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Prepared and filed by St Ives Financial
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<p align="center"><b><font face="serif" size="5">UNITED STATES<br>
</font></b><b><font face="serif" size="5">SECURITIES AND EXCHANGE COMMISSION<br>
</font></b><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">January 9, 2006<br>
</font><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"><b>Bermuda</b></font></td>
    <td width="33%"><b><font size="2" face="serif">1-15259</font></b></td>
    <td><b><font size="2" face="serif">98-0214719</font></b></td>
  </tr>
  <tr align="center" valign="top">
    <td><font size="2" face="serif">(State or other jurisdiction<br>
      of incorporation or organization)      <br>
    </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>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td width="20%">&nbsp;</td>
    <td width="40%"><font size="2" face="serif"><b>PXRE House<br>
    110 Pitts Bay Road <br>
    Pembroke HM 08<br>
    Bermuda</b><br>
    (Address, including zip
code,<br>
of principal executive offices)    </font></td>
    <td width="40%"><font size="2" face="serif"><b>P.O. Box HM 1282<br>
    Hamilton HM FX <br>
    Bermuda</b><br>
    (Mailing address)    </font></td>
  </tr>
</table>
<p align="center"><font face="serif" size="2"><b>(441) 296-5858</b><br>(Registrant's telephone number, including area code)</font></p>
<p align="center"><font face="serif" size="2"><b>NOT APPLICABLE</b><br>(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 align="left"><font size="2" face="serif"><img src="emptybox.gif">&nbsp;&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </font></p>
<p align="left"><font size="2" face="serif"><img src="emptybox.gif">&nbsp;&nbsp;&nbsp;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">&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule
14d-2(b) under the Exchange Act (17
CFR 240.14d-2(b)) </font></p>
<font size="2" face="serif"><img src="emptybox.gif">&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule
13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) </font>
<p align="center"><font face="serif" size="2"></font></p>
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<div style="page-break-before:always"></div>
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<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<p align="left"><font size="2" face="serif"><b>Item 1.01.  Entry into a Material Definitive Agreement</b></font></p>
<p align="left"><font size="2" face="serif">On January 9, 2006, PXRE Reinsurance Ltd. (&#147;PXRE&#148;) and Barclays Bank PLC (&#147;Barclays&#148;) entered into a Global Amendment Agreement effective as of December 31, 2005 (the &#147;Amendment&#148;), which amends the Letter of Credit Facility Agreement dated June 25, 2004 and related Security Agreement between PXRE and Barclays (the &#147;LC Facility&#148;).  The Amendment increases the available letter of credit capacity under the LC Facility from $135 million to $250 million and extends the term until December 31, 2006.  The Amendment is attached as Exhibit 99.l.</font></p>
<p align="left"><font size="2" face="serif"><b>Item 9.01. Financial Statements and Exhibits </b></font></p>
<table width="100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="top">
  <td width="8%"> <font size="2" face="serif">(c)</font> </td>
  <td> <font size="2" face="serif">Exhibits</font></td>
</tr>
<tr valign="top">
  <td>&nbsp;</td>
  <td>&nbsp;</td>
</tr>
<tr valign="top">
  <td width="8%"> <font size="2" face="serif">Exhibit No.</font></td>
  <td> <font size="2" face="serif">Description</font> </td>
</tr>
<tr valign="top">
  <td>&nbsp;</td>
  <td>&nbsp;</td>
</tr>
<tr valign="top">
<td width="8%">
<font size="2" face="serif">99.1</font></td>
<td>
<font size="2" face="serif">Global Amendment Agreement, dated December 31, 2005, by and between PXRE Reinsurance Ltd., as Borrower, and Barclays Bank PLC, as Issuer</font></td>
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<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>
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    <td width="40%">&nbsp;</td>
    <td align="center"><font size="2" face="serif"><b><u>PXRE Group Ltd. <br>
    </u></b>(Registrant) <b><u>    </u></b></font></td>
    <td width="30%">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
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  <tr>
    <td>&nbsp;</td>
    <td><font size="2" face="serif"><i>By: <u>/s/ Robert P. Myron</u></i></font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="2" face="serif"><i>Name: Robert P. Myron</i></font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="2" face="serif"><i>Title: Executive Vice President and<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Financial Officer</i></font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
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<p align="left"><font size="2" face="serif">Date: January 9, 2006 </font></p>
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{"company-data": {"conformed-name": "PXRE GROUP LTD", "cik": "0001091748", "assigned-sic": "6361", "irs-number": "980214719", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-15259", "film-number": "06522042"}, "business-address": {"street1": "PXRE HOUSE", "street2": "110 PITTS BAY ROAD", "city": "PEMBROKE", "state": "D0", "zip": "HM 08", "phone": "4412965858"}, "mail-address": {"street1": "P O BOX HM 1282", "city": "HAMILTON BERMUDA", "state": "D0", "zip": "HM FX"}}
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
January 9, 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))
Back to Contents
Item 1.01.  Entry into a Material Definitive Agreement
On January 9, 2006, PXRE Reinsurance Ltd. ("PXRE") and Barclays Bank PLC ("Barclays") entered into a Global Amendment Agreement effective as of December 31, 2005 (the "Amendment"), which amends the Letter of Credit Facility Agreement dated June 25, 2004 and related Security Agreement between PXRE and Barclays (the "LC Facility").  The Amendment increases the available letter of credit capacity under the LC Facility from $135 million to $250 million and extends the term until December 31, 2006.  The Amendment is attached as Exhibit 99.l.
Item 9.01. Financial Statements and Exhibits
(c)
Exhibits
Exhibit No.
Description
99.1
Global Amendment Agreement, dated December 31, 2005, by and between PXRE Reinsurance Ltd., as Borrower, and Barclays Bank PLC, as Issuer
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 and
Chief Financial Officer
Date: January 9, 2006