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Everest Re Group Ltd.$220.02($2.68)(1.20%)

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 Everest Re Group Reports Record Operating Earnings for 2014; Net Income Return on Equity of 17%
   Wednesday, February 04, 2015 4:07:03 PM ET

Everest Re Group, Ltd. (RE ) today reported fourth quarter 2014 net income available to common shareholders of $340.1 million, or $7.47 per diluted common share, compared to net income of $364.6 million, or $7.54 per diluted common share, for the fourth quarter of 2013. After-tax operating income(1) available to common shareholders, excluding realized capital gains and losses, was $331.5 million, or $7.28 per diluted common share, for the fourth quarter of 2014, compared to $303.4 million, or $6.28 per diluted common share, for the same period in 2013.

For the year ended December 31, 2014, net income available to common shareholders was $1.2 billion, or $25.91 per diluted common share, compared to net income of $1.3 billion, or $25.44 per diluted common share, for 2013. After-tax operating income(1) available to common shareholders, excluding realized capital gains and losses, was $1.1 billion, or $24.71 per diluted common share, for the full year 2013, compared to $1.1 billion or $21.47 per diluted common share, for 2013.

Commenting on the Company’s results, President and Chief Executive Officer, Dominic J. Addesso said, "Everest has had another stellar year with 10% growth in premium, 15% growth in operating earnings per share, and 16% growth in book value per share, adjusted for dividends. While it is a challenging marketplace, Everest continues to find and create opportunities for profitable growth due to our broadly diversified platform. Post January renewals, we remain confident in our ability to continue to generate strong returns for our shareholders."

Operating highlights for the fourth quarter and full year of 2014 included the following:

-- Gross written premiums for the quarter were $1.4 billion, an increase of 7% compared to the fourth quarter of 2013. For the full year, gross written premiums grew 10% to $5.7 billion with worldwide reinsurance premiums, including the Mt. Logan Re segment, up 15%. Direct insurance premiums were down 4% for the year.

-- The combined ratio was 80.5% for the quarter and 82.8% for the year, compared to 81.5% and 84.5%, respectively, for the same periods in 2013. The quarter included $15.0 million of catastrophe losses for the Brisbane, Australia hail storm that occurred in November, offset by reserve take downs on prior year catastrophe loss events. For the full year, catastrophe losses, net of reinstatement premiums totaled $56.0 million. Excluding catastrophe losses, reinstatement premiums and favorable prior year loss development, the calendar year attritional combined ratio was 82.0% compared to 81.0% for 2013.

-- Net investment income amounted to $134.0 million for the quarter and $530.6 million for the full year 2014. This included limited partnership income of $15.2 million and $40.9 million in each period, respectively.

-- Net after-tax realized capital gains totaled $8.7 million for the quarter and $55.5 million for the full year. Unrealized capital gains, net of tax, amounted to $22.1 million for the full year, largely driven by changes in interest rates.

-- Cash flow from operations was $387.9 million for the quarter and $1.3 billion for the full year 2014. This compared to $273.3 million and $1.1 billion for the same periods, respectively, in 2013.

-- For the year, the after-tax operating income(1) return on average adjusted shareholders’ equity(2) was 16.3% and net income return on equity was 17.1%.

-- During the quarter, the Company repurchased 590,791 of its common shares at an average price of $169.38 and a total cost of $100.1 million. For the year, the Company repurchased 3.2 million of its common shares for a total cost of $500.0 million. During January, the Company repurchased an additional 213,754 shares for a total cost of $36.0 million, which will be reflected in first quarter 2015 reporting. The repurchases were made pursuant to a share repurchase authorization, provided by the Company’s Board of Directors, under which there remains 6.1 million shares available.

-- Shareholders’ equity ended the year at $7.5 billion, up 7% from the $7.0 billion at December 31, 2013. Book value per share increased 14% from $146.57 at year-end 2013 to $166.75 at December 31, 2014.

