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Prepared and filed by St Ives Financial
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<p align="center"><b><font face="serif" size="4">UNITED STATES<br>
SECURITIES AND EXCHANGE COMMISSION<br>
</font></b><font size="2" face="serif"><b>Washington, D.C. 20549</b></font></p>
<p align="center"><b><font face="serif" size="4">FORM 8-K</font></b></p>
<p align="center"><b><font face="serif" size="4">CURRENT REPORT<br>
</font></b><font size="2" face="serif"><b>Pursuant to Section 13 or 15(d) of the<br>
</b></font><font size="2" face="serif"><b>Securities Exchange Act of 1934</b></font></p>
<p align="center"><font size="2" face="serif">December 4, 2006<br>
Date of report (Date of earliest event reported)</font></p>
<p align="center"><b><font face="serif" size="5">PXRE GROUP LTD.<br>
</font></b><font size="2" face="serif">(Exact Name of Registrant as Specified in Charter)</font></p>
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<td align="center" width="33%"><font size="2" face="serif"><b>Bermuda</b><br>
(State or Other Jurisdiction<br>
of Incorporation)</font></td>
<td align="center" width="33%"><font size="2" face="serif"><b>1-15259</b><br>
(Commission<br>
File Number)</font></td>
<td align="center"><font size="2" face="serif"><b>98-0214719</b><br>
(IRS Employer<br>
Identification No.)</font></td>
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  <td align="center">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="center">&nbsp;</td>
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<td align="center"><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<br>
Offices)</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="center"><font size="2" face="serif"><b>P.O. Box HM 1282<br>
Hamilton HM FX<br>
Bermuda</b><br>

(Mailing Address)</font></td>
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<p align="center"><font size="2" face="serif"><b>(441) 296-5858<br>
</b></font><font size="2" face="serif">(Registrant&#146;s
telephone number, including area code)</font></p>
<p align="center"><font size="2" face="serif"><b>NOT APPLICABLE<br>
</b></font><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 (<i>see</i> General Instruction A.2. below): </font></p>
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<font size="2" face="serif"> Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </font></td>
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  <td>&nbsp;</td>
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<td width="3%"><font size="2" face="serif"><img src="emptybox.gif"></font></td>
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<font size="2" face="serif"> Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </font></td>
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<td width="3%"><font size="2" face="serif"><img src="emptybox.gif"></font></td>
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<font size="2" face="serif"> Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></td>
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<td width="3%"><font size="2" face="serif"><img src="emptybox.gif"></font></td>
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<font size="2" face="serif"> Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></td>
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<td width="10%"><font size="2" face="serif"><b>Item 5.02.</b></font></td>
<td align="left"><font size="2" face="serif"><b> Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers.</b></font></td>
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  <td>&nbsp;</td>
  <td align="left">&nbsp;</td>
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  <td><font size="2">(b)</font></td>
  <td align="left"><font size="2">Robert Stavis resigned from the Board of Directors of PXRE
    Group Ltd. effective as of December 4, 2006. A copy of the press<br>
release announcing Mr. Stavis&#146; resignation is attached hereto as Exhibit 99.1.</font></td>
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  <td>&nbsp;</td>
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<td width="10%"><font size="2" face="serif"><b>Item 9.01.</b><b></b></font></td>

<td align="left"><font size="2" face="serif"><b>Financial Statements and Exhibits.</b></font></td>
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  <td>&nbsp;</td>
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<td width="5%"><font size="2" face="serif">(d)</font></td>
<td align="left">
<font size="2" face="serif"> <i>Exhibits</i>.</font></td>
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  <td>&nbsp;</td>
  <td align="left">&nbsp;</td>
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  <td><font size="2" face="serif"><u>Exhibit No.</u></font></td>
  <td>&nbsp;</td>
  <td align="left"><font size="2" face="serif"><u>Description</u></font></td>
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  <td>&nbsp;</td>
  <td>&nbsp;</td>
  <td align="left">&nbsp;</td>
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<td width="10%" align="center"><font size="2" face="serif">99.1</font></td>
<td width="3%"><font size="2" face="serif">&nbsp;</font></td>

<td align="left">
<font size="2" face="serif"> Press release of PXRE Group Ltd. dated December
5, 2006 concerning the resignation of Mr. Robert Stavis from the     <br>
Board of Directors of PXRE Group Ltd.</font></td>
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  <td align="center">&nbsp;</td>
  <td>&nbsp;</td>
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<p align="center"><font face="serif" size="2">2</font></p>
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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>&nbsp;</td>
    <td colspan="3"><font size="2" face="serif">&nbsp;PXRE Group Ltd.</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="3"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Registrant)</font></td>
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    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
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    <td width="50%">&nbsp;</td>
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    <td width="5%">&nbsp;</td>
    <td>&nbsp;</td>
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    <td>&nbsp;</td>
    <td><font size="2" face="serif">By:</font></td>
    <td colspan="2"><font size="2" face="serif"><u>/s/ Robert P. Myron&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></td>
  </tr>
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    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><font size="2" face="serif">Name:</font></td>
    <td><font size="2" face="serif">Robert P. Myron</font></td>
  </tr>
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    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td valign="top"><font size="2" face="serif">Title:</font></td>
    <td><font size="2" face="serif">Executive Vice President,<br>
    Chief Financial Officer and<br>
    Treasurer</font></td>
  </tr>
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    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
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    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
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    <td><font size="2" face="serif">Date: December 5, 2006</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
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<p align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;</font></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
December 4, 2006
Date of report (Date of earliest event reported)
PXRE GROUP LTD.
(Exact Name of Registrant as Specified in Charter)
Bermuda
(State or Other Jurisdiction
of Incorporation)
1-15259
(Commission
File Number)
98-0214719
(IRS 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 5.02.
Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers.
(b)
Robert Stavis resigned from the Board of Directors of PXRE
    Group Ltd. effective as of December 4, 2006. A copy of the press
release announcing Mr. Stavis' resignation is attached hereto as Exhibit 99.1.
Item 9.01.
Financial Statements and Exhibits.
(d)
Exhibits
.
Exhibit No.
Description
99.1
Press release of PXRE Group Ltd. dated December
5, 2006 concerning the resignation of Mr. Robert Stavis from the
Board of Directors of PXRE Group Ltd.
2
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 and
Treasurer
Date: December 5, 2006