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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<br>
</font></b></font><b><font face="serif" size="5">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"><font size="2" face="serif"><b>CURRENT REPORT<br>
<br>
</b></font><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"><b>January 19, 2006</b><br>
</font><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.<br>
</font></b><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"><b>Bermuda</b></font></td>
<td width="33%"><font size="2" face="serif"><b>1-15259</b></font></td>
<td><font size="2" face="serif"><b>98-0214719</b></font></td>
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  <td align="center"><font size="2" face="serif">(State or other jurisdiction<br>
    of incorporation or organization)    </font></td>
  <td align="center"><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>
</tr>
<tr valign="top">
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
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    <td width="20%">&nbsp;</td>
    <td valign="top"><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,</font><br>
<font size="2" face="serif"> of principal executive offices)</font><font size="2" face="serif">&nbsp;    </font></td>
    <td width="40%" valign="top"><font size="2" face="serif"><b>P.O. Box HM 1282<br>
Hamilton HM FX<br>
Bermuda<br>
</b>(Mailing
    address)</font></td>
  </tr>
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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's telephone number, including area
code)</font></p>
<p align="center"><font size="2" face="serif"><b>NOT APPLICABLE<br>
</b></font><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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 January 19, 2006, PXRE Reinsurance Ltd. entered into a second $200 million letter of credit facility with Citibank Ireland Financial Services plc. (the &#147;Letter of Credit Facility Agreement&#148;).  This Letter of Credit Facility Agreement is a 1-year secured facility that allows PXRE Reinsurance Ltd. to issue up to $200 million in letters of credit.  The Committed Letter of Credit Facility Agreement is attached as Exhibit 99.1.</font></p>
<p align="left"><font size="2" face="serif">.</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="3%" align="left">&nbsp;</td>
  <td width="10%" align="left"><font size="2" face="serif">(c)</font></td>
  <td align="left">
<font size="2" face="serif">     Exhibits</font>
<font size="2" face="serif">&nbsp;</font></td>
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  <td>&nbsp;</td>
  <td>&nbsp;</td>
  <td>&nbsp;</td>
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<tr valign="top">
  <td>&nbsp;</td>
  <td><font size="2" face="serif"><u>Exhibit No.</u></font></td>
  <td><font size="2" face="serif"><u>Description</u></font></td>
</tr>
<tr valign="top">
  <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">Committed Letter of Credit Facility Agreement, dated January 19, 2006, by and between Citibank Ireland Financial Services plc and PXRE Reinsurance Ltd.</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="center"><font size="2" face="serif"><b><u>PXRE Group Ltd.</u></b></font><br>
<font size="2" face="serif">(Registrant) </font></p>
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<tr valign="top">
  <td width="50%" align="left">&nbsp;</td>
  <td width="5%" align="left"><font size="2" face="serif"><i>By:</i></font></td>
<td align="left"><font size="2" face="serif"><i><u>/s/ Robert P. Myron&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></i></font></td>
 </tr>
<tr valign="top">
<td align="left">&nbsp;</td>
  <td align="left"><font size="2" face="serif"><i>Name:</i></font></td>
  <td align="left"><font size="2" face="serif"><i>Robert P. Myron</i></font></td>

</tr>
<tr valign="top">
  <td align="left">&nbsp;</td>
  <td align="left"><font size="2" face="serif"><i>Title:</i></font></td>
  <td align="left"><font size="2" face="serif"><i>Executive Vice President &amp; <br>
Chief Financial Officer</i></font></td>
</tr>
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<p align="left"><font size="2" face="serif">Date: January 19, 2006 </font></p>
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{"company-data": {"conformed-name": "PXRE GROUP LTD", "cik": "0001091748", "assigned-sic": "6361", "irs-number": "980214719", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-15259", "film-number": "06541244"}, "business-address": {"street1": "PXRE HOUSE", "street2": "110 PITTS BAY ROAD", "city": "PEMBROKE", "state": "D0", "zip": "HM 08", "phone": "4412965858"}, "mail-address": {"street1": "P O BOX HM 1282", "city": "HAMILTON BERMUDA", "state": "D0", "zip": "HM FX"}}
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
January 19, 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 1.01.  Entry into a Material Definitive Agreement
On January 19, 2006, PXRE Reinsurance Ltd. entered into a second $200 million letter of credit facility with Citibank Ireland Financial Services plc. (the "Letter of Credit Facility Agreement").  This Letter of Credit Facility Agreement is a 1-year secured facility that allows PXRE Reinsurance Ltd. to issue up to $200 million in letters of credit.  The Committed Letter of Credit Facility Agreement is attached as Exhibit 99.1.
.
Item 9.01. Financial Statements and Exhibits
(c)
Exhibits
Exhibit No.
Description
99.1
Committed Letter of Credit Facility Agreement, dated January 19, 2006, by and between Citibank Ireland Financial Services plc and PXRE Reinsurance Ltd.
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
Date: January 19, 2006