This news release contains forward-looking statements within the meaning of the U.S. federal securities laws. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the U.S. Federal securities laws. These statements involve risks and uncertainties that could cause actual results to differ materially from those contained in forward-looking statements made on behalf of the Company. These risks and uncertainties include the impact of general economic conditions and conditions affecting the insurance and reinsurance industry, the adequacy of our reserves, our ability to assess underwriting risk, trends in rates for property and casualty insurance and reinsurance, competition, investment market fluctuations, trends in insured and paid losses, catastrophes, regulatory and legal uncertainties and other factors described in our latest Annual Report on Form 10-K. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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 U.S. and international markets. Everest Reinsurance (Bermuda), Ltd., including through its branch in the United Kingdom, provides reinsurance and insurance to worldwide property and casualty markets and reinsurance to life insurers. Everest Reinsurance Company (Ireland), Limited provides reinsurance to non-life insurers in Europe. Mt. Logan Re, a segregated cell company, capitalized by the Company and third party investors, is a specialty reinsurer of catastrophe risks. Everest National Insurance Company and Everest Security Insurance Company provide property and casualty insurance to policyholders in the U.S. Everest Indemnity Insurance Company offers excess and surplus lines insurance in the U.S. Everest Insurance Company of Canada provides property and casualty insurance to policyholders in Canada. Additional information on Everest Re Group companies can be found at the Group’s web site at www.everestregroup.com.

A conference call discussing the fourth quarter results will be held at 10:30 a.m. Eastern Time on February 5, 2015. The call will be available on the Internet through the Company’s web site or at www.streetevents.com.

Recipients are encouraged to visit the Company’s web site to view supplemental financial information on the Company’s results. The supplemental information is located at www.everestregroup.com in the "Financial Reports" section of the "Investor Center". The supplemental financial information may also be obtained by contacting the Company directly.

_________________________________

(1)The Company generally uses after-tax operating income (loss), a non-GAAP financial measure, to evaluate its performance. After-tax operating income (loss) consists of net income (loss) excluding after-tax net realized capital gains (losses) as the following reconciliation displays:

                                                                                                                                                                                                                                                                              
                                                                                                                                                                                               Three Months Ended                                                                                                                                                                                       Twelve Months Ended
                                                                                                                                                                                                  December 31,                                                                                                                                                                                             December 31,
                                                                                                                --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                     ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
(Dollars in thousands, except per share amounts)                                                                                                     2014                                                                           2013                                                                                               2014                                                                                2013
                                                                                                                -------------------------------------------------------------------------------------------------- -----------------------------------------------------------------------------                     --------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------
                                                                                                                                                                                                    (unaudited)                                                                                                                                                                                            (unaudited)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
                                                                                                                                                                           Per Diluted                                                                                       Per Diluted                                                                                         Per Diluted                                                                                            Per Diluted
                                                                                                                                                                             Common                                                                                            Common                                                                                              Common                                                                                                 Common
                                                                                                                            Amount                                            Share                                           Amount                                            Share                                            Amount                                             Share                                            Amount                                                Share
                                                                                                                ------------------------------                     ---------------------------                     -----------------------------                     ---------------------------                     -------------------------------                     ---------------------------                     -------------------------------                     --------------------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
Net income (loss)*                                                                                                                 $  340,123                                         $  7.47                                         $ 364,638                                         $  7.54                                         $ 1,199,156                                         $ 25.91                                         $ 1,259,382                                         $      25.44
After-tax net realized capital gains (losses)                                                                        8,655                         0.19                         61,285                         1.27                           55,469                         1.20                          196,829                              3.98
                                                                                                                -------------------- --------                      -------------------- -----                      -------------------- -------                      -------------------- -----                      -------------------- ---------                      -------------------- -----                      -------------------- ---------                      -------------------- ----------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
After-tax operating income (loss)*                                                                                                 $  331,468                                         $  7.28                                         $ 303,353                                         $  6.28                                         $ 1,143,687                                         $ 24.71                                         $ 1,062,553                                         $      21.47
                                                                                                                -------------------- --------                      -------------------- -----                      -------------------- -------                      -------------------- -----                      -------------------- ---------                      -------------------- -----                      -------------------- ---------                      -------------------- ----------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
* attributable to common shareholders
(Some amounts may not reconcile due to rounding.)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              

