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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">April 11, 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 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 7.01.</b></font></td>
<td align="left"><font size="2" face="serif"><b>Regulation FD Disclosure</b></font></td>
</tr>
</table>
<p align="left"><font size="2" face="serif">On April 11, 2006, PXRE Group Ltd.
    (&#147;PXRE&#148;) issued a press release announcing the voluntary withdrawal
    of its financial strength and claims paying ratings. A copy of the press
    release is attached as Exhibit 99.1.</font></p>
<p align="left"><font size="2" face="serif">Note: The information in this report
    and Exhibit 99.1 attached hereto are furnished pursuant to Item 7.01 and
    shall not be deemed &#147;filed&#148; 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>
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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>
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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="6%" align="left" valign="top">&nbsp;</td>
<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>
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  <td width="6%" align="left" valign="top">&nbsp;</td>
<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">PXRE Group Ltd. Press Release dated as of April 11, 2006</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 Myron</font></i></td>
</tr>
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<td></td>
<td></td>
<td colspan="3"><hr noshade size="1"></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 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>
<tr valign="top">
<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: April 11, 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 11, 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 7.01.
Regulation FD Disclosure
On April 11, 2006, PXRE Group Ltd.
    ("PXRE") issued a press release announcing the voluntary withdrawal
    of its financial strength and claims paying ratings. A copy of the press
    release is attached as Exhibit 99.1.
Note: The information in this report
    and Exhibit 99.1 attached hereto are 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.
Item 9.01.
Financial Statements and Exhibits
(c)
Exhibits
Exhibit No.
Description
99.1
PXRE Group Ltd. Press Release dated as of April 11, 2006
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 Myron
Name:
Robert Myron
Title:
Executive Vice President &
Chief Financial Officer
Date: April 11, 2006
3