937	$	3,937

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Long Term Subordinated Notes (Schedule Of Interest Expense Incurred In Connection With Long Term Subordinated Notes) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Long Term Subordinated Notes [Abstract]
Interest expense incurred	$ 3,937	$ 3,937

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Fair Value (Activity Under Level 3, Fair Value Measurements Using Significant Unobservable Inputs By Asset Type) (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	$ 15,763,000	$ 4,018,000
Total gains or (losses) (realized/unrealized), Included in earnings	59,000	20,000
Total gains or (losses) (realized/unrealized), Included in other comprehensive income (loss)	(1,097,000)	65,000
Purchases, issuances and settlements	1,940,000	(582,000)
Transfers in and/or (out) of Level 3	(7,887,000)	0
Ending balance	8,778,000	3,521,000
The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at the reporting date
Corporate Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total gains or (losses) (realized/unrealized), Included in earnings	2,000
Total gains or (losses) (realized/unrealized), Included in other comprehensive income (loss)	1,000
Purchases, issuances and settlements	1,940,000
Transfers in and/or (out) of Level 3	710,000
Ending balance	2,653,000
The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at the reporting date
Asset-Backed Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance		3,533,000
Total gains or (losses) (realized/unrealized), Included in earnings		18,000
Total gains or (losses) (realized/unrealized), Included in other comprehensive income (loss)		65,000
Purchases, issuances and settlements		(572,000)
Ending balance		3,044,000
The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at the reporting date
Commercial Mortgage-Backed Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	8,597,000
Transfers in and/or (out) of Level 3	(8,597,000)
The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at the reporting date
Foreign Corporate Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	7,166,000	481,000
Total gains or (losses) (realized/unrealized), Included in earnings	57,000	1,000
Total gains or (losses) (realized/unrealized), Included in other comprehensive income (loss)	(1,098,000)
Purchases, issuances and settlements		(9,000)
Ending balance	6,125,000	473,000
The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at the reporting date
Non-Agency Residential Mortgage-Backed Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance		4,000
Total gains or (losses) (realized/unrealized), Included in earnings		1,000
Purchases, issuances and settlements		(1,000)
Ending balance		4,000
The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at the reporting date

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Related-Party Transactions (Tables)

3 Months Ended

Mar. 31, 2015

Related-Party Transactions [Abstract]

Amendments To The Share Repurchase Program For The Common Shares Approved For Repurchase

	Common Shares
	Authorized for
Amendment Date	Repurchase
(Dollars in thousands)
09/21/2004	5,000,000
07/21/2008	5,000,000
02/24/2010	5,000,000
02/22/2012	5,000,000
05/15/2013	5,000,000
11/19/2014	5,000,000
	30,000,000

Purchase Price For Common Shares

(Dollars in thousands)
Total purchase price	$	835,371

Dividends Received On Common Shares Reported As Net Investment Income

	Three Months Ended
	March 31,
(Dollars in thousands)	2015		2014
Dividends received	$	9,234	$	7,290

Expenses Incurred By Holdings From Services Provided By Affiliated Company

	Three Months Ended
	March 31,
(Dollars in thousands)	2015		2014
Expenses incurred	$	18,363	$	15,843

Affiliated Quota Share Reinsurance Agreements For All New And Renewal Business For The Indicated Coverage Period

(Dollars in thousands)
		Percent			Assuming		Single			Aggregate
Coverage Period	Ceding Company	Ceded			Company	Type of Business	Occurrence Limit			Limit
01/01/2002-12/31/2002	Everest Re		20.0	%	Bermuda Re	property / casualty business	$	-		$	-
01/01/2003-12/31/2003	Everest Re		25.0	%	Bermuda Re	property / casualty business		-			-
01/01/2004-12/31/2005	Everest Re		22.5	%	Bermuda Re	property / casualty business		-			-
	Everest Re		2.5	%	Everest International	property / casualty business		-			-
01/01/2006-12/31/2006	Everest Re		18.0	%	Bermuda Re	property business		125,000	(1)		-
	Everest Re		2.0	%	Everest International	property business		-			-
01/01/2006-12/31/2007	Everest Re		31.5	%	Bermuda Re	casualty business		-			-
	Everest Re		3.5	%	Everest International	casualty business		-			-
01/01/2007-12/31/2007	Everest Re		22.5	%	Bermuda Re	property business		130,000	(1)		-
	Everest Re		2.5	%	Everest International	property business		-			-
01/01/2008-12/31/2008	Everest Re		36.0	%	Bermuda Re	property / casualty business		130,000	(1)		275,000	(2)
	Everest Re		4.0	%	Everest International	property / casualty business		-			-
01/01/2009-12/31/2009	Everest Re		36.0	%	Bermuda Re	property / casualty business		150,000	(1)		325,000	(2)
	Everest Re		8.0	%	Everest International	property / casualty business		-			-
01/01/2010-12/31/2010	Everest Re		44.0	%	Bermuda Re	property / casualty business		150,000			325,000
01/01/2011-12/31/2011	Everest Re		50.0	%	Bermuda Re	property / casualty business		150,000			300,000
01/01/2012-12/31/2014	Everest Re		50.0	%	Bermuda Re	property / casualty business		100,000			200,000
01/01/2015	Everest Re		50.0	%	Bermuda Re	property / casualty business		162,500			325,000
01/01/2003-12/31/2006	Everest Re- Canadian Branch		50.0	%	Bermuda Re	property business		-			-
01/01/2007-12/31/2009	Everest Re- Canadian Branch		60.0	%	Bermuda Re	property business		-			-
01/01/2010-12/31/2010	Everest Re- Canadian Branch		60.0	%	Bermuda Re	property business		350,000	(3)		-
01/01/2011-12/31/2011	Everest Re- Canadian Branch		60.0	%	Bermuda Re	property business		350,000	(3)		-
01/01/2012-12/31/2012	Everest Re- Canadian Branch		75.0	%	Bermuda Re	property / casualty business		206,250	(3)		412,500	(3)
01/01/2013-12/31/2013	Everest Re- Canadian Branch		75.0	%	Bermuda Re	property / casualty business		150,000	(3)		412,500	(3)
01/01/2014	Everest Re- Canadian Branch		75.0	%	Bermuda Re	property / casualty business		262,500	(3)		412,500	(3)

01/01/2012 Everest Canada 80.0 % Everest Re- Canadian Branch property business - -

(1)	The single occurance limit is applied before the loss cessions to either Bermuda Re or Everest International.
(2)	The aggregate limit is applied before the loss cessions to either Bermuda Re or Everest International.
(3)	Amounts shown are Canadian dollars.

Liability Limits For Any Losses Per One Occurrence

	Liability Limits
(Dollars in thousands)	Exceeding		Not to Exceed
Losses per one occurrence	$	100,000	$	150,000

Loss Portfolio Transfer Reinsurance Agreements, Net Insurance Exposures And Reserves Were Transferred To An Affiliate

(Dollars in thousands)
Effective	Transferring	Assuming	% of Business or		Covered Period
Date	Company	Company	Amount of Transfer		of Transfer
09/19/2000	Mt. McKinley	Bermuda Re		100%	All years
10/01/2001	Everest Re  (Belgium Branch)	Bermuda Re		100%	All years
10/01/2008	Everest Re	Bermuda Re	$	747,022	01/01/2002-12/31/2007

Premiums And Losses Ceded By The Company To Affiliate

	Three Months Ended
Bermuda Re	March 31,
(Dollars in thousands)	2015		2014
Ceded written premiums	$	539,033	$	518,017
Ceded earned premiums		554,051		479,813
Ceded losses and LAE (a)		295,131		238,501

	Three Months Ended
Everest International	March 31,
(Dollars in thousands)	2015			2014
Ceded written premiums	$	(2	)	$	(115	)
Ceded earned premiums		41			(74	)
Ceded losses and LAE		(822	)		1,884

	Three Months Ended
Everest Canada	March 31,
(Dollars in thousands)	2015		2014
Assumed written premiums	$	6,664	$	4,010
Assumed earned premiums		8,699		4,688
Assumed losses and LAE		4,729		3,292

(a)    Ceded losses and LAE include the Mt. McKinley loss portfolio transfer that constitutes losses ceded under retroactive reinsurance and therefore, in accordance with FASB guidance, a deferred gain on retroactive reinsurance is reflected in other expenses on the consolidated statements of operations and comprehensive income (loss).

	Three Months Ended
Mt. Logan Re	March 31,
(Dollars in thousands)	2015		2014
Ceded written premiums	$	61,670	$	28,366
Ceded earned premiums		38,683		17,837
Ceded losses and LAE		8,314		5,143
Assumed written premiums		3,984		9,919
Assumed earned premiums		3,984		2,106
Assumed losses and LAE		-		-

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Retirement Benefits (Tables)

3 Months Ended

Mar. 31, 2015

Retirement Benefits [Abstract]

Summary Of Net Periodic Benefit Cost For U.S. Employees

Pension Benefits	Three Months Ended
	March 31,
(Dollars in thousands)	2015			2014
Service cost	$	2,940		$	2,460
Interest cost		2,457			2,542
Expected return on plan assets		(2,903	)		(2,823	)
Amortization of prior service cost		5			13
Amortization of net (income) loss		2,251			1,091
Net periodic benefit cost	$	4,750		$	3,283

Other Benefits	Three Months Ended
	March 31,
(Dollars in thousands)	2015		2014
Service cost	$	401	$	407
Interest cost		263		342
Amortization of net (income) loss		211		82
Net periodic benefit cost	$	875	$	831

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Basis Of Presentation

3 Months Ended

Mar. 31, 2015

Basis Of Presentation [Abstract]

Basis Of Presentation

2.       BASIS OF PRESENTATION

The unaudited consolidated financial statements of the Company for the three months ended March 31, 2015 and 2014 include all adjustments, consisting of normal recurring accruals, which, in the opinion of management, are necessary for a fair statement of the results on an interim basis.  Certain financial information, which is normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"), has been omitted since it is not required for interim reporting purposes. The December 31, 2014 consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP.  The results for the three months ended March 31, 2015 and 2014 are not necessarily indicative of the results for a full year.  These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the years ended December 31, 2014, 2013 and 2012 included in the Company's most recent Form 10-K filing.

All intercompany accounts and transactions have been eliminated.

Application of Recently Issued Accounting Standard Changes

No accounting standards or guidance have been issued recently that would have a material impact on the Company's financial statements or financial reporting process.

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Subsequent Events (Tables)

3 Months Ended

Mar. 31, 2015

Subsequent Events [Abstract]

Assets and Liabilities classified as Held for Sale

(Dollars in thousands)
Investments and cash	$	17,000
Reinsurance recoverables		146,000
Deferred tax asset		35,000
Other assets		1,000
Total assets held for sale	$	199,000
Reserve for losses and loss adjustment expenses	$	142,000
Deferred gain on retroactive reinsurance		97,000
Other liabilities		1,000
Total liabilities held for sale	$	240,000
Net liabilities held for sale	$	(41,000	)

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Investments (Summary Of Components Of Net Realized Capital Gains (Losses)) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
Other-than-temporary impairments	$ (24,121)
Total net realized capital gains (losses)	21,296	(4,050)
Fixed Maturity Securities [Member] | Market Value [Member]
Schedule of Available-for-sale Securities [Line Items]
Other-than-temporary impairments	(24,121)
Gains (losses) from sales	(11,518)	(1,997)
Fixed Maturity Securities [Member] | Fair Value [Member]
Schedule of Available-for-sale Securities [Line Items]
Gains (losses) from sales	28	940
Gains (losses) from fair value adjustments	62
Equity Securities [Member] | Fair Value [Member]
Schedule of Available-for-sale Securities [Line Items]
Gains (losses) from sales	(65)	(1,336)
Gains (losses) from fair value adjustments	20,946	25,753
Other Invested Assets [Member] | Fair Value [Member]
Schedule of Available-for-sale Securities [Line Items]
Gains (losses) from fair value adjustments	$ 35,964	$ (27,410)

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Senior Notes (Schedule Of Interest Expense Incurred In Connection With Senior Notes) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Senior Notes [Abstract]
Interest expense incurred	$ 4,868	$ 3,388

