Exhibit 99.1
NEWS RELEASE
EVEREST RE GROUP, LTD.
c/o ABG Financial & Management Services, Inc.
Parker House, Wildey Business Park, Wildey Road, St. Michael, Barbados
Contact:
Janet J. Burak
Senior Vice President
Everest Global Services, Inc.
908.604.3170
For Immediate Release
Everest Re Group Completes Gibraltar Acquisition
ST. MICHAEL, Barbados - September 19, 2000 -- Everest Re Group, Ltd.
(NYSE: RE) announced today that its US subsidiary Everest Reinsurance Holdings,
Inc. had completed the acquisition of Gibraltar Casualty Company from The
Prudential Insurance Company of America.
The acquisition price of $51.8 million effectively adds approximately
$500 million of invested assets to the $4.6 billion base Everest Re Group
reported at June 30, 2000.
Gibraltar will be managed by a team led by James H. Foster, who has
been named President of the company and promoted to Senior Vice President within
Everest Re. Mr. Foster, who has been with Everest since 1989, has over twenty
years of experience handling many different types of litigation. Mr. Foster will
maintain his current role as the principal investor relations officer for
Everest Re Group.
Immediately following the acquisition, Gibraltar's name was changed to
Mt. McKinley Insurance Company.
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 US and international
markets. Everest Reinsurance (Bermuda), Ltd. provides reinsurance to property
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and casualty and life insurers in both the Bermuda and international markets.
Everest National Insurance Company provides property and casualty insurance to
policyholders in the United States. Everest Indemnity Insurance Company offers
excess and surplus lines insurance in the United States. Southeastern Security
Insurance Company provides personal lines coverage in Georgia. 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: www.everestregroup.com.
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