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Everest Re Reports Q2 2009 Results

Net income of $272.6 million

Everest Re Group has reported a net income of $272.6 million for the second quarter of 2009, or $4.43 per diluted common share, compared to a net income of $153 million, or $2.46 per diluted common share, for the second quarter of 2008.

After-tax operating income, excluding realised capital gains and losses, was $256.2 million, or $4.16 per diluted common share, for the second quarter of 2009, compared to after-tax operating income1 of $180 million, or $2.89 per diluted common share, for the same period last year.

For the six months ended June 30, 2009, net income was $381.1 million, or $6.19 per diluted common share, as compared to $231 million or $3.69 per diluted common share, for the first six months of 2008.

After-tax operating income (excluding realised capital gains and losses and the gain on the first quarter’s debt repurchase) was $362.4 million or $5.88 per diluted common share, as compared to $370.6 million, or $5.92 per diluted common share, for the same period in 2008.

Everest Re Group is a Bermuda holding company that provides reinsurance and insurance to property and casualty markets and reinsurance services to life insurers.