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Subsequent Events (Assets and Liabilities classified as Held for Sale) (Details) (Subsequent Events [Member], Mt. Mckinley Insurance Company [Member], USD $) In Thousands, unless otherwise specified	Apr. 23, 2015
Subsequent Events [Member] | Mt. Mckinley Insurance Company [Member]
Subsequent Event [Line Items]
Investments and cash	$ 17,000
Reinsurance recoverables	146,000
Deferred tax asset	35,000
Other assets	1,000
Total assets held for sale	199,000
Reserve for losses and loss adjustment expenses	142,000
Deferred gain on retroactive reinsurance	97,000
Other liabilities	1,000
Liabilities of Disposal Group, Including Discontinued Operation, Total	240,000
Net liabilities held for sale	$ (41,000)

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Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
ASSETS:
Fixed maturities - available for sale, at market value (amortized cost: 2015, $5,108,085; 2014, $5,235,523)	$ 5,226,919	$ 5,293,411
Fixed maturities - available for sale, at fair value	363	1,509
Equity securities - available for sale, at market value (cost: 2015, $15; 2014, $15)	16	16
Equity securities - available for sale, at fair value	1,350,070	1,299,037
Short-term investments	559,947	564,364
Other invested assets (cost: 2015, $440,616; 2014, $435,010)	440,616	435,010
Other invested assets, at fair value	1,691,275	1,655,311
Cash	267,487	323,975
Total investments and cash	9,536,693	9,572,633
Note receivable - affiliated	250,000	250,000
Accrued investment income	47,856	45,386
Premiums receivable	1,161,029	1,086,203
Reinsurance receivables - unaffiliated	690,641	659,303
Reinsurance receivables - affiliated	3,386,137	3,372,715
Funds held by reinsureds	192,108	182,159
Deferred acquisition costs	94,703	109,262
Prepaid reinsurance premiums	791,245	809,083
Other assets	257,876	235,576
TOTAL ASSETS	16,408,288	16,322,320
LIABILITIES:
Reserve for losses and loss adjustment expenses	7,805,030	7,843,856
Unearned premium reserve	1,408,321	1,442,122
Funds held under reinsurance treaties	107,444	101,743
Losses in the course of payment	237,919	178,521
Commission reserves	66,461	63,110
Other net payable to reinsurers	972,196	1,028,549
4.868% Senior notes due 6/1/2044	400,000	400,000
6.6% Long term notes due 5/1/2067	238,365	238,364
Accrued interest on debt and borrowings	12,341	3,537
Income taxes	81,928	46,835
Unsettled securities payable	27,206	41,092
Other liabilities	350,540	361,874
Total liabilities	11,707,751	11,749,603
Commitments and Contingencies (Note 6)
STOCKHOLDER'S EQUITY:
Common stock, par value: $0.01; 3,000 shares authorized; 1,000 shares issued and outstanding (2015 and 2014)
Additional paid-in capital	366,258	362,293
Accumulated other comprehensive income (loss), net of deferred income tax expense (benefit) of $6,693 at 2015 and $2,434 at 2014	12,430	4,519
Retained earnings	4,321,849	4,205,905
Total stockholder's equity	4,700,537	4,572,717
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY	$ 16,408,288	$ 16,322,320

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Contingencies (Details) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
The Prudential Insurance Company [Member]
Loss Contingencies [Line Items]
Estimated cost to replace annuities	$ 142,618	$ 142,653
Unaffiliated Life Insurance Company [Member]
Loss Contingencies [Line Items]
Estimated cost to replace annuities	$ 31,158	$ 31,964

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Consolidated Statements Of Cash Flows (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ 115,944	$ 86,466
Adjustments to reconcile net income to net cash provided by operating activities:
Decrease (increase) in premiums receivable	(78,969)	12,611
Decrease (increase) in funds held by reinsureds, net	(4,707)	2,877
Decrease (increase) in reinsurance receivables	(68,311)	(279,364)
Decrease (increase) in income taxes	31,408	24,447
Decrease (increase) in prepaid reinsurance premiums	15,016	(47,040)
Increase (decrease) in reserve for losses and loss adjustment expenses	20,927	(58,410)
Increase (decrease) in unearned premiums	(28,224)	76,126
Increase (decrease) in other net payable to reinsurers	(52,400)	130,527
Increase (decrease) in losses in course of payment	60,419	101,869
Change in equity adjustments in limited partnerships	(7,173)	3,143
Distribution of limited partnership income	7,369	5,824
Change in other assets and liabilities, net	35,494	(16,618)
Non-cash compensation expense	1,946	1,729
Amortization of bond premium (accrual of bond discount)	4,955	6,004
Amortization of underwriting discount on senior notes	1	14
Net realized capital (gains) losses	(21,296)	4,050
Net cash provided by (used in) operating activities	32,399	54,255
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from fixed maturities matured/called - available for sale, at market value	188,815	207,534
Proceeds from fixed maturities matured/called - available for sale, at fair value		875
Proceeds from fixed maturities sold - available for sale, at market value	112,846	149,578
Proceeds from fixed maturities sold - available for sale, at fair value	1,236	20,763
Proceeds from equity securities sold - available for sale, at fair value	133,960	176,116
Distributions from other invested assets	10,797	9,828
Cost of fixed maturities acquired - available for sale, at market value	(293,848)	(689,205)
Cost of fixed maturities acquired - available for sale, at fair value		(1,309)
Cost of equity securities acquired - available for sale, at fair value	(164,112)	(77,427)
Cost of other invested assets acquired	(16,600)	(4,961)
Net change in short-term investments	(860)	113,571
Net change in unsettled securities transactions	(31,296)	(8,812)
Net cash provided by (used in) investing activities	(59,062)	(103,449)
CASH FLOWS FROM FINANCING ACTIVITIES:
Tax benefit from share-based compensation	2,020	1,665
Net cash provided by (used in) financing activities	2,020	1,665
EFFECT OF EXCHANGE RATE CHANGES ON CASH	(31,845)	3,987
Net increase (decrease) in cash	(56,488)	(43,542)
Cash, beginning of period	323,975	316,807
Cash, end of period	267,487	273,265
SUPPLEMENTAL CASH FLOW INFORMATION:
Income taxes paid (recovered)	18,077	12,474
Interest paid		$ 42

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Segment Reporting (Schedule Of Underwriting Results For Operating Segments To Income (Loss) Before Taxes) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Segment Reporting [Abstract]
Underwriting gain (loss)	$ 67,108	$ 77,054
Net investment income	72,581	63,787
Net realized capital gains (losses)	21,296	(4,050)
Corporate expense	(1,609)	(1,302)
Interest, fee and bond issue cost amortization expense	(8,859)	(7,436)
Other income (expense)	15,833	(3,055)
INCOME (LOSS) BEFORE TAXES	$ 166,350	$ 124,998

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Investments (Summary Of Amortized Cost And Market Value Of Fixed Maturity Securities, By Contractual Maturity) (Details) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
Fixed maturity securities - available for sale, Amortized Cost	$ 5,108,085	$ 5,235,523
Fixed maturity securities - available for sale, at market value	5,226,919	5,293,411
Fixed Maturity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Fixed maturity securities - available for sale, Due in one year or less, Amortized Cost	353,025	385,721
Fixed maturity securities - available for sale, Due after one year through five years, Amortized Cost	2,447,447	2,387,533
Fixed maturity securities - available for sale, Due after five years through ten years, Amortized Cost	921,195	1,025,221
Fixed maturity securities - available for sale, Due after ten years, Amortized Cost	647,142	689,140
Fixed maturity securities - available for sale, Due in one year or less, Market Value	352,544	384,022
Fixed maturity securities - available for sale, Due after one year through five years, Market Value	2,468,119	2,369,917
Fixed maturity securities - available for sale, Due after five years through ten years, Market Value	943,216	1,029,077
Fixed maturity securities - available for sale, Due after ten years, Market Value	713,036	757,872
Asset-Backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Fixed maturity securities - available for sale, Amortized Cost	115,357	94,470
Fixed maturity securities - available for sale, at market value	116,087	94,823
Commercial Mortgage-Backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Fixed maturity securities - available for sale, Amortized Cost	55,527	57,027
Fixed maturity securities - available for sale, at market value	58,279	59,268
Agency Residential Mortgage-Backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Fixed maturity securities - available for sale, Amortized Cost	568,152	596,140
Fixed maturity securities - available for sale, at market value	575,361	598,117
Non-Agency Residential Mortgage-Backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Fixed maturity securities - available for sale, Amortized Cost	240	271
Fixed maturity securities - available for sale, at market value	$ 277	$ 315

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Related-Party Transactions (Expenses Incurred By Holdings From Services Provided By Affiliated Company) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Related-Party Transactions [Abstract]
Expenses incurred	$ 18,363	$ 15,843

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Subsequent Events

3 Months Ended

Mar. 31, 2015

Subsequent Events [Abstract]

Subsequent Events

16.       SUBSEQUENT EVENTS

On April 23, 2015, the Company entered into an agreement to sell all of the outstanding shares of capital stock of Mt. McKinley Insurance Company ("Mt. McKinley"), a Delaware domiciled insurance company and wholly-owned subsidiary of the Company to Clearwater Insurance Company, a Delaware domiciled insurance company.  The purchase price shall be paid in cash and based on the statutory book value of Mt. McKinley as of the closing date, which is expected to be approximately $20,000 thousand. The Company expects to recognize a realized gain of approximately $61,000 thousand on the sale of Mt. McKinley.

The transaction is subject to receipt of insurance regulatory approvals and satisfaction of other customary closing conditions.

The transaction meets the criteria for Held for Sale accounting.  In accordance with the guidance, the table below details the approximate assets and liabilities associated with the business classified as Held for Sale.

(Dollars in thousands)
Investments and cash	$	17,000
Reinsurance recoverables		146,000
Deferred tax asset		35,000
Other assets		1,000
Total assets held for sale	$	199,000
Reserve for losses and loss adjustment expenses	$	142,000
Deferred gain on retroactive reinsurance		97,000
Other liabilities		1,000
Total liabilities held for sale	$	240,000
Net liabilities held for sale	$	(41,000	)

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Investments (Summary Of Changes In Net Unrealized Appreciation (Depreciation) For The Company's Investments) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
Change in unrealized appreciation (depreciation), pre-tax	$ 60,946	$ 33,993
Deferred tax benefit (expense)	(17,924)	(11,898)
Deferred tax benefit (expense), other-than-temporary impairment	(3,407)
Change in unrealized appreciation (depreciation), net of deferred taxes, included in stockholder's equity	39,615	22,095
Fixed Maturity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Change in unrealized appreciation (depreciation), pre-tax	51,211	33,993
Fixed Maturity Securities, Other-Than-Temporary Impairment [Member]
Schedule of Available-for-sale Securities [Line Items]
Change in unrealized appreciation (depreciation), pre-tax	$ 9,735

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Fair Value (Tables)

3 Months Ended

Mar. 31, 2015

Fair Value [Abstract]

Fair Value Measurement Levels For All Assets, Recorded At Fair And Market Value

			Fair Value Measurement Using:
			Quoted Prices
			in Active		Significant
			Markets for		Other		Significant
			Identical		Observable		Unobservable
			Assets		Inputs		Inputs
(Dollars in thousands)	March 31, 2015		(Level 1)		(Level 2)		(Level 3)
Assets:
Fixed maturities, market value
U.S. Treasury securities and obligations of
U.S. government agencies and corporations	$	177,523	$	-	$	177,523	$	-
Obligations of U.S. States and political subdivisions		788,842		-		788,842		-
Corporate securities		1,971,236		-		1,968,583		2,653
Asset-backed securities		116,087		-		116,087		-
Mortgage-backed securities
Commercial		58,279		-		58,279		-
Agency residential		575,361		-		575,361		-
Non-agency residential		277		-		277		-
Foreign government securities		482,277		-		482,277		-
Foreign corporate securities		1,057,037		-		1,050,912		6,125
Total fixed maturities, market value		5,226,919		-		5,218,141		8,778
Fixed maturities, fair value		363		-		363		-
Equity securities, market value		16		16		-		-
Equity securities, fair value		1,350,070		1,236,565		113,505		-
Other invested assets, fair value		1,691,275		1,691,275		-		-