Although net realized capital gains (losses) are an integral part of the Company’s insurance operations, the determination of net realized capital gains (losses) is independent of the insurance underwriting process. The Company believes that the level of net realized capital gains (losses) for any particular period is not indicative of the performance of the underlying business in that particular period. Providing only a GAAP presentation of net income (loss) makes it more difficult for users of the financial information to evaluate the Company’s success or failure in its basic business, and may lead to incorrect or misleading assumptions and conclusions. The Company understands that the equity analysts who follow the Company focus on after-tax operating income (loss) in their analyses for the reasons discussed above. The Company provides after-tax operating income (loss) to investors so that they have what management believes to be a useful supplement to GAAP information concerning the Company’s performance.

(2)Adjusted shareholders’ equity excludes net after-tax unrealized (appreciation) depreciation of investments

--Financial Details Follow--

                                                                                                                                                                                       
EVEREST RE GROUP, LTD.
CONSOLIDATED STATEMENTS OF OPERATIONS
AND COMPREHENSIVE INCOME (LOSS)
                                                                                                                                                                                                                                                                                                                                             
                                                                                                                                                                                                                                                                                                                                             
                                                                                                                                                                                          Three Months Ended                                                                                                                      Twelve Months Ended
                                                                                                                                                                                             December 31,                                                                                                                            December 31,
                                                                                                                                     -----------------------------------------------------------------------------------------------------------------------------                     ---------------------------------------------------------------------------------------------------------
(Dollars in thousands, except per share amounts)                                                                                                             2014                                                                     2013                                                                     2014                                                 2013
                                                                                                                                     ----------------------------------------------------                     ----------------------------------------------------                     ---------------------------------------------------- ----------------------------------------------------
                                                                                                                                                                                              (unaudited)                                                                                                   (unaudited)
REVENUES:
Premiums earned                                                                                                                                         $ 1,362,330                                                              $ 1,287,496                                                              $ 5,169,135                                          $ 4,753,543
Net investment income                                                                                                                                       134,046                                                                  126,127                                                                  530,570                                              548,509
Net realized capital gains (losses):
  Other-than-temporary impairments on fixed maturity securities                                                                                             (39,007 )                                                                   (861 )                                                                (39,502 )                                             (1,052 )
  Other-than-temporary impairments on fixed maturity securities
    transferred to other comprehensive income (loss)                                                                                                              -                                                                        -                                                                        -                                                    -
  Other net realized capital gains (losses)                                                                                               52,359                             95,490                            123,548        301,279  
                                                                                                                                     -------------------- --------- --------------------                      -------------------- --------- --------------------                      -------------------- --------- --------------------  -------------------- --------- --------------------
Total net realized capital gains (losses)                                                                                                                    13,352                                                                   94,629                                                                   84,046                                              300,227
Net derivative gain (loss)                                                                                                                                  (15,567 )                                                                 11,039                                                                  (11,599 )                                             44,044
Other income (expense)                                                                                                                    24,272                             (2,169 )                                              18,437         (5,487 )
                                                                                                                                     -------------------- --------- --------------------                      -------------------- --------- --------------------                      -------------------- --------- --------------------  -------------------- --------- --------------------
Total revenues                                                                                                                         1,518,433                          1,517,122                          5,790,589      5,640,836  
                                                                                                                                     -------------------- --------- --------------------                      -------------------- --------- --------------------                      -------------------- --------- --------------------  -------------------- --------- --------------------
                                                                                                                                                                                                                                                                                                                                             
CLAIMS AND EXPENSES:
Incurred losses and loss adjustment expenses                                                                                                                713,671                                                                  725,915                                                                2,906,534                                            2,800,251
Commission, brokerage, taxes and fees                                                                                                                       315,378                                                                  253,858                                                                1,135,586                                              977,558
Other underwriting expenses                                                                                                                                  68,235                                                                   69,419                                                                  240,400                                              237,126
Corporate expenses                                                                                                                                            4,619                                                                    8,174                                                                   23,421                                               24,817
Interest, fees and bond issue cost amortization expense                                                                                    9,563                              7,638                             38,533         46,118  
                                                                                                                                     -------------------- --------- --------------------                      -------------------- --------- --------------------                      -------------------- --------- --------------------  -------------------- --------- --------------------
Total claims and expenses                                                                                                              1,111,466                          1,065,004                          4,344,474      4,085,870  
                                                                                                                                     -------------------- --------- --------------------                      -------------------- --------- --------------------                      -------------------- --------- --------------------  -------------------- --------- --------------------
                                                                                                                                                                                                                                                                                                                                             
