Exhibit 10.29

                        AMENDMENT OF EMPLOYMENT AGREEMENT

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

       WHEREAS,  a  restructuring  of  Holdings  is  proposed  pursuant to which
Holdings  will  become  a  wholly-owned  subsidiary  of  Everest  Re Group, Ltd.
("Everest Group");

       WHEREAS,  in  connection with the restructuring, it is contemplated  that
Everest  Group  will  establish  a  subsidiary,  Everest  Global  Services, Inc.
("Everest Services"); and

       WHEREAS,  in  connection  with the  restructuring  and in anticipation of
the  establishment  of Everest  Services,  certain  amendments to the Employment
Agreement are desirable;

       NOW,  THEREFORE,  the  Employment  Agreement  is  hereby  amended in  the
following particulars, all effective as of and conditioned upon the consummation
of the restructuring transaction described in the Registration Statement on Form
S-4 (File Number  333-87361)  filed with the Securities  Exchange  Commission by
Everest Group:

       1.  By  adding the following new Section 1.1A to the Employment Agreement
immediately preceding Section 1.1 thereof:

                  "1.1A.  For  periods  on and after the  effective  date of the
restructuring  transaction  described in the Registration  Statement on Form S-4
(File Number 333-87361) filed with the Securities Exchange Commission by Everest
Re Group,  Ltd.  (`Everest  Group')  pursuant to which  Holdings  shall become a
wholly-owned  subsidiary of Everest Group (the  `Restructuring'),  Everest Group
shall be a party to this Agreement.  For periods on and after the Restructuring,
Holdings and Everest Group shall have co-extensive  rights,  duties,  powers and
responsibilities  to or with respect to Taranto hereunder,  except as applied to
Sections 1.5, 4 and 5 hereof, and Taranto shall have rights,  duties, powers and
responsibilities  to or with respect to Holdings and Everest Group which are the
same as those that he had to or with  respect to Holdings  immediately  prior to
the Restructuring."

       2.  By  substituting  the  following for the second and third paragraphs,
respectively, 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.
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                                      - 2 -

       It  is  the  intention  of Holdings  and Everest  Reinsurance  Company to
cause  Taranto  to  continue  to be a member of the Board  and to  continue  his
appointment  as a member of the  Executive  Committee  of the  Board.  It is the
intention  of  Everest  Group to cause  Taranto  to be a member  of the Board of
Directors of Everest Group (the "Group Board")  following the  Restructuring and
to cause his  appointment  as a member of the  Executive  Committee of the Group
Board."

       3.  By  adding the following  new Sections 1.4 and 1.5 to the  Employment
Agreement immediately after Section 1.3 thereof:

                  "1.4  Notwithstanding the foregoing provisions of this Section
1, in the event  that  Everest  Group  establishes  a  subsidiary  or  affiliate
(referred to herein as `Everest  Services') that employs individuals who perform
services  for more  than one  member  of the group of  companies  consisting  of
Everest Group and its subsidiaries,  Taranto agrees that he will, at the request
of the Group Board,  transfer to employment with Everest  Services.  For periods
after Taranto becomes an employee of Everest Services,  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.
In the event that Taranto transfers to employment with Everest Services pursuant
to the preceding  sentence,  (i) Everest  Services shall be substituted  for the
Company hereunder without any further action of the parties being required, (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,
(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, and (iv) Everest Group will cause Everest Services
to become a party to this Agreement.

                  1.5  Taranto  understands   that,  in  connection   with   the
restructuring, Everest Group will assume  all  of  the rights and obligations of
Holdings under the Everest Reinsurance Holdings, Inc. 1995 Stock Incentive Plan,
Everest  Reinsurance  Holdings, Inc. Executive Performance Annual Incentive Plan
and Everest Reinsurance  Holdings,  Inc.  Annual Incentive Plan.  Taranto agrees
that, following the Restructuring, all references  in  this  Agreement  to  such
plans  or  arrangements  (or  benefits  thereunder)  shall  be  to  the plans or
arrangements as assumed by Everest Group."

       4.  By  adding  the following new Section 6.4 to the Employment Agreement
immediately after Section 6.3 thereof:

                  "6.4 In the  event  that  Everest  Group  establishes  Everest
Services and in the event that  Taranto  transfers  to  employment  with Everest
Services,  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."
<PAGE>
                                      - 3 -

       5.  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, to the extent  applicable,
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,  the Everest  Reinsurance
Company shall have full responsibility and liability for all such obligations."

       6.  By  substituting  the  following  for  Section  9.1 of the Employment
Agreement:

                  "9.1 Taranto  acknowledges that as a result of the services to
be rendered to the Company,  Everest  Reinsurance  Company and their  affiliated
entities  hereunder,  Taranto  will be  brought  into  close  contact  with many
confidential affairs of the Company, its subsidiaries and affiliates not readily
made available to the public.  Taranto further acknowledges that the services to
be  performed  under  this  Agreement  are  of  a  special,   unique,   unusual,
extraordinary and intellectual character;  that the business of the Company, its
subsidiaries and its affiliates is international in scope;  that their goods and
services are marketed  through the United States and other  countries;  and that
Everest  Reinsurance Company competes with other organizations that are could be
located in any part of the United States or the world."