			Fair Value Measurement Using:
			Quoted Prices
			in Active		Significant
			Markets for		Other		Significant
			Identical		Observable		Unobservable
			Assets		Inputs		Inputs
(Dollars in thousands)	December 31, 2014		(Level 1)		(Level 2)		(Level 3)
Assets:
Fixed maturities, market value
U.S. Treasury securities and obligations of
U.S. government agencies and corporations	$	136,836	$	-	$	136,836	$	-
Obligations of U.S. States and political subdivisions		824,472		-		824,472		-
Corporate securities		1,978,935		-		1,978,935		-
Asset-backed securities		94,823		-		94,823		-
Mortgage-backed securities
Commercial		59,268		-		50,671		8,597
Agency residential		598,117		-		598,117		-
Non-agency residential		315		-		315		-
Foreign government securities		537,087		-		537,087		-
Foreign corporate securities		1,063,558		-		1,056,392		7,166
Total fixed maturities, market value		5,293,411		-		5,277,648		15,763
Fixed maturities, fair value		1,509		-		1,509		-
Equity securities, market value		16		16		-		-
Equity securities, fair value		1,299,037		1,188,613		110,424		-
Other invested assets, fair value		1,655,311		1,655,311		-		-

Activity Under Level 3, Fair Value Measurements Using Significant Unobservable Inputs By Asset Type

	Three Months Ended March 31, 2015											Three Months Ended March 31, 2014
	Corporate					Foreign						Asset-backed			Foreign			Non-agency
(Dollars in thousands)	Securities		CMBS			Corporate			Total			Securities			Corporate			RMBS			Total
Beginning balance	$	-	$	8,597		$	7,166		$	15,763		$	3,533		$	481		$	4		$	4,018
Total gains or (losses) (realized/unrealized)
Included in earnings		2		-			57			59			18			1			1			20
Included in other comprehensive income (loss)		1		-			(1,098	)		(1,097	)		65			-			-			65
Purchases, issuances and settlements		1,940		-			-			1,940			(572	)		(9	)		(1	)		(582	)
Transfers in and/or (out) of Level 3		710		(8,597	)		-			(7,887	)		-			-			-			-
Ending balance	$	2,653	$	-		$	6,125		$	8,778		$	3,044		$	473		$	4		$	3,521
The amount of total gains or losses for the period
included in earnings (or changes in net assets)
attributable to the change in unrealized gains
or losses relating to assets still held at the
reporting date	$	-	$	-		$	-		$	-		$	-		$	-		$	-		$	-
(Some amounts may not reconcile due to rounding.)

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Related-Party Transactions (Loss Portfolio Transfer Reinsurance Agreements, Net Insurance Exposures And Reserves Were Transferred To An Affiliate) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015
Mt. McKinley [Member]
Related Party Transaction [Line Items]
Effective Date	Sep. 19, 2000
Assuming Company	Bermuda Re
% of Business Transfer	100.00%
Covered Period of Transfer	All years
Everest Re (Belgium Branch) [Member]
Related Party Transaction [Line Items]
Effective Date	Oct. 01, 2001
Assuming Company	Bermuda Re
% of Business Transfer	100.00%
Covered Period of Transfer	All years
Everest Re [Member]
Related Party Transaction [Line Items]
Effective Date	Oct. 01, 2008
Assuming Company	Bermuda Re
Amount of Business Transfer	747,022
Covered Period of Transfer	01/01/2002-12/31/2007

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General

3 Months Ended

Mar. 31, 2015

General [Abstract]

General

1.       GENERAL

As used in this document, "Holdings" means Everest Reinsurance Holdings, Inc., a Delaware company and direct subsidiary of Everest Underwriting Group (Ireland) Limited ("Holdings Ireland"); "Group" means Everest Re Group, Ltd. (Holdings Ireland's parent); "Bermuda Re" means Everest Reinsurance (Bermuda), Ltd., a subsidiary of Group; "Everest Re" means Everest Reinsurance Company and its subsidiaries, a subsidiary of Holdings (unless the context otherwise requires); "Mt. Logan Re" means Mt. Logan Re Ltd., a subsidiary of Group; and the "Company" means Holdings and its subsidiaries.

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Consolidated Balance Sheets (Parenthetical) (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended	12 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
Fixed maturities - available for sale, amortized cost	$ 5,108,085	$ 5,235,523
Equity securities - available for sale, cost	15	15
Other invested assets, cost	440,616	435,010
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	3,000	3,000
Common stock, shares issued	1,000	1,000
Common stock, shares outstanding	1,000	1,000
Accumulated other comprehensive income (loss), deferred income tax expense (benefit)	$ 6,693	$ 2,434
Long Term Subordinated Debt [Member]
Debt instrument, stated interest rate	6.60%	6.60%
Debt instrument, maturity date	May 01, 2067	May 01, 2067
Senior Notes 4.868% [Member] | Senior Notes [Member]
Debt instrument, stated interest rate	4.868%	4.868%
Debt instrument, maturity date	Jun. 01, 2044	Jun. 01, 2044

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Long Term Subordinated Notes

3 Months Ended

Mar. 31, 2015

Long Term Subordinated Notes [Abstract]

Long Term Subordinated Notes

11.       LONG TERM SUBORDINATED NOTES

The table below displays Holdings' outstanding fixed to floating rate long term subordinated notes.  Market value is based on quoted market prices, but due to limited trading activity, these subordinated notes are considered Level 2 in the fair value hierarchy.

Maturity Date

March 31, 2015

December 31, 2014

Original

Consolidated Balance

Consolidated Balance

(Dollars in thousands)

Date Issued

Principal Amount

Scheduled

Final

Sheet Amount

Market Value

Sheet Amount

Market Value

6.6% Long term subordinated notes

04/26/2007

$

400,000

05/15/2037

05/01/2067

$

238,365

$

239,227

$

238,364

$

246,312

During the fixed rate interest period from May 3, 2007 through May 14, 2017, interest will be at the annual rate of 6.6%, payable semi-annually in arrears on November 15 and May 15 of each year, commencing on November 15, 2007, subject to Holdings' right to defer interest on one or more occasions for up to ten consecutive years.  During the floating rate interest period from May 15, 2017 through maturity, interest will be based on the 3 month LIBOR plus 238.5 basis points, reset quarterly, payable quarterly in arrears on February 15, May 15, August 15 and November 15 of each year, subject to Holdings' right to defer interest on one or more occasions for up to ten consecutive years.  Deferred interest will accumulate interest at the applicable rate compounded semi-annually for periods prior to May 15, 2017, and compounded quarterly for periods from and including May 15, 2017.

Holdings can redeem the long term subordinated notes prior to May 15, 2017, in whole but not in part at the applicable redemption price, which will equal the greater of (a) 100% of the principal amount being redeemed and (b) the present value of the principal payment on May 15, 2017 and scheduled payments of interest that would have accrued from the redemption date to May 15, 2017 on the long term subordinated notes being redeemed, discounted to the redemption date on a semi-annual basis at a discount rate equal to the treasury rate plus an applicable spread of either 0.25% or 0.50%, in each case plus accrued and unpaid interest.  Holdings may redeem the long term subordinated notes on or after May 15, 2017, in whole or in part at 100% of the principal amount plus accrued and unpaid interest; however, redemption on or after the scheduled maturity date and prior to May 1, 2047 is subject to a replacement capital covenant.  This covenant is for the benefit of certain senior note holders and it mandates that Holdings receive proceeds from the sale of another subordinated debt issue, of at least similar size, before it may redeem the subordinated notes.  Effective upon the maturity of the Company's 5.40% senior notes on October 15, 2014,

the Company's 4.868% senior notes, due on June 1, 2044, have become the Company's long term indebtedness that ranks senior to the long term subordinated notes.

On March 19, 2009, Group announced the commencement of a cash tender offer for any and all of the 6.60% fixed to floating rate long term subordinated notes.  Upon expiration of the tender offer, the Company had reduced its outstanding debt by $161,441 thousand.

Interest expense incurred in connection with these long term subordinated notes is as follows for the periods indicated:

	Three Months Ended
	March 31,
(Dollars in thousands)	2015		2014
Interest expense incurred	$	3,937	$	3,937

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Document And Entity Information	3 Months Ended
	Mar. 31, 2015	May 01, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2015
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1
Entity Registrant Name	EVEREST REINSURANCE HOLDINGS INC
Entity Central Index Key	0000914748
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		1,000

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Segment Reporting

3 Months Ended

Mar. 31, 2015

Segment Reporting [Abstract]

Segment Reporting

12.       SEGMENT REPORTING

The U.S. Reinsurance operation writes property and casualty reinsurance and specialty lines of business, including Marine, Aviation, Surety and Accident and Health ("A&H") business, on both a treaty and facultative basis, through reinsurance brokers, as well as directly with ceding companies primarily within the U.S.  The International operation writes non-U.S. property and casualty reinsurance through Everest Re's branches in Canada, Singapore and through offices in Brazil, Miami and New Jersey.  The Insurance operation writes property and casualty insurance directly and through general agents, brokers and surplus lines brokers within the U.S. and Canada.

These segments are managed independently, but conform with corporate guidelines with respect to pricing, risk management, control of aggregate catastrophe exposures, capital, investments and support operations.  Management generally monitors and evaluates the financial performance of these operating segments based upon their underwriting results.

Underwriting results include earned premium less losses and LAE incurred, commission and brokerage expenses and other underwriting expenses.  Underwriting results are measured using ratios, in particular loss, commission and brokerage and other underwriting expense ratios, which, respectively, divide incurred losses, commissions and brokerage and other underwriting expenses by premiums earned.

The Company does not maintain separate balance sheet data for its operating segments.  Accordingly, the Company does not review and evaluate the financial results of its operating segments based upon balance sheet data.

The following tables present the underwriting results for the operating segments for the period indicated:

	Three Months Ended
U.S. Reinsurance	March 31,
(Dollars in thousands)	2015		2014
Gross written premiums	$	562,647	$	530,301
Net written premiums		240,694		251,521
Premiums earned	$	255,412	$	218,191
Incurred losses and LAE		111,455		115,984
Commission and brokerage		58,364		40,136
Other underwriting expenses		11,529		9,482
Underwriting gain (loss)	$	74,064	$	52,589

	Three Months Ended
International	March 31,
(Dollars in thousands)	2015			2014
Gross written premiums	$	333,615		$	328,878
Net written premiums		121,681			141,457
Premiums earned	$	140,699		$	145,004
Incurred losses and LAE		101,445			83,575
Commission and brokerage		33,999			29,169
Other underwriting expenses		8,115			7,837
Underwriting gain (loss)	$	(2,860	)	$	24,423

	Three Months Ended
Insurance	March 31,
(Dollars in thousands)	2015			2014
Gross written premiums	$	330,501		$	225,276
Net written premiums		146,052			106,726
Premiums earned	$	124,951		$	107,250
Incurred losses and LAE		95,980			78,487
Commission and brokerage		4,168			6,789
Other underwriting expenses		28,899			21,932
Underwriting gain (loss)	$	(4,096	)	$	42

The following table reconciles the underwriting results for the operating segments to income (loss) before taxes as reported in the consolidated statements of operations and comprehensive income (loss) for the periods indicated:

	Three Months Ended
	March 31,
(Dollars in thousands)	2015			2014
Underwriting gain (loss)	$	67,108		$	77,054
Net investment income		72,581			63,787
Net realized capital gains (losses)		21,296			(4,050	)
Corporate expense		(1,609	)		(1,302	)
Interest, fee and bond issue cost amortization expense		(8,859	)		(7,436	)
Other income (expense)		15,833			(3,055	)
Income (loss) before taxes	$	166,350		$	124,998

The Company produces business in the U.S. and internationally.  The net income deriving from assets residing in the individual foreign countries in which the Company writes business are not identifiable in the Company's financial records.  Based on gross written premium, the table below presents the largest country, other than the U.S., in which the Company writes business, for the periods indicated:

	Three Months Ended
	March 31,
(Dollars in thousands)	2015		2014
Canada	$	23,512	$	37,659

No other country represented more than 5% of the Company's revenues.

