<html>
<head><title>
Prepared and filed by St Ives Financial
</title>
</head>
<body bgcolor="#FFFFFF">
<div style="page-break-before:always"></div>
<page>
<p align="center"><b><font face="serif" size="4">UNITED STATES<br>
SECURITIES AND EXCHANGE COMMISSION</font></b><br>
<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</font></b><br>
<font size="2" face="serif"><b>Pursuant to Section 13 or 15(d) of the<br>
Securities Exchange Act of 1934</b></font></p>
<p align="center"><font size="2" face="serif">February 22, 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><br>
<font size="2" face="serif">(Exact Name of Registrant as Specified in Charter)</font></p>
<table width="100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="top">
  <td align="center"><font size="2" face="serif"><b>Bermuda</b></font></td>
  <td align="center"><font size="2" face="serif"><b>1-15259</b></font></td>
  <td align="center"><font size="2" face="serif"><b>98-0214719</b></font></td>
</tr>
<tr valign="top">
<td align="center" width="33%"><font size="2" face="serif">(State or Other Jurisdiction<br>
of Incorporation)</font></td>
<td align="center" width="33%"><font size="2" face="serif">(Commission<br>
File Number)</font></td>
<td align="center"><font size="2" face="serif">(IRS Employer<br>
Identification No.)</font></td>
</tr>
<tr valign="top">
  <td align="center">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="center">&nbsp;</td>
</tr>
<tr valign="top">
<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 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>
</tr>
</table>
<p align="center"><font size="2" face="serif"><b>(441) 296-5858</b></font><br>
<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</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 (<i>see</i> General Instruction A.2. below): </font></p>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
<tr valign="top">
<td width="5%" align="left"><img src="emptybox.gif"></td>
<td align="left"><font size="2" face="serif">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </font></td>
</tr>
<tr valign="top">
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left"><img src="emptybox.gif"></td>
<td align="left"><font size="2" face="serif">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </font></td>
</tr>
<tr valign="top">
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left"><img src="emptybox.gif"></td>
<td align="left"><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>
</tr>
<tr valign="top">
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left"><img src="emptybox.gif"></td>
<td align="left"><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>
</tr>
</table>
<p align="center">&nbsp;</p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<br><br>
<table width="100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="top">
<td align="left" width="9%"><font size="2" face="serif"><b>Item 2.02. </b></font></td>
<td align="left"><font size="2" face="serif"><b>Results of Operations and Financial Condition.</b></font></td>
</tr>
</table>
<p align="left"><font size="2" face="serif">On February 22, 2006, PXRE Group Ltd. (the &#147;Company&#148;) issued a press release (the &#147;Press Release&#148;) announcing the Company&#146;s results for the year and quarter ended December 31, 2005. A copy of the Press Release and the preliminary Unaudited Consolidated Balance Sheets and Consolidated Statements of Operations and Comprehensive Operations as of and for the three months ended  December 31, 2005 and twelve months ended December 31, 2005(excluding footnotes) are attached hereto as Exhibits 99.1 and 99.2 to this Form 8-K. Exhibits 99.1 and 99.2 hereto are each being furnished pursuant to Item 2.02 of Form 8-K and are therefore not to be considered &#147;filed&#148; with the Securities and Exchange Commission (the
&#147;SEC&#148;).</font></p>  <table width="100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="top">
<td align="left" width="9%"><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>
</tr>
</table>
<table width="100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="top">
  <td>&nbsp;</td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td width="6%"><font size="2" face="serif">(b)</font></td>
<td align="left">
<font size="2" face="serif"> Robert Fiondella retired as a member of the Board of Directors of PXRE Group Ltd. due to health reasons effective as of February 21, 2006.</font></td>
</tr>
</table>
<table width="100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="top">
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left" width="9%"><font size="2" face="serif"><b>Item 9.01.</b></font></td>
<td align="left"><font size="2" face="serif"><b>Financial Statements and Exhibits.</b></font></td>
</tr>
</table>
<br>
<table width="100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="top">
<td align="left" width="6%"><font size="2" face="serif">(d)</font></td>
<td align="left"><font size="2" face="serif"><i>Exhibits</i>.</font></td>
</tr>
</table>
<br>
<table width="100%" border="0" align="center" cellpadding="0" cellspacing="0">
<tr valign="top" bgcolor="#FFFFFF">
