, Risk Management Solutions (RMS),
the world's leading provider of products and services for the management of
catastrophe risk, announced today that ISPartners Alternative Risk Advisors
has licensed the RiskLink(R) catastrophe modeling software for use in
evaluating and managing ISPartners' portfolio of insurance-linked securities .com
Anyone receiving this release by wire or through the Internet may
visit the Company's web site to view supplemental financial
information on the Company's results.

(1) The Company generally uses after-tax operating income, a non-GAAP
financial measure, to evaluate its performance .01;
200 million shares authorized;
(2005) 56.

acsg bermuda

, Europe, and Japan.

RMS and RiskLink are registered trademarks, and the RMS logo is a
trademark of Risk Management Solutions , Inc. federal securities laws.S.90 $151,543 $2.93 $ 2.75% Senior notes due 3/15 /2010 199,367 199,341
5.

somewhat reinsurance

The company advises the ISP Event Linked Securities Fund Limited, a Bermuda
based investment fund set up as a segregated account company.71 billion,
or $66. Taranto said, "We are pleased with the results
achieved this quarter. The Company undertakes no obligation
to update publicly or revise any forward-looking statements made.

reinsurer irmgard

ISPartners
Alternative Risk Advisors seeks to provide investors with capital
appreciation, low volatility and low correlation to traditional and non-
traditional asset classes by investing in assets which carry exposure to
insurance event risks, in particular catastrophe bonds, industry loss
warranties or reinsurance contracts.rms.67 per diluted share, in the first quarter of 2004.4% compared to 90. The change in book value
represents a 1. The supplemental information is
located at www.93 $126,101 $2.
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands, except par value per share)

March 31, December 31,
2005 2004
------------------------------
(unaudited)
ASSETS:
Fixed maturities -
available for sale , at market value
(amortized cost: 2005, $9,724,091;
2004, $9,609,617) $ 9,917,731 $ 9,947,172
Equity securities, at market value
(cost: 2005, $739,738; 2004, $571,717) 798,788 650,871
Short-term investments 428,532 585,875
Other invested assets
(cost: 2005, $168,035; 2004, $160,188) 169,280 161,324
Cash 151,522 184,930
------------------------------
Total investments and cash 11,465,853 11,530,172
Accrued investment income 132,553 130 ,216
Premiums receivable 1,281,834 1,314,160
Reinsurance receivables 1,197,279 1,210,795
Funds held by reinsureds 200,618 195,944
Deferred acquisition costs 336,529 331,909
Prepaid reinsurance premiums 80,014 84,646
Deferred tax asset 209,626 159,874
Other assets 142,742 115,050
------------------------------
TOTAL ASSETS $15,047,048 $15,072,766
- -----------------------------

LIABILITIES:
Reserve for losses and
adjustment expenses $ 7,972,242 $ 7,836,306
Future policy benefit reserve 149 ,833 152,179
Unearned premium reserve 1,596,512 1,595,630
Funds held under reinsurance treaties 250,531 282,472
Losses in the course of payment 49,757 19,069
Contingent commissions 243 2,509
Other net payable to reinsurers 52,029 47,462
Current federal income taxes 29,383 31,854
8.5% Senior notes due 3/15/2005 - 249,976
8.5 million shares (2005 and 2004) (22,950) (22,950)
------------------------------
Total shareholders ' equity 3,755,679 3,712,518
----------- -------------------
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $15,047,048 $15,072,766
------------------------------

EVEREST RE GROUP, LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in thousands)

Three Months Ended
March 31,
-----------------------------
2005 2004
-----------------------------
(unaudited )
CASH FLOWS FROM
OPERATING ACTIVITIES:
Net income $ 167,095 $ 126,101
Adjustments to reconcile net
income to net cash provided
by operating activities:
Decrease (increase)
in premiums receivable 32,778 (136,084)
Increase in funds held
by reinsureds, net (37,082) (57,767)
Decrease in reinsurance receivables 11,143 20,920
(Increase) decrease in deferred tax asset (12,648) 2,410
Increase in reserve for losses
and loss adjustment expenses 140,692 338,185
Decrease in future policy
benefit reserve (2,346) (2,409)
Increase in unearned premiums 842 118,745
Increase (decrease) in other
assets and liabilities 19 ,074 (52,129)
Non-cash compensation expense 444 286
Amortization of bond premium 7,644 6,431
Amortization of underwriting
discount on senior notes 58 48
Realized capital (gains ) losses (2,477) 34,908
----------- ------------------
Net cash provided by
operating activities 325,217 399,645
-----------------------------

