Exhibit 99.1


NEWS RELEASE


EVEREST RE GROUP, LTD.
c/o ABG Financial & Management Services, Inc.
Parker House, Wildey Business Park, Wildey Road, St. Michael, Barbados

Contact:
Janet J. Burak
Senior Vice President
Everest Global Services, Inc.
908.604.3170

                                                           For Immediate Release

                Everest Re Group Completes Gibraltar Acquisition

         ST. MICHAEL,  Barbados - September 19, 2000 -- Everest Re  Group,  Ltd.
(NYSE: RE) announced today that its US subsidiary Everest Reinsurance  Holdings,
Inc. had  completed  the  acquisition  of  Gibraltar  Casualty Company from  The
Prudential Insurance Company of America.

         The acquisition price of $51.8 million  effectively adds  approximately
$500  million  of  invested  assets to the $4.6  billion  base  Everest Re Group
reported at June 30, 2000.

         Gibraltar  will be  managed by a team led by James H.  Foster,  who has
been named President of the company and promoted to Senior Vice President within
Everest Re. Mr.  Foster,  who has been with Everest since 1989,  has over twenty
years of experience handling many different types of litigation. Mr. Foster will
maintain  his  current  role as the  principal  investor  relations  officer for
Everest Re Group.

         Immediately following the acquisition, Gibraltar's name was changed  to
Mt. McKinley Insurance Company.

         Everest Re Group,  Ltd.  is a Bermuda  holding  company  that  operates
through  the  following  subsidiaries:   Everest  Reinsurance  Company  provides
reinsurance to property and casualty  insurers in both the US and  international
markets.  Everest Reinsurance  (Bermuda),  Ltd. provides reinsurance to property


and casualty and life  insurers in both the Bermuda and  international  markets.
Everest National  Insurance Company provides property and casualty  insurance to
policyholders in the United States.  Everest Indemnity  Insurance Company offers
excess and surplus lines insurance in the United States.  Southeastern  Security
Insurance Company provides personal lines coverage in Georgia. Everest Insurance
Company of Canada provides  property and casualty  insurance to policyholders in
Canada. Additional information on Everest Re Group companies can be found at the
Group's web site: www.everestregroup.com.

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