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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><br>
<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">December 21, 2005</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><font size="2" face="serif">98-0214719</font></td>
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    <td><font size="2" face="serif">(State or other jurisdiction<br>
      of incorporation or organization)      <br>
    </font></td>
    <td><font size="2" face="serif">(Commission<br>
    File No.)    </font></td>
    <td><font size="2" face="serif">(I.R.S. Employer<br>
    Identification No.)    </font></td>
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<p>&nbsp;</p>
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    <td width="20%">&nbsp;</td>
    <td 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 width="40%"><font size="2" face="serif">P.O. Box HM 1282<br>
    Hamilton HM FX <br>
    Bermuda<br>
    <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>
<p align="center">&nbsp;</p>
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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 21, 2005, PXRE Reinsurance Ltd. (&#8220;PXRE Bermuda&#8221;), the principal operating subsidiary of PXRE Group Ltd., entered into a Reinsurance Agreement (the &#8220;Reinsurance Agreement&#8221;), dated as of December 21, 2005, by and between PXRE Bermuda , as cedent, and Atlantic and Western Re II Limited, a Cayman Islands reinsurance company (&#8220;A&amp;W Re II&#8221;), as reinsurer.   The Reinsurance Agreement provides two tranches of protection to PXRE for the risk that a second significant catastrophe loss arising from a hurricane in the Eastern and Gulf coasts of the United States, a windstorm in northern Europe or earthquake in California occurs following the occurrence of a first significant hurricane, windstorm or
earthquake loss.   The first tranche provides $125 million of protection from January 1, 2006 through December 31, 2006.  The second tranche provides $125 million of protection from January 1, 2006 through December 31, 2008.  </font></p>
<p align="left"><font size="2" face="serif">The coverage is based on a modeled loss trigger. PXRE created a series of notional portfolios of reinsurance contracts designed to closely mimic the exposures in PXRE's assumed reinsurance portfolio. Upon the occurrence of a hurricane, windstorm or earthquake in the covered territories, the parameters of the catastrophe event are determined and modeled against the notional portfolios. If the modeled loss to the notional portfolio exceeds the attachment point for the peril at issue, then the coverage is activated.  Upon the occurrence of a second catastrophe event in the covered territories during that calendar year, the parameters of the catastrophe event are determined and modeled against the notional portfolios. If the modeled loss to the
notional portfolio for the second event exceeds the attachment point for the peril at issue, then PXRE will make a recovery under the agreement. </font></p>
<p align="left"><font size="2" face="serif">On December 21, 2005, A&amp;W Re II financed the coverage through the issuance of $250 million in catastrophe bonds pursuant to Rule 144A under the Securities Act of 1933. The bonds have not been registered under the Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. </font></p>
<p align="left"><font size="2" face="serif">The foregoing description of the Reinsurance Agreement does not purport to be complete and is qualified in its entirety by reference to the Reinsurance Agreement, which is filed as Exhibit&nbsp;99.1 hereto, and is incorporated into this report by reference.</font></p>
<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">On December 21, 2005, PXRE Group Ltd. (&#8220;PXRE&#8221;) issued a press release concerning a reinsurance agreement between its principal operating subsidiary, PXRE Reinsurance Ltd. and Atlantic &amp; Western Re II Limited.  A copy of the press release is attached as Exhibit 99.2.</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%">&nbsp;</td>
    <td colspan="2"><font size="2" face="serif">(c)</font><font size="2" face="serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibits</font></td>
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    <td>&nbsp;</td>
    <td width="10%">&nbsp;</td>
    <td>&nbsp;</td>
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    <td>&nbsp;</td>
    <td><font size="2" face="serif">Exhibit No.</font></td>
    <td><font size="2" face="serif">Description</font></td>
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    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
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    <td>&nbsp;</td>
    <td><font size="2" face="serif">99.1</font></td>
    <td align="left"><font size="2" face="serif">
      Reinsurance Agreement, dated as of December 21, 2005, by and between
        PXRE Reinsurance Ltd., as cedent, and Atlantic and Western Re II Limited,
