Exhibit 10.1

                        AMENDMENT OF EMPLOYMENT AGREEMENT

     WHEREAS,  Everest Reinsurance Company (the "Company"),  Everest Reinsurance
Holdings,  Inc. ("Holdings") and Joseph V. Taranto were parties to an employment
agreement  effective  as  of  January  1,  2000,  as  amended  (the  "Employment
Agreement");

     WHEREAS,  pursuant  to a  restructuring  of  Holdings,  Holdings  became  a
wholly-owned subsidiary of Everest Re Group, Ltd. ("Everest Group");

     WHEREAS, in connection with the restructuring,  Everest Group established a
subsidiary, Everest Global Services, Inc. ("Everest Services");

     WHEREAS,  the  Employment  Agreement  was  amended in  connection  with the
restructuring  to reflect the  restructuring  and the  establishment  of Everest
Services;

     WHEREAS,  Taranto has been transferred to employment with Everest Services,
and, as required  under the  Employment  Agreement,  Everest  Services  has been
substituted for the Company under the Employment  Agreement and Everest Services
has adopted and has become a party to the Employment Agreement, all effective as
of the date on which Taranto was transferred to employment with Everest Services
(the "Transfer Date");

     WHEREAS,  it is now desirable to amend the Employment  Agreement to reflect
the actions taken with respect thereto effective as of the Transfer Date;

     NOW, THEREFORE, the Employment Agreement is hereby amended, effective as of
the Transfer Date, in the following particulars:

     1. By substituting the following for the second paragraph of Section 1.1 of
the Employment Agreement:

     "Holdings  hereby employs Taranto and Taranto hereby agrees to serve during
the term of this Agreement without additional compensation, on similar terms and
conditions  as set  forth in the  preceding  paragraph,  as  Chairman  and Chief
Executive  Officer of each of  Holdings  and Everest  Group and,  subject to his
election,  as a director of Everest  Reinsurance  Company and as a director  and
officer  of any  corporation  which is a  subsidiary  or  affiliate  of  Everest
Reinsurance Company, if elected by the stockholders or the board of directors of
such corporation;  provided, however, that in no event shall Taranto be required
to serve as a director of Everest Global  Services,  Inc.  (`Everest  Services')
unless he consents to do so."

<PAGE>


     2.  By  substituting  the  following  for  Section  1.4 of  the  Employment
Agreement:

     "1.4  Notwithstanding  the  foregoing  provisions  of this  Section  1, for
periods  after the date on which  Taranto was  transferred  to  employment  with
Everest  Services  (which  date  shall be  referred  to herein as the  `Transfer
Date'),  Taranto  agrees  that he shall,  as an  employee  of Everest  Services,
provide services for Everest Reinsurance Company,  Everest Group and Holdings as
described in the  foregoing  provisions of this Section 1. For periods after the
Transfer  Date,  (i)  Everest  Services  shall be  substituted  for the  Company
hereunder, (ii) neither Taranto's transfer of employment to Everest Services nor
the substitution of Everest Services for the Company  hereunder shall constitute
a  `Termination  for Good Reason'  within the meaning of Section 8.6 hereof or a
termination of employment with the Company for any other purpose hereunder,  and
(iii)  Taranto  agrees to continue to serve  during the term of this  Agreement,
without additional compensation,  as the Chairman and Chief Executive Officer of
Everest  Reinsurance  Company.  Notwithstanding  any  other  provision  of  this
Agreement,  in no event  shall  Taranto be  required  to serve as a director  of
Everest Services unless he consents to do so."

     3.  By  substituting  the  following  for  Section  6.4 to  the  Employment
Agreement:

     "6.4 For periods after the Transfer Date, Everest Group shall cause Everest
Services to provide Taranto with employee benefit plans, policies,  programs and
arrangements  (including  perquisites) which are substantially  similar to those
provided to similarly  situated  employees of Everest  Reinsurance  Company from
time to time."

     4.  By  substituting  the  following  for  Section  8.8 of  the  Employment
Agreement:

     "8.8 GENERAL; GUARANTY. The obligations of the Everest Reinsurance Company,
Holdings, Everest Group and Everest Services to pay Taranto the compensation and
other benefits  specified herein shall be absolute and  unconditional  and shall
not be affected by any circumstances, including without limitation, any set off,
counterclaim,  recoupment,  defense  or other  right  which any of them may have
against  Taranto or anyone else.  In no event shall Taranto be obligated to seek
other  employment  or take any other action by way of  mitigation of the amounts
payable to him under this Agreement.  To the extent that Everest Services fails,
for any reason, to meet its financial obligations under this Agreement,  Everest
Reinsurance  Company shall have full  responsibility  and liability for all such
obligations."

                                      -2-
<PAGE>
     IN WITNESS  WHEREOF,  the  parties  have  executed  this  amendment  to the
Employment Agreement on the 30th day of March, 2001.


                           Everest Reinsurance Company

                           By: /S/ JANET J. BURAK
                               ------------------------------------------------
                               Janet J. Burak
                               Senior Vice President


                           Everest Reinsurance Holdings, Inc.

                           By: /S/ JANET J. BURAK
                               ------------------------------------------------
                               Janet J. Burak
                               Senior Vice President


                           Everest Re Group, Ltd.

                           By: /S/ JANET J. BURAK
                               ------------------------------------------------
                               Janet J. Burak
                               Senior Vice President


                           Everest Global Services, Inc.

                           By: /S/ JANET J. BURAK
                               ------------------------------------------------
                               Janet J. Burak
                               Senior Vice President


                               /S/ JOSEPH V. TARANTO
                               ------------------------------------------------
                               Joseph V. Taranto



                                      -3-