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Consolidated Statements Of Operations And Comprehensive Income (Loss) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
REVENUES:
Premiums earned	$ 521,062	$ 470,445
Net investment income	72,581	63,787
Net realized capital gains (losses):
Other-than-temporary impairments on fixed maturity securities	(24,121)
Other-than-temporary impairments on fixed maturity securities transferred to other comprehensive income (loss)
Other net realized capital gains (losses)	45,417	(4,050)
Total net realized capital gains (losses)	21,296	(4,050)
Other income (expense)	15,833	(3,055)
Total revenues	630,772	527,127
CLAIMS AND EXPENSES:
Incurred losses and loss adjustment expenses	308,880	278,046
Commission, brokerage, taxes and fees	96,531	76,094
Other underwriting expenses	48,543	39,251
Corporate expenses	1,609	1,302
Interest, fee and bond issue cost amortization expense	8,859	7,436
Total claims and expenses	464,422	402,129
INCOME (LOSS) BEFORE TAXES	166,350	124,998
Income tax expense (benefit)	50,406	38,532
NET INCOME (LOSS)	115,944	86,466
Other comprehensive income (loss), net of tax :
Unrealized appreciation (depreciation) ("URA(D)") on securities arising during the period	15,950	20,797
Less: reclassification adjustment for realized losses (gains) included in net income (loss)	23,665	1,298
Total URA(D) on securities arising during the period	39,615	22,095
Foreign currency translation adjustments	(33,308)	(7,836)
Benefit plan actuarial net gain (loss) for the period
Reclassification adjustment for amortization of net (gain) loss included in net income (loss)	1,604	771
Total benefit plan net gain (loss) for the period	1,604	771
Total other comprehensive income (loss), net of tax	7,911	15,030
COMPREHENSIVE INCOME (LOSS)	$ 123,855	$ 101,496

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Contingencies

3 Months Ended

Mar. 31, 2015

Contingencies [Abstract]

Contingencies

6.       CONTINGENCIES

In the ordinary course of business, the Company is involved in lawsuits, arbitrations and other formal and informal dispute resolution procedures, the outcomes of which will determine the Company's rights and obligations under insurance and reinsurance agreements.  In some disputes, the Company seeks to enforce its rights under an agreement or to collect funds owing to it.  In other matters, the Company is resisting attempts by others to collect funds or enforce alleged rights.  These disputes arise from time to time and are ultimately resolved through both informal and formal means, including negotiated resolution, arbitration and litigation.  In all such matters, the Company believes that its positions are legally and commercially reasonable.  The Company considers the statuses of these proceedings when determining its reserves for unpaid loss and loss adjustment expenses.

Aside from litigation and arbitrations related to these insurance and reinsurance agreements, the Company is not a party to any other material litigation or arbitration.

The Company has entered into separate annuity agreements with The Prudential Insurance of America ("The Prudential") and an additional unaffiliated life insurance company in which the Company has either purchased annuity contracts or become the assignee of annuity proceeds that are meant to settle claim payment obligations in the future. In both instances, the Company would become contingently liable if either The Prudential or the unaffiliated life insurance company were unable to make payments related to the respective annuity contact.

The table below presents the estimated cost to replace all such annuities for which the Company was contingently liable for the periods indicated:

	At March 31,		At December 31,
(Dollars in thousands)	2015		2014
The Prudential	$	142,618	$	142,653
Unaffiliated life insurance company		31,158		31,964

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Capital Transactions

3 Months Ended

Mar. 31, 2015

Capital Transactions [Abstract]

Capital Transactions

5.       CAPITAL TRANSACTIONS

On July 9, 2014, the Company renewed its shelf registration statement on Form S-3ASR with the Securities and Exchange Commission (the "SEC"), as a Well Known Seasoned Issuer.  This shelf registration statement can be used by Group to register common shares, preferred shares, debt securities, warrants, share purchase contracts and share purchase units; by Holdings to register debt securities and by Everest Re Capital Trust III ("Capital Trust III") to register trust preferred securities.

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Investments (Tables)

3 Months Ended

Mar. 31, 2015

Investments [Abstract]

Summary Of Unrealized Appreciation (Depreciation) Of Available For Sale, Fixed Maturity And Equity Security Investments

	At March 31, 2015
	Amortized		Unrealized		Unrealized			Market		OTTI in AOCI
(Dollars in thousands)	Cost		Appreciation		Depreciation			Value		(a)
Fixed maturity securities
U.S. Treasury securities and obligations of
U.S. government agencies and corporations	$	174,065	$	3,541	$	(83	)	$	177,523	$	-
Obligations of U.S. states and political subdivisions		750,672		39,084		(914	)		788,842		-
Corporate securities		1,941,982		53,670		(24,416	)		1,971,236		-
Asset-backed securities		115,357		826		(96	)		116,087		-
Mortgage-backed securities
Commercial		55,527		2,752		-			58,279		-
Agency residential		568,152		8,658		(1,449	)		575,361		-
Non-agency residential		240		37		-			277		-
Foreign government securities		459,079		30,882		(7,684	)		482,277		-
Foreign corporate securities		1,043,011		41,601		(27,575	)		1,057,037		-
Total fixed maturity securities	$	5,108,085	$	181,051	$	(62,217	)	$	5,226,919	$	-
Equity securities	$	15	$	1	$	-		$	16	$	-

	At December 31, 2014
	Amortized		Unrealized		Unrealized			Market		OTTI in AOCI
(Dollars in thousands)	Cost		Appreciation		Depreciation			Value		(a)
Fixed maturity securities
U.S. Treasury securities and obligations of
U.S. government agencies and corporations	$	135,724	$	1,416	$	(304	)	$	136,836	$	-
Obligations of U.S. states and political subdivisions		783,129		41,969		(626	)		824,472		-
Corporate securities		1,992,200		39,954		(53,219	)		1,978,935		(9,735	)
Asset-backed securities		94,470		727		(374	)		94,823		-
Mortgage-backed securities
Commercial		57,027		2,292		(51	)		59,268		-
Agency residential		596,140		6,697		(4,720	)		598,117		-
Non-agency residential		271		44		-			315		-
Foreign government securities		515,016		27,415		(5,344	)		537,087		-
Foreign corporate securities		1,061,546		27,832		(25,820	)		1,063,558		-
Total fixed maturity securities	$	5,235,523	$	148,346	$	(90,458	)	$	5,293,411	$	(9,735	)
Equity securities	$	15	$	1	$	-		$	16	$	-

(a)   Represents the amount of OTTI recognized in AOCI.  Amount includes unrealized gains and losses on impaired securities relating to changes in the value of such securities subsequent to the impairment measurement date.

Summary Of Amortized Cost And Market Value Of Fixed Maturity Securities, By Contractual Maturity

	At March 31, 2015				At December 31, 2014
	Amortized		Market		Amortized		Market
(Dollars in thousands)	Cost		Value		Cost		Value
Fixed maturity securities – available for sale
Due in one year or less	$	353,025	$	352,544	$	385,721	$	384,022
Due after one year through five years		2,447,447		2,468,119		2,387,533		2,369,917
Due after five years through ten years		921,195		943,216		1,025,221		1,029,077
Due after ten years		647,142		713,036		689,140		757,872
Asset-backed securities		115,357		116,087		94,470		94,823
Mortgage-backed securities
Commercial		55,527		58,279		57,027		59,268
Agency residential		568,152		575,361		596,140		598,117
Non-agency residential		240		277		271		315
Total fixed maturity securities	$	5,108,085	$	5,226,919	$	5,235,523	$	5,293,411

Summary Of Changes In Net Unrealized Appreciation (Depreciation) For The Company's Investments

	Three Months Ended
	March 31,
(Dollars in thousands)	2015			2014
Increase (decrease) during the period between the market value and cost
of investments carried at market value, and deferred taxes thereon:
Fixed maturity securities	$	51,211		$	33,993
Fixed maturity securities, other-than-temporary impairment		9,735			-
Change in unrealized  appreciation (depreciation), pre-tax		60,946			33,993
Deferred tax benefit (expense)		(17,924	)		(11,898	)
Deferred tax benefit (expense), other-than-temporary impairment		(3,407	)		-
Change in unrealized appreciation (depreciation),
net of deferred taxes, included in stockholder's equity	$	39,615		$	22,095

Summary Of Aggregate Market Value And Gross Unrealized Depreciation Of Fixed Maturity And Equity Securities, By Security Type

	Duration of Unrealized Loss at March 31, 2015 By Security Type
	Less than 12 months					Greater than 12 months					Total
			Gross					Gross					Gross
			Unrealized					Unrealized					Unrealized
(Dollars in thousands)	Market Value		Depreciation			Market Value		Depreciation			Market Value		Depreciation
Fixed maturity securities - available for sale
U.S. Treasury securities and obligations of
U.S. government agencies and corporations	$	200	$	(1	)	$	2,043	$	(82	)	$	2,243	$	(83	)
Obligations of U.S. states and political subdivisions		26,973		(579	)		18,171		(335	)		45,144		(914	)
Corporate securities		362,527		(22,140	)		153,423		(2,276	)		515,950		(24,416	)
Asset-backed securities		43,245		(96	)		-		-			43,245		(96	)
Mortgage-backed securities
Commercial		-		-			-		-			-		-
Agency residential		10,595		(33	)		192,684		(1,416	)		203,279		(1,449	)
Non-agency residential		-		-			-		-			-		-
Foreign government securities		60,663		(3,273	)		46,741		(4,411	)		107,404		(7,684	)
Foreign corporate securities		133,917		(25,626	)		47,221		(1,949	)		181,138		(27,575	)
Total fixed maturity securities	$	638,120	$	(51,748	)	$	460,283	$	(10,469	)	$	1,098,403	$	(62,217	)
Equity securities		-		-			-		-			-		-
Total	$	638,120	$	(51,748	)	$	460,283	$	(10,469	)	$	1,098,403	$	(62,217	)

	Duration of Unrealized Loss at December 31, 2014 By Security Type
	Less than 12 months					Greater than 12 months					Total
			Gross					Gross					Gross
			Unrealized					Unrealized					Unrealized
(Dollars in thousands)	Market Value		Depreciation			Market Value		Depreciation			Market Value		Depreciation
Fixed maturity securities - available for sale
U.S. Treasury securities and obligations of
U.S. government agencies and corporations	$	13,187	$	(20	)	$	26,897	$	(284	)	$	40,084	$	(304	)
Obligations of U.S. states and political subdivisions		20,428		(242	)		18,199		(384	)		38,627		(626	)
Corporate securities		830,928		(48,891	)		171,207		(4,328	)		1,002,135		(53,219	)
Asset-backed securities		62,451		(374	)		-		-			62,451		(374	)
Mortgage-backed securities
Commercial		11,742		(51	)		-		-			11,742		(51	)
Agency residential		24,230		(59	)		267,824		(4,661	)		292,054		(4,720	)
Non-agency residential		-		-			-		-			-		-
Foreign government securities		45,521		(913	)		53,086		(4,431	)		98,607		(5,344	)
Foreign corporate securities		228,733		(21,704	)		117,713		(4,116	)		346,446		(25,820	)
Total fixed maturity securities	$	1,237,220	$	(72,254	)	$	654,926	$	(18,204	)	$	1,892,146	$	(90,458	)
Equity securities		-		-			-		-			-		-
Total	$	1,237,220	$	(72,254	)	$	654,926	$	(18,204	)	$	1,892,146	$	(90,458	)

Summary Of Aggregate Market Value And Gross Unrealized Depreciation Of Fixed Maturity And Equity Securities, By Contractual Maturity

	Duration of Unrealized Loss at March 31, 2015 By Maturity
	Less than 12 months					Greater than 12 months					Total
			Gross					Gross					Gross
			Unrealized					Unrealized					Unrealized
(Dollars in thousands)	Market Value		Depreciation			Market Value		Depreciation			Market Value		Depreciation
Fixed maturity securities
Due in one year or less	$	19,187	$	(1,716	)	$	24,224	$	(2,820	)	$	43,411	$	(4,536	)
Due in one year through five years		307,725		(40,128	)		165,952		(4,376	)		473,677		(44,504	)
Due in five years through ten years		222,882		(9,192	)		56,606		(1,070	)		279,488		(10,262	)
Due after ten years		34,486		(583	)		20,817		(787	)		55,303		(1,370	)
Asset-backed securities		43,245		(96	)		-		-			43,245		(96	)
Mortgage-backed securities		10,595		(33	)		192,684		(1,416	)		203,279		(1,449	)
Total fixed maturity securities	$	638,120	$	(51,748	)	$	460,283	$	(10,469	)	$	1,098,403	$	(62,217	)

	Duration of Unrealized Loss at December 31, 2014 By Maturity
	Less than 12 months					Greater than 12 months					Total
			Gross					Gross					Gross
			Unrealized					Unrealized					Unrealized
(Dollars in thousands)	Market Value		Depreciation			Market Value		Depreciation			Market Value		Depreciation
Fixed maturity securities
Due in one year or less	$	12,858	$	(550	)	$	53,528	$	(4,224	)	$	66,386	$	(4,774	)
Due in one year through five years		622,137		(51,262	)		243,192		(6,306	)		865,329		(57,568	)
Due in five years through ten years		467,187		(18,958	)		66,630		(2,018	)		533,817		(20,976	)
Due after ten years		36,615		(1,000	)		23,752		(995	)		60,367		(1,995	)
Asset-backed securities		62,451		(374	)		-		-			62,451		(374	)
Mortgage-backed securities		35,972		(110	)		267,824		(4,661	)		303,796		(4,771	)
Total fixed maturity securities	$	1,237,220	$	(72,254	)	$	654,926	$	(18,204	)	$	1,892,146	$	(90,458	)

