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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</font></b><br>
<b><font face="serif" size="4">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</b></font><br>
<font size="2" face="serif"><b>Securities Exchange Act of 1934</b></font></p>
<p align="center"><font size="2" face="serif">May 3, 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>
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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"><font size="2" face="serif">PXRE House</font><br><font size="2" face="serif">110 Pitts Bay Road</font><br><font size="2" face="serif">Pembroke HM 08</font><br><font size="2" face="serif">Bermuda</font><br><font size="2" face="serif">(Address, Including Zip Code,</font><br><font size="2" face="serif">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">P.O. Box HM 1282</font><br><font size="2" face="serif">Hamilton HM FX</font><br><font size="2" face="serif">Bermuda</font><br><font size="2" face="serif">(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&#8217;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>
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<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>
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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>
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<td width="3%"><img src="emptybox.gif" width="12" height="12"></td>
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<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>
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<td width="3%"><img src="emptybox.gif" width="12" height="12"></td>
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<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="left"><font size="2" face="serif"><b>Item 7.01.&nbsp;Regulation FD Disclosure</b></font></p>
<p align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PXRE
    Group Ltd. (&#8220;PXRE&#8221; or
    the &#8220;Company&#8221;) has become aware that, on May 3, 2006, a class
    action lawsuit was filed against PXRE, Jeffrey Radke, the Company&#8217;s
    Chief Executive Officer, and John Modin, the Company&#8217;s former Chief
    Financial Officer, in the U.S. District Court for the Southern District of
    New York on behalf of a putative class consisting of investors who purchased
    the publicly traded securities of PXRE between July 28, 2005 and February
    16, 2006. Although PXRE has not been served a copy of the complaint, based
    on a press release and a copy of the complaint posted on a third-party website,
    the Company understands that the complaint alleges that during the purported
    class period certain PXRE executives made a series of materially false and
    misleading statements or omissions about PXRE&#8217;s business, prospects
    and operations, thereby causing investors to purchase PXRE&#8217;s securities
    at artificially inflated prices, in violation of Sections 10(b) and 20(a)
    of the Securities Exchange Act of 1934, as amended (the &#8220;1934 Act&#8221;),
    and Rule 10b-5 promulgated under the 1934 Act. The complaint
    alleges, among other things, that the company failed to disclose and misrepresented
    the following material adverse facts: (1) that PXRE concealed from investors
    the full impact
    on its business of hurricanes Katrina, Rita and Wilma (the &#8220;2005 Hurricanes&#8221;);
    (2) that PXRE&#8217;s cost of the 2005 Hurricanes had doubled to an estimated
    $758 million to $788 million; (3) that the magnitude of the loss would cause
    PXRE to lose its financial-strength and credit ratings from A.M. Best; (4)
    that PXRE concealed the losses in order to complete a $114 million secondary
    offering and raise more than $350 million from an offering of perpetual preferred
    shares; and (5) that as a consequence of the foregoing, PXRE&#8217;s statements
    with respect to its loss estimates for the 2005 Hurricane season lacked in
    all reasonable basis. The action seeks an unspecified amount of damages,
    as well as other forms of relief.</font></p>
<p align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based
    on the press releases filed by several law firms, one or more additional
    class action complaints may have also been filed against PXRE and certain
    of its officers or directors. PXRE has not been served a copy of these complaints,
    but, based on such press releases, it appears that such complaints assert
    similar allegations and causes of action.</font></p>
<p align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Note: The information in this report is furnished pursuant to Item 7.01 and shall not be deemed &#8220;filed&#8221; for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section. Accordingly, the information in Item 7.01 of this report will not be incorporated by reference into any registration statement filed by PXRE under the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated therein by reference.  The furnishing of the information in this report is not intended to, and does not, constitute a determination or admission by PXRE that the information in this report is material or complete, or that investors should
consider this information before making an investment decision with respect to any security of PXRE or any of its affiliates.</font></p>
<p align="center"><font face="serif" size="2">2</font></p>
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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>
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    <td colspan="3"><font size="2" face="serif">PXRE Group Ltd.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Registrant) </font></td>
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    <td><font size="2" face="serif">By:</font></td>
    <td colspan="2"><font size="2" face="serif">/s/ Robert P. Myron</font></td>
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    <td>&nbsp;</td>
    <td colspan="2"><hr size="1" noshade>
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    <td>&nbsp;</td>
    <td><font size="2" face="serif">Name:</font></td>
    <td><font size="2" face="serif">Robert P. Myron</font></td>
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    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><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>
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    <td>&nbsp;</td>
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    <td>&nbsp;</td>
    <td>&nbsp;</td>
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<p align="left"><font size="2" face="serif">Date:  May 5, 2006 </font></p>
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{"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": "06812958"}, "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
May 3, 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))
Item 7.01. Regulation FD Disclosure
PXRE
    Group Ltd. ("PXRE" or
    the "Company") has become aware that, on May 3, 2006, a class
    action lawsuit was filed against PXRE, Jeffrey Radke, the Company's
    Chief Executive Officer, and John Modin, the Company's former Chief
    Financial Officer, in the U.S. District Court for the Southern District of
    New York on behalf of a putative class consisting of investors who purchased
    the publicly traded securities of PXRE between July 28, 2005 and February
    16, 2006. Although PXRE has not been served a copy of the complaint, based
    on a press release and a copy of the complaint posted on a third-party website,
    the Company understands that the complaint alleges that during the purported
    class period certain PXRE executives made a series of materially false and
    misleading statements or omissions about PXRE's business, prospects
    and operations, thereby causing investors to purchase PXRE's securities
    at artificially inflated prices, in violation of Sections 10(b) and 20(a)
    of the Securities Exchange Act of 1934, as amended (the "1934 Act"),
    and Rule 10b-5 promulgated under the 1934 Act. The complaint
    alleges, among other things, that the company failed to disclose and misrepresented
    the following material adverse facts: (1) that PXRE concealed from investors
    the full impact
    on its business of hurricanes Katrina, Rita and Wilma (the "2005 Hurricanes");
    (2) that PXRE's cost of the 2005 Hurricanes had doubled to an estimated
    $758 million to $788 million; (3) that the magnitude of the loss would cause
    PXRE to lose its financial-strength and credit ratings from A.M. Best; (4)
    that PXRE concealed the losses in order to complete a $114 million secondary
    offering and raise more than $350 million from an offering of perpetual preferred
    shares; and (5) that as a consequence of the foregoing, PXRE's statements
    with respect to its loss estimates for the 2005 Hurricane season lacked in
    all reasonable basis. The action seeks an unspecified amount of damages,
    as well as other forms of relief.
Based
    on the press releases filed by several law firms, one or more additional
    class action complaints may have also been filed against PXRE and certain
    of its officers or directors. PXRE has not been served a copy of these complaints,
    but, based on such press releases, it appears that such complaints assert
    similar allegations and causes of action.
Note: The information in this report is furnished pursuant to Item 7.01 and 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. Accordingly, the information in Item 7.01 of this report will not be incorporated by reference into any registration statement filed by PXRE under the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated therein by reference.  The furnishing of the information in this report is not intended to, and does not, constitute a determination or admission by PXRE that the information in this report is material or complete, or that investors should
consider this information before making an investment decision with respect to any security of PXRE or any of its affiliates.
2
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 5, 2006