Item 8.01 OTHER EVENTS.

On March 27, 2009, Everest Re Group, Ltd. announced the completion of its previously announced cash tender offer (the "Tender Offer") to purchase any and all of its $400 million, 6.60% Fixed to Floating Rate Long Term Subordinated Notes (the "Notes") due 2067.

Everest Reinsurance Holdings, Inc., an indirect, wholly-owned subsidiary of Everest Re Group, Ltd., and the issuer of the Notes purchased approximately 40% of the outstanding notes. This transaction reduced outstanding debt by $161.4 million at an approximate cost of $87 million including payment of accrued interest. The transaction will result in an estimated pre-tax gain of $74 million ($48 million after-tax), which will be reflected in first quarter 2009 results.

The Tender Offer expired at 5:00 p.m. New York City time on March 26, 2009, and was made pursuant to an Offer to Purchase dated March 19, 2009, and the related Letter of Transmittal. The offer price plus accrued and unpaid interest was paid to the tendering holders on March 27, 2009.

A total of $238.6 million in aggregate principal of the Notes remains outstanding and matures in 2067.

A copy of the news release announcing the Tender Offer is filed herewith as Exhibit 99.1.

Item 9.01 FINANCIAL STATEMENTS AND EXHIBITS

(d) Exhibits

Exhibit No. Description

99.1 News Release of the registrant, dated March 27, 2009

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