Exhibit 11.1

                             EVEREST RE GROUP, LTD.
                        COMPUTATION OF EARNINGS PER SHARE
        FOR THE THREE MONTHS AND SIX MONTHS ENDED JUNE 30, 2001 AND 2000
                             (Dollars in thousands)


                                    Three Months Ended             Six Months Ended
                                          June 30,                      June 30,
                                 --------------------------    --------------------------
                                    2001           2000           2001           2000
                                 --------------------------    --------------------------
                                                                  
Net Income (Numerator)           $    57,291    $    38,729    $   107,421    $    87,287
                                 ===========    ===========    ===========    ===========

Weighted average common
 and effect of dilutive
 shares used in the
 computation of net
 income per share:
 Average shares outstanding
  - basic (denominator)           46,140,713     45,820,057     46,100,295     45,854,375
 Effect of dilutive shares:
  Options outstanding                892,501        303,846        907,078        209,766
  Options exercised                   39,964            171         31,624            387
  Options cancelled                   14,255            960          7,125            504
                                 -----------    -----------    -----------    -----------
 Average share outstanding
  - diluted (denominator)         47,087,433     46,125,034     47,046,122     46,065,032


Net Income per common share:
  Basic                          $      1.24    $      0.85    $      2.33    $      1.90
  Diluted                        $      1.22    $      0.84    $      2.28    $      1.89