INCOME (LOSS) BEFORE TAXES                                                                                                                                  406,967                                                                  452,118                                                                1,446,115                                            1,554,966
Income tax expense (benefit)                                                                                                              49,704                             85,370                            187,652        289,706  
                                                                                                                                     -------------------- --------- --------------------                      -------------------- --------- --------------------                      -------------------- --------- --------------------  -------------------- --------- --------------------
                                                                                                                                                                                                                                                                                                                                             
NET INCOME (LOSS)                                                                                                                                       $   357,263                                                              $   366,748                                                              $ 1,258,463                                          $ 1,265,260
Net (income) loss attributable to noncontrolling interests                                                                               (17,140 )                                              (2,110 )                                             (59,307 )                          (5,878 )
                                                                                                                                     -------------------- --------- --------------------                      -------------------- --------- --------------------                      -------------------- --------- --------------------  -------------------- --------- --------------------
NET INCOME (LOSS) ATTRIBUTABLE TO EVEREST RE GROUP                                                                                                      $   340,123                                                              $   364,638                                                              $ 1,199,156                                          $ 1,259,382
                                                                                                                                                                                                                                                                                                                                             
Other comprehensive income (loss), net of tax:
  Unrealized appreciation (depreciation) ("URA(D)") on securities                                                                                           (64,614 )                                                                (55,530 )                                                                    704                                             (395,797 )
  arising during the period
  Reclassification adjustment for realized losses (gains) included in                                                                     23,033                                534                             21,392         (6,977 )
  net income (loss)
                                                                                                                                     -------------------- --------- --------------------                      -------------------- --------- --------------------                      -------------------- --------- --------------------  -------------------- --------- --------------------
      Total URA(D) on securities arising during the period                                                                                                  (41,581 )                                                                (54,996 )                                                                 22,096                                             (402,774 )
                                                                                                                                                                                                                                                                                                                                             
  Foreign currency translation adjustments                                                                                                                  (57,043 )                                                                 13,066                                                                  (95,417 )                                               (162 )
                                                                                                                                                                                                                                                                                                                                             
  Benefit plan actuarial net gain (loss) for the period                                                                                                     (39,110 )                                                                 17,837                                                                  (39,110 )                                             17,837
  Reclassification adjustment for amortization of net (gain) loss                                                                            654                              1,617                              3,020          5,778  
  included in net income (loss)
                                                                                                                                     -------------------- --------- --------------------                      -------------------- --------- --------------------                      -------------------- --------- --------------------  -------------------- --------- --------------------
    Total benefit plan net gain (loss) for the period                                                                                    (38,456 )                                              19,454                            (36,090 )                          23,615  
                                                                                                                                     -------------------- --------- --------------------                      -------------------- --------- --------------------                      -------------------- --------- --------------------  -------------------- --------- --------------------
Total other comprehensive income (loss), net of tax                                                                                     (137,080 )                                             (22,476 )                                            (109,411 )                        (379,321 )
                                                                                                                                     -------------------- --------- --------------------                      -------------------- --------- --------------------                      -------------------- --------- --------------------  -------------------- --------- --------------------
Other comprehensive (income) loss attributable to noncontrolling                                                                               -                                  -                                  -              -  
interests
                                                                                                                                     -------------------- --------- --------------------                      -------------------- --------- --------------------                      -------------------- --------- --------------------  -------------------- --------- --------------------
Total other comprehensive income (loss), net of tax attributable to                                                                     (137,080 )                                             (22,476 )                                            (109,411 )                        (379,321 )
Everest Re Group
                                                                                                                                     -------------------- --------- --------------------                      -------------------- --------- --------------------                      -------------------- --------- --------------------  -------------------- --------- --------------------
                                                                                                                                                                                                                                                                                                                                             
