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:
James H. Foster
Senior Vice President, Investor Relations
Everest Global Services, Inc.
908.604.3169
                              For Immediate Release

                 Everest Re Group Announces Preliminary Estimate
                    of Loss Associated with Enron Corporation

ST. MICHAEL,  Barbados - December 7, 2001 - Everest Re Group, Ltd (NYSE: RE) has
made a preliminary estimate that the loss arising from the severely deteriorated
financial  condition of the Enron  Corporation will amount to approximately  $25
million after reinsurance and tax recoveries, with a resulting impact on its 4th
quarter 2001 operating earnings and net income of approximately $.50 per diluted
share.  This  estimated  unusual loss  reflects all of the  company's  projected
exposure including underwriting, credit and investment.

As of September  30,  2001,  Everest Re Group had total assets in excess of $7.6
billion and shareholders' equity exceeding $1.7 billion.

This release contains statements that are forward-looking  statements made under
the safe harbor  provisions of the Private  Securities  Litigation Reform Act of
1995.  Such  statements,  including in  particular  the  Company's  estimates of
losses, are subject to various risks and uncertainties. In addition to the risks
detailed  from time to time in the  Company's  filings with the  Securities  and
Exchange Commission, these estimates are subject to uncertainties related to the
difficulty  of analyzing  and  estimating  losses  arising  from this  unusually
complex event. These risks could cause the Company's actual financial results to
differ  materially  from those  expressed  in any  forward-looking  statement or
estimate  that may be made by or on  behalf of the  Company.  The  Company  will
update the  disclosure of its estimate if it determines  that its net losses are
likely to be materially different than its previous estimate.

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.  Everest  Security  Insurance  Company
provides personal lines insurance in Georgia.  Additional information on Everest
Re Group companies can be found at the Group's web site at www.everestre.com.