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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<br>
</font><font face="serif" size="3">Washington, D.C. 20549 </font></b></p>
<p align="center"><b><font face="serif" size="5">FORM 8-K</font></b></p>
<p align="center"><b><font face="serif" size="2">CURRENT REPORT</font></b></p>
<p align="center"><font size="2" face="serif"><b>Pursuant to Section 13 or 15(d) of the<br>
Securities Exchange Act of 1934</b></font></p>
<p align="center"><font size="2" face="serif">April 5, 2006<br>
Date of report (Date of earliest event reported)</font></p>
<p align="center"><b><font face="serif" size="5">PXRE GROUP LTD.<br>
</font></b><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"><b>PXRE House<br>
110 Pitts Bay Road<br>
Pembroke HM 08<br>
Bermuda</b></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"><b>P.O. Box HM 1282<br>
Hamilton HM FX<br>
Bermuda</b></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<br>
</b>(Registrant&#8217;s telephone number, including area code)</font></p>
<p align="center"><font size="2" face="serif"><b>NOT APPLICABLE<br>
</b>(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>  <table width="100%" cellspacing="0" cellpadding="0" border="0">
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<td align="left" width="3%"><font size="2" face="serif">&nbsp;<img src="emptybox.gif"></font></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"><font size="2" face="serif">&nbsp;<img src="emptybox.gif"></font></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"><font size="2" face="serif">&nbsp;<img src="emptybox.gif"></font></td>
<td><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"><font size="2" face="serif">&nbsp;<img src="emptybox.gif"></font></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"><font face="serif" size="2">&nbsp;</font></p>
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  <td width="9%"><font size="2" face="serif"><b>Item 1.01.</b></font></td>
<td><font size="2" face="serif"><b>Entry into a Material Definitive Agreement.</b></font></td>
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<p align="left"><font size="2" face="serif">On April 4, 2006, PXRE Reinsurance
    Company (the &#147;Company&#148;) entered into a new
employment agreement with Bruce J. Byrnes, General Counsel and Secretary of PXRE
Reinsurance Company. The Employment Agreement is for a twenty-one month term.
Pursuant to the Employment Agreement, Mr. Byrnes will be paid his current annual
base salary of $378,000 in 2006 and that such annual base salary will be
increased to $400,000 in 2007. The Employment Agreement also memorializes the
retention bonuses payable to Mr. Byrnes on September 1, 2006 and March 15, 2007,
as previously reported on the Current Report on Form 8-K filed with Securities
and Exchange Commission by PXRE Group Ltd. (&#147;PXRE Group&#148;) on March 8, 2006.</font></p>

<p align="left"><font size="2" face="serif">Under the Employment Agreement, Mr.
    Byrnes will also be eligible to participate in the various stock-based compensation
    programs of PXRE Group; provided,
however, that if Mr. Byrnes is not granted an equity award during the first five
months of 2007 with a fair market value equal to at least 1.4 times Mr. Byrnes's
base salary, then he will be paid a cash amount equal to $140,000 on December
15, 2007. The Employment Agreement further provides that, with respect to
calendar year 2007, Mr. Byrnes will be eligible to receive a performance based
bonus under the PXRE Group 2004 Incentive Bonus Compensation Plan, which bonus
will be determined based upon an annual incentive bonus target of 55% of his
base salary in effect on December 31, 2007.</font></p>
<p align="left"><font size="2" face="serif">The Employment Agreement prohibits Mr. Byrnes from competing with the Company or its affiliates or soliciting the Company&#8217;s customers or employees during the term of his employment. </font></p>
<p><font size="2" face="serif">A copy of the Employment Agreement is attached as Exhibit 99.1 hereto.</font></p>
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    <td><b><font size="2" face="Times New Roman, Times, serif">Item 1.02.</font></b></td>
    <td align="left"><b><font size="2" face="Times New Roman, Times, serif">Termination of Material Definitive Agreement </font></b></td>
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    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
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    <td colspan="2"><font size="2" face="Times New Roman, Times, serif">On
        April 4, 2006, the Company provided John T. Daly, Executive Vice President,
        International Operations, with notice
        of non-renewal under
      the Employment Agreement, dated September 1, 2004, between PXRE Reinsurance
      Ltd. and Mr. Daly (the &#147;Daly Employment Agreement&#148;). Mr. Daly&#146;s
      employment will, therefore, terminate on September 1, 2006. Pursuant to
      the terms of the Daly Employment Agreement, Mr. Daly has been placed on &#147;garden
    leave&#148; until September 1, 2006.</font></td>
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<td 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>