COMPREHENSIVE INCOME (LOSS)                                                                                                                             $   203,043                                           $   342,162                                           $ 1,089,745                       $   880,061  
                                                                                                                                     -------------------- --------- --------------------                      -------------------- --------- --------------------                      -------------------- --------- --------------------  -------------------- --------- --------------------
                                                                                                                                                                                                                                                                                                                                             
EARNINGS PER COMMON SHARE ATTRIBUTABLE TO EVEREST RE GROUP:
  Basic                                                                                                                                                 $      7.54                                                              $      7.62                                                              $     26.16                                          $     25.67
  Diluted                                                                                                                                                      7.47                                                                     7.54                                                                    25.91                                                25.44
  Dividends declared                                                                                                                                           0.95                                                                     0.75                                                                     3.20                                                 2.19
                                                                                                                                                                                                                                                                                                                                             
                                                                                                                                 
EVEREST RE GROUP, LTD.
CONSOLIDATED BALANCE SHEETS
                                                                                                                                                                                                               
                                                                                                                                                                                                               
                                                                                                                                                                                             December 31,
                                                                                                                                    -------------------------------------------------------------------------------------------------------------------------------
(Dollars and share amounts in thousands, except par value per share)                                                                                        2014                                                                      2013
                                                                                                                                    -----------------------------------------------------                     -----------------------------------------------------
                                                                                                                                                         (unaudited)
ASSETS:
Fixed maturities - available for sale, at market value                                                                                                 $ 13,101,067                                                              $ 12,636,907
    (amortized cost: 2014, $12,831,159; 2013, $12,391,164)
Fixed maturities - available for sale, at fair value                                                                                                          1,509                                                                    19,388
Equity securities - available for sale, at market value (cost: 2014,                                                                                        140,210                                                                   144,081
$148,326; 2013, $148,342)
Equity securities - available for sale, at fair value                                                                                                     1,447,820                                                                 1,462,079
Short-term investments                                                                                                                                    1,705,932                                                                 1,214,199
Other invested assets (cost: 2014, $601,925; 2013, $508,447)                                                                                                601,925                                                                   508,447
Cash                                                                                                                                     437,474                             611,382  
                                                                                                                                    -------------------- ---------- --------------------                      -------------------- ---------- --------------------
       Total investments and cash                                                                                                                        17,435,937                                                                16,596,483
Accrued investment income                                                                                                                                   111,075                                                                   119,058
Premiums receivable                                                                                                                                       1,397,983                                                                 1,453,114
Reinsurance receivables                                                                                                                                     670,854                                                                   540,883
Funds held by reinsureds                                                                                                                                    228,192                                                                   228,000
Deferred acquisition costs                                                                                                                                  398,408                                                                   363,721
Prepaid reinsurance premiums                                                                                                                                154,177                                                                    81,779
Income taxes                                                                                                                                                184,762                                                                   178,334
Other assets                                                                                                                             236,436                             246,664  
                                                                                                                                    -------------------- ---------- --------------------                      -------------------- ---------- --------------------
TOTAL ASSETS                                                                                                                                           $ 20,817,824                                           $ 19,808,036  
                                                                                                                                    -------------------- ---------- --------------------                      -------------------- ---------- --------------------
                                                                                                                                                                                                               
LIABILITIES:
Reserve for losses and loss adjustment expenses                                                                                                        $  9,720,813                                                              $  9,673,240
Future policy benefit reserve                                                                                                                                59,820                                                                    59,512
Unearned premium reserve                                                                                                                                  1,728,745                                                                 1,579,945
Funds held under reinsurance treaties                                                                                                                         3,932                                                                     2,692
Commission reserves                                                                                                                                          87,990                                                                    66,160
Other net payable to reinsurers                                                                                                                             139,841                                                                   116,387
Losses in course of payment                                                                                                                                 157,527                                                                   332,631
4.868% Senior notes due 6/1/2044                                                                                                                            400,000                                                                         -
5.4% Senior notes due 10/15/2014                                                                                                                                  -                                                                   249,958
6.6% Long term notes due 5/1/2067                                                                                                                           238,364                                                                   238,361
Accrued interest on debt and borrowings                                                                                                                       3,537                                                                     4,781
Equity index put option liability                                                                                                                            47,022                                                                    35,423
Unsettled securities payable                                                                                                                                 41,092                                                                    53,867
Other liabilities                                                                                                                        316,469                             333,425  
                                                                                                                                    -------------------- ---------- --------------------                      -------------------- ---------- --------------------
       Total liabilities                                                                                                              12,945,152                          12,746,382  
                                                                                                                                    -------------------- ---------- --------------------                      -------------------- ---------- --------------------
                                                                                                                                                                                                               