Summary Of Components Of Net Investment Income

	Three Months Ended
	March 31,
(Dollars in thousands)	2015			2014
Fixed maturities	$	47,972		$	51,079
Equity securities		8,742			8,937
Short-term investments and cash		164			186
Other invested assets
Limited partnerships		7,379			(3,087	)
Dividends from Parent's shares		9,234			7,290
Other		625			2,021
Gross investment income before adjustments		74,116			66,426
Funds held interest income (expense)		2,521			2,109
Interest income from Parent		1,075			-
Gross investment income		77,712			68,535
Investment expenses		(5,131	)		(4,748	)
Net investment income	$	72,581		$	63,787

Summary Of Components Of Net Realized Capital Gains (Losses)

	Three Months Ended
	March 31,
(Dollars in thousands)	2015			2014
Fixed maturity securities, market value:
Other-than-temporary impairments	$	(24,121	)	$	-
Gains (losses) from sales		(11,518	)		(1,997	)
Fixed maturity securities, fair value:
Gains (losses) from sales		28			940
Gains (losses) from fair value adjustments		62			-
Equity securities, fair value:
Gains (losses) from sales		(65	)		(1,336	)
Gains (losses) from fair value adjustments		20,946			25,753
Other invested assets, fair value:
Gains (losses) from fair value adjustments		35,964			(27,410	)
Short-term investment gains (losses)		-			-
Total net realized capital gains (losses)	$	21,296		$	(4,050	)

Summary Of Gross Gains (Losses) From Sales Of Fixed Maturity And Equity Securities

	Three Months Ended
	March 31,
(Dollars in thousands)	2015			2014
Proceeds from sales of fixed maturity securities	$	114,082		$	170,341
Gross gains from sales		2,542			2,475
Gross losses from sales		(14,032	)		(3,532	)
Proceeds from sales of equity securities	$	133,960		$	176,116
Gross gains from sales		5,142			6,588
Gross losses from sales		(5,207	)		(7,924	)

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Related-Party Transactions

3 Months Ended

Mar. 31, 2015

Related-Party Transactions [Abstract]

Related-Party Transactions

13.       RELATED-PARTY TRANSACTIONS

Parent

Group entered into a $250,000 thousand long term promissory note agreement with Holdings as of December 31, 2014. The note will mature on December 31, 2023 and has an interest rate of 1.72% that will be paid annually, on December 15th of each year. This transaction is presented as a Note Receivable – Affiliated in the Consolidated Balance Sheets of Holdings.

Group's Board of Directors approved an amended share repurchase program authorizing Group and/or its subsidiary Holdings to purchase Group's common shares through open market transactions, privately negotiated transactions or both.  The table below represents the amendments to the share repurchase program for the common shares approved for repurchase.

	Common Shares
	Authorized for
Amendment Date	Repurchase
(Dollars in thousands)
09/21/2004	5,000,000
07/21/2008	5,000,000
02/24/2010	5,000,000
02/22/2012	5,000,000
05/15/2013	5,000,000
11/19/2014	5,000,000
	30,000,000

As of March 31, 2015, Holdings held 9,719,971 common shares of Group, which it had purchased in the open market between February 1, 2007 and March 8, 2011.  The table below represents the total purchase price for these common shares purchased.

(Dollars in thousands)
Total purchase price	$	835,371

Holdings reports these purchases as other invested assets, fair value, in the consolidated balance sheets with changes in fair value re-measurement recorded in net realized capital gains (losses) in the consolidated statements of operations and comprehensive income (loss).  The following table presents the dividends received on these common shares that are reported as net investment income in the consolidated statements of operations and comprehensive income (loss) for the period indicated.

	Three Months Ended
	March 31,
(Dollars in thousands)	2015		2014
Dividends received	$	9,234	$	7,290

Affiliated Companies

Everest Global Services, Inc. ("Global Services"), an affiliate of Holdings, provides centralized management and home office services, through a management agreement, to Holdings and other affiliated companies within Holdings' consolidated structure.  Services provided by Everest Global include executive managerial services, legal services, actuarial services, accounting services, information technology services and others.

The following table presents the expenses incurred by Holdings from services provided by Everest Global for the periods indicated.

	Three Months Ended
	March 31,
(Dollars in thousands)	2015		2014
Expenses incurred	$	18,363	$	15,843

Affiliates

The table below represents affiliated quota share reinsurance agreements ("whole account quota share") for all new and renewal business for the indicated coverage period:

(Dollars in thousands)
		Percent			Assuming		Single			Aggregate
Coverage Period	Ceding Company	Ceded			Company	Type of Business	Occurrence Limit			Limit
01/01/2002-12/31/2002	Everest Re		20.0	%	Bermuda Re	property / casualty business	$	-		$	-
01/01/2003-12/31/2003	Everest Re		25.0	%	Bermuda Re	property / casualty business		-			-
01/01/2004-12/31/2005	Everest Re		22.5	%	Bermuda Re	property / casualty business		-			-
	Everest Re		2.5	%	Everest International	property / casualty business		-			-
01/01/2006-12/31/2006	Everest Re		18.0	%	Bermuda Re	property business		125,000	(1)		-
	Everest Re		2.0	%	Everest International	property business		-			-
01/01/2006-12/31/2007	Everest Re		31.5	%	Bermuda Re	casualty business		-			-
	Everest Re		3.5	%	Everest International	casualty business		-			-
01/01/2007-12/31/2007	Everest Re		22.5	%	Bermuda Re	property business		130,000	(1)		-
	Everest Re		2.5	%	Everest International	property business		-			-
01/01/2008-12/31/2008	Everest Re		36.0	%	Bermuda Re	property / casualty business		130,000	(1)		275,000	(2)
	Everest Re		4.0	%	Everest International	property / casualty business		-			-
01/01/2009-12/31/2009	Everest Re		36.0	%	Bermuda Re	property / casualty business		150,000	(1)		325,000	(2)
	Everest Re		8.0	%	Everest International	property / casualty business		-			-
01/01/2010-12/31/2010	Everest Re		44.0	%	Bermuda Re	property / casualty business		150,000			325,000
01/01/2011-12/31/2011	Everest Re		50.0	%	Bermuda Re	property / casualty business		150,000			300,000
01/01/2012-12/31/2014	Everest Re		50.0	%	Bermuda Re	property / casualty business		100,000			200,000
01/01/2015	Everest Re		50.0	%	Bermuda Re	property / casualty business		162,500			325,000
01/01/2003-12/31/2006	Everest Re- Canadian Branch		50.0	%	Bermuda Re	property business		-			-
01/01/2007-12/31/2009	Everest Re- Canadian Branch		60.0	%	Bermuda Re	property business		-			-
01/01/2010-12/31/2010	Everest Re- Canadian Branch		60.0	%	Bermuda Re	property business		350,000	(3)		-
01/01/2011-12/31/2011	Everest Re- Canadian Branch		60.0	%	Bermuda Re	property business		350,000	(3)		-
01/01/2012-12/31/2012	Everest Re- Canadian Branch		75.0	%	Bermuda Re	property / casualty business		206,250	(3)		412,500	(3)
01/01/2013-12/31/2013	Everest Re- Canadian Branch		75.0	%	Bermuda Re	property / casualty business		150,000	(3)		412,500	(3)
01/01/2014	Everest Re- Canadian Branch		75.0	%	Bermuda Re	property / casualty business		262,500	(3)		412,500	(3)

01/01/2012 Everest Canada 80.0 % Everest Re- Canadian Branch property business - -

(1)	The single occurance limit is applied before the loss cessions to either Bermuda Re or Everest International.
(2)	The aggregate limit is applied before the loss cessions to either Bermuda Re or Everest International.
(3)	Amounts shown are Canadian dollars.

For premiums earned and losses incurred for the period January 1, 2002 through December 31, 2002, Everest Re, Everest National Insurance Company and Everest Security Insurance Company entered into an Excess of Loss Reinsurance Agreement with Bermuda Re, covering workers' compensation losses occurring on and after January 1, 2002, as respect to new, renewal and in force policies effective on that date through December 31, 2002.  This agreement was commuted as of September 30, 2013.  The table below represents Bermuda Re's liability limits for any losses per one occurrence.

	Liability Limits
(Dollars in thousands)	Exceeding		Not to Exceed
Losses per one occurrence	$	100,000	$	150,000

The table below represents loss portfolio transfer reinsurance agreements whereby net insurance exposures and reserves were transferred to an affiliate.

(Dollars in thousands)
Effective	Transferring	Assuming	% of Business or		Covered Period
Date	Company	Company	Amount of Transfer		of Transfer
09/19/2000	Mt. McKinley	Bermuda Re		100%	All years
10/01/2001	Everest Re  (Belgium Branch)	Bermuda Re		100%	All years
10/01/2008	Everest Re	Bermuda Re	$	747,022	01/01/2002-12/31/2007

The following tables summarize the premiums and losses ceded by the Company to Bermuda Re and Everest International, respectively, and premiums and losses assumed by the Company from Everest Canada for the periods indicated:

	Three Months Ended
Bermuda Re	March 31,
(Dollars in thousands)	2015		2014
Ceded written premiums	$	539,033	$	518,017
Ceded earned premiums		554,051		479,813
Ceded losses and LAE (a)		295,131		238,501

	Three Months Ended
Everest International	March 31,
(Dollars in thousands)	2015			2014
Ceded written premiums	$	(2	)	$	(115	)
Ceded earned premiums		41			(74	)
Ceded losses and LAE		(822	)		1,884

	Three Months Ended
Everest Canada	March 31,
(Dollars in thousands)	2015		2014
Assumed written premiums	$	6,664	$	4,010
Assumed earned premiums		8,699		4,688
Assumed losses and LAE		4,729		3,292

(a)    Ceded losses and LAE include the Mt. McKinley loss portfolio transfer that constitutes losses ceded under retroactive reinsurance and therefore, in accordance with FASB guidance, a deferred gain on retroactive reinsurance is reflected in other expenses on the consolidated statements of operations and comprehensive income (loss).

Everest Re sold net assets of its UK branch to Bermuda Re and provided Bermuda Re with a reserve indemnity agreement allowing for indemnity payments of up to 90% of £25.0 million of the excess of 2002 and prior reserves, provided that any recognition of profit from the reserves for 2002 and prior underwriting years is taken into account.

Effective February 27, 2013, Group established a new subsidiary, Mt. Logan Re, which is a Class 3 insurer based in Bermuda.  Effective July 1, 2013, Mt. Logan Re established separate segregated accounts for its business activity, which will invest in a diversified set of catastrophe exposures.

The following table summarizes the premiums and losses that are ceded by the Company to Mt. Logan Re and assumed by the Company from Mt. Logan Re.

	Three Months Ended
Mt. Logan Re	March 31,
(Dollars in thousands)	2015		2014
Ceded written premiums	$	61,670	$	28,366
Ceded earned premiums		38,683		17,837
Ceded losses and LAE		8,314		5,143
Assumed written premiums		3,984		9,919
Assumed earned premiums		3,984		2,106
Assumed losses and LAE		-		-

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Reinsurance And Trust Agreements

3 Months Ended

Mar. 31, 2015

Reinsurance And Trust Agreements [Abstract]

Reinsurance And Trust Agreements

9.       REINSURANCE AND TRUST AGREEMENTS

A subsidiary of the Company, Everest Re, has established a trust agreement, which effectively uses Everest Re's investments as collateral, as security for assumed losses payable to a non-affiliated ceding company.  At March 31, 2015, the total amount on deposit in the trust account was $258,324 thousand.

On April 24, 2014, the Company entered into two collateralized reinsurance agreements with Kilimanjaro Re Limited ("Kilimanjaro"), a Bermuda based special purpose reinsurer, to provide the Company with catastrophe reinsurance coverage.  These agreements are multi-year reinsurance contracts which cover specified named storm and earthquake events.  The first agreement provides up to $250,000 thousand of reinsurance coverage from named storms in specified states of the Southeastern United States.  The second agreement provides up to $200,000 thousand of reinsurance coverage from named storms in specified states of the Southeast, Mid-Atlantic and Northeast regions of the United States and Puerto Rico as well as reinsurance coverage from earthquakes in specified states of the Southeast, Mid-Atlantic, Northeast and West regions of the United States, Puerto Rico and British Columbia.

