<html>
<head><title>
Prepared and filed by St Ives Financial
</title>
</head>
<body bgcolor="#FFFFFF">
<div style="page-break-before:always"></div>
<page>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td height="4" valign="bottom" bgcolor="#000000"></td>
  </tr>
  <tr>
    <td height="2" valign="top"></td>
  </tr>
    <tr>
    <td height="1" valign="top" bgcolor="#000000"></td>
  </tr>
</table>
<p align="center"><font size="2" face="serif"><b><font face="serif" size="5">UNITED STATES<br>SECURITIES AND EXCHANGE COMMISSION<br></font></b><font face="serif" size="3">WASHINGTON, D.C. 20549</font></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">October 31, 2005<br>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>
<table width="100%" cellspacing="0" cellpadding="0" align="center" border="0">
<tr align="center" valign="top" bgcolor="#ffffff">
<td width="32%"><font size="2" face="serif">Bermuda</font></td>
<td width="2%">&nbsp;</td>
<td width="32%"><font size="2" face="serif">1-15259</font></td>
<td width="2%">&nbsp;</td>
<td width="32%"><font size="2" face="serif">98-0214719</font></td>
</tr>
<tr align="center" valign="top" bgcolor="#FFFFFF">
  <td><hr size="1" noshade>
    </td>
  <td>&nbsp;</td>
  <td><hr size="1" noshade>
  </td>
  <td>&nbsp;</td>
  <td><hr size="1" noshade>
  </td>
</tr>
<tr align="center" valign="top" bgcolor="#FFFFFF">
<td width="32%"><font size="2" face="serif">(State or other jurisdiction of<br>incorporation or organization)</font></td>
<td>&nbsp;</td>
<td width="32%"><font size="2" face="serif">(Commission File No.)</font></td>
<td>&nbsp;</td>
<td width="32%"><font size="2" face="serif">(I.R.S. Employer<br>Identification No.)</font></td>
</tr>
</table>
<table width="100%" border="0" align="center" cellpadding="0" cellspacing="0">
<tr valign="top">
  <td width="10%" align="left">&nbsp;</td>
  <td width="35%" align="center">&nbsp;</td>
  <td width="10%" align="left">&nbsp;</td>
  <td width="35%" align="center">&nbsp;</td>
  <td width="10%" align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left" width="10%"><font size="2" face="serif">&nbsp;</font></td>
<td width="35%" align="center" valign="bottom"><font size="2" face="serif">PXRE House<br>110 Pitts Bay Road<br>Pembroke HM 08<br>Bermuda</font></td>
<td width="10%" align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td width="35%" align="center" valign="bottom"><font size="2" face="serif">P.O. Box HM 1282<br>Hamilton HM FX<br>Bermuda</font></td>
<td width="10%" align="left"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="top">
  <td align="left">&nbsp;</td>
  <td align="center" bgcolor="#FFFFFF"><hr size="1" noshade>
  </td>
  <td align="left">&nbsp;</td>
  <td align="center" bgcolor="#FFFFFF"><hr size="1" noshade>
  </td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td width="10%" align="left"><font size="2" face="serif">&nbsp;</font></td>
<td width="35%" align="center"><font size="2" face="serif">(Address, including zip code,<br>of principal executive offices)</font></td>
<td width="10%" align="left"><font size="2" face="serif">&nbsp;</font></td>
<td width="35%" align="center"><font size="2" face="serif">(Mailing address)</font></td>
<td width="10%" align="left"><font size="2" face="serif">&nbsp;</font></td>
</tr>
</table>
<table width="100%" border="0" align="center" cellpadding="0" cellspacing="0">
  <tr>
    <td width="25%">&nbsp;</td>
    <td>&nbsp;</td>
    <td width="25%">&nbsp;</td>
  </tr>
  <tr>
    <td width="25%">&nbsp;</td>
    <td align="center"><font size="2" face="serif">(441) 296-5858</font></td>