NONCONTROLLING INTERESTS:
Redeemable noncontrolling interests - Mt. Logan Re                                                                                       421,552                              93,378  
                                                                                                                                    -------------------- ---------- --------------------                      -------------------- ---------- --------------------
                                                                                                                                                                                                               
SHAREHOLDERS’ EQUITY:
Preferred shares, par value: $0.01; 50,000 shares authorized;
    no shares issued and outstanding                                                                                                                              -                                                                         -
Common shares, par value: $0.01; 200,000 shares authorized; (2014)
68,336
    and (2013) 67,965 outstanding before treasury shares                                                                                                        683                                                                       680
Additional paid-in capital                                                                                                                                2,068,807                                                                 2,029,774
Accumulated other comprehensive income (loss), net of deferred
income tax expense
    (benefit) of $20,715 at 2014 and $57,661 at 2013                                                                                                         48,317                                                                   157,728
Treasury shares, at cost; 23,650 shares (2014) and 20,422 shares                                                                                         (2,485,897 )                                                              (1,985,873 )
(2013)
Retained earnings                                                                                                                      7,819,210                           6,765,967  
                                                                                                                                    -------------------- ---------- --------------------                      -------------------- ---------- --------------------
       Total shareholders’ equity attributable to Everest Re Group                                                                     7,451,120                           6,968,276  
                                                                                                                                    -------------------- ---------- --------------------                      -------------------- ---------- --------------------
TOTAL LIABILITIES, NONCONTROLLING INTERESTS AND SHAREHOLDERS’ EQUITY                                                                                   $ 20,817,824                                           $ 19,808,036  
                                                                                                                                    -------------------- ---------- --------------------                      -------------------- ---------- --------------------
                                                                                                                                                                                                               