On November 18, 2014, the Company entered into a collateralized reinsurance agreement with Kilimanjaro Re to provide the Company with catastrophe reinsurance coverage.  This agreement is a multi-year reinsurance contract which covers specified earthquake events.  The agreement provides up to $500,000 thousand of reinsurance coverage from earthquakes in the United States, Puerto Rico and Canada.

Kilimanjaro has financed the various property catastrophe reinsurance coverage by issuing catastrophe bonds to unrelated, external investors. On April, 24, 2014, Kilimanjaro issued $450,000 thousand of variable rate notes ("Series 2014-1 Notes").  On November 18, 2014, Kilimanjaro issued $500,000 thousand of variable rate notes ("Series 2014-2 Notes"). The proceeds from the issuance of the Series 2014-1 Notes and the Series 2014-2 Notes are held in reinsurance trust throughout the duration of the applicable reinsurance agreements and invested solely in US government money market funds with a rating of at least "AAAm" by Standard & Poor's.

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Segment Reporting (Schedule Of Gross Written Premium Derived From Largest Non-U.S. Market) (Details) (Canada [Member], USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Canada [Member]
Segment Reporting Information [Line Items]
Gross written premiums	$ 23,512	$ 37,659

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Other Comprehensive Income (Loss)

3 Months Ended

Mar. 31, 2015

Other Comprehensive Income (Loss) [Abstract]

Other Comprehensive Income (Loss)

7.       OTHER COMPREHENSIVE INCOME (LOSS)

The following table presents the components of comprehensive income (loss) in the consolidated statements of operations and comprehensive income (loss) for the periods indicated:

	Three Months Ended March 31, 2015									Three Months Ended March 31, 2014
(Dollars in thousands)	Before Tax			Tax Effect			Net of Tax			Before Tax			Tax Effect			Net of Tax
Unrealized appreciation (depreciation) ("URA(D)") on securities - temporary	$	15,572		$	(5,950	)	$	9,622		$	31,996		$	(11,199	)	$	20,797
URA(D) on securities - OTTI		9,735			(3,407	)		6,328			-			-			-
Reclassification of net realized losses (gains) included in net income (loss)		35,639			(11,974	)		23,665			1,997			(699	)		1,298
Foreign currency translation adjustments		(51,243	)		17,935			(33,308	)		(12,055	)		4,219			(7,836	)
Reclassification of amortization of net gain (loss) included in net income (loss)		2,467			(863	)		1,604			1,186			(415	)		771
Total other comprehensive income (loss)	$	12,170		$	(4,259	)	$	7,911		$	23,124		$	(8,094	)	$	15,030
(Some amounts may not reconcile due to rounding)

The following table presents details of the amounts reclassified from AOCI for the periods indicated:

	Three Months Ended
	March 31,						Affected line item within the statements of
AOCI component	2015			2014			operations and comprehensive income (loss)
(Dollars in thousands)
URA(D) on securities	$	35,639		$	1,997		Other net realized capital gains (losses)
		(11,974	)		(699	)	Income tax expense (benefit)
	$	23,665		$	1,298		Net income (loss)
Benefit plan net gain (loss)	$	2,467		$	1,186		Other underwriting expenses
		(863	)		(415	)	Income tax expense (benefit)
	$	1,604		$	771		Net income (loss)
(Some amounts may not reconcile due to rounding)

The following table presents the components of accumulated other comprehensive income (loss), net of tax, in the consolidated balance sheets for the periods indicated:

	Three Months Ended			Twelve Months Ended
	March 31,			December 31,
(Dollars in thousands)	2015			2014
Beginning balance of URA (D) on securities	$	37,628		$	55,457
Current period change in URA (D) of investments - temporary		33,287			(11,501	)
Current period change in URA (D) of investments - non-credit OTTI		6,328			(6,328	)
Ending balance of URA (D) on securities		77,243			37,628
Beginning balance of foreign currency translation adjustments		41,877			71,087
Current period change in foreign currency translation adjustments		(33,308	)		(29,210	)
Ending balance of foreign currency translation adjustments		8,569			41,877
Beginning balance of benefit plan net gain (loss)		(74,986	)		(38,896	)
Current period change in benefit plan net gain (loss)		1,604			(36,090	)
Ending balance of benefit plan net gain (loss)		(73,382	)		(74,986	)
Ending balance of accumulated other comprehensive income (loss)	$	12,430		$	4,519

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Credit Facility-Expired

3 Months Ended

Mar. 31, 2015

Credit Facility-Expired [Abstract]

Credit Facility-Expired

8.       CREDIT FACILITY - EXPIRED

Effective August 15, 2011, the Company entered into a three year, $150,000 thousand unsecured revolving credit facility, referred to as the "Holdings Credit Facility", which expired on August 15, 2014.  The Company decided not to renew the Holdings Credit Facility at expiration.

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Senior Notes

3 Months Ended

Mar. 31, 2015

Senior Notes [Abstract]

Senior Notes

10.       SENIOR NOTES

The table below displays Holdings' outstanding senior notes.  Market value is based on quoted market prices, but due to limited trading activity, these senior notes are considered Level 2 in the fair value hierarchy.

					March 31, 2015				December 31, 2014
					Consolidated Balance				Consolidated Balance
(Dollars in thousands)	Date Issued	Date Due	Principal Amounts		Sheet Amount		Market Value		Sheet Amount		Market Value
4.868% Senior notes	06/05/2014	06/01/2044	$	400,000	$	400,000	$	418,876	$	400,000	$	404,892
5.40% Senior notes	10/12/2004	10/15/2014		250,000		-		-		-		-

On June 5, 2014, Holdings issued $400,000 thousand of 30 year senior notes at 4.868%, which will mature on June 1, 2044. Interest will be paid semi-annually on June 1 and December 1 of each year.  The proceeds from the issuance have been used in part to pay off the $250,000 thousand of 5.40% senior notes which matured on October 15, 2014.

Interest expense incurred in connection with these senior notes is as follows for the periods indicated:

	Three Months Ended
	March 31,
(Dollars in thousands)	2015		2014
Interest expense incurred	$	4,868	$	3,388

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Related-Party Transactions (Dividends Received On Common Shares Reported As Net Investment Income) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Related-Party Transactions [Abstract]
Dividends received	$ 9,234	$ 7,290

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Related-Party Transactions (Affiliated Quota Share Reinsurance Agreements For All New And Renewal Business For The Indicated Coverage Period) (Details) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015 Everest Re [Member]	Mar. 31, 2015 Everest Re [Member] Bermuda Re [Member] 01/01/2002-12/31/2002 [Member]	Mar. 31, 2015 Everest Re [Member] Bermuda Re [Member] 01/01/2003-12/31/2003 [Member]	Mar. 31, 2015 Everest Re [Member] Bermuda Re [Member] 01/01/2004-12/31/2005 [Member]	Mar. 31, 2015 Everest Re [Member] Bermuda Re [Member] 01/01/2006-12/31/2006 [Member] USD ($)		Mar. 31, 2015 Everest Re [Member] Bermuda Re [Member] 01/01/2006-12/31/2007 [Member]	Mar. 31, 2015 Everest Re [Member] Bermuda Re [Member] 01/01/2007-12/31/2007 [Member] USD ($)		Mar. 31, 2015 Everest Re [Member] Bermuda Re [Member] 01/01/2008-12/31/2008 [Member] USD ($)		Mar. 31, 2015 Everest Re [Member] Bermuda Re [Member] 01/01/2009-12/31/2009 [Member] USD ($)		Mar. 31, 2015 Everest Re [Member] Bermuda Re [Member] 01/01/2010-12/31/2010 [Member] USD ($)	Mar. 31, 2015 Everest Re [Member] Bermuda Re [Member] 01/01/2011 -12/31/2011 [Member] USD ($)	Mar. 31, 2015 Everest Re [Member] Bermuda Re [Member] 01/01/2012 -12/31/2014 [Member] USD ($)	Mar. 31, 2015 Everest Re [Member] Bermuda Re [Member] 01/01/2015 [Member] USD ($)	Mar. 31, 2015 Everest Re [Member] Everest International [Member] 01/01/2004-12/31/2005 [Member]	Mar. 31, 2015 Everest Re [Member] Everest International [Member] 01/01/2006-12/31/2006 [Member]	Mar. 31, 2015 Everest Re [Member] Everest International [Member] 01/01/2006-12/31/2007 [Member]	Mar. 31, 2015 Everest Re [Member] Everest International [Member] 01/01/2007-12/31/2007 [Member]	Mar. 31, 2015 Everest Re [Member] Everest International [Member] 01/01/2008-12/31/2008 [Member]	Mar. 31, 2015 Everest Re [Member] Everest International [Member] 01/01/2009-12/31/2009 [Member]	Mar. 31, 2015 Everest Re- Canadian Branch [Member] Bermuda Re [Member] 01/01/2010-12/31/2010 [Member] CAD		Mar. 31, 2015 Everest Re- Canadian Branch [Member] Bermuda Re [Member] 01/01/2011 -12/31/2011 [Member] CAD		Mar. 31, 2015 Everest Re- Canadian Branch [Member] Bermuda Re [Member] 01/01/2003-12/31/2006 [Member]	Mar. 31, 2015 Everest Re- Canadian Branch [Member] Bermuda Re [Member] 01/01/2007-12/31/2009 [Member]	Mar. 31, 2015 Everest Re- Canadian Branch [Member] Bermuda Re [Member] 01/01/2012 -12/31/2012 [Member] CAD		Mar. 31, 2015 Everest Re- Canadian Branch [Member] Bermuda Re [Member] 01/01/2013 -12/31/2013 [Member] CAD		Mar. 31, 2015 Everest Re- Canadian Branch [Member] Bermuda Re [Member] 01/01/2014 [Member] CAD		Mar. 31, 2015 Everest Canada [Member] Everest Re- Canadian Branch [Member] 01/01/2012 [Member]
Related Party Transaction [Line Items]
Ceding Company		Everest Re	Everest Re	Everest Re	Everest Re		Everest Re	Everest Re		Everest Re		Everest Re		Everest Re	Everest Re	Everest Re	Everest Re	Everest Re	Everest Re	Everest Re	Everest Re	Everest Re	Everest Re	Everest Re- Canadian Branch		Everest Re- Canadian Branch		Everest Re- Canadian Branch	Everest Re- Canadian Branch	Everest Re- Canadian Branch		Everest Re- Canadian Branch		Everest Re- Canadian Branch		Everest Canada
Percent Ceded		20.00%	25.00%	22.50%	18.00%		31.50%	22.50%		36.00%		36.00%		44.00%	50.00%	50.00%	50.00%	2.50%	2.00%	3.50%	2.50%	4.00%	8.00%	60.00%		60.00%		50.00%	60.00%	75.00%		75.00%		75.00%		80.00%
Assuming Company	Bermuda Re	Bermuda Re	Bermuda Re	Bermuda Re	Bermuda Re		Bermuda Re	Bermuda Re		Bermuda Re		Bermuda Re		Bermuda Re	Bermuda Re	Bermuda Re	Bermuda Re	Everest International	Everest International	Everest International	Everest International	Everest International	Everest International	Bermuda Re		Bermuda Re		Bermuda Re	Bermuda Re	Bermuda Re		Bermuda Re		Bermuda Re		Everest Re- Canadian Branch
Type of Business		property / casualty business	property / casualty business	property / casualty business	property business		casualty business	property business		property / casualty business		property / casualty business		property / casualty business	property / casualty business	property / casualty business	property / casualty business	property / casualty business	property business	casualty business	property business	property / casualty business	property / casualty business	property business		property business		property business	property business	property / casualty business		property / casualty business		property / casualty business		property business
Single Occurrence Limit					$ 125,000	[1]		$ 130,000	[1]	$ 130,000	[1]	$ 150,000	[1]	$ 150,000	$ 150,000	$ 100,000	$ 162,500							350,000	[2]	350,000	[2]			206,250	[2]	150,000	[2]	262,500	[2]
Aggregate Limit										$ 275,000	[3]	$ 325,000	[3]	$ 325,000	$ 300,000	$ 200,000	$ 325,000													412,500	[2]	412,500	[2]	412,500	[2]

[1] The single occurance limit is applied before the loss cessions to either Bermuda Re or Everest International.