        as reinsurer.</font></td>
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    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="left">&nbsp;</td>
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    <td>&nbsp;</td>
    <td><font size="2" face="serif">99.2</font></td>
    <td align="left"><font size="2" face="serif">Press Release dated as of December 21, 2005.</li>
    </font> </td>
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    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="left">&nbsp;</td>
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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 align="center"><font size="2" face="serif"><b><u>PXRE Group Ltd. <br>
    </u></b>(Registrant) <b><u>    </u></b></font></td>
    <td width="30%">&nbsp;</td>
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    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
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    <td>&nbsp;</td>
    <td><font size="2" face="serif"><i>By: <u>/s/ Robert P. Myron</u></i></font></td>
    <td>&nbsp;</td>
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    <td>&nbsp;</td>
    <td><font size="2" face="serif"><i>Name: Robert P. Myron</i></font></td>
    <td>&nbsp;</td>
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    <td>&nbsp;</td>
    <td><font size="2" face="serif"><i>Title: Senior Vice President &amp; Treasurer</i></font></td>
    <td>&nbsp;</td>
  </tr>
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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="left">&nbsp;</p>
<p align="left"><font size="2" face="serif">Date: December 21, 2005 </font></p>
<p align="center">&nbsp;</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 21, 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
(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 1.01.  Entry into a Material Definitive Agreement
On December 21, 2005, PXRE Reinsurance Ltd. ("PXRE Bermuda"), the principal operating subsidiary of PXRE Group Ltd., entered into a Reinsurance Agreement (the "Reinsurance Agreement"), dated as of December 21, 2005, by and between PXRE Bermuda , as cedent, and Atlantic and Western Re II Limited, a Cayman Islands reinsurance company ("A&W Re II"), as reinsurer.   The Reinsurance Agreement provides two tranches of protection to PXRE for the risk that a second significant catastrophe loss arising from a hurricane in the Eastern and Gulf coasts of the United States, a windstorm in northern Europe or earthquake in California occurs following the occurrence of a first significant hurricane, windstorm or
earthquake loss.   The first tranche provides $125 million of protection from January 1, 2006 through December 31, 2006.  The second tranche provides $125 million of protection from January 1, 2006 through December 31, 2008.
The coverage is based on a modeled loss trigger. PXRE created a series of notional portfolios of reinsurance contracts designed to closely mimic the exposures in PXRE's assumed reinsurance portfolio. Upon the occurrence of a hurricane, windstorm or earthquake in the covered territories, the parameters of the catastrophe event are determined and modeled against the notional portfolios. If the modeled loss to the notional portfolio exceeds the attachment point for the peril at issue, then the coverage is activated.  Upon the occurrence of a second catastrophe event in the covered territories during that calendar year, the parameters of the catastrophe event are determined and modeled against the notional portfolios. If the modeled loss to the
notional portfolio for the second event exceeds the attachment point for the peril at issue, then PXRE will make a recovery under the agreement.
On December 21, 2005, A&W Re II financed the coverage through the issuance of $250 million in catastrophe bonds pursuant to Rule 144A under the Securities Act of 1933. The bonds have not been registered under the Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
The foregoing description of the Reinsurance Agreement does not purport to be complete and is qualified in its entirety by reference to the Reinsurance Agreement, which is filed as Exhibit 99.1 hereto, and is incorporated into this report by reference.
Item 7.01.  Regulation FD Disclosure
On December 21, 2005, PXRE Group Ltd. ("PXRE") issued a press release concerning a reinsurance agreement between its principal operating subsidiary, PXRE Reinsurance Ltd. and Atlantic & Western Re II Limited.  A copy of the press release is attached as Exhibit 99.2.
Item 9.01. Financial Statements and Exhibits
(c)
Exhibits
Exhibit No.
Description
99.1
Reinsurance Agreement, dated as of December 21, 2005, by and between
        PXRE Reinsurance Ltd., as cedent, and Atlantic and Western Re II Limited,
        as reinsurer.
99.2
Press Release dated as of December 21, 2005.
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: Senior Vice President & Treasurer
Date: December 21, 2005