Exhibit 11.1

                             EVEREST RE GROUP, LTD.
                        COMPUTATION OF EARNINGS PER SHARE
               For The Three Months and Six Months Ended June 30,
                                  2000 and 1999
                             (Dollars in thousands)




                                 Three Months Ended          Six Months Ended
                                       June 30,                    June 30,
                              -----------------------------------------------------
                                  2000          1999          2000          1999
                              -------------------------   -------------------------
                                                            
Net Income (Numerator)        $    38,729   $    38,065   $    87,287   $    79,307
                              ===========   ===========   ===========   ===========

Weighted average common
 and effect of dilutive
 shares used in the
 computation of net
 income per share:
 Average shares outstanding
  - basic (denominator)        45,820,057    48,678,533    45,854,375    49,237,702
  Effect of dilutive shares:
   Options outstanding            303,846       218,645       209,766       220,489
   Options exercised                  171            -            387           483
   Options cancelled                  960            18           504             9
                              -----------   -----------   -----------   -----------
 Average share outstanding
  - diluted (denominator)      46,125,034    48,897,196    46,065,032    49,458,683


Net Income per common share:
 Basic                        $      0.85   $      0.78   $      1.90   $      1.61
 Diluted                             0.84          0.78          1.89          1.60