[2] Amounts shown are Canadian dollars.

[3] The aggregate limit is applied before the loss cessions to either Bermuda Re or Everest International.

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Related-Party Transactions (Purchase Price For Common Shares) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015
Related-Party Transactions [Abstract]
Total purchase price	$ 835,371

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Investments (Summary Of Unrealized Appreciation (Depreciation) Of Available For Sale, Fixed Maturity And Equity Security Investments) (Details) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Fixed Maturity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 5,108,085	$ 5,235,523
Unrealized Appreciation	181,051	148,346
Unrealized Depreciation	(62,217)	(90,458)
Market Value	5,226,919	5,293,411
OTTI in AOCI		(9,735)	[1]
U.S. Treasury Securities And Obligations Of U.S. Government Agencies And Corporations [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	174,065	135,724
Unrealized Appreciation	3,541	1,416
Unrealized Depreciation	(83)	(304)
Market Value	177,523	136,836
State, Municipalities and Political Subdivisions [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	750,672	783,129
Unrealized Appreciation	39,084	41,969
Unrealized Depreciation	(914)	(626)
Market Value	788,842	824,472
Corporate Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	1,941,982	1,992,200
Unrealized Appreciation	53,670	39,954
Unrealized Depreciation	(24,416)	(53,219)
Market Value	1,971,236	1,978,935
OTTI in AOCI		(9,735)	[1]
Asset-Backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	115,357	94,470
Unrealized Appreciation	826	727
Unrealized Depreciation	(96)	(374)
Market Value	116,087	94,823
Commercial Mortgage-Backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	55,527	57,027
Unrealized Appreciation	2,752	2,292
Unrealized Depreciation		(51)
Market Value	58,279	59,268
Agency Residential Mortgage-Backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	568,152	596,140
Unrealized Appreciation	8,658	6,697
Unrealized Depreciation	(1,449)	(4,720)
Market Value	575,361	598,117
Non-Agency Residential Mortgage-Backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	240	271
Unrealized Appreciation	37	44
Market Value	277	315
Foreign Government Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	459,079	515,016
Unrealized Appreciation	30,882	27,415
Unrealized Depreciation	(7,684)	(5,344)
Market Value	482,277	537,087
Foreign Corporate Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	1,043,011	1,061,546
Unrealized Appreciation	41,601	27,832
Unrealized Depreciation	(27,575)	(25,820)
Market Value	1,057,037	1,063,558
Equity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	15	15
Unrealized Appreciation	1	1
Market Value	$ 16	$ 16

[1] (a) Represents the amount of OTTI recognized in AOCI. Amount includes unrealized gains and losses on impaired securities relating to changes in the value of such securities subsequent to the impairment measurement date.

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Senior Notes (Narrative) (Details) (Senior Notes [Member], USD $)	3 Months Ended	12 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
Senior Notes 4.868% [Member]
Debt Instrument [Line Items]
Date issued	Jun. 05, 2014
Principal amounts	$ 400,000,000
Debt maturity term	30 years
Debt instrument, stated interest rate	4.868%	4.868%
Maturity Date	Jun. 01, 2044	Jun. 01, 2044
Senior Notes 5.4% [Member]
Debt Instrument [Line Items]
Date issued	Oct. 12, 2004
Principal amounts	$ 250,000,000
Debt instrument, stated interest rate	5.40%
Maturity Date	Oct. 15, 2014

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Income Taxes

3 Months Ended

Mar. 31, 2015

Income Taxes [Abstract]

Income Taxes

15.       INCOME TAXES

The Company is domiciled in the United States and has subsidiaries domiciled within the United States with significant branches in Canada and Singapore.  The Company's non-U.S. branches are subject to income taxation at varying rates in their respective domiciles.

For interim reporting periods, the company is generally required to use the annualized effective tax rate ("AETR") method, as prescribed by ASC 740-270, Interim Reporting, to calculate its income tax provision.  Under this method, the AETR is applied to the interim year-to-date pre-tax income to determine the income tax expense or benefit for the year-to-date period.  The income tax expense or benefit for a quarter represents the difference between the year-to-date income tax expense or benefit for the current year-to-date period less such amount for the immediately preceding year-to-date period.  Management considers the impact of all known events in its estimation of the Company's annual pre-tax income and AETR.

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Other Comprehensive Income (Loss) (Tables)

3 Months Ended

Mar. 31, 2015

Other Comprehensive Income (Loss) [Abstract]

Components Of Comprehensive Income (Loss) In The Consolidated Statements Of Operations

	Three Months Ended March 31, 2015									Three Months Ended March 31, 2014
(Dollars in thousands)	Before Tax			Tax Effect			Net of Tax			Before Tax			Tax Effect			Net of Tax
Unrealized appreciation (depreciation) ("URA(D)") on securities - temporary	$	15,572		$	(5,950	)	$	9,622		$	31,996		$	(11,199	)	$	20,797
URA(D) on securities - OTTI		9,735			(3,407	)		6,328			-			-			-
Reclassification of net realized losses (gains) included in net income (loss)		35,639			(11,974	)		23,665			1,997			(699	)		1,298
Foreign currency translation adjustments		(51,243	)		17,935			(33,308	)		(12,055	)		4,219			(7,836	)
Reclassification of amortization of net gain (loss) included in net income (loss)		2,467			(863	)		1,604			1,186			(415	)		771
Total other comprehensive income (loss)	$	12,170		$	(4,259	)	$	7,911		$	23,124		$	(8,094	)	$	15,030
(Some amounts may not reconcile due to rounding)

Reclassification From Accumulated Other Comprehensive Income

	Three Months Ended
	March 31,						Affected line item within the statements of
AOCI component	2015			2014			operations and comprehensive income (loss)
(Dollars in thousands)
URA(D) on securities	$	35,639		$	1,997		Other net realized capital gains (losses)
		(11,974	)		(699	)	Income tax expense (benefit)
	$	23,665		$	1,298		Net income (loss)
Benefit plan net gain (loss)	$	2,467		$	1,186		Other underwriting expenses
		(863	)		(415	)	Income tax expense (benefit)
	$	1,604		$	771		Net income (loss)
(Some amounts may not reconcile due to rounding)

Components Of Accumulated Other Comprehensive Income (Loss), Net Of Tax, In The Consolidated Balance Sheets

	Three Months Ended			Twelve Months Ended
	March 31,			December 31,
(Dollars in thousands)	2015			2014
Beginning balance of URA (D) on securities	$	37,628		$	55,457
Current period change in URA (D) of investments - temporary		33,287			(11,501	)
Current period change in URA (D) of investments - non-credit OTTI		6,328			(6,328	)
Ending balance of URA (D) on securities		77,243			37,628
Beginning balance of foreign currency translation adjustments		41,877			71,087
Current period change in foreign currency translation adjustments		(33,308	)		(29,210	)
Ending balance of foreign currency translation adjustments		8,569			41,877
Beginning balance of benefit plan net gain (loss)		(74,986	)		(38,896	)
Current period change in benefit plan net gain (loss)		1,604			(36,090	)
Ending balance of benefit plan net gain (loss)		(73,382	)		(74,986	)
Ending balance of accumulated other comprehensive income (loss)	$	12,430		$	4,519

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Credit Facility-Expired (Narrative) (Details) (Total Citibank Holdings Credit Facility [Member], USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015
Total Citibank Holdings Credit Facility [Member]
Line of Credit Facility [Line Items]
Line of credit facility, term of credit facility	3 years
Line of credit facility, commitment	$ 150,000

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Investments (Summary Of Gross Gains (Losses) From Sales Of Fixed Maturity And Equity Securities) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Fixed Maturity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Proceeds from sales of securities	$ 114,082	$ 170,341
Gross gains from sales	2,542	2,475
Gross losses from sales	(14,032)	(3,532)
Equity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Proceeds from sales of securities	133,960	176,116
Gross gains from sales	5,142	6,588
Gross losses from sales	$ (5,207)	$ (7,924)

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Consolidated Statements Of Changes In Stockholder's Equity (USD $) In Thousands, except Share data	Common Stock [Member]	Additional Paid-In Capital [Member] USD ($)	Accumulated Other Comprehensive Income (Loss), Net Of Deferred Income Taxes [Member] USD ($)	Retained Earnings [Member] USD ($)	Total USD ($)
Balance, beginning of period at Dec. 31, 2013		$ 351,051	$ 87,648	$ 3,751,779
Balance, beginning of period, shares at Dec. 31, 2013	1,000
Share-based compensation plans		3,394
Net increase (decrease) during the period			15,030		15,030
Net income (loss)				86,466	86,466
Balance, end of period at Mar. 31, 2014		354,445	102,678	3,838,245	4,295,368
Balance, end of period, shares at Mar. 31, 2014	1,000
Balance, beginning of period at Dec. 31, 2014		362,293	4,519	4,205,905	4,572,717
Balance, beginning of period, shares at Dec. 31, 2014	1,000				1,000
Share-based compensation plans		3,965
Net increase (decrease) during the period			7,911		7,911
Net income (loss)				115,944	115,944
Balance, end of period at Mar. 31, 2015		$ 366,258	$ 12,430	$ 4,321,849	$ 4,700,537
Balance, end of period, shares at Mar. 31, 2015	1,000				1,000

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Fair Value

3 Months Ended

Mar. 31, 2015

Fair Value [Abstract]

Fair Value

4.       FAIR VALUE

The Company's fixed maturity and equity securities are primarily managed by third party investment asset managers.  The investment asset managers obtain prices from nationally recognized pricing services.   These services seek to utilize market data and observations in their evaluation process.  They use pricing applications that vary by asset class and incorporate available market information and when fixed maturity securities do not trade on a daily basis the services will apply available information through processes such as benchmark curves, benchmarking of like securities, sector groupings and matrix pricing.  In addition, they use model processes, such as the Option Adjusted Spread model to develop prepayment and interest rate scenarios for securities that have prepayment features.

In limited instances where prices are not provided by pricing services or in rare instances when a manager may not agree with the pricing service, price quotes on a non-binding basis are obtained from investment brokers.  The investment asset managers do not make any changes to prices received from either the pricing services or the investment brokers.  In addition, the investment asset managers have procedures in place to review the reasonableness of the prices from the service providers and may request verification of the prices.  In addition, the Company continually performs analytical reviews of price changes and tests the prices on a random basis to an independent pricing source.   No material variances were noted during these price validation procedures.  In limited situations, where financial markets are inactive or illiquid, the Company may use its own assumptions about future cash flows and risk-adjusted discount rates to determine fair value.  Due to the unavailability of prices for one private placement security, the Company valued the security at $6,125 thousand at March 31, 2015 and made no such adjustments at December 31, 2014.

The Company internally manages a small public equity portfolio which had a fair value at March 31, 2015 and December 31, 2014 of $103,866 thousand and $96,890 thousand, respectively, and all prices were obtained from publically published sources.

Equity securities in U.S. denominated currency are categorized as Level 1, Quoted Prices in Active Markets for Identical Assets, since the securities are actively traded on an exchange and prices are based on quoted prices from the exchange.  Equity securities traded on foreign exchanges are categorized as Level 2 due to potential foreign exchange adjustments to fair or market value.

Fixed maturity securities are generally categorized as Level 2, Significant Other Observable Inputs, since a particular security may not have traded but the pricing services are able to use valuation models with observable market inputs such as interest rate yield curves and prices for similar fixed maturity securities in terms of issuer, maturity and seniority. Valuations that are derived from techniques in which one or more of the significant inputs are unobservable (including assumptions about risk) are categorized as Level 3, Significant Unobservable Inputs.  These securities include broker priced securities.

As of March 31, 2015 and December 31, 2014, all Level 3 fixed maturity securities, except the one security priced by the Company, were priced using single non-binding broker quotes since prices for these securities were not provided by normal pricing service companies.  The single broker quotes are provided by market makers or broker-dealers who are recognized as market participants in the markets in which they are providing the quotes.  The prices received from brokers are reviewed for reasonableness by the third party asset managers and the Company.

Other invested assets, at fair value, are categorized as Level 1, Quoted Prices in Active Markets for Identical Assets, since the securities are shares of the Company's parent, which are actively traded on an exchange and the price is based on a quoted price.