CASH FLOWS FROM
INVESTING ACTIVITIES:
Proceeds from fixed maturities
matured/called - available for sale 123,015 168,786
Proceeds from fixed maturities sold -
available for sale 120,270 512,887
Proceeds from equity securities sold - 1,317
Proceeds from other invested assets sold 1,781 280
Cost of fixed maturities acquired -
available for sale (367,968) (1,060,147)
Cost of equity securities acquired (168,021) (108,230)
Cost of other invested assets acquired (6,417) (289)
Net sales (purchases) of
short-term securities 158,866 (427,798)
Net increase in unsettled
securities transactions 31,174 101,155
-----------------------------
Net cash used in investing activities (107,300) (812 ,039)
-----------------------------

CASH FLOWS FROM FINANCING ACTIVITIES:
Common shares issued during the period 10,445 12,044
Dividends paid to shareholders (6,198) (5,592)
Repayment of senior notes (250,000) -
Net proceeds from issuance of
junior subordinated notes - 319,997
--------------- --------------
Net cash (used in) provided by
financing activities (245 ,753) 326,449
-----------------------------
EFFECT OF EXCHANGE RATE CHANGES ON CASH (5,572) 2,278
-----------------------------
Net decrease in cash (33,408) (83,667)
Cash, beginning of period 184,930 184,859
-----------------------------
Cash, end of period $ 151,522 $ 101,192
------------------------ -----
SUPPLEMENTAL CASH FLOW INFORMATION
Cash transactions:
Income taxes paid, net $ 36,890 $ 19,528
Interest paid $ 28,847 $ 23,957

insurers commercially

5% to $167. Our superior existing portfolio of business,
our ratings, our diversified operating platform, our people and our
culture position us well in this changing market.22
-----------------------------

EVEREST RE GROUP, LTD.4 million and (2004)
56. These
include, but are not limited to, the cyclical nature of the insurance
and reinsurance industry, premium rates, the estimation of loss
reserves and loss reserve development , net loss retention, the effect
of competition, the ability to collect reinsurance recoverables, the
availability and cost of reinsurance, changes in the value of the
Company's investment portfolio , changes in the ratings assigned to the
Company by rating agencies and other risks and uncertainties as
included in the Company's filings with the Securities and Exchange
Commission.

montlake aon

Operating income differs
from net income only by the exclusion of realized gains and losses on
investments.05
billion , a 14.6%
from $399.streetevents.

--Financial Details Follow--

EVEREST RE GROUP, LTD.

captive garnet

For more information, visit the
ISPartners website at http://www.ch.

archipelago capstone

Founded at Stanford University
in 1988, RMS serves clients today from offices in the U. is a Bermuda holding company that operates
through the following subsidiaries: Everest Reinsurance Company
provides reinsurance to property and casualty insurers in both the
U.
Additional information on Everest Re Group companies can be found at
the Group's web site at www.4% Senior notes due 10/15/2014 249,592 249,584
Junior subordinated debt
securities payable 546,393 546,393
Accrued interest on debt and borrowings 9,229 16,426
Other liabilities 186,258 131,047
---- --------------------------
Total liabilities 11,291,369 11,360,248
------------------------------

SHAREHOLDERS' EQUITY:
Preferred shares, par value:
$0.
George R.

stewarding commercially

ISPartners Alternative Risk Advisors Licenses RMS(R) Catastrophe Modeling Software

Net
investment income for the first quarter was $132.76
billion, or $66 .26
-----------------------------
Average diluted shares
outstanding (000's) 57,076 56,834
Net income per common share - diluted $ 2. (NYSE: NYM) announced today that it has declared a
dividend to shareholders of six cents per share, payable on April 6,
2005 to shareholders of record on March 31, 2005. is an insurance holding company whose property and
casualty insurance subsidiaries specialize in underwriting ocean
marine, inland marine and non-marine liability insurance, and whose
agency subsidiaries specialize in establishing markets for such
business. Some of these assumptions may not
materialize and unanticipated events may occur which could cause
actual results to differ materially from such statements.

feasibility stewarding

"

This news release contains forward-looking statements within the
meaning of the U. Everest Reinsurance (Bermuda), Ltd.

