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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>
</font></b><b><font face="serif" size="4">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"><b>May 9, 2006<br>
Date of report (Date of earliest event reported)</b></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></font><br><font size="2" face="serif">(State or Other Jurisdiction</font><br><font size="2" face="serif">of Incorporation)</font></td>
<td align="center" width="33%"><font size="2" face="serif"><b>1-15259</b></font><br><font size="2" face="serif">(Commission</font><br><font size="2" face="serif">File Number)</font></td>
<td align="center"><font size="2" face="serif"><b>98-0214719</b></font><br><font size="2" face="serif">(IRS Employer</font><br><font size="2" face="serif">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 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&#8217;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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<td width="3%"><font size="2" face="serif"><img src="emptybox.gif"></font></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>
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  <td>&nbsp;</td>
  <td align="left">&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>&nbsp;</td>
  <td align="left">&nbsp;</td>
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<td width="3%"><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>
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  <td>&nbsp;</td>
  <td align="left">&nbsp;</td>
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<td width="3%"><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>
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<p align="center">&nbsp;</p>
<hr noshade align="center" width="100%" size="2">
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<a name="p?"></a>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
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<td width="9%"><font size="2" face="serif">&nbsp;<b>Item 2.02. </b></font></td>
<td width="3%"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif"><b>Results of Operations and Financial
    Condition.</b></font></td>
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</table>
<p align="left"><font size="2" face="serif">On May 9, 2006, PXRE Group Ltd. (the &#8220;Company&#8221;)
    issued a press release (the &#8220;Press Release&#8221;) announcing the Company&#8217;s
    results for the quarter ended March 31, 2006. 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 March 31, 2006 (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 &#8220;filed&#8221; with
    the Securities and Exchange Commission (the &#8220;SEC&#8221;).</font></p>
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<td width="9%"><font size="2" face="serif">&nbsp;<b>Item 9.01.</b></font></td>
<td width="3%"><font size="2" face="serif">&nbsp;</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>
  <td align="left">&nbsp;</td>
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<td width="3%"><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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<p align="left"><font size="2" face="serif"></font></p>
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  <td colspan="2"><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>
</tr>
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  <td>&nbsp;</td>
  <td>&nbsp;</td>
  <td>&nbsp;</td>
  <td align="left">&nbsp;</td>
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<td width="7%"><font size="2" face="serif">99.1</font></td>
<td width="3%"><font size="2" face="serif">&nbsp;</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 May 9, 2006 containing financial information for the quarter ended March 31, 2006.</font></td>
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  <td>&nbsp;</td>
  <td>&nbsp;</td>
  <td>&nbsp;</td>
  <td align="left">&nbsp;</td>
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<td width="7%"><font size="2" face="serif">99.2</font></td>
<td width="3%"><font size="2" face="serif">&nbsp;</font></td>
<td width="3%"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">
<font size="2" face="serif"> Preliminary Unaudited Consolidated Balance Sheets
and Consolidated Statements of Operations and Comprehensive Operations as of
and
for
the
three months ended March 31, 2006 (excluding footnotes)</font></td>
</tr>
</table>
<p align="center"><font face="serif" size="2">2</font></p>
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<a name="p?"></a>
<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>
<p align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
<p align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>

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    <td>&nbsp;</td>
    <td colspan="3"><font size="2" face="serif">PXRE Group Ltd. <br>
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Registrant)</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;    </td>
  </tr>
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    <td width="45%">&nbsp;</td>
    <td width="3%"><font size="2" face="serif">By:</font></td>
    <td colspan="2"><font size="2" face="serif">&nbsp;</font><font size="2" face="serif">/s/ Robert P. Myron</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2"><hr align="left" width="40%" size="1" noshade>
    </td>
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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>
</table>

<br>
<p align="left"><font size="2" face="serif">Date:  May 10, 2006</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
May 9, 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))
Back to Contents
Item 2.02.
Results of Operations and Financial
    Condition.
On May 9, 2006, PXRE Group Ltd. (the "Company")
    issued a press release (the "Press Release") announcing the Company's
    results for the quarter ended March 31, 2006. 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 March 31, 2006 (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 9.01.
Financial Statements and Exhibits.
(d)
Exhibits
.
Exhibit No.
Description
99.1
Press release of PXRE Group Ltd. dated May 9, 2006 containing financial information for the quarter ended March 31, 2006.
99.2
Preliminary Unaudited Consolidated Balance Sheets
and Consolidated Statements of Operations and Comprehensive Operations as of
and
for
the
three months ended March 31, 2006 (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:  May 10, 2006