The following table presents the fair value measurement levels for all assets, which the Company has recorded at fair value (fair and market value) as of the period indicated:

			Fair Value Measurement Using:
			Quoted Prices
			in Active		Significant
			Markets for		Other		Significant
			Identical		Observable		Unobservable
			Assets		Inputs		Inputs
(Dollars in thousands)	March 31, 2015		(Level 1)		(Level 2)		(Level 3)
Assets:
Fixed maturities, market value
U.S. Treasury securities and obligations of
U.S. government agencies and corporations	$	177,523	$	-	$	177,523	$	-
Obligations of U.S. States and political subdivisions		788,842		-		788,842		-
Corporate securities		1,971,236		-		1,968,583		2,653
Asset-backed securities		116,087		-		116,087		-
Mortgage-backed securities
Commercial		58,279		-		58,279		-
Agency residential		575,361		-		575,361		-
Non-agency residential		277		-		277		-
Foreign government securities		482,277		-		482,277		-
Foreign corporate securities		1,057,037		-		1,050,912		6,125
Total fixed maturities, market value		5,226,919		-		5,218,141		8,778
Fixed maturities, fair value		363		-		363		-
Equity securities, market value		16		16		-		-
Equity securities, fair value		1,350,070		1,236,565		113,505		-
Other invested assets, fair value		1,691,275		1,691,275		-		-

There were no transfers between Level 1 and Level 2 for the three months ended March 31, 2015.

The following table presents the fair value measurement levels for all assets, which the Company has recorded at fair value (fair and market value) as of the period indicated:

			Fair Value Measurement Using:
			Quoted Prices
			in Active		Significant
			Markets for		Other		Significant
			Identical		Observable		Unobservable
			Assets		Inputs		Inputs
(Dollars in thousands)	December 31, 2014		(Level 1)		(Level 2)		(Level 3)
Assets:
Fixed maturities, market value
U.S. Treasury securities and obligations of
U.S. government agencies and corporations	$	136,836	$	-	$	136,836	$	-
Obligations of U.S. States and political subdivisions		824,472		-		824,472		-
Corporate securities		1,978,935		-		1,978,935		-
Asset-backed securities		94,823		-		94,823		-
Mortgage-backed securities
Commercial		59,268		-		50,671		8,597
Agency residential		598,117		-		598,117		-
Non-agency residential		315		-		315		-
Foreign government securities		537,087		-		537,087		-
Foreign corporate securities		1,063,558		-		1,056,392		7,166
Total fixed maturities, market value		5,293,411		-		5,277,648		15,763
Fixed maturities, fair value		1,509		-		1,509		-
Equity securities, market value		16		16		-		-
Equity securities, fair value		1,299,037		1,188,613		110,424		-
Other invested assets, fair value		1,655,311		1,655,311		-		-

The following table presents the activity under Level 3, fair value measurements using significant unobservable inputs by asset type, for the periods indicated:

	Three Months Ended March 31, 2015											Three Months Ended March 31, 2014
	Corporate					Foreign						Asset-backed			Foreign			Non-agency
(Dollars in thousands)	Securities		CMBS			Corporate			Total			Securities			Corporate			RMBS			Total
Beginning balance	$	-	$	8,597		$	7,166		$	15,763		$	3,533		$	481		$	4		$	4,018
Total gains or (losses) (realized/unrealized)
Included in earnings		2		-			57			59			18			1			1			20
Included in other comprehensive income (loss)		1		-			(1,098	)		(1,097	)		65			-			-			65
Purchases, issuances and settlements		1,940		-			-			1,940			(572	)		(9	)		(1	)		(582	)
Transfers in and/or (out) of Level 3		710		(8,597	)		-			(7,887	)		-			-			-			-
Ending balance	$	2,653	$	-		$	6,125		$	8,778		$	3,044		$	473		$	4		$	3,521
The amount of total gains or losses for the period
included in earnings (or changes in net assets)
attributable to the change in unrealized gains
or losses relating to assets still held at the
reporting date	$	-	$	-		$	-		$	-		$	-		$	-		$	-		$	-
(Some amounts may not reconcile due to rounding.)

The net transfers from level 3, fair value measurements using significant unobservable inputs, of $7,887 thousand of investments for the three months ended March 31, 2015, primarily relate to securities that were priced using single non-binding broker quotes and were subsequently priced using a recognized pricing service and were then classified as level 2.  There were no transfers from level 3, fair value measurements using significant unobservable inputs, for the three months ended March 31, 2014.

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Segment Reporting (Schedule Of Underwriting Results For Operating Segments) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Segment Reporting Information [Line Items]
Premiums earned	$ 521,062	$ 470,445
Incurred losses and LAE	308,880	278,046
Commission and brokerage	96,531	76,094
Other underwriting expenses	48,543	39,251
Underwriting gain (loss)	67,108	77,054
U.S. Reinsurance [Member]
Segment Reporting Information [Line Items]
Gross written premiums	562,647	530,301
Net written premiums	240,694	251,521
Premiums earned	255,412	218,191
Incurred losses and LAE	111,455	115,984
Commission and brokerage	58,364	40,136
Other underwriting expenses	11,529	9,482
Underwriting gain (loss)	74,064	52,589
International [Member]
Segment Reporting Information [Line Items]
Gross written premiums	333,615	328,878
Net written premiums	121,681	141,457
Premiums earned	140,699	145,004
Incurred losses and LAE	101,445	83,575
Commission and brokerage	33,999	29,169
Other underwriting expenses	8,115	7,837
Underwriting gain (loss)	(2,860)	24,423
Insurance [Member]
Segment Reporting Information [Line Items]
Gross written premiums	330,501	225,276
Net written premiums	146,052	106,726
Premiums earned	124,951	107,250
Incurred losses and LAE	95,980	78,487
Commission and brokerage	4,168	6,789
Other underwriting expenses	28,899	21,932
Underwriting gain (loss)	$ (4,096)	$ 42

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Related-Party Transactions (Premiums And Losses Ceded By The Company To Affiliate) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015		Mar. 31, 2014
Bermuda Re [Member]
Related Party Transaction [Line Items]
Ceded written premiums	$ 539,033		$ 518,017
Ceded earned premiums	554,051		479,813
Ceded losses and LAE	295,131	[1]	238,501	[1]
Everest International [Member]
Related Party Transaction [Line Items]
Ceded written premiums	(2)		(115)
Ceded earned premiums	41		(74)
Ceded losses and LAE	(822)		1,884
Everest Canada [Member]
Related Party Transaction [Line Items]
Assumed written premiums	6,664		4,010
Assumed earned premiums	8,699		4,688
Assumed losses and LAE	4,729		3,292
Mt. Logan Re [Member]
Related Party Transaction [Line Items]
Ceded written premiums	61,670		28,366
Ceded earned premiums	38,683		17,837
Ceded losses and LAE	8,314		5,143
Assumed written premiums	3,984		9,919
Assumed earned premiums	3,984		2,106
Assumed losses and LAE

[1] (a) Ceded losses and LAE include the Mt. McKinley loss portfolio transfer that constitutes losses ceded under retroactive reinsurance and therefore, in accordance with FASB guidance, a deferred gain on retroactive reinsurance is reflected in other expenses on the consolidated statements of operations and comprehensive income (loss).

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Senior Notes (Tables)

3 Months Ended

Mar. 31, 2015

Senior Notes [Abstract]

Schedule Of Outstanding Senior Notes

					March 31, 2015				December 31, 2014
					Consolidated Balance				Consolidated Balance
(Dollars in thousands)	Date Issued	Date Due	Principal Amounts		Sheet Amount		Market Value		Sheet Amount		Market Value
4.868% Senior notes	06/05/2014	06/01/2044	$	400,000	$	400,000	$	418,876	$	400,000	$	404,892
5.40% Senior notes	10/12/2004	10/15/2014		250,000		-		-		-		-

Schedule Of Interest Expense Incurred In Connection With Senior Notes

	Three Months Ended
	March 31,
(Dollars in thousands)	2015		2014
Interest expense incurred	$	4,868	$	3,388

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Investments (Summary Of Aggregate Market Value And Gross Unrealized Depreciation Of Fixed Maturity And Equity Securities, By Contractual Maturity) (Details) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
Available for sale securities, Less than 12 months, Market Value	$ 638,120	$ 1,237,220
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation	(51,748)	(72,254)
Available for sale securities, Greater than 12 months, Market Value	460,283	654,926
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation	(10,469)	(18,204)
Available-for-sale Securities, Market Value, Total	1,098,403	1,892,146
Available-for-sale Securities, Gross Unrealized Depreciation, Total	(62,217)	(90,458)
Fixed Maturity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available for sale securities, Less than 12 months, Market Value	638,120	1,237,220
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation	(51,748)	(72,254)
Available for sale securities, Greater than 12 months, Market Value	460,283	654,926
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation	(10,469)	(18,204)
Available-for-sale Securities, Market Value, Total	1,098,403	1,892,146
Available-for-sale Securities, Gross Unrealized Depreciation, Total	(62,217)	(90,458)
Due In One Year Or Less [Member]
Schedule of Available-for-sale Securities [Line Items]
Available for sale securities, Less than 12 months, Market Value	19,187	12,858
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation	(1,716)	(550)
Available for sale securities, Greater than 12 months, Market Value	24,224	53,528
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation	(2,820)	(4,224)
Available-for-sale Securities, Market Value, Total	43,411	66,386
Available-for-sale Securities, Gross Unrealized Depreciation, Total	(4,536)	(4,774)
Due In One Year Through Five Years [Member]
Schedule of Available-for-sale Securities [Line Items]
Available for sale securities, Less than 12 months, Market Value	307,725	622,137
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation	(40,128)	(51,262)
Available for sale securities, Greater than 12 months, Market Value	165,952	243,192
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation	(4,376)	(6,306)
Available-for-sale Securities, Market Value, Total	473,677	865,329
Available-for-sale Securities, Gross Unrealized Depreciation, Total	(44,504)	(57,568)
Due In Five Years Through Ten Years [Member]
Schedule of Available-for-sale Securities [Line Items]
Available for sale securities, Less than 12 months, Market Value	222,882	467,187
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation	(9,192)	(18,958)
Available for sale securities, Greater than 12 months, Market Value	56,606	66,630
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation	(1,070)	(2,018)
Available-for-sale Securities, Market Value, Total	279,488	533,817
Available-for-sale Securities, Gross Unrealized Depreciation, Total	(10,262)	(20,976)
Due After Ten Years [Member]
Schedule of Available-for-sale Securities [Line Items]
Available for sale securities, Less than 12 months, Market Value	34,486	36,615
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation	(583)	(1,000)
Available for sale securities, Greater than 12 months, Market Value	20,817	23,752
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation	(787)	(995)
Available-for-sale Securities, Market Value, Total	55,303	60,367
Available-for-sale Securities, Gross Unrealized Depreciation, Total	(1,370)	(1,995)
Asset-Backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available for sale securities, Less than 12 months, Market Value	43,245	62,451
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation	(96)	(374)
Available for sale securities, Greater than 12 months, Market Value
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation
Available-for-sale Securities, Market Value, Total	43,245	62,451
Available-for-sale Securities, Gross Unrealized Depreciation, Total	(96)	(374)
Mortgage Backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available for sale securities, Less than 12 months, Market Value	10,595	35,972
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation	(33)	(110)
Available for sale securities, Greater than 12 months, Market Value	192,684	267,824
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation	(1,416)	(4,661)
Available-for-sale Securities, Market Value, Total	203,279	303,796
Available-for-sale Securities, Gross Unrealized Depreciation, Total	$ (1,449)	$ (4,771)

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Retirement Benefits

3 Months Ended

Mar. 31, 2015

Retirement Benefits [Abstract]

Retirement Benefits

14.       RETIREMENT BENEFITS

The Company maintains both qualified and non-qualified defined benefit pension plans and a retiree health plan for its U.S. employees employed prior to April 1, 2010.

Net periodic benefit cost for U.S. employees included the following components for the periods indicated:

Pension Benefits	Three Months Ended
	March 31,
(Dollars in thousands)	2015			2014
Service cost	$	2,940		$	2,460
Interest cost		2,457			2,542
Expected return on plan assets		(2,903	)		(2,823	)
Amortization of prior service cost		5			13
Amortization of net (income) loss		2,251			1,091
Net periodic benefit cost	$	4,750		$	3,283

Other Benefits	Three Months Ended
	March 31,
(Dollars in thousands)	2015		2014
Service cost	$	401	$	407
Interest cost		263		342
Amortization of net (income) loss		211		82
Net periodic benefit cost	$	875	$	831

The Company did not make any contributions to the qualified pension benefit plan for the three months ended March 31, 2015 and 2014.