[June 25, 2014]

Fitch Affirms and Withdraws Everest's Ratings

Fitch Ratings has affirmed and withdrawn the ratings of Everest Re Group, Ltd.'s debt-issuing holding company, Everest Reinsurance Holdings, Inc. and its subsidiaries (Everest), including the Issuer Default Rating (IDR) at 'A+' and the Insurer Financial Strength (IFS) rating at 'AA-'. Fitch has decided to discontinue the ratings, which are uncompensated.

The affirmation reflects Everest's high quality balance sheet, strong competitive position and franchise, diversified underwriting portfolio in primary insurance and reinsurance markets and good long-term track record of earnings and capital generation. Offsetting factors include the potential for earnings volatility from exposure to low-frequency, high-severity loss events, potential adverse reserve development in casualty reserves and the continuing challenging reinsurance market conditions.

Fitch has affirmed and withdrawn the following ratings with a Stable Outlook:

Everest Reinsurance Holdings, Inc.

--Long-term Issuer Default Rating (IDR) at 'A+';

--5.4% senior notes due 2014 at 'A';

--6.6% junior subordinated debenture due 2067 at 'BBB+'.

Everest Reinsurance Company;

Everest National Insurance Company;

Everest Indemnity Insurance Company;

Everest Security Insurance Company;

Everest Reinsurance Company (Ireland), Limited;

Everest Reinsurance (Bermuda) Ltd.

--IFS at 'AA-'.

Additional information is available a 'www.fitchratings.com'.

Applicable Criteria and Related Research:

--'Insurance Rating Methodology' (Nov. 13, 2013).

Applicable Criteria and Related Research:

Insurance Rating Methodology

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=723072

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=836505

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