Exhibit 12.2

Everest Re Group, Ltd.

Ratio of Earnings (Losses) to Fixed Charges (including Annuity Interest Expense) (1)

(Dollars in thousands)

	Nine Months Ended September 30,					Years Ended December 31,
								Restated		Restated
	2005			2004		2004		2003		2002		2001		2000
Earnings: Income (Loss) before income taxes (benefits)	($	42,072	)	$	480,177	$	559,711	$	491,213	$	262,044	$	90,343	$	231,742
Fixed Charges:
Assumed interest component of rent expense		1,600			1,634		2,265		2,033		2,025		1,713		1,325
Interest expense		61,451			62,509		86,287		69,461		58,609		60,561		39,386
Total fixed charges		63,051			64,143		88,552		71,494		60,634		62,274		40,711
Earnings plus fixed charges	$	20,979		$	544,320	$	648,263	$	562,707	$	322,678	$	152,617	$	272,453
Ratio of earnings (losses) to fixed charges (2)		0.3 to 1			8.5 to 1		7.3 to 1		7.9 to 1		5.3 to 1		2.5 to 1		6.7 to 1

(1) For purposes of determining this ratio, “earnings” consist of consolidated net income before federal income taxes plus fixed charges. “Fixed charges” consist of interest expense on senior and subordinated debt and the revolving credit agreement and that portion of operating leases that are representative of the interest factor.

(2) For the nine-month period ended September 30, 2005, the amount of additional earnings that would have been required to achieve a one-to-one coverage ratio is approximately $42,072,000.