SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

FORM 10-Q

QUARTERLY REPORT UNDER SECTION 13 or 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarter ended: Commision File Number:

June 30, 2003 1-15731

EVEREST RE GROUP, LTD.
(Exact name of Registrant as specified in its charter)

Bermuda 98-0365432

(State or other juris- (IRS Employer Identification diction of incorporation or organization) Number)

c/o ABG Financial & Management Services, Inc.
Parker House
Wildey Business Park, Wildey Road
St.Michael, Barbados
(246) 228-7398

(Address,

including zip code, and telephone number, including area code, of registrant’s principal executive office)

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to the filing requirements for the past 90 days.

YES X NO

Indicate by check mark whether the registrant is an accelerated filer (as defined in rule 12b-2 of the Exchange Act).

YES X NO

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:


	Number of Shares Outstanding
Class	at July 1, 2003
Common Shares, $.01 par value	55,458,133

EVEREST RE GROUP, LTD.

Index To Form 10-Q

PART I

FINANCIAL INFORMATION


ITEM 1. FINANCIAL STATEMENTS

Consolidated Balance Sheets at June 30, 2003 (unaudited)	3
and December 31, 2002

Consolidated Statements of Operations and Comprehensive Income	4
for the three and six months ended June 30, 2003
and 2002 (unaudited)

Consolidated Statements of Changes in Shareholders' Equity for the	5
three and six months ended June, 2003 and 2002
(unaudited)

Consolidated Statements of Cash Flows for the three and six	6
months ended June 30, 2003 and 2002 (unaudited)

Notes to Consolidated Interim Financial Statements (unaudited)	7

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS	19

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES
ABOUT MARKET RISK	38

ITEM 4. CONTROLS AND PROCEDURES	39

PART II

OTHER INFORMATION


ITEM 1. LEGAL PROCEEDINGS	40

ITEM 2. CHANGES IN SECURITIES AND USE OF PROCEEDS	40

ITEM 3. DEFAULTS UPON SENIOR SECURITIES	40

ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF
SECURITY HOLDERS	41

ITEM 5. OTHER INFORMATION	41

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K	42

Part I - Item 1

EVEREST RE GROUP, LTD.
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands, except par value per share)


		June 30,			December 31,

		2003			2002

ASSETS:		(unaudited)
Fixed maturities - available for sale, at market value
(amortized cost: 2003, $7,478,198; 2002, $6,460,839)	$	8,000,791		$	6,779,858
Equity securities, at market value (cost: 2003, $60,902; 2002, $56,841)		56,296			47,473
Short-term investments		212,668			169,116
Other invested assets		61,728			53,856
Cash		134,909			208,830

Total investments and cash		8,466,392			7,259,133
Accrued investment income		107,769			85,959
Premiums receivable		890,656			673,377
Reinsurance receivables		1,151,733			1,116,362
Funds held by reinsureds		147,404			121,308
Deferred acquisition costs		270,383			207,416
Prepaid reinsurance premiums		88,060			63,437
Deferred tax asset		98,197			139,176
Other assets		199,576			198,435

TOTAL ASSETS	$	11,420,170		$	9,864,603

LIABILITIES:
Reserve for losses and adjustment expenses	$	5,403,294		$	4,905,582
Future policy benefit reserve		219,855			227,925
Unearned premium reserve		1,247,864			872,340
Funds held under reinsurance treaties		371,946			347,360
Losses in the course of payment		46,662			45,511
Contingent commissions		(277	)		1,932
Other net payable to reinsurers		99,971			61,244
Current federal income taxes		(13,364	)		(16,696	)
8.5% Senior notes due 3/15/2005		249,826			249,780
8.75% Senior notes due 3/15/2010		199,201			199,158
Revolving credit agreement borrowings		70,000			70,000
Company-obligated mandatorily redeemable preferred securities
of subsidiary trusts holding solely subordinated debentures ("trust
preferred securities")		210,000			210,000
Accrued interest on debt and borrowings		13,425			13,481
Other liabilities		246,403			308,340

Total liabilities		8,364,806			7,495,957

SHAREHOLDERS' EQUITY:
Preferred shares, par value: $0.01; 50 million shares authorized;
no shares issued and outstanding		--			--
Common shares, par value: $0.01; 200 million shares authorized;
55.5 million shares issued in 2003 and 50.9 million shares
issued in 2002		559			513
Additional paid-in capital		938,551			618,521
Unearned compensation		(298	)		(340	)
Accumulated other comprehensive income, net of
deferred income taxes of $133.2 million in 2003 and
$74.4 million in 2002		393,791			221,542
Retained earnings		1,745,711			1,551,360
Treasury shares, at cost; 0.5 million shares in 2003 and 0.5 million
shares in 2002		(22,950	)		(22,950	)

Total shareholders' equity		3,055,364			2,368,646

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	11,420,170		$	9,864,603

The accompanying notes are an integral part of the consolidated financial statements.

EVEREST RE GROUP, LTD.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(Dollars in thousands, except per share amounts)


	Three Months Ended						Six Months Ended
	June 30,						June 30,

	2003			2002			2003			2002

	(unaudited)						(unaudited)
REVENUES:
Premiums earned	$	851,988		$	502,330		$	1,596,858		$	993,538
Net investment income		102,060			90,830			195,437			176,370
Net realized capital gain (loss)		1,747			(31,008	)		(11,488	)		(34,863	)
Net derivative income (expense)		1,305			(4,890	)		(1,395	)		(5,140	)
Other expense		(4,453	)		(2,908	)		(5,600	)		(1,571	)

Total revenues		952,647			554,354			1,773,812			1,128,334

CLAIMS AND EXPENSES:
Incurred loss and loss adjustment expenses		585,042			353,177			1,098,513			705,683
Commission, brokerage, taxes and fees		204,409			120,320			367,214			241,329
Other underwriting expenses		23,920			16,724			43,784			30,849
Distributions related to trust preferred securities		4,122			--			8,243			--
Interest expense on senior notes		9,733			9,728			19,464			19,456
Interest expense on credit facility		348			853			708			1,762

Total claims and expenses		827,574			500,802			1,537,926			999,079

INCOME BEFORE TAXES		125,073			53,552			235,886			129,255
Income tax expense		15,518			145			31,964			14,787

NET INCOME	$	109,555		$	53,407		$	203,922		$	114,468

Other comprehensive income (loss), net of tax		142,261			39,328			172,249			(28,798	)

COMPREHENSIVE INCOME	$	251,816		$	92,735		$	376,171		$	85,670

PER SHARE DATA:
Average shares outstanding (000's)		54,096			51,301			52,505			49,713
Net income per common share - basic	$	2.03		$	1.04		$	3.88		$	2.30

Average diluted shares outstanding (000's)		55,091			52,177			53,314			50,633
Net income per common share - diluted	$	1.99		$	1.02		$	3.82		$	2.26