                                                                                                                                                                                                                                            
EVEREST RE GROUP, LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS
                                                                                                                                                                                                                                                                                                                                                                
                                                                                                                                                                                                                                                                                                                                                                
                                                                                                                                                                                         Three Months Ended                                                                                                                                Twelve Months Ended
                                                                                                                                                                                            December 31,                                                                                                                                      December 31,
                                                                                                                                     ---------------------------------------------------------------------------------------------------------------------------                     -------------------------------------------------------------------------------------------------------------------------------
(Dollars in thousands)                                                                                                                                      2014                                                                    2013                                                                     2014                                                                      2013
                                                                                                                                     ---------------------------------------------------                     ---------------------------------------------------                     -----------------------------------------------------                     -----------------------------------------------------
                                                                                                                                                                                             (unaudited)                                                                                                  (unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)                                                                                                                                       $  357,263                                                              $  366,748                                                              $  1,258,463                                                              $  1,265,260
Adjustments to reconcile net income to net cash provided by
operating activities:
    Decrease (increase) in premiums receivable                                                                                                             300,927                                                                 183,945                                                                    45,282                                                                  (217,678 )
    Decrease (increase) in funds held by reinsureds, net                                                                                                     5,094                                                                    (323 )                                                                  (1,835 )                                                                     162
    Decrease (increase) in reinsurance receivables                                                                                                          70,444                                                                 196,128                                                                  (186,014 )                                                                 118,963
    Decrease (increase) in income taxes                                                                                                                     46,036                                                                  83,840                                                                    31,340                                                                   213,848
    Decrease (increase) in prepaid reinsurance premiums                                                                                                     22,392                                                                   8,736                                                                   (79,086 )                                                                 (12,777 )
    Increase (decrease) in reserve for losses and loss adjustment                                                                                           23,013                                                                 (98,134 )                                                                 195,524                                                                  (374,027 )
    expenses
    Increase (decrease) in future policy benefit reserve                                                                                                     2,187                                                                  (5,743 )                                                                     308                                                                    (6,595 )
    Increase (decrease) in unearned premiums                                                                                                               (94,388 )                                                               (42,769 )                                                                 161,149                                                                   261,959
    Increase (decrease) in other net payable to reinsurers                                                                                                 (72,574 )                                                              (108,745 )                                                                  29,410                                                                   (45,043 )
    Increase (decrease) in losses in course of payment                                                                                                    (339,311 )                                                              (262,644 )                                                                (174,206 )                                                                 142,192
    Change in equity adjustments in limited partnerships                                                                                                   (15,026 )                                                                (5,212 )                                                                 (39,464 )                                                                 (45,905 )
    Distribution of limited partnership income                                                                                                               9,955                                                                   8,249                                                                    51,120                                                                    56,982
    Change in other assets and liabilities, net                                                                                                             67,533                                                                  10,900                                                                    35,419                                                                   (57,212 )
    Non-cash compensation expense                                                                                                                            6,477                                                                  16,756                                                                    21,197                                                                    31,844
    Amortization of bond premium (accrual of bond discount)                                                                                                 11,204                                                                  16,181                                                                    49,214                                                                    66,461
    Amortization of underwriting discount on senior notes                                                                                                        3                                                                      13                                                                        46                                                                        54
    Net realized capital (gains) losses                                                                                                 (13,352 )                                            (94,629 )                                              (84,046 )                                             (300,227 )
                                                                                                                                     -------------------- -------- --------------------                      -------------------- -------- --------------------                      -------------------- ---------- --------------------                      -------------------- ---------- --------------------
Net cash provided by (used in) operating activities                                                                                     387,877                           273,297                           1,313,821                           1,098,261  
                                                                                                                                     -------------------- -------- --------------------                      -------------------- -------- --------------------                      -------------------- ---------- --------------------                      -------------------- ---------- --------------------
                                                                                                                                                                                                                                                                                                                                                                
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from fixed maturities matured/called - available for sale,                                                                                        504,415                                                                 502,752                                                                 2,142,693                                                                 2,415,730
at market value
Proceeds from fixed maturities matured/called - available for sale,                                                                                              -                                                                       -                                                                       875                                                                     7,213
at fair value
Proceeds from fixed maturities sold - available for sale, at market                                                                                        761,719                                                                 247,030                                                                 1,811,801                                                                 1,092,387
value
Proceeds from fixed maturities sold - available for sale, at fair                                                                                           12,611                                                                   3,175                                                                    36,467                                                                    21,573
value
Proceeds from equity securities sold - available for sale, at market                                                                                         5,727                                                                     393                                                                    16,901                                                                    46,142
value
Proceeds from equity securities sold - available for sale, at fair                                                                                         131,555                                                                 245,886                                                                   584,069                                                                   705,831
value
Distributions from other invested assets                                                                                                                    56,218                                                                  20,392                                                                   115,482                                                                   100,081
Cost of fixed maturities acquired - available for sale, at market                                                                                         (943,210 )                                                              (749,741 )                                                              (4,672,633 )                                                              (3,543,776 )
value
Cost of fixed maturities acquired - available for sale, at fair value                                                                                         (414 )                                                                (1,398 )                                                                 (24,098 )                                                                  (6,196 )
Cost of equity securities acquired - available for sale, at market                                                                                          (6,143 )                                                                (5,172 )                                                                 (18,016 )                                                                 (59,756 )
value
Cost of equity securities acquired - available for sale, at fair                                                                                          (183,586 )                                                              (196,786 )                                                                (446,457 )                                                                (621,038 )
value
Cost of other invested assets acquired                                                                                                                    (103,829 )                                                                (6,872 )                                                                (224,740 )                                                                 (21,935 )
Net change in short-term investments                                                                                                                      (213,161 )                                                              (350,043 )                                                                (497,983 )                                                                (357,451 )
Net change in unsettled securities transactions                                                                                         (17,929 )                                             11,710                              (4,433 )                                               (2,808 )
                                                                                                                                     -------------------- -------- --------------------                      -------------------- -------- --------------------                      -------------------- ---------- --------------------                      -------------------- ---------- --------------------
Net cash provided by (used in) investing activities                                                                                       3,973                          (278,674 )                                           (1,180,072 )                                             (224,003 )
                                                                                                                                     -------------------- -------- --------------------                      -------------------- -------- --------------------                      -------------------- ---------- --------------------                      -------------------- ---------- --------------------
                                                                                                                                                                                                                                                                                                                                                                