<td width="12%" align="left"><font size="2" face="serif"><u>Exhibit No.</u></font></td>
<td width="3%" align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif"><u>Description</u></font></td>
<td width="2%" align="left">&nbsp;</td> </tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#ffffff">
<td align="left"><font size="2" face="serif">99.1</font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">Press release of PXRE Group Ltd. dated February 22, 2006 containing financial information for the year and quarter ended December 31, 2005.</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">99.2</font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">Preliminary Unaudited Consolidated Balance Sheets and Consolidated Statement of Operations and Comprehensive Operations as of and for the three months ended  December 31, 2005 and twelve months ended December 31, 2005(excluding footnotes)</font></td>
<td align="left">&nbsp;</td>
</tr>
</table>
<p align="center"><font face="serif" size="2">2</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<p><a href="#contents"><font size="2">Back to Contents</font></a></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" cellpadding="0" cellspacing="0">
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td colspan="3" align="left"><font size="2" face="serif">PXRE Group Ltd.</font></td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td colspan="4" align="left"><font size="2" face="serif">(Registrant)</font></td>
</tr>
<tr valign="top">
<td>&nbsp;</td>
<td>&nbsp;</td>
<td width="6%">&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td> </tr>
<tr valign="top">
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td> </tr>
<tr valign="top">
<td align="left" width="50%"><font size="2" face="serif">&nbsp;</font></td>
<td width="5%"><font size="2" face="serif">By: </font></td>
<td colspan="3" align="left"><font size="2" face="serif">/s/ Robert P. Myron</font></td>
</tr>
<tr valign="top">
<td></td>
<td></td>
<td colspan="3"><hr noshade size="1"></td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td>&nbsp;</td>
<td align="left"><font size="2" face="serif">Name:</font></td>
<td colspan="2" align="left"><font size="2" face="serif">Robert P. Myron</font></td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td>&nbsp;</td>
<td align="left"><font size="2" face="serif">Title:</font></td>
<td colspan="2" align="left"><font size="2" face="serif">Executive Vice President,</font></td>
</tr>
<tr valign="top">
<td>&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td colspan="2" align="left"><font size="2" face="serif">Chief Financial Officer and</font></td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td>&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td colspan="2" align="left"><font size="2" face="serif">Treasurer</font></td>
</tr>
</table>
<p align="left"><font size="2" face="serif">Date:  February 22, 2006 </font></p>
<p align="center"><font face="serif" size="2">3</font></p>
<hr noshade align="center" width="100%" size="2">
</body>
</html>
[{"type": "8-K", "sequence": "1", "filename": "b411947_8k.htm", "description": "CURRENT REPORT", "secsgml_size_bytes": 11107}]
{"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": "06637771"}, "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
February 22, 2006
Date of report (Date of earliest event reported)
PXRE GROUP LTD.
(Exact Name of Registrant as Specified in Charter)
Bermuda
1-15259
98-0214719
(State or Other Jurisdiction
of Incorporation)
(Commission
File Number)
(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))
Back to Contents
Item 2.02.
Results of Operations and Financial Condition.
On February 22, 2006, PXRE Group Ltd. (the "Company") issued a press release (the "Press Release") announcing the Company's results for the year and quarter ended December 31, 2005. A copy of the Press Release and the preliminary Unaudited Consolidated Balance Sheets and Consolidated Statements of Operations and Comprehensive Operations as of and for the three months ended  December 31, 2005 and twelve months ended December 31, 2005(excluding footnotes) are attached hereto as Exhibits 99.1 and 99.2 to this Form 8-K. Exhibits 99.1 and 99.2 hereto are each being furnished pursuant to Item 2.02 of Form 8-K and are therefore not to be considered "filed" with the Securities and Exchange Commission (the
"SEC").
Item 5.02.
Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers.
(b)
Robert Fiondella retired as a member of the Board of Directors of PXRE Group Ltd. due to health reasons effective as of February 21, 2006.
Item 9.01.
Financial Statements and Exhibits.
(d)
Exhibits
.
Exhibit No.
Description
99.1
Press release of PXRE Group Ltd. dated February 22, 2006 containing financial information for the year and quarter ended December 31, 2005.
99.2
Preliminary Unaudited Consolidated Balance Sheets and Consolidated Statement of Operations and Comprehensive Operations as of and for the three months ended  December 31, 2005 and twelve months ended December 31, 2005(excluding footnotes)
2
Back to Contents
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:  February 22, 2006
3