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<td width="3%"><font size="2" face="serif">(c)</font></td>
<td align="left">
<font size="2" face="serif"> <i>Exhibits</i>.</font></td>
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<td align="left"><font size="2" face="serif"><u>Exhibit No.</u></font></td>
<td width="78%" align="left"><font size="2" face="serif"><u>Description</u></font></td>
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<td align="left"><font size="2" face="serif">99.1</font></td>
<td align="left"><font size="2" face="serif">Employment Agreement, dated as of
    April 4, 2006, by and between PXRE Reinsurance Company and Bruce J. Byrnes.</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 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" align="left"><font size="2" face="serif">&nbsp;</font><font size="2" face="serif">PXRE Group Ltd.</font></td>
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<td colspan="3" align="left"><font size="2" face="serif">&nbsp;</font><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Registrant)</font></td>
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<td width="4%">&nbsp;</td>
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<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">By: </font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">/s/ Robert P. Myron</font></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 align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">Name:</font></td>
<td align="left"><font size="2" face="serif">Robert P. Myron</font></td>
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<td align="left"><font size="2" face="serif">&nbsp;</font></td>
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<td align="left"><font size="2" face="serif">Title:</font></td>
<td align="left"><font size="2" face="serif">Executive Vice President,</font></td>
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<td align="left"><font size="2" face="serif">&nbsp;</font></td>
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<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">Chief Financial Officer and</font></td>
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<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">Treasurer</font></td>
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<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
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<p align="left"><font size="2" face="serif">Date:  April 5, 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
April 5, 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 1.01.
Entry into a Material Definitive Agreement.
On April 4, 2006, PXRE Reinsurance
    Company (the "Company") entered into a new
employment agreement with Bruce J. Byrnes, General Counsel and Secretary of PXRE
Reinsurance Company. The Employment Agreement is for a twenty-one month term.
Pursuant to the Employment Agreement, Mr. Byrnes will be paid his current annual
base salary of $378,000 in 2006 and that such annual base salary will be
increased to $400,000 in 2007. The Employment Agreement also memorializes the
retention bonuses payable to Mr. Byrnes on September 1, 2006 and March 15, 2007,
as previously reported on the Current Report on Form 8-K filed with Securities
and Exchange Commission by PXRE Group Ltd. ("PXRE Group") on March 8, 2006.
Under the Employment Agreement, Mr.
    Byrnes will also be eligible to participate in the various stock-based compensation
    programs of PXRE Group; provided,
however, that if Mr. Byrnes is not granted an equity award during the first five
months of 2007 with a fair market value equal to at least 1.4 times Mr. Byrnes's
base salary, then he will be paid a cash amount equal to $140,000 on December
15, 2007. The Employment Agreement further provides that, with respect to
calendar year 2007, Mr. Byrnes will be eligible to receive a performance based
bonus under the PXRE Group 2004 Incentive Bonus Compensation Plan, which bonus
will be determined based upon an annual incentive bonus target of 55% of his
base salary in effect on December 31, 2007.
The Employment Agreement prohibits Mr. Byrnes from competing with the Company or its affiliates or soliciting the Company's customers or employees during the term of his employment.
A copy of the Employment Agreement is attached as Exhibit 99.1 hereto.
Item 1.02.
Termination of Material Definitive Agreement
On
        April 4, 2006, the Company provided John T. Daly, Executive Vice President,
        International Operations, with notice
        of non-renewal under
      the Employment Agreement, dated September 1, 2004, between PXRE Reinsurance
      Ltd. and Mr. Daly (the "Daly Employment Agreement"). Mr. Daly's
      employment will, therefore, terminate on September 1, 2006. Pursuant to
      the terms of the Daly Employment Agreement, Mr. Daly has been placed on "garden
    leave" until September 1, 2006.
Item 9.01.
Financial Statements and Exhibits.
(c)
Exhibits
.
Exhibit No.
Description
99.1
Employment Agreement, dated as of
    April 4, 2006, by and between PXRE Reinsurance Company and Bruce J. Byrnes.
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:  April 5, 2006
3