NYMAGIC INC. Declares Dividend

stewarding aon

5% decrease compared to $1 .22 billion in 2004. Net
premiums written were $1.65 per outstanding share.S. The Company understands that the equity
analysts who follow the Company focus on after-tax operating income in
their analyses for the reasons discussed above. The Company maintains offices in New York, San Francisco and
Chicago .

montlake feasibility

About RMS
Risk Management Solutions is the world's leading provider of products and
services for catastrophe risk management. More than 400 leading insurers,
reinsurers, trading companies, and other financial institutions rely on RMS
models to quantify, manage, and transfer risk.
Commenting on the Company's results, Chairman and Chief Executive
Officer Joseph V.everestre .
The Company believes that the level of realized gains (losses) for any
particular period is not indicative of the performance of the
underlying business in that particular period. These statements are based
upon a number of assumptions and estimates, which inherently are
subject to uncertainties and contingencies, many of which are beyond
the control of the Company. These risks could cause actual results for the 2004 year
and beyond to differ materially from those expressed in any
forward-looking statements made.

However, the company establishing a captive gains responsibility for accounting and reserves that it would not worry about if it had purchased insurance commercially .

feasibility underwriting

All other trademarks are property
of their respective owners.
These statements involve risks and uncertainties that could cause
actual results to differ materially from those contained in
forward -looking statements made on behalf of the Company. Trumbull, Chairman and Chief Executive Officer,
commented , "This dividend to our shareholders reflects our continued
confidence in the prospects for the Company .

For example, the company may accept a million dollars in risk annually, but pay a reinsurer to cover losses beyond that point.

irmgard reinsurer

"

About ISPartners Alternative Risk Advisors
ISPartners Alternative Risk Advisors AG is an alternative investment
advisory company founded and managed by Stefan Mueller and Karsten Bromann.com.

Business Editors/Insurance Writers

HAMILTON, Bermuda----Everest Re
Group, Ltd.9 million in the first quarter of 2004.2% increase from shareholders' equity of $3 .09 per outstanding share, at December 31, 2004.

Everest Re Group, Ltd. Eastern Time on April 19, 2005.

Captive insurance is somewhat like a self-owned insurance company.

It is established as part of a complex risk management strategy in the long-term hope of saving money.

commercially establishing

"
Tibor Winkler, director of risk markets at RMS added, "Servicing the
alternative risk markets continues to be an exciting and rapidly growing area
for RMS and we are delighted to be working with ISPartners Alternative Risk
Advisors. Therefore, licensing catastrophe models to
investment funds like ISPartners Alternative Risk Advisors is viewed as
increasingly important and a natural extension of RMS business.01 billion , a decrease of 14.2 million, a decrease of 18. The Company provides
after-tax operating income to investors so that they have what
management believes to be a useful supplement to GAAP information
concerning the Company's performance.6 million at 2004 200,112 328,737
Retained earnings 2,591,145 2,430,248
Treasury shares, at cost;
0.

establishing domiciled

"Licensing RMS catastrophe models and collaborating with RMS experts is an
important component of quantifying and managing the risk represented by our
investment-portfolio ," said Stefan Mueller, managing partner of ISPartners
Alternative Risk Advisors.6 million in the first quarter of 2004. We intend these
forward-looking statements to be covered by the safe harbor provisions
for forward-looking statements in the U.
CONSOLIDATED STATEMENTS OF OPERATIONS
AND COMPREHENSIVE INCOME
(Dollars in thousands, except per share amounts)

Three Months Ended
March 31,
-----------------------------
2005 2004
-----------------------------
(unaudited)
REVENUES:
Premiums earned $1,005,915 $1,055,065
Net investment income 132,886 100,897
Net realized capital gains (losses) 2,477 (34,908)
Net derivative expense (1,221) (3,752 )
Other (expense) income (5,390) 1,460
-----------------------------
Total revenues 1,134,667 1,118,762
-----------------------------


CLAIMS AND EXPENSES:
Incurred losses and
loss adjustment expenses 668,254 711,528
Commission, brokerage, taxes and fees 222,322 222,779
Other underwriting expenses 28,756 23,598
Interest expense on senior notes 12,235 9,736
Interest expense on
junior subordinated debt 9,362 4,419
Interest expense on credit facility 110 324
-----------------------------
Total claims and expenses 941,039 972,384
-- ---------------------------

INCOME BEFORE TAXES 193,628 146 ,378
Income tax expense 26,533 20,277
-----------------------------
NET INCOME $ 167 ,095 $ 126,101
-----------------------------
Other comprehensive (loss) income,
net of tax (128,625) 66,863
-----------------------------
COMPREHENSIVE INCOME $ 38,470 $ 192,964
-------- ---------------------
PER SHARE DATA:
Average shares outstanding (000's) 56,141 55,771
Net income per common share - basic $ 2.

captive bermuda

Sustainable development of a portfolio of alternative, insurance-
linked natural and man-made catastrophe risk finance solutions requires that
underwriting and portfolio management are carried out on the basis of
quantitative risk assessment .winkler@rms.22 per
diluted share, in the first quarter of 2004. Cash flow from operations
for the first quarter of 2005 was $325.S. Providing only a GAAP
presentation of net income makes it more difficult for users of the
financial information to evaluate the Company's success or failure in
its basic business, and may lead to incorrect or misleading
assumptions and conclusions .

