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:		Commission File Number:
June 30, 2004		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		Number)
or organization)

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 August 1, 2004

Common Shares, $.01 par value				56,065,496

EVEREST RE GROUP, LTD.

Index To Form 10-Q

PART I

FINANCIAL INFORMATION


				Page
ITEM 1. FINANCIAL STATEMENTS


Consolidated Balance Sheets at June 30, 2004 (unaudited)				3
and December 31, 2003

Consolidated Statements of Operations and Comprehensive Income				4
for the three and six months ended June 30, 2004
and 2003 (unaudited)


Consolidated Statements of Changes in Shareholders’ Equity for the				5
three and six months ended June 30, 2004 and 2003
(unaudited)


Consolidated Statements of Cash Flows for the three and six				6
months ended June 30, 2004 and 2003 (unaudited)

Notes to Consolidated Interim Financial Statements (unaudited)				7

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATION				19

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES
ABOUT MARKET RISK				46

ITEM 4. CONTROLS AND PROCEDURES				47


PART II

OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS				48

ITEM 2. CHANGES IN SECURITIES, USE OF PROCEEDS				48
AND ISSUER PURCHASES OF EQUITY SECURITIES

ITEM 3. DEFAULTS UPON SENIOR SECURITIES				48

ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF
SECURITY HOLDERS				49

ITEM 5. OTHER INFORMATION				49

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K				50


EVEREST RE GROUP, LTD
CONSOLIDATED BALANCE SHEETS
	June 30,		December 31,
(Dollars in thousands, except par value per share)	2004		2003

	(unaudited)
ASSETS:
Fixed maturities - available for sale, at market value
(amortized cost: 2004, $8,716,825; 2003, $8,357,723)	$ 8,808,281		$ 8,726,886
Equity securities, at market value (cost: 2004, $355,133; 2003, $146,407)	375,549		154,381
Short-term investments	831,676		151,853
Other invested assets (cost: 2004, $124,819; 2003, $102,742)	125,590		103,359
Cash	104,587		184,859

Total investments and cash	10,245,683		9,321,338
Accrued investment income	122,615		113,989
Premiums receivable	1,208,237		1,047,856
Reinsurance receivables	1,280,324		1,284,139
Funds held by reinsureds	172,716		157,364
Deferred acquisition costs	348,241		333,214
Prepaid reinsurance premiums	79,152		98,384
Deferred tax asset	232,302		145,271
Other assets	219,587		187,981

TOTAL ASSETS	$ 13,908,857		$ 12,689,536

LIABILITIES:
Reserve for losses and adjustment expenses	$ 6,974,608		$ 6,361,245
Future policy benefit reserve	157,982		205,275
Unearned premium reserve	1,642,587		1,499,640
Funds held under reinsurance treaties	348,186		385,768
Losses in the course of payment	28,311		11,133
Contingent commissions	5,125		2,135
Other net payable to reinsurers	32,493		46,037
Current federal income taxes	72,379		41,308
8.5% Senior notes due 3/15/2005	249,924		249,874
8.75% Senior notes due 3/15/2010	199,292		199,245
Junior subordinated debt securities payable	546,393		216,496
Revolving credit agreement borrowings	70,000		70,000
Accrued interest on debt and borrowings	13,712		13,695
Other liabilities	203,096		222,785

Total liabilities	10,544,088		9,524,636

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;
(2004) 56.1 million and (2003) 55.7 million issued and outstanding	565		561
Additional paid-in capital	974,684		954,658
Unearned compensation	(4,685	)	(5,257	)
Accumulated other comprehensive income, net of deferred income taxes of
$45.8 million in 2004 and $117.5 million in 2003	80,473		280,077
Retained earnings	2,336,682		1,957,811
Treasury shares, at cost; 0.5 million shares (2004 and 2003)	(22,950	)	(22,950	)

Total shareholders' equity	3,364,769		3,164,900

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 13,908,857		$ 12,689,536

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


EVEREST RE GROUP, LTD
CONSOLIDATED STATEMENTS OF OPERATIONS
AND COMPREHENSIVE INCOME
	Three Months Ended						Six Months Ended
		June 30,					June 30,

(Dollars in thousands, except per share amounts)		2004			2003			2004			2003

		(unaudited)						(unaudited)
REVENUES:
Premiums earned	$	1,004,258		$	851,988		$	2,059,323		$	1,596,858
Net investment income		136,845			102,187			237,742			195,692
Net realized capital gains (losses)		116,681			1,747			81,773			(11,488	)
Net derivative income (expense)		4,382			1,305			630			(1,395	)
Other income (expense)		1,951			(4,453	)		3,411			(5,600	)

Total revenues		1,264,117			952,774			2,382,879			1,774,067

CLAIMS AND EXPENSES:
Incurred losses and loss adjustment expenses		675,513			585,042			1,387,041			1,098,513
Commission, brokerage, taxes and fees		214,886			204,409			437,665			367,214
Other underwriting expenses		28,369			23,920			51,967			43,784
Interest expense on senior notes		9,736			9,733			19,472			19,464
Interest expense on junior subordinated debt		9,248			4,249			13,667			8,498
Interest expense on credit facility		334			348			658			708

Total claims and expenses		938,086			827,701			1,910,470			1,538,181

INCOME BEFORE TAXES		326,031			125,073			472,409			235,886
Income tax expense		62,064			15,518			82,341			31,964

NET INCOME	$	263,967		$	109,555		$	390,068		$	203,922

Other comprehensive (loss) income, net of tax		(266,467	)		142,261			(199,604	)		172,249

COMPREHENSIVE (LOSS) INCOME	$	(2,500	)	$	251,816		$	190,464		$	376,171

PER SHARE DATA:
Average shares outstanding (000's)		55,933			54,096			55,852			52,505
Net income per common share - basic	$	4.72		$	2.03		$	6.98		$	3.88

Average diluted shares outstanding (000's)		56,860			55,091			56,846			53,314
Net income per common share - diluted	$	4.64		$	1.99		$	6.86		$	3.82