    <td width="25%">&nbsp;</td>
  </tr>
  <tr>
    <td width="25%">&nbsp;</td>
    <td align="center"><hr size="1" noshade></td>
    <td width="25%">&nbsp;</td>
  </tr>
  <tr>
    <td width="25%">&nbsp;</td>
    <td align="center"><font size="2" face="serif">(Registrant&#146;s telephone number, including
    area code)</font></td>
    <td width="25%">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="center"><font size="2" face="serif">NOT APPLICABLE</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="25%">&nbsp;</td>
    <td align="center"><hr size="1" noshade></td>
    <td width="25%">&nbsp;</td>
  </tr>
  <tr>
    <td width="25%">&nbsp;</td>
    <td align="center"><font size="2" face="serif">(Former Name or Former Address, if Changed
    Since Last Report)</font></td>
    <td width="25%">&nbsp;</td>
  </tr>
</table>
<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>  <table width="100%" border="0" align="center" cellpadding="0" cellspacing="0">
<tr valign="top">
<td align="left" width="3%"><img src="emptybox.gif"></td>
<td align="left"><font size="2" face="serif">Written communications pursuant to Rule 425 under the Securities Act </font></td>
</tr>
<tr valign="top">
<td width="3%" align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="center"><font size="2" face="serif">(17 CFR 230.425) </font></td>
</tr>
<tr valign="top">
<td width="3%">&nbsp;</td>
<td>&nbsp;</td> </tr>
<tr valign="top">
  <td width="3%" 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 </font></td>
</tr>
<tr valign="top">
<td width="3%" align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="center"><font size="2" face="serif">(17 CFR 240.14a-12) </font></td>
</tr>
<tr valign="top">
<td width="3%">&nbsp;</td>
<td>&nbsp;</td> </tr>
<tr valign="top">
  <td width="3%" 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 width="3%">&nbsp;</td>
<td>&nbsp;</td> </tr>
<tr valign="top">
  <td width="3%" 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>
<tr valign="top">
  <td width="3%" align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
</tr>
</table>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
   <tr>
    <td height="1" valign="top" bgcolor="#000000"></td>
  </tr>
    <tr>
    <td height="2" valign="top" bgcolor="#FFFFFF"></td>
  </tr>
 <tr>
    <td height="4" valign="bottom" bgcolor="#000000"></td>
  </tr>
</table><hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<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">Item 7.01.  Regulation FD Disclosure</font></p>
<p align="left"><font size="2" face="serif">PXRE Group Ltd. (&#147;PXRE&#148;)
    issued and sold in a private placement $375 million of its Series D perpetual
    preferred shares (the &#147;Perpetual Preferred Shares&#148;) on October
    7, 2005. Upon the affirmative vote of PXRE&#146;s shareholders (i) authorizing
    an additional 300 million common shares of PXRE (&#147;Common Shares&#148;)
    and (ii) approving the exchange of the Perpetual Preferred Shares into Common
    Shares, all of these Perpetual Preferred Shares will be mandatorily exchangeable
    into Common Shares. Resolutions with respect to these decisions are being
    presented to the upcoming special general meeting of shareholders on November
    18, 2005. The Perpetual Preferred Shares have a liquidation preference of
    $1,000 and at the exchange price of $11.00 per Common Share, the Perpetual
    Preferred Shares will be mandatorily exchanged for 34,090,909 of PXRE&#146;s
    Common Shares immediately upon the affirmative vote of PXRE&#146;s shareholders.