Captive schemes typically involve reinsurance.

reinsurer stewarding

ispartners.S.
Gross premiums written for the first quarter of 2005 were $1.18
billion for the first quarter of 2004.9 million compared to
$100. Everest National Insurance Company
and Everest Security Insurance Company provide property and casualty
insurance to policyholders in the U. The supplemental financial information may also be
obtained by contacting the Company directly.98 $ 2.

reinsurance archipelago

1% from $1. Federal securities laws. These risks
and uncertainties include the impact of general economic conditions
and conditions affecting the insurance and reinsurance industry, the
adequacy of our reserves, our ability to assess underwriting risk,
trends in rates for property and casualty insurance and reinsurance,
competition, investment market fluctuations , trends in insured and
paid losses, catastrophes, regulatory and legal uncertainties and
other factors described in our latest Annual Report on Form 10-K. The
Company undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information ,
future events or otherwise. and international markets. Everest Indemnity Insurance
Company offers excess and surplus lines insurance in the U.46)
-------------------- ----------------------
After-tax operating income $165,247 $2.01; 50 million shares authorized;
no shares issued and outstanding - -
Common shares, par value: $0.

capstone establishing

NEWARK, Calif.com

Tibor Winkler
RMS, London
+44 20 7444 7707
tibor. (NYSE: RE) reported first quarter 2005 after-tax operating
income(1), which excludes realized capital gains and losses, of $165.93 per diluted share, compared to $126. The Company's GAAP combined
ratio in the first quarter was 91. The call will be
available on the Internet through the Company 's web site or at
www.

Business Editors

NEW YORK----The Board of Directors
of NYMAGIC , INC.

irmgard underwriting

First quarter 2005 net income increased 32.1 million, or
$2.1 million, or $2.8% in 2004 .67
==========================================

Although realized capital gains (losses) are an integral part of the
Company's insurance operations, the determination of realized capital
gains (losses) is independent of the insurance underwriting process."
NYMAGIC , INC.

stewarding underwriting

This agreement is the latest development in RMS' servicing of the investment
community, further highlighting the rapidly growing importance of catastrophe-
modeling in the assessment of alternative investments such as Insurance Linked
Securities (ILS).
At March 31, 2005, the Company 's shareholders' equity was $3.m.2 million issued 568 566
Additional paid-in capital 993,468 983,025
Unearned compensation (6,664) (7,108)
Accumulated other comprehensive income,
net of deferred income taxes of
$96.

Any forward-looking statements concerning the Company's
operations, economic performance and financial condition contained
herein, including statements related to the outlook for the Company's
performance and the Company's ability to pay dividends in 2004 and
beyond, are made under the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995.

montlake feasibility

"We look forward to working with RMS experts as our
fund continues to grow and we constantly evaluate new investment
opportunities.

Editorial Contacts:

Mark Prindle
TorranceCo , New York
1-212-691-5860
mprindle@torranceco.com

90 per diluted share, a 9 % increase compared to $151.5
million, or $2.com
A conference call discussing the first quarter results will be
held at 8:30 a. After-tax
operating income consists of net income excluding after-tax
realized gains (losses) as the following reconciliation displays:

(Dollars in thousands, except per share amounts)

Three Months Ended
March 31,
------- ----------------------------------
2005 2004
-----------------------------------------
(unaudited)
per per
diluted diluted
amount share amount share
-------------- ----------------------------
Net income $167,095 $2.8 million at 2005 and
$135.

retention domiciled

Everest Re Group Announces First Quarter Earnings

2
million, or $2.S.S.everestre.com in the "Financial Reports" section of the
"Investor Center".

capstone feasibility

For more information, visit our web site at http://www.,
including through its branch in the United Kingdom, provides
reinsurance and insurance to worldwide property and casualty markets
and reinsurance to life insurers.22
After-tax realized
gains (losses) 1,848 0.03 (25,442) (0.

insurers garnet

---

- - kjjkjk

Loading...

(Note: These pages use the Atlas Content Safeguard System (ACSS) and require that Javascript is enabled for viewing.)