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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></p>
<p align="center"><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">April 17, 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></p>
<p align="center"><font size="2" face="serif">(Exact name of registrant as specified in its charter) </font></p>
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<td width="33%"><font size="2" face="serif">Bermuda</font></td>
<td width="33%"><font size="2" face="serif">1-15259</font></td>
<td width="30%"><font size="2" face="serif">98-0214719</font></td>
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<td><font size="2" face="serif">(State or other jurisdiction</font><br><font size="2" face="serif">of incorporation or organization)    </font></td>
<td><font size="2" face="serif">(Commission</font><br><font size="2" face="serif">File No.)</font></td>
<td><font size="2" face="serif">(I.R.S. Employer</font><br><font size="2" face="serif">Identification No.)</font></td>
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<td align="left" width="40%"><font size="2" face="serif">PXRE House<br>110 Pitts Bay Road<br>
Pembroke HM 08<br>Bermuda<br>(Address, including zip code,<br>of principal executive offices)</font></td>
<td align="left"><font size="2" face="serif">P.O. Box HM 1282<br>Hamilton HM FX<br>Bermuda<br><br>
(Mailing address)</font></td>
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<p align="center"><font size="2" face="serif">                                 (441) 296-5858</font><br>
<font size="2" face="serif">              (Registrant's telephone number, including area code)</font></p>
<p align="center"><font size="2" face="serif">NOT APPLICABLE </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 (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 (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 1.02.  Termination of a Material Definitive Agreement</b></font></p>
<p align="left"><font size="2" face="serif">On April 17, 2006, Mr. Guy Hengesbaugh, Chief Operating Officer of PXRE Group, Ltd. (the &#8220;Company&#8221;), provided the Company with notice of termination of his employment  pursuant to the terms of  Section 4.3.4 of the Employment Agreement, dated January 16, 2006, between the Company and Mr. Hengesbaugh (the &#8220;Hengesbaugh Employment Contract&#8221;).    In accordance with the terms of the Hengesbaugh Employment Contract, the effective date of Mr. Hengesbaugh&#8217;s termination of his employment will be July 17, 2006.  </font></p>
<p align="left"><font size="2" face="serif"><b>Item 5.02(b)  Departure of Directors or Principal Officers</b></font></p>
<p align="left"><font size="2" face="serif">On April 17, 2006, Mr. Guy Hengesbaugh, Chief Operating Officer of the Company, provided the Company with notice of termination of his employment pursuant to the terms of Section 4.3.4 of the Hengesbaugh Employment Contract.    The effective date of Mr. Hengesbaugh&#8217;s termination of his employment will be July 17, 2006.  </font></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>
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    <td width="33%" align="center"><font size="2" face="serif"><b><u>PXRE Group Ltd. <br>
    </u></b>(Registrant) <b><u> </u></b></font></td>
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    <td align="left"><font size="2" face="serif"><i>By:</i></font></td>
    <td align="left"><font size="2" face="serif"><i><u>/s/ Robert Myron</u></i></font></td>
    <td>&nbsp;</td>
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    <td align="left"><font size="2" face="serif"><i>Name:</i></font></td>
    <td align="left"><font size="2" face="serif"><i>Robert Myron</i></font></td>
    <td>&nbsp;</td>
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    <td>&nbsp;</td>
    <td align="left"><font size="2" face="serif"><i>Title:</i></font></td>
    <td align="left"><font size="2" face="serif"><i>Executive Vice President &amp; Chief
    Financial Officer</i></font></td>
    <td>&nbsp;</td>
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    <td align="left">&nbsp;</td>
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    <td><font size="2" face="serif">Date: April 18, 2006</font></td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td>&nbsp;</td>
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[{"type": "8-K", "sequence": "1", "filename": "b412810_8k.htm", "description": "FORM 8-K", "secsgml_size_bytes": 7026}]
{"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": "06765146"}, "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
April 17, 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))
Item 1.02.  Termination of a Material Definitive Agreement
On April 17, 2006, Mr. Guy Hengesbaugh, Chief Operating Officer of PXRE Group, Ltd. (the "Company"), provided the Company with notice of termination of his employment  pursuant to the terms of  Section 4.3.4 of the Employment Agreement, dated January 16, 2006, between the Company and Mr. Hengesbaugh (the "Hengesbaugh Employment Contract").    In accordance with the terms of the Hengesbaugh Employment Contract, the effective date of Mr. Hengesbaugh's termination of his employment will be July 17, 2006.
Item 5.02(b)  Departure of Directors or Principal Officers
On April 17, 2006, Mr. Guy Hengesbaugh, Chief Operating Officer of the Company, provided the Company with notice of termination of his employment pursuant to the terms of Section 4.3.4 of the Hengesbaugh Employment Contract.    The effective date of Mr. Hengesbaugh's termination of his employment will be July 17, 2006.
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 Myron
Name:
Robert Myron
Title:
Executive Vice President & Chief
    Financial Officer
Date: April 18, 2006