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Prepared and filed by St Ives Financial
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<p align="center"><font size="2" face="serif"><b><font face="serif" size="5">UNITED STATES </font></b></font><br>
<b><font face="serif" size="5">SECURITIES AND EXCHANGE COMMISSION </font></b><br>
<font face="serif" size="3">WASHINGTON, D.C. 20549 </font></p>
<p align="center"><b><font face="serif" size="5">FORM 8-K </font></b></p>
<p align="center"><font size="2" face="serif"><b>CURRENT REPORT </b></font></p>
<p align="center"><font size="2" face="serif"><b>PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 </b></font></p>
<p align="center"><font size="2" face="serif">February 3, 2006</font><br>
<font size="2" face="serif">Date of Report (Date of earliest event reported) </font></p>
<p align="center"><b><font face="serif" size="5">PXRE GROUP LTD. </font></b></p>
<p align="center"><font size="2" face="serif">(Exact name of registrant as specified in its charter) </font></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr align="center" valign="top">
    <td width="33%"><font size="2" face="serif">Bermuda</font></td>
    <td width="33%"><font size="2" face="serif">1-15259</font></td>
    <td><font size="2" face="serif">98-0214719</font></td>
  </tr>
  <tr align="center" valign="top">
    <td><font size="2" face="serif">(State or other jurisdiction<br>
    of incorporation or organization)    </font></td>
    <td><font size="2" face="serif">(Commission<br>
    File No.)    </font></td>
    <td><font size="2" face="serif">(I.R.S.
Employer<br>
Identification
No.)    </font></td>
  </tr>
</table>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr align="left" valign="top">
    <td width="20%">&nbsp;</td>
    <td width="40%">&nbsp;</td>
    <td width="40%">&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td width="15%">&nbsp;</td>
    <td><font size="2" face="serif">PXRE House<br>
    110 Pitts Bay Road <br>
    Pembroke HM 08<br>
    Bermuda <br>
    (Address, including zip code,<br>
    of principal executive offices)    </font></td>
    <td><font size="2" face="serif">P.O.
Box HM 1282<br>
Hamilton HM FX <br>
Bermuda<br>
<br>
<br>
(Mailing address)    </font></td>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>
<p align="center"><font size="2" face="serif">                   </font></p>
<p align="center"><font size="2" face="serif">                                 (441) 296-5858</font><br>
<font size="2" face="serif">(Registrant's telephone number, including area code)</font></p>
<p align="center"><font size="2" face="serif">NOT APPLICABLE </font><br>
<font size="2" face="serif">(Former Name or Former Address, if Changed Since Last Report) </font></p>
<p align="left"><font size="2" face="serif">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): </font></p>
<p align="left"><font size="2" face="serif"><img src="emptybox.gif" width="12" height="12"> Written
    communications pursuant to Rule 425 under the Securities Act </font> <font size="2" face="serif">(17
    CFR 230.425) </font></p>
<p align="left"><font size="2" face="serif"><img src="emptybox.gif" width="12" height="12"> Soliciting material pursuant
    to Rule 14a-12 under the Exchange Act  (17 CFR 240.14a-12) </font></p>
<p align="left"><font size="2" face="serif"><img src="emptybox.gif" width="12" height="12"> Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </font></p>
<p align="left"><font size="2" face="serif"><img src="emptybox.gif" width="12" height="12"> Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) </font></p>
<p align="center">&nbsp;</p>
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<a name="p?"></a>
<p align="left"><font size="2" face="serif"><b>Item 8.01.  Other Events</b></font></p>
<p align="left"><font size="2" face="serif">PXRE Group (&#8220;PXRE&#8221;) has
    elected to enforce the non-competition and non-solicitation covenants contained
    in the Employment Agreement, dated as of August 27, 2004 (the &#8220;Employment
    Agreement&#8221;), between PXRE and John M. Modin, PXRE&#8217;s former Chief
    Financial Officer. Mr. Modin resigned effective as of January 6, 2006 (the &#8220;Termination
    Date&#8221;).  In accordance with the terms of the Employment Agreement,
    Mr. Modin will be prohibited from engaging in various competitive activities
