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Prepared and filed by St Ives Financial
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  <p><font face="Times New Roman, Times, serif"><b><font size=4>UNITED STATES<br>
  </font></b></font><font face="Times New Roman, Times, serif"><b><font size=4>SECURITIES AND EXCHANGE COMMISSION</font></b></font><br>
    <font size=4>WASHINGTON, D.C. 20549</font></p>
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<b><font size=5>FORM 8-K</font></b>
</font></p>
<p align="center"><font face="Times New Roman, Times, serif">
<b><font size=3>CURRENT REPORT<br>
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</font></b>
</font></p>
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<font size=2><b>December 27, 2005</b> </font>
<br>
<font size=2><b>Date of Report (Date of earliest event reported)</b></font>
</font></p>
<p align="center"><font face="Times New Roman, Times, serif">
<b><font size=5>PXRE GROUP LTD.</font></b>
</font><br>
<font face="Times New Roman, Times, serif"><font size=2>(Exact name of registrant as specified in its charter)</font>
</font></p>
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    <td><div align="center"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;<b>Bermuda</b></font></div>
    </td>
    <td width="33%"><div align="center"><font size=2 face="Times New Roman, Times, serif"><b>1-15259</b></font></div>
    </td>
    <td width="33%"><div align="center"><font size=2 face="Times New Roman, Times, serif"><b>98-0214719</b></font></div>
    </td>
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    <td><div align="center"><font size=2 face="Times New Roman, Times, serif">(State
          or other jurisdiction</font></div>
    </td>
    <td align="right"><div align="center"><font size=2 face="Times New Roman, Times, serif">(Commission</font></div>
    </td>
    <td><div align="center"><font size=2 face="Times New Roman, Times, serif">(I.R.S.
          Employer</font></div>
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    <td><div align="center"><font size=2 face="Times New Roman, Times, serif">of
          incorporation or organization)</font></div>
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    <td align="right"><div align="center"><font size=2 face="Times New Roman, Times, serif">File
          No.)</font></div>
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    <td><div align="center"><font size=2 face="Times New Roman, Times, serif">Identification
          No.)</font></div>
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  <td>&nbsp;</td>
  <td>&nbsp;</td>
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   <td><div align="center"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;<b>PXRE
    House</b></font></div></td>
   <td width="33%"><div align="center"><font size=2 face="Times New Roman, Times, serif"><b>P.O. Box HM 1282</b></font></div></td>
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   <td><div align="center"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;<b>110
    Pitts Bay Road</b></font></div></td>
   <td><div align="center"><font size=2 face="Times New Roman, Times, serif"><b>Hamilton HM FX</b></font></div></td>
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   <td><div align="center"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;<b>Pembroke
    HM 08</b></font></div></td>
   <td><div align="center"><font size=2 face="Times New Roman, Times, serif"><b>Bermuda</b></font></div></td>
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   <td><div align="center"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;<b>Bermuda</b></font></div></td>
   <td><div align="center"><font size=2 face="Times New Roman, Times, serif">(Mailing address)</font></div></td>
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   <td><div align="center"><font size=2 face="Times New Roman, Times, serif">(Address,
    including zip code, of principal executive offices)</font></div></td>
   <td><div align="center"></div></td>
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   <td><div align="center"></div></td>
   <td><div align="center"><font size=2 face="Times New Roman, Times, serif">&nbsp;</font></div></td>
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<font size=2><b>(441) 296-5858</b><br>
</font></font><font size=2 face="Times New Roman, Times, serif">(Registrant&#146;s
telephone number, including
area code) </font>
</p>
<p align="center"><font face="Times New Roman, Times, serif">
<font size=2><b>NOT APPLICABLE</b></font>
</font><br>
<font face="Times New Roman, Times, serif"><font size=2>(Former Name or Former Address, if Changed Since Last Report)</font>
</font></p>
<p><font face="Times New Roman, Times, serif">
<font size=2>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>
</font></p>
<p><font face="Times New Roman, Times, serif">
<font size=2><img src="emptybox.gif" width="12" height="12"> Written communications pursuant to Rule 425 under the Securities Act&nbsp;&nbsp;(17 CFR 230.425)</font></font></p>
<p><font face="Times New Roman, Times, serif">
<font face="Times New Roman, Times, serif"><font size=2><img src="emptybox.gif" width="12" height="12"> </font></font><font size=2> Soliciting material pursuant to Rule 14a-12 under the Exchange Act&nbsp;&nbsp;(17 CFR 240.14a-12)</font>
</font></p>
<p><font face="Times New Roman, Times, serif">
<font face="Times New Roman, Times, serif"><font size=2><img src="emptybox.gif" width="12" height="12"> </font></font><font size=2> Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font>
</font></p>
<p><font face="Times New Roman, Times, serif">
<font face="Times New Roman, Times, serif"><font size=2><img src="emptybox.gif" width="12" height="12"> </font></font><font size=2> Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font>
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<p align="left"><font size="2" face="serif"><b>Item 1.01.  Entry into a Material Definitive Agreement</b></font></p>
<p align="left"><font size="2" face="serif">On December 27, 2005, PXRE Group Ltd. (the &#147;Company&#148;) entered into an employment agreement with Robert Myron , the Company&#146;s recently appointed Executive Vice President &amp; Chief Financial Officer.  The Employment Agreement is for a twenty-four month term and provides for an annual base salary of $325,000.  The Employment Agreement further provides Mr. Myron with an annual incentive bonus target of 55% of base salary under the Company&#146;s 2004 Incentive Bonus Compensation Plan.   Under the Employment Agreement, Mr. Myron will also be eligible to receive an annual equity grant of restricted common shares that is no less favorable than equity grants made generally to other Executive Vice Presidents of the Company.  Pursuant
