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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>
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 SECURITIES EXCHANGE ACT OF 1934</b></font></p>
<p align="center"><font size="2" face="serif">March 16, 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 its charter)</font></p>
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  <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>
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<td align="center" width="33%"><font size="2" face="serif">(State or other jurisdiction<br>
of incorporation or organization)</font></td>
<td align="center" width="33%"><font size="2" face="serif">(Commission<br>
File No.)</font></td>
<td align="center"><font size="2" face="serif">(I.R.S. Employer<br>
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</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 (see General Instruction A.2. below):</font></p>
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<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>
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  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
</tr>
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<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>
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  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
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<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>
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  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
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<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>
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<p align="center">&nbsp;</p>
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<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<br>
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<td align="left" width="9%"><font size="2" face="serif"><b>Item 1.01.</b></font></td>
<td align="left"><font size="2" face="serif"><b>Entry into a Material Definitive Agreement</b></font></td>
</tr>
</table>
<p align="left"><font size="2" face="serif">On March 16, 2006, the Human Resources
    Committee of the Board of Directors of PXRE Group Ltd. (the &#147;Company&#148;)
    granted an award of 146,251 restricted common shares to Jeffrey L. Radke,
    President &amp; Chief Executive Office of the Company under the Company&#146;s
    2002 Officer Incentive Plan (the &#147;LTIP&#148;).  The restricted share
    award was contractually mandated pursuant to the terms of Section 2.4 of
    the Employment Agreement, dated as of June 23, 2005, between the Company
    and Mr. Radke (the &#147;Radke Employment Agreement&#148;).  A copy of
    the Radke Employment Agreement was previously filed as Exhibit 99.1 to the
    Current Report on Form 8-K filed on June 23, 2005.</font></p>
<p align="left"><font size="2" face="serif">The restricted common share award vests ratably over 4 years on each anniversary of the awards, provided, that the LTIP provides that upon the earlier of (i) a change of control or (ii) our common shares ceasing to be publicly traded, any restricted period applicable to the restricted common shares shall immediately lapse.   The Radke Employment Agreement further provides that all unvested equity awards made to Mr. Radke by the Company will vest in full if Mr. Radke&#146;s employment is terminated without &#147;cause&#148; or if Mr. Radke resigns for &#147;good reason&#148; (as such terms are defined in the Radke Employment Agreement).</font></p>
<p align="left"><font size="2" face="serif">The foregoing description of the award of restricted common shares does not purport to be complete and is qualified in its entirety by reference to the Restricted Common Share Award Agreement under the LTIP, which is filed as Exhibit&nbsp;99.1 hereto, and is incorporated into this report by reference.</font></p>
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<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>
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  <td align="left" width="6%">&nbsp;</td>
<td align="left" width="6%"><font size="2" face="serif">(c)</font></td>
<td align="left"><font size="2" face="serif">Exhibits</font></td>
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<br>
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<td width="12%" align="left" valign="top"><font size="2" face="serif"><u>Exhibit No.</u></font></td>
<td width="3%" align="left" valign="top">&nbsp;</td>
<td align="left" valign="top"><font size="2" face="serif"><u>Description</u></font></td>
<td width="2%" align="left">&nbsp;</td> </tr>
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  <td width="6%" align="left" valign="top">&nbsp;</td>
<td align="left" valign="top"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="top">&nbsp;</td>
<td align="left" valign="top"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
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<td align="left" valign="top"><font size="2" face="serif">99.1</font></td>
<td align="left" valign="top">&nbsp;</td>
<td align="left" valign="top"><font size="2" face="serif">Restricted Share Award Agreement, dated as of March 16, 2006, by and between PXRE Group Ltd. and Jeffrey L. Radke.</font></td>
<td align="left">&nbsp;</td>
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<p align="center"><font face="serif" size="2">2</font></p>
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<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>
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<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td colspan="3" align="left"><b><u><font size="2" face="serif">PXRE Group Ltd.</font></u></b></td>
</tr>
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<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>
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<td>&nbsp;</td>
<td>&nbsp;</td>
<td width="6%">&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td> </tr>
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<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td> </tr>
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<td align="left" width="50%"><font size="2" face="serif">&nbsp;</font></td>
<td width="5%"><i><font size="2" face="serif">By: </font></i></td>
<td colspan="3" align="left"><i><font size="2" face="serif">/s/ Robert P. Myron</font></i></td>
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<td></td>
<td></td>
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<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td>&nbsp;</td>
<td align="left"><i><font size="2" face="serif">Name:</font></i></td>
<td colspan="2" align="left"><i><font size="2" face="serif">Robert P. Myron</font></i></td>
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<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td>&nbsp;</td>
<td align="left"><i><font size="2" face="serif">Title:</font></i></td>
<td colspan="2" align="left"><i><font size="2" face="serif">Executive Vice President &amp;</font></i></td>
</tr>
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<td>&nbsp;</td>
<td align="left"><i><font size="2" face="serif">&nbsp;</font></i></td>
<td align="left"><i><font size="2" face="serif">&nbsp;</font></i></td>
<td colspan="2" align="left"><i><font size="2" face="serif">Chief Financial Officer</font></i></td>
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<p align="left"><font size="2" face="serif">Date: March 20, 2006</font></p>
<p align="center"><font face="serif" size="2">3</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
March 16, 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))
Back to Contents
Item 1.01.
Entry into a Material Definitive Agreement
On March 16, 2006, the Human Resources
    Committee of the Board of Directors of PXRE Group Ltd. (the "Company")
    granted an award of 146,251 restricted common shares to Jeffrey L. Radke,
    President & Chief Executive Office of the Company under the Company's
    2002 Officer Incentive Plan (the "LTIP").  The restricted share
    award was contractually mandated pursuant to the terms of Section 2.4 of
    the Employment Agreement, dated as of June 23, 2005, between the Company
    and Mr. Radke (the "Radke Employment Agreement").  A copy of
    the Radke Employment Agreement was previously filed as Exhibit 99.1 to the
    Current Report on Form 8-K filed on June 23, 2005.
The restricted common share award vests ratably over 4 years on each anniversary of the awards, provided, that the LTIP provides that upon the earlier of (i) a change of control or (ii) our common shares ceasing to be publicly traded, any restricted period applicable to the restricted common shares shall immediately lapse.   The Radke Employment Agreement further provides that all unvested equity awards made to Mr. Radke by the Company will vest in full if Mr. Radke's employment is terminated without "cause" or if Mr. Radke resigns for "good reason" (as such terms are defined in the Radke Employment Agreement).
The foregoing description of the award of restricted common shares does not purport to be complete and is qualified in its entirety by reference to the Restricted Common Share Award Agreement under the LTIP, which is filed as Exhibit 99.1 hereto, and is incorporated into this report by reference.
Item 9.01.
Financial Statements and Exhibits
(c)
Exhibits
Exhibit No.
Description
99.1
Restricted Share Award Agreement, dated as of March 16, 2006, by and between PXRE Group Ltd. and Jeffrey L. Radke.
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
Date: March 20, 2006
3