Exhibit 12.3

Everest Reinsurance Holdings, Inc.

Ratio of Earnings (Losses) to Fixed Charges ⁽¹⁾

(Dollars in thousands)

	Three Months Ended March 31,				Years Ended December 31,
	2014		2013		2013		2012		2011			2010		2009
Earnings:
Income (loss) before income taxes (benefits)	$	124,998	$	430,347	$	1,205,501	$	693,324	$	(373,498	)	$	228,769	$	525,243
Fixed Charges:
Assumed interest component of rent expense		980		924		3,722		3,670		3,797			3,531		3,147
Interest expense on debt and long term notes		7,436		12,616		45,452		50,746		50,763			54,553		70,883
Total fixed charges		8,416		13,540		49,174		54,416		54,560			58,084		74,030
Earnings plus fixed charges	$	133,414	$	443,887	$	1,254,675	$	747,740	$	(318,938	)	$	286,853	$	599,273
Ratio of earnings (losses):
Earnings (losses) plus fixed charges to fixed charges (2)		15.85		32.78		25.52		13.74		(5.85	)		4.94		8.10

(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 debt, subordinated debt, amortization of bonds, annuity contracts, the revolving credit agreement and that portion of operating leases that are representative of the interest factor.

(2) Amount of additional “earnings” that would have been required to achieve a one to one ratio of earnings (losses) to fixed charges:

	Year Ended
	December 31,
(Dollars in millions)	2011
Everest Holdings (including interest on annuities)	$	373.5