       7.  By  substituting  the  phrase  "the  Company,  its  subsidiaries  and
affiliated entities either" for the phrase "the Company either" where the latter
phrase appears in the first sentence of Section 9.2 of the Employment Agreement;
and by substituting  the phrase "the Company,  its  subsidiaries  and affiliated
entities  means" for the phrase  "the  Company  means"  where the latter  phrase
appears in the second sentence of Section 9.2 of the Employment Agreement.

       8.  By  substituting  the  phrase  "while  employed by the  Company,  its
subsidiaries  and  affiliated  entities" for the phrase  "while  employed by the
Company"  where the  latter  phrase  appears in  Section  9.3 of the  Employment
Agreement.

       9.  By  substituting  the  phrase  "termination  of  employment  with the
Company,  its subsidiaries and affiliated  entities" for the phrase "termination
of employment with the Company" where the latter phrase occurs in Section 9.4 of
the Employment Agreement.

       10. By  substituting  the  following  for  Section  9.5 of the Employment
Agreement:
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                                      - 4 -

"Taranto  will  promptly  disclose  to the Company  all  inventions,  processes,
original works of authorship,  trademarks, patents, improvements and discoveries
related to the business of the Company, its subsidiaries and affiliated entities
(collectively   `Developments'),   conceived  or  developed   during   Taranto's
employment with the Company,  its subsidiaries or affiliated  entities and based
upon information to which he had access during such  employment,  whether or not
conceived  during  regular  working  hours,  through  the use of  Company  time,
material or  facilities  (or those of the Company's  subsidiaries  or affiliated
entities) or otherwise.  All such  Developments  shall be the sole and exclusive
property of the Company, its subsidiaries and its affiliated entities,  and upon
request,  Taranto  shall  deliver  to  the  Company,  its  subsidiaries  or  its
affiliated entities,  as applicable,  all outlines,  descriptions and other data
and  records  relating to such  Developments,  and shall  execute any  documents
deemed necessary by the Company,  its subsidiaries or its affiliated entities to
protect their rights  hereunder.  Taranto  agrees,  upon request,  to assist the
Company, its subsidiaries and its affiliated entities to obtain United States or
foreign  letters  patent and copyright  registrations  covering  inventions  and
original works of authorship  belonging to the Company,  its subsidiaries or its
affiliated  entities  hereunder.   If  the  Company,  its  subsidiaries  or  its
affiliated   entities  are  unable  because  of  Taranto's  mental  or  physical
incapacity  to  secure  Taranto's  signature  or  apply  for  or to  pursue  any
application  for any  United  States or  foreign  letters  patent  or  copyright
registrations  covering inventions and original works of authorship belonging to
the Company, its subsidiaries or its affiliated entities hereunder, then Taranto
hereby  irrevocably  designates and appoints the Company,  its  subsidiaries and
affiliated  entities,  and their duly authorized  officers and agents, or any of
them, as his agent and attorney in fact, to act for and on his behalf and in his
stead to execute  and file any such  applications  and to do all other  lawfully
permitted  actions to further the  prosection  and issuance of letters patent or
copyright  registrations  thereon  with the same  legal  force and  effect as if
executed by him.  Taranto  hereby  waives and  quitclaims  to the  Company,  its
subsidiaries  and its  affiliated  entities  any and all  claims,  of any nature
whatsoever,  that he may  hereafter  have for  infringement  of any  patents  or
copyright  resulting from any such  application  for letters patent or copyright
registrations  belonging  to the Company,  its  subsidiaries  or its  affiliated
entities hereunder."

       11. By  substituting  the  phrase "the Company,  its subsidiaries and its
affiliated entities,  in addition to any other remedies that as may be available
to any of them," for the phrase "the Company,  in addition to any other remedies
as may be  available to it," where the latter  phrase  appears in Section 9.6 of
the Plan.

       12. By  substituting  the  following  for  Section  14  of the Employment
Agreement:

       "14.       Amendment or Modification; Waiver.

                  No  provision  of this  Agreement  may be amended or  modified
unless such amendment or modification is agreed to in writing, signed by Taranto
and by a duly  authorized  officer  of  each of the  other  parties.  Except  as
otherwise  specifically  provided in this  Agreement,  no waiver by either party
hereto of any breach by any other party of any  condition  or  provision  of the
Agreement  to be  performed  by such other  party  shall be deemed a waiver of a
similar  or  dissimilar  provision  or  condition  at the  same or any  prior or
subsequent time."
<PAGE>
                                      - 5 -

       IN  WITNESS  WHEREOF,  the  parties have executed  this  amendment to the
Employment Agreement on the 15th day of February, 2000.

                                     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
                                             Deputy Chairman

                                             /S/ Joseph V. Taranto
                                             ------------------------
                                             Joseph V. Taranto