CASH FLOWS FROM FINANCING ACTIVITIES:
Common shares issued during the period, net                                                                                                                  2,374                                                                    (172 )                                                                  17,839                                                                    51,500
Purchase of treasury shares                                                                                                                               (100,082 )                                                               (71,959 )                                                                (500,024 )                                                                (621,915 )
Net cost of junior subordinated debt securities redemption                                                                                                       -                                                                       -                                                                         -                                                                  (329,897 )
Net cost of senior notes maturing                                                                                                                         (250,000 )                                                                     -                                                                  (250,000 )                                                                       -
Proceeds from issuance of senior notes                                                                                                                           -                                                                       -                                                                   400,000                                                                         -
Third party investment in redeemable noncontrolling interest                                                                                                     -                                                                       -                                                                   136,200                                                                    87,500
Subscription advances for third party redeemable noncontrolling                                                                                             40,000                                                                 143,000                                                                    40,000                                                                   143,000
interest
Dividends paid to shareholders                                                                                                                             (42,879 )                                                               (35,961 )                                                                (145,913 )                                                                (106,681 )
Dividends paid on third party investment in redeemable                                                                                        -                                 -                             (10,334 )                                                    -  
noncontrolling interest
                                                                                                                                     -------------------- -------- --------------------                      -------------------- -------- --------------------                      -------------------- ---------- --------------------                      -------------------- ---------- --------------------
Net cash provided by (used in) financing activities                                                                                    (350,587 )                                             34,908                            (312,232 )                                             (776,493 )
                                                                                                                                     -------------------- -------- --------------------                      -------------------- -------- --------------------                      -------------------- ---------- --------------------                      -------------------- ---------- --------------------
                                                                                                                                                                                                                                                                                                                                                                
EFFECT OF EXCHANGE RATE CHANGES ON CASH                                                                                                  (5,592 )                                             (7,683 )                                                4,575                             (23,433 )
                                                                                                                                     -------------------- -------- --------------------                      -------------------- -------- --------------------                      -------------------- ---------- --------------------                      -------------------- ---------- --------------------
                                                                                                                                                                                                                                                                                                                                                                
Net increase (decrease) in cash                                                                                                                             35,671                                                                  21,848                                                                  (173,908 )                                                                  74,332
Cash, beginning of period                                                                                                               401,803                           589,534                             611,382                             537,050  
                                                                                                                                     -------------------- -------- --------------------                      -------------------- -------- --------------------                      -------------------- ---------- --------------------                      -------------------- ---------- --------------------
Cash, end of period                                                                                                                                     $  437,474                                           $  611,382                                           $    437,474                                           $    611,382  
                                                                                                                                     -------------------- -------- --------------------                      -------------------- -------- --------------------                      -------------------- ---------- --------------------                      -------------------- ---------- --------------------
                                                                                                                                                                                                                                                                                                                                                                
SUPPLEMENTAL CASH FLOW INFORMATION:
    Income taxes paid (recovered)                                                                                                                       $    6,895                                                              $    4,384                                                              $    153,455                                                              $     69,302
    Interest paid                                                                                                                                           24,274                                                                  14,866                                                                    39,424                                                                    38,390

http://cts.businesswire.com/ct/CT?id=bwnews&sty=20150204006407r1&sid=cmtx6&distro=nx&lang=en

SOURCE: Everest Re Group, Ltd.

Everest Global Services, Inc. 
Elizabeth B. Farrell, 908-604-3169 
Vice President, Investor Relations


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