SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): April 21, 2003
EVEREST RE GROUP, LTD.
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(Exact Name of Registrant as Specified in Charter)
Bermuda 1-15731 Not Applicable
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(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
c/o ABG Financial & Management Services, Inc.
Parker House, Wildey Road
St. Michael, Barbados Not Applicable
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: 246-228-7398
Not Applicable
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(Former Name or Former Address, if Changed Since Last Report)
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits
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Exhibit No. Description
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10.1 Amendment of Employment Agreement by and
among Everest Reinsurance Company, Everest
Re Group Ltd., Everest Global Services
Inc. and Joseph V. Taranto, dated April 18,
2003.
99.1 * News Release of the registrant, dated
April 21, 2003
* Exhibit 99.1 is being furnished to the Securities and Exchange
Commission ("SEC") pursuant to Item 12 and is not being filed with the
SEC. Therefore, this exhibit is not incorporated by reference in any
of the registrant's other SEC filings.
ITEM 12. DISCLOSURE OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION
On April 21, 2003, the registrant issued a news release announcing its first
quarter 2003 results. A copy of that news release is furnished herewith as
Exhibit 99.1 and is incorporated herein by reference.
The news release furnished herewith contains information regarding the
registrant's operating income. Operating income differs from net income, the
most directly comparable generally accepted accounting principle financial
measure, only by the exclusion of realized gains and losses on investments.
Management believes that presentation of operating income provides useful
information to investors because it more accurately measures and predicts the
registrant's results of operations by removing the variability arising from the
management of the registrant's investment portfolio. In addition, management,
analysts and investors use operating income to evaluate the financial
performance of the registrant and the insurance industry in general.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
EVEREST RE GROUP, LTD.
By: /s/ STEPHEN L. LIMAURO
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Stephen L. Limauro
Executive Vice President and
Chief Financial Officer
Dated: April 21, 2003
EXHIBIT INDEX
Exhibit
Number Description of Document Page No.
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10.1 Amendment of Agreement dated April 18, 2003. 5
99.1 Press Release of the registrant, dated 6
April 21, 2003.