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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
__________________
FORM 8-K
__________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities and Exchange Act of 1934
August 8, 1996
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Date of Report (Date of earliest event reported)
Everest Reinsurance Holdings, Inc.
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(Exact name of Registrant as specified in its charter)
Delaware
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(State or other jurisdiction of incorporation)
1-13816
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(Commission File Number)
22-3263609
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(IRS Employer Identification Number)
3 Gateway Center
Newark, New Jersey 07102
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(Address of principal executive offices)
(201) 802-8000
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(Registrant's telephone number)
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ITEM 4. CHANGES IN COMPANY'S INDEPENDENT ACCOUNTANT
(a) Previous Independent Accountants -- On August 6, 1996, Everest
Reinsurance Holdings, Inc. (the "Registrant") dismissed its independent
accountants, Deloitte & Touche LLP. Prior to August 6, 1996, Deloitte & Touche
LLP was engaged to audit the Registrant's financial statements. The reports by
Deloitte & Touche LLP on the Registrant's financial statements for the fiscal
years ended December 31, 1995 and December 31, 1994 did not contain any adverse
opinion or disclaimer of opinion, nor were they qualified or modified as to
uncertainity, audit scope or accounting principles. The dismissal of the former
accountants was approved by the Registrant's Audit Committee.
During the Company's two most recent fiscal years, and through
August 6, 1996, there were no disagreements with Deloitte & Touche LLP on any
matter of accounting principles or practices, financial statement disclosure or
auditing scope or procedure, which disagreements, if not resloved to the
satisfaction of Deloitte & Touche LLP, would have caused them to make reference
to the subject matter of the disagreement in their reports. Also, there were no
reportable events of the nature described in Regulation S-K Item 304(a) (1) (v)
during the Company's two most recent fiscal years and through August 6, 1996.
(b) New Independent Accountants -- The Registrant engaged Coopers &
Lybrand L.L.P. as its new independent accountants as of August 6, 1996. During
the two most recent fiscal years and through August 6, 1996, the Registrant has
not consulted with Coopers & Lybrand L.L.P. regarding (1) the application of
accounting principles to a specified transaction, either completed or proposed,
or the type of audit opinion that might be rendered on Registrant's financial
statements or (2) the subject matter of disagreement or a reportable event with
the former auditor (as described in Regulation S-K Item 304(a) (1) (v).
ITEM 5. OTHER EVENTS
(a) On August 1, 1996, the Registrant issued a news release announcing
that Robert A. Mulderig has become a director of the Registrant. A copy of the
news release is filed herewith as Exhibit 99.1.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits
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Exhibit No. Description
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16 Letter from Deloitte & Touche LLP
regarding Item 4 (a).
99.1 New Release of the Registrant,
dated August 1, 1996.
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SIGNATURES
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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 REINSURANCE HOLDINGS, INC.
/s/ Janet Burak Melchione
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Janet Burak Melchione
Senior Vice President, General Counsel and
Secretary
Dated: August 8, 1996
EXHIBIT INDEX
Exhibit No. Description Page No.
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16 Letter from Deloitte & Touche LLP 4
regarding Item 4 (a).
99.1 News release of the Registrant, 5
dated August 1, 1996.
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[LETTERHEAD OF DELOITTE & TOUCHE LLP]
August 8, 1996
Securities and Exchange Commission
Mail Stop 9-5
450 5th Street, N.W.
Washington, DC 20549
Dear Sirs/Madams:
We have read and agree with the comments in Item 4(a) of Form 8-K of Everest
Reinsurance Holdings, Inc. dated August 8, 1996.
Yours truly,
/s/ Deloitte & Touche
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NEWS RELEASE
EVEREST REINSURANCE HOLDINGS, INC.
Three Gateway Center, Newark, N.J. 07102-4082
Contact:
Janet Burak Melchione
For Immediate Release
Senior Vice President and
General Counsel 201.802.6996
EVEREST REINSURANCE NAMES NEW DIRECTOR
NEWARK, New Jersey (August 1, 1996) -- Everest Reinsurance Holdings, Inc.
(NYSE: RE) announced today that it has named Robert A. Mulderig to its Board of
Directors.
Mr. Mulderig is Chairman and Chief Executive Officer of Mutual Risk Management
Ltd., a Bermuda holding company whose subsidiaries provide risk management and
related services to clients participating in the alternative risk market. Mr.
Mulderig also holds senior positions with Bermuda and U .S. insurance companies,
and serves on the Board of Directors of a number of captive insurance and
reinsurance companies. Everest Chairman and Chief Executive Officer Joseph V.
Taranto said, "Rob Mulderig's many years of experience in the insurance and
reinsurance business will be a great assset to the Company, and we are most
excited that he has joined our Board."
Through its subsidiaries, Everest Reinsurance Company and Everest Reinsurance
Ltd., the Company provides reinsurance to property and casualty insurers both
domestically and in international markets. Its subsidiary, Everest National
Insurance Company, provides property and casualty insurance to policyholders in
the United States.
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