    and from soliciting clients and employees of PXRE for a one year period commencing
    as of the Termination Date. In consideration of the enforcement of the foregoing
    non-competition and non-solicitation covenants, PXRE is required, pursuant
    to the terms of the Employment Agreement, to pay Mr. Modin an amount equal
    to two times his base salary of $372,600 in bi-weekly intervals over the
    next two years and to continue to provide Mr. Modin with certain employee
    benefits or their economic equivalents for a one year period. A copy of the
    Employment Agreement was previously filed under a Current Report on Form
    8-K on August 31, 2004.</font></p>
<p align="center"><font size="2" face="serif"><b>SIGNATURES </b></font></p>
<p align="left"><font size="2" face="serif">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. </font></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign="bottom">
    <td width="33%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="25%" align="center"><font size="2" face="serif"><b><u>PXRE Group Ltd. </u></b></font><br>
      <font size="2" face="serif">(Registrant) </font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td><font size="2" face="serif"><i>By: </i></font></td>
    <td align="left"><font size="2" face="serif"><i><u>/s/ Robert
    P. Myron</u></i></font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td><font size="2" face="serif"><i>Name: </i></font></td>
    <td align="left"><font size="2" face="serif"><i>Robert P. Myron</i></font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td align="left" valign="top"><font size="2" face="serif"><i>Title: </i></font></td>
    <td align="left" valign="top"><font size="2" face="serif"><i>Executive Vice President &amp; <br>
      Chief
    Financial Officer</i></font></td>
    <td>&nbsp;</td>
  </tr>
</table>
<p align="left">&nbsp;</p>
<p align="left"><font size="2" face="serif">Date:  February 3, 2006 </font></p>
<p align="center">&nbsp;</p>
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Prepared and filed by St Ives Financial
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 EXCHANGE ACT OF 1934
February 3, 2006
Date of Report (Date of earliest event reported)
PXRE GROUP LTD.
(Exact name of registrant as specified in its charter)
Bermuda
1-15259
98-0214719
(State or other jurisdiction
of incorporation or organization)
(Commission
File No.)
(I.R.S.
Employer
Identification
No.)
PXRE House
110 Pitts Bay Road
Pembroke HM 08
Bermuda
(Address, including zip code,
of principal executive offices)
P.O.
Box HM 1282
Hamilton HM FX
Bermuda
(Mailing address)
(441) 296-5858
(Registrant's telephone number, including area code)
NOT APPLICABLE
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
Written
    communications pursuant to Rule 425 under the Securities Act
(17
    CFR 230.425)
Soliciting material pursuant
    to Rule 14a-12 under the Exchange Act  (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 8.01.  Other Events
PXRE Group ("PXRE") has
    elected to enforce the non-competition and non-solicitation covenants contained
    in the Employment Agreement, dated as of August 27, 2004 (the "Employment
    Agreement"), between PXRE and John M. Modin, PXRE's former Chief
    Financial Officer. Mr. Modin resigned effective as of January 6, 2006 (the "Termination
    Date").  In accordance with the terms of the Employment Agreement,
    Mr. Modin will be prohibited from engaging in various competitive activities
    and from soliciting clients and employees of PXRE for a one year period commencing
    as of the Termination Date. In consideration of the enforcement of the foregoing
    non-competition and non-solicitation covenants, PXRE is required, pursuant
    to the terms of the Employment Agreement, to pay Mr. Modin an amount equal
    to two times his base salary of $372,600 in bi-weekly intervals over the
    next two years and to continue to provide Mr. Modin with certain employee
    benefits or their economic equivalents for a one year period. A copy of the
    Employment Agreement was previously filed under a Current Report on Form
    8-K on August 31, 2004.
SIGNATURES
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.
PXRE Group Ltd.
(Registrant)
By:
/s/ Robert
    P. Myron
Name:
Robert P. Myron
Title:
Executive Vice President &
Chief
    Financial Officer
Date:  February 3, 2006