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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"><b>WASHINGTON, D.C. 20549</b> </font></p>
<p align="center"><b><font face="serif" size="5">FORM 8-K </font></b></p>
<p align="center"><font size="4" face="serif"><b>CURRENT REPORT<br>
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">December 5, 2005</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><br>
<font size="2" face="serif">(Exact name of registrant as specified in its charter) </font></p>
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  <tr>
    <td width="33%" align="center" valign="top"><font size="2" face="serif"><b>Bermuda</b></font></td>
    <td width="33%" align="center" valign="top"><font size="2" face="serif"><b>1-15259</b></font></td>
    <td align="center" valign="top"><font size="2" face="serif"><b>98-0214719</b></font></td>
  </tr>
  <tr>
    <td align="center" valign="top"><font size="2" face="serif">(State or other
    jurisdiction<br>
    of incorporation or organization)    </font></td>
    <td align="center" valign="top"><font size="2" face="serif">(Commission<br>
    File No.)    </font></td>
    <td align="center" valign="top"><font size="2" face="serif">(I.R.S. Employer<br>
    Identification No.)    </font></td>
  </tr>
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  <tr valign="top">
    <td width="20%" align="center">&nbsp;</td>
    <td width="40%" align="left">&nbsp;</td>
    <td align="center">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="center">&nbsp;</td>
    <td align="left"><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)<br>
    </font></td>
    <td align="left"><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</b></font><br>
  <font size="2" face="serif"> (Registrant's telephone number, including area
code)</font></p>
<p align="center"><font size="2" face="serif"><b>NOT APPLICABLE</b> </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 </font><font size="2" face="serif">(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>
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<p align="left"><font size="2" face="serif"><b>Item 7.01.  Regulation FD Disclosure</b></font></p>
<p align="left"><font size="2" face="serif">On December 5, 2005, PXRE Group Ltd. (&#147;PXRE&#148;) posted to its website a brief paper entitled &#147;2006 Retro Renewals: What do all the changes mean.&#148;  The paper can be found at on the PXRE website at the following address:  <u>http://investor.pxre.com/index.cfm.</u></font></p>
<p align="left"><font size="2" face="serif">Additionally, on December 5, 2005, PXRE issued a press release announcing that the effectiveness of the Shelf Registration Statement filed with the Securities and Exchange Commission on November 22, 2005 for the resale of 34.1 million PXRE common shares issued to holders of Series D Perpetual Preferred Shares following the mandatory exchange of such shares on November 18, 2005.  A copy of the Press Release is attached is attached as Exhibit 99.1 to this Current Report on Form 8-K. </font></p>
<p align="left"><font size="2" face="serif">Note: The information in this report and is furnished pursuant to Item 7.01 and Exhibit 99.1 shall not be deemed &#147;filed&#148; for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section. This report will not be deemed an admission as to the materiality of any information in the report that is required to be disclosed solely by Regulation FD. </font></p>
<p align="left"><font size="2" face="serif"><b>Forward-Looking Statements and Qualifications </b></font></p>
<p align="left"><font size="2" face="serif">Statements in this report or on PXRE&#146;s website that are not strictly historical are forward-looking and are based upon current expectations and assumptions of management. Statements included herein (or therein), as well as statements made by or on behalf of PXRE in its communications and discussions with investors and analysts in the normal course of business through meetings, phone calls and conference calls, which are not historical in nature are intended to be, and are hereby identified as, &#147;forward-looking statements&#148; for purposes of the safe harbor provided by Section 21E of the Securities Exchange Act of 1934 as amended. These forward-looking statements, identified by words such as &#147;anticipate,&#148;
&#147;expect,&#148; &#147;outlook,&#148; or variations of such words or similar expressions, are based upon current expectations and are subject to risk and uncertainties. PXRE cautions investors and analysts that actual results or events could differ materially from those set forth or implied by the forward-looking statements and related assumptions, depending on the outcome of certain important factors including, but not limited to, the following: (i) because of exposure to catastrophes, PXRE's financial results may vary significantly from period to period; (ii) PXRE may be overexposed to losses in certain geographic areas for certain types of catastrophe events; (iii) PXRE operates in a highly competitive environment; (iv) reinsurance prices may decline, which could affect PXRE's