to the Employment Agreement, Mr. Myron is also entitled to receive housing, car and home leave travel allowances.   </font></p>
<p align="left"><font size="2" face="serif">In the event that the Company terminates Mr. Myron employment without &#147;cause&#148; (as defined in the Employment Agreement) or Mr. Myron terminates the Employment Agreement for &#147;good reason&#148; (as defined in the Employment Agreement), subject to his continued compliance with the confidentiality, non-compete and non-solicitation provisions of the Employment Agreement, and conditioned on the execution of a release of claims against us, he will be entitled to receive a severance payment equal to two times his base salary plus one year of continued employee benefits and housing allowance and the vesting of all unvested equity awards.  The Employment Agreement prohibits Mr. Myron from competing with us or soliciting our customers or
employees for the one-year period following his termination.  </font></p>
<p align="left"><font size="2" face="serif">A copy of the Employment Agreement is attached as Exhibit 99.1 hereto.</font></p>
<p align="left"><font size="2" face="serif"><b>Item 9.01. Financial Statements and Exhibits </b></font></p>
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   <td width="10%" ><font face="Times New Roman, Times, serif"><b><font size=2>(c)&nbsp;&nbsp;&nbsp;&nbsp;Exhibits</font></b></font></td>
   <td align="center"><div align="left"><font face="Times New Roman, Times, serif"><b><font size=2>&nbsp;</font></b></font></div></td>
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   <td><font face="Times New Roman, Times, serif"><b><font size=2>Exhibit No.</font></b></font></td>
   <td><font face="Times New Roman, Times, serif"><b><font size=2>Description</font></b></font></td>
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   <td><font face="Times New Roman, Times, serif"><font size=2>99.1</font></font></td>
   <td align="center"><div align="left"><font face="Times New Roman, Times, serif"><font size=2>Employment Agreement, dated December 27, 2005, by and between PXRE Group Ltd. and Robert Myron.</font></font></div></td>
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  <td>&nbsp;</td>
  <td>&nbsp;</td>
  <td>&nbsp;</td>
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  <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
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<p align="center"><font face="Times New Roman, Times, serif">
<b><font size=2>SIGNATURES</font></b>
</font></p>
<p><font face="Times New Roman, Times, serif">
<font size=2>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>
</font></p>
<p align="center"><font face="Times New Roman, Times, serif">
<b><u><font size=2>PXRE Group Ltd.</font></u><font size=2> </font></b>
</font><br>
<font face="Times New Roman, Times, serif"><font size=2>(Registrant)</font>
</font></p>
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   <td width="11%"><font face="Times New Roman, Times, serif"><i><font size=2>By:</font></i></font></td>
   <td width="89%"><font face="Times New Roman, Times, serif"><i><font size=2>/s/ Jeffrey L. Radke</font></i></font></td>
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   <td><font face="Times New Roman, Times, serif"><i><font size=2>Name:</font></i></font></td>
   <td><font face="Times New Roman, Times, serif"><i><font size=2>Jeffrey L. Radke</font></i></font></td>
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   <td><font face="Times New Roman, Times, serif"><i><font size=2>Title:</font></i></font></td>
   <td><font face="Times New Roman, Times, serif"><i><font size=2>President &amp; Chief Executive Officer</font></i></font></td>
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<p><font face="Times New Roman, Times, serif">
<font size=2>Date: December 27, 2005</font>
</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
December 27, 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
(Commission
(I.R.S.
          Employer
of
          incorporation or organization)
File
          No.)
Identification
          No.)
PXRE
    House
P.O. Box HM 1282
110
    Pitts Bay Road
Hamilton HM FX
Pembroke
    HM 08
Bermuda
Bermuda
(Mailing address)
(Address,
    including zip code, of principal executive offices)
(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 1.01.  Entry into a Material Definitive Agreement
On December 27, 2005, PXRE Group Ltd. (the "Company") entered into an employment agreement with Robert Myron , the Company's recently appointed Executive Vice President & Chief Financial Officer.  The Employment Agreement is for a twenty-four month term and provides for an annual base salary of $325,000.  The Employment Agreement further provides Mr. Myron with an annual incentive bonus target of 55% of base salary under the Company's 2004 Incentive Bonus Compensation Plan.   Under the Employment Agreement, Mr. Myron will also be eligible to receive an annual equity grant of restricted common shares that is no less favorable than equity grants made generally to other Executive Vice Presidents of the Company.  Pursuant
to the Employment Agreement, Mr. Myron is also entitled to receive housing, car and home leave travel allowances.
In the event that the Company terminates Mr. Myron employment without "cause" (as defined in the Employment Agreement) or Mr. Myron terminates the Employment Agreement for "good reason" (as defined in the Employment Agreement), subject to his continued compliance with the confidentiality, non-compete and non-solicitation provisions of the Employment Agreement, and conditioned on the execution of a release of claims against us, he will be entitled to receive a severance payment equal to two times his base salary plus one year of continued employee benefits and housing allowance and the vesting of all unvested equity awards.  The Employment Agreement prohibits Mr. Myron from competing with us or soliciting our customers or
employees for the one-year period following his termination.
A copy of the Employment Agreement is attached as Exhibit 99.1 hereto.
Item 9.01. Financial Statements and Exhibits
(c)    Exhibits
Exhibit No.
Description
99.1
Employment Agreement, dated December 27, 2005, by and between PXRE Group Ltd. and Robert Myron.
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/ Jeffrey L. Radke
Name:
Jeffrey L. Radke
Title:
President & Chief Executive Officer
Date: December 27, 2005