    See the Proxy Statement filed by PXRE with the Securities &amp; Exchange
    Commission on October 20, 2005 for additional information.</font></p>
	<p align="left"><font size="2" face="serif">If PXRE&#146;s shareholders authorize
    the additional Common Shares and approve the exchange, holders of the Perpetual
    Preferred Shares will not have the option to retain the Perpetual Preferred
    Shares and not to receive Common Shares in the mandatory exchange. The $11.00
    per Common Share exchange price is fixed under the terms of the Perpetual
    Preferred Shares and is not adjustable for any reason, regardless of the
    fair market value of PXRE&#146;s Common Shares on the date of the mandatory
    exchange.</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>
	<table width="100%" border="0" align="center" cellpadding="0" cellspacing="0">
<tr valign="top">
<td width="25%" align="left"><font size="2" face="serif">&nbsp;</font></td>
<td colspan="2" align="center"><font size="2" face="serif"><b><u>PXRE Group Ltd.<br></u></b>(Registrant)</font></td>
<td width="25%" align="left"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="top">
<td width="25%">&nbsp;</td>
<td width="6%">&nbsp;</td>
<td>&nbsp;</td>
<td width="25%">&nbsp;</td>
</tr>
<tr valign="top">
<td width="25%" align="left"><font size="2" face="serif">&nbsp;</font></td>
<td width="6%" align="left"><font size="2" face="serif"><i>By:</i></font></td>
<td align="left"><font size="2" face="serif"><i>/s/ Robert Myron</i></font></td>
<td width="25%" align="left"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="top">
<td width="25%">&nbsp;</td>
<td width="6%">&nbsp;</td>
<td><hr size="1" noshade>
  </td>
<td width="25%">&nbsp;</td>
</tr>
<tr valign="top">
<td width="25%" align="left"><font size="2" face="serif">&nbsp;</font></td>
<td width="6%" 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 width="25%" align="left"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="top">
<td width="25%" align="left"><font size="2" face="serif">&nbsp;</font></td>
<td width="6%" align="left"><font size="2" face="serif"><i>Title:</i></font></td>
<td align="left"><font size="2" face="serif"><i>Senior Vice President &amp; Treasurer</i></font></td>
<td width="25%" align="left"><font size="2" face="serif">&nbsp;</font></td>
</tr>
</table>
<p align="left"><font size="2" face="serif">Date: October 31, 2005</font></p>
<hr noshade align="center" width="100%" size="2">
</body>
</html>
[{"type": "8-K", "sequence": "1", "filename": "b409531_8k.htm", "description": "CURRENT REPORT", "secsgml_size_bytes": 11522}]
{"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": "051166386"}, "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
October 31, 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
P.O. Box HM 1282
Hamilton HM FX
Bermuda
(Address, including zip code,
of principal executive offices)
(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
Item 7.01.  Regulation FD Disclosure
PXRE Group Ltd. ("PXRE")
    issued and sold in a private placement $375 million of its Series D perpetual
    preferred shares (the "Perpetual Preferred Shares") on October
    7, 2005. Upon the affirmative vote of PXRE's shareholders (i) authorizing
    an additional 300 million common shares of PXRE ("Common Shares")
    and (ii) approving the exchange of the Perpetual Preferred Shares into Common
    Shares, all of these Perpetual Preferred Shares will be mandatorily exchangeable
    into Common Shares. Resolutions with respect to these decisions are being
    presented to the upcoming special general meeting of shareholders on November
    18, 2005. The Perpetual Preferred Shares have a liquidation preference of
    $1,000 and at the exchange price of $11.00 per Common Share, the Perpetual
    Preferred Shares will be mandatorily exchanged for 34,090,909 of PXRE's
    Common Shares immediately upon the affirmative vote of PXRE's shareholders.
    See the Proxy Statement filed by PXRE with the Securities & Exchange
    Commission on October 20, 2005 for additional information.
If PXRE's shareholders authorize
    the additional Common Shares and approve the exchange, holders of the Perpetual
    Preferred Shares will not have the option to retain the Perpetual Preferred
    Shares and not to receive Common Shares in the mandatory exchange. The $11.00
    per Common Share exchange price is fixed under the terms of the Perpetual
    Preferred Shares and is not adjustable for any reason, regardless of the
    fair market value of PXRE's Common Shares on the date of the mandatory
    exchange.
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:
Senior Vice President & Treasurer
Date: October 31, 2005