profitability; (v) underwriting reinsurance includes the application of judgment, the assessment of probabilities and outcomes, and assumption of correlations, which are subject to inherent uncertainties; (vi) reserving for losses includes significant estimates which are also subject to inherent uncertainties; (vii) a decline in the credit rating assigned to PXRE's claim-paying ability may impact its potential to write new or renewal business; (viii) a decline in PXRE's ratings may require us to transfer premiums retained by us into a beneficiary trust or may allow clients to terminate their contract with us; (ix) PXRE's investment portfolio is subject to market and credit risks which could result in a material adverse impact on its financial position or results; (x) because PXRE depends
on a few reinsurance brokers for a large portion of revenue, loss of business provided by them could adversely affect us; and PXRE's reliance on reinsurance brokers exposes us to their credit risk; (xi) PXRE may be adversely affected by foreign currency fluctuations; (xii) retrocessional reinsurance subjects us to credit risk and may become unavailable on acceptable terms; (xiii) the impairment of PXRE's ability to provide collateral to cedents could affect its ability to offer reinsurance in certain markets; (xiv) the reinsurance business is historically cyclical, and PXRE may experience periods with excess underwriting capacity and unfavorable premium rates; conversely, PXRE may have a shortage of underwriting capacity when premium rates are strong; (xv) regulatory constraints may
restrict PXRE's ability to operate its business; (xvi) contention by the United States Internal Revenue Service that PXRE or its offshore subsidiaries are subject to U.S. taxation could result in a material adverse impact on PXRE's financial position or results; and (xvii) changes in tax laws, tax treaties, tax rules and interpretations could result in a material adverse impact on PXRE's financial position or results. In addition to the factors outlined above that are directly related to PXRE's business, PXRE is also subject to general business risks, including, but not limited to, adverse state, federal or foreign legislation and regulation, adverse publicity or news coverage, changes in general economic factors, the loss of key employees and other factors set forth in PXRE's SEC filings.
The factors listed above should not be construed as exhaustive. Therefore, actual results or outcomes may differ materially from what is expressed or forecasted in such forward-looking statements. </font></p>
<p align="left"><font size="2" face="serif">PXRE undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events (including catastrophe events), or otherwise. </font></p>
<p align="left"><font size="2" face="serif"><b>Item 9.01. Financial Statements
and Exhibits </b></font></p>
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    <td width="11%"><font size="2" face="serif">(c)</font></td>
    <td><font size="2" face="serif"> Exhibits</font> </td>
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    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
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    <td>&nbsp;</td>
    <td><font size="2" face="serif">Exhibit No. </font></td>
    <td><font size="2" face="serif">Description</font> </td>
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    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
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    <td>&nbsp;</td>
    <td><font size="2" face="serif">99.1</font></td>
    <td><font size="2" face="serif">PXRE Group Ltd. Press Release dated December 5, 2005</font></td>
  </tr>
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    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</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>
<p align="left">&nbsp;</p>
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    <td width="30%">&nbsp;</td>
    <td width="7%">&nbsp;</td>
    <td width="30%" align="center"><font size="2" face="serif"><b><u>PXRE Group Ltd. </u></b></font><font size="2" face="serif"><br>
    (Registrant) </font></td>
    <td><p align="center">&nbsp;</p></td>
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  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
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    <td>&nbsp;</td>
    <td><font size="2" face="serif"><i>By: </i></font></td>
    <td><font size="2" face="serif"><i><u>/s/ John Modin</u></i></font></td>
    <td>&nbsp;</td>
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    <td>&nbsp;</td>
    <td><font size="2" face="serif"><i>Name: </i></font></td>
    <td><font size="2" face="serif"><i>John Modin</i></font></td>
    <td>&nbsp;</td>
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    <td>&nbsp;</td>
    <td><font size="2" face="serif"><i>Title:</i></font></td>
    <td><font size="2" face="serif"><i> Executive Vice President &amp; Chief
    Financial Officer</i></font></td>
    <td>&nbsp;</td>
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    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
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    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
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    <td><font size="2" face="serif">Date: December 5, 2005 </font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
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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 5, 2005
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 7.01.  Regulation FD Disclosure
On December 5, 2005, PXRE Group Ltd. ("PXRE") posted to its website a brief paper entitled "2006 Retro Renewals: What do all the changes mean."  The paper can be found at on the PXRE website at the following address:
http://investor.pxre.com/index.cfm.
