UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934


FOR THE QUARTERLY PERIOD ENDED:		Commission file number:
September 30, 2004		1-15731

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

Bermuda		98-0365432
(State or other jurisdiction of		(I.R.S. Employer
incorporation or organization)		Identification No.)

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 such 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 November 1, 2004

Common Shares, $.01 par value				56,121,752

EVEREST RE GROUP, LTD.

Index To Form 10-Q

PART I

FINANCIAL INFORMATION


ITEM 1. FINANCIAL STATEMENTS				Page


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

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


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


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

Notes to Consolidated Interim Financial Statements (unaudited)				7

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATION				21

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES
ABOUT MARKET RISK				52

ITEM 4. CONTROLS AND PROCEDURES				53


PART II

OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS				54

ITEM 2. CHANGES IN SECURITIES, USE OF PROCEEDS
AND ISSUER PURCHASES OF EQUITY SECURITIES				55

ITEM 3. DEFAULTS UPON SENIOR SECURITIES				55

ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF
SECURITY HOLDERS				55

ITEM 5. OTHER INFORMATION				55

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K				56


EVEREST RE GROUP, LTD.
CONSOLIDATED BALANCE SHEETS
	September 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, $9,427,646; 2003, $8,357,723)	$ 9,733,298		$ 8,726,886
Equity securities, at market value (cost: 2004, $437,372; 2003, $146,407)	455,306		154,381
Short-term investments	526,173		151,853
Other invested assets (cost: 2004, $132,956; 2003, $102,742)	133,659		103,359
Cash	178,966		184,859

Total investments and cash	11,027,402		9,321,338
Accrued investment income	129,743		113,989
Premiums receivable	1,250,007		1,047,856
Reinsurance receivables	1,246,842		1,284,139
Funds held by reinsureds	191,741		157,364
Deferred acquisition costs	354,018		333,214
Prepaid reinsurance premiums	75,806		98,384
Deferred tax asset	213,689		145,271
Other assets	215,126		187,981

TOTAL ASSETS	$ 14,704,374		$ 12,689,536

LIABILITIES:
Reserve for losses and adjustment expenses	$ 7,517,472		$ 6,361,245
Future policy benefit reserve	155,119		205,275
Unearned premium reserve	1,680,912		1,499,640
Funds held under reinsurance treaties	321,755		385,768
Losses in the course of payment	37,541		11,133
Contingent commissions	3,452		2,135
Other net payable to reinsurers	36,139		46,037
Current federal income taxes	65,030		41,308
8.5% Senior notes due 3/15/2005	249,949		249,874
8.75% Senior notes due 3/15/2010	199,317		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	4,028		13,695
Other liabilities	283,501		222,785

Total liabilities	11,170,608		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	566		561
Additional paid-in capital	978,612		954,658
Unearned compensation	(7,610	)	(5,257	)
Accumulated other comprehensive income, net of deferred income taxes of
$99.6 million in 2004 and $117.5 million in 2003	242,611		280,077
Retained earnings	2,342,537		1,957,811
Treasury shares, at cost; 0.5 million shares (2004 and 2003)	(22,950	)	(22,950	)

Total shareholders' equity	3,533,766		3,164,900

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 14,704,374		$ 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						Nine Months Ended
		September 30,					September 30,

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

		(unaudited)						(unaudited)
REVENUES:
Premiums earned	$	1,139,862		$	1,046,353		$	3,199,185		$	2,643,211
Net investment income		123,784			100,411			361,526			296,103
Net realized capital gains (losses)		10,125			(30,055	)		91,898			(41,543	)
Net derivative (expense) income		(6,595	)		3,784			(5,965	)		2,389
Other expense		(3,582	)		(424	)		(171	)		(6,024	)

Total revenues		1,263,594			1,120,069			3,646,473			2,894,136

CLAIMS AND EXPENSES:
Incurred losses and loss adjustment expenses		962,590			738,254			2,349,631			1,836,767
Commission, brokerage, taxes and fees		248,068			232,548			685,733			599,762
Other underwriting expenses		25,729			22,933			77,696			66,717
Interest expense on senior notes		9,737			9,733			29,209			29,197
Interest expense on junior subordinated debt		9,363			4,249			23,030			12,747
Interest expense on credit facility		339			327			997			1,035

Total claims and expenses		1,255,826			1,008,044			3,166,296			2,546,225

INCOME BEFORE TAXES		7,768			112,025			480,177			347,911
Income tax (benefit) expense		(3,695	)		11,699			78,646			43,663

NET INCOME	$	11,463		$	100,326		$	401,531		$	304,248

Other comprehensive income (loss), net of tax		162,138			(126,705	)		(37,466	)		45,544

COMPREHENSIVE INCOME (LOSS)	$	173,601		$	(26,379	)	$	364,065		$	349,792

PER SHARE DATA:
Average shares outstanding (000's)		55,991			55,499			55,898			53,514
Net income per common share - basic	$	0.20		$	1.81		$	7.18		$	5.69

Average diluted shares outstanding (000's)		56,712			56,562			56,798			54,408
Net income per common share - diluted	$	0.20		$	1.77		$	7.07		$	5.59