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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">November 29, 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>
<p align="center">&nbsp;</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
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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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  <tr align="center" valign="top">
    <td><font size="2" face="serif">(State or other jurisdiction<br>
    of incorporation or organization)    </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>
  </tr>
</table>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr align="left" valign="top">
    <td width="15%">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
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  <tr align="left" valign="top">
    <td>&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><font size="2" face="serif">P.O.
Box HM 1282<br>
Hamilton
HM FX <br>
Bermuda<br>
<br>
<br>
(Mailing address)    </font></td>
  </tr>
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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">&nbsp;</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><a href="#contents"><font size="2">Back to Contents</font></a></p>
<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 November 29, 2005, PXRE Reinsurance Company agreed to sell its wholly owned subsidiary, PXRE Limited, to Chaucer Holdings PLC in order to effect the orderly exit of PXRE&#8217;s defunct operations in Lloyd&#8217;s.  PXRE Limited is a corporate member of Lloyd&#8217;s and is the sole corporate member of Lloyd&#8217;s Syndicate 1224.  Syndicate 1224 ceased underwriting and has been in run-off since 2000, managed by Omni Whittington Capital Management Limited (&quot;Omni&quot;).  As part of the transaction, Chaucer has agreed terms for the reinsurance to close of Syndicate 1224 into Chaucer's Syndicate 1084.  In connection with the sale, PXRE Reinsurance Ltd. has entered into a Stop Loss Reinsurance Agreement for the benefit of Syndicate 1224,
which will protect Chaucer against adverse development on the insurance reserves of Syndicate 1224.  PXRE Group Ltd. expects to record a net realized loss on sale in the fourth quarter of less than $5m as a result of these transactions. Copies of the Sale and Purchase Agreement relating to shares in PXRE Limited between Chaucer Holdings PLC, PXRE Reinsurance Company and PXRE Limited (&#8220;Sale and Purchase Agreement&#8221;) and the Stop Loss Reinsurance Agreement between PXRE Reinsurance Ltd., Syndicate 1224, and Omni  (&#8220;Stop Loss Agreement&#8221;)  are attached as Exhibit 99.1 and 99.2.  The foregoing description of the Sale and Purchase Agreement  and Stop Loss Agreement does not purport to be complete and is qualified in its entirety by reference to such agreements, which are
filed as Exhibit 99.1 and 99.2 hereto, and are incorporated into this report by reference.</font></p>
<p align="left"><font size="2" face="serif"><b>Item 9.01. Financial Statements and Exhibits </b></font></p>
<p align="left"><font size="2" face="serif">     </font></p>
<p align="left"><font size="2" face="serif">   </font></p>
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    <td>&nbsp;</td>
    <td colspan="2"><font size="2" face="serif">(c)</font><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;Exhibits</font></td>
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    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td width="3%">&nbsp;</td>
    <td width="12%"><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>
<font size="2" face="serif">     Sale and Purchase Agreement, dated as of November 29, 2005, relating to shares in PXRE Limited between Chaucer Holdings PLC, PXRE Reinsurance Company and PXRE Limited</font></td>
</tr>
<tr align="left" valign="top">
  <td>&nbsp;</td>
  <td>&nbsp;</td>
  <td>&nbsp;</td>
</tr>
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  <td>&nbsp;</td>
<td><font size="2" face="serif">99.2</font></td>
<td><font size="2" face="serif">Stop Loss Reinsurance Agreement between PXRE
    Reinsurance Ltd., Syndicate 1224, and Omni Whittington Capital Management
    Limited</font></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>
<p align="left">&nbsp;</p>
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    <td width="25%">&nbsp;</td>
    <td colspan="2"><font size="2" face="serif"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>PXRE Group Ltd. </u></b></font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="2"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Registrant)</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="2" face="serif"><i>By: </i></font></td>
    <td><font size="2" face="serif"><i><u>/s/ John Modin</u></i></font></td>
  </tr>
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    <td>&nbsp;</td>
    <td><font size="2" face="serif"><i>Name:</i></font></td>
    <td><font size="2" face="serif"><i> John Modin</i></font></td>
  </tr>
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    <td>&nbsp;</td>
    <td><font size="2" face="serif"><i>Title:</i></font></td>
    <td><font size="2" face="serif"><i> Executive Vice President &amp; Chief
    Financial Officer</i></font></td>
  </tr>
</table>
<p align="center"><font size="2" face="serif"></font></p>
<p align="left"><font size="2" face="serif">Date: November 29, 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
November 29, 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))
Back to Contents
Item 1.01.  Entry into a Material Definitive Agreement
On November 29, 2005, PXRE Reinsurance Company agreed to sell its wholly owned subsidiary, PXRE Limited, to Chaucer Holdings PLC in order to effect the orderly exit of PXRE's defunct operations in Lloyd's.  PXRE Limited is a corporate member of Lloyd's and is the sole corporate member of Lloyd's Syndicate 1224.  Syndicate 1224 ceased underwriting and has been in run-off since 2000, managed by Omni Whittington Capital Management Limited ("Omni").  As part of the transaction, Chaucer has agreed terms for the reinsurance to close of Syndicate 1224 into Chaucer's Syndicate 1084.  In connection with the sale, PXRE Reinsurance Ltd. has entered into a Stop Loss Reinsurance Agreement for the benefit of Syndicate 1224,
which will protect Chaucer against adverse development on the insurance reserves of Syndicate 1224.  PXRE Group Ltd. expects to record a net realized loss on sale in the fourth quarter of less than $5m as a result of these transactions. Copies of the Sale and Purchase Agreement relating to shares in PXRE Limited between Chaucer Holdings PLC, PXRE Reinsurance Company and PXRE Limited ("Sale and Purchase Agreement") and the Stop Loss Reinsurance Agreement between PXRE Reinsurance Ltd., Syndicate 1224, and Omni  ("Stop Loss Agreement")  are attached as Exhibit 99.1 and 99.2.  The foregoing description of the Sale and Purchase Agreement  and Stop Loss Agreement does not purport to be complete and is qualified in its entirety by reference to such agreements, which are
filed as Exhibit 99.1 and 99.2 hereto, and are incorporated into this report by reference.
Item 9.01. Financial Statements and Exhibits
(c)
Exhibits
Exhibit No.
Description
99.1
Sale and Purchase Agreement, dated as of November 29, 2005, relating to shares in PXRE Limited between Chaucer Holdings PLC, PXRE Reinsurance Company and PXRE Limited
99.2
Stop Loss Reinsurance Agreement between PXRE
    Reinsurance Ltd., Syndicate 1224, and Omni Whittington Capital Management
    Limited
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/ John Modin
Name:
John Modin
Title:
Executive Vice President & Chief
    Financial Officer
Date: November 29, 2005