Additionally, on December 5, 2005, PXRE issued a press release announcing that the effectiveness of the Shelf Registration Statement filed with the Securities and Exchange Commission on November 22, 2005 for the resale of 34.1 million PXRE common shares issued to holders of Series D Perpetual Preferred Shares following the mandatory exchange of such shares on November 18, 2005.  A copy of the Press Release is attached is attached as Exhibit 99.1 to this Current Report on Form 8-K.
Note: The information in this report and is furnished pursuant to Item 7.01 and Exhibit 99.1 shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section. This report will not be deemed an admission as to the materiality of any information in the report that is required to be disclosed solely by Regulation FD.
Forward-Looking Statements and Qualifications
Statements in this report or on PXRE's website that are not strictly historical are forward-looking and are based upon current expectations and assumptions of management. Statements included herein (or therein), as well as statements made by or on behalf of PXRE in its communications and discussions with investors and analysts in the normal course of business through meetings, phone calls and conference calls, which are not historical in nature are intended to be, and are hereby identified as, "forward-looking statements" for purposes of the safe harbor provided by Section 21E of the Securities Exchange Act of 1934 as amended. These forward-looking statements, identified by words such as "anticipate,"
"expect," "outlook," or variations of such words or similar expressions, are based upon current expectations and are subject to risk and uncertainties. PXRE cautions investors and analysts that actual results or events could differ materially from those set forth or implied by the forward-looking statements and related assumptions, depending on the outcome of certain important factors including, but not limited to, the following: (i) because of exposure to catastrophes, PXRE's financial results may vary significantly from period to period; (ii) PXRE may be overexposed to losses in certain geographic areas for certain types of catastrophe events; (iii) PXRE operates in a highly competitive environment; (iv) reinsurance prices may decline, which could affect PXRE's
profitability; (v) underwriting reinsurance includes the application of judgment, the assessment of probabilities and outcomes, and assumption of correlations, which are subject to inherent uncertainties; (vi) reserving for losses includes significant estimates which are also subject to inherent uncertainties; (vii) a decline in the credit rating assigned to PXRE's claim-paying ability may impact its potential to write new or renewal business; (viii) a decline in PXRE's ratings may require us to transfer premiums retained by us into a beneficiary trust or may allow clients to terminate their contract with us; (ix) PXRE's investment portfolio is subject to market and credit risks which could result in a material adverse impact on its financial position or results; (x) because PXRE depends
on a few reinsurance brokers for a large portion of revenue, loss of business provided by them could adversely affect us; and PXRE's reliance on reinsurance brokers exposes us to their credit risk; (xi) PXRE may be adversely affected by foreign currency fluctuations; (xii) retrocessional reinsurance subjects us to credit risk and may become unavailable on acceptable terms; (xiii) the impairment of PXRE's ability to provide collateral to cedents could affect its ability to offer reinsurance in certain markets; (xiv) the reinsurance business is historically cyclical, and PXRE may experience periods with excess underwriting capacity and unfavorable premium rates; conversely, PXRE may have a shortage of underwriting capacity when premium rates are strong; (xv) regulatory constraints may
restrict PXRE's ability to operate its business; (xvi) contention by the United States Internal Revenue Service that PXRE or its offshore subsidiaries are subject to U.S. taxation could result in a material adverse impact on PXRE's financial position or results; and (xvii) changes in tax laws, tax treaties, tax rules and interpretations could result in a material adverse impact on PXRE's financial position or results. In addition to the factors outlined above that are directly related to PXRE's business, PXRE is also subject to general business risks, including, but not limited to, adverse state, federal or foreign legislation and regulation, adverse publicity or news coverage, changes in general economic factors, the loss of key employees and other factors set forth in PXRE's SEC filings.
The factors listed above should not be construed as exhaustive. Therefore, actual results or outcomes may differ materially from what is expressed or forecasted in such forward-looking statements.
PXRE undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events (including catastrophe events), or otherwise.
Item 9.01. Financial Statements
and Exhibits
(c)
Exhibits
Exhibit No.
Description
99.1
PXRE Group Ltd. Press Release dated December 5, 2005
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/ John Modin
Name:
John Modin
Title:
Executive Vice President & Chief
    Financial Officer
Date: December 5, 2005