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
June 25, 2004
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 (Commission (I.R.S. Employer
of incorporation or organization) File No.) Identification No.)
PXRE House P.O. Box HM 1282
110 Pitts Bay Road Hamilton HM FX
Pembroke HM 08 Bermuda
Bermuda
(Address, including zip code,
of principal executive offices) (Mailing address)
(441) 296-5858
(Registrant's telephone number, including area code)
ITEM 5. OTHER EVENTS
On June 25, 2004, PXRE Reinsurance Ltd. entered into a $100 million Letter of
Credit Facility Agreement and Security Agreement with Barclays Bank PLC. The
Letter of Credit Facility Agreement is a 1-year secured facility that allows
PXRE Reinsurance Ltd. to issue up to $100 million in letters of credit. The
Letter of Credit Facility Agreement and Security Agreement are attached as
Exhibit 10.1 and 10.2.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits
Exhibit No. Description
10.1 Letter of Credit Facility Agreement, dated June 25, 2004, between
PXRE Reinsurance Ltd., as Borrower, and Barclays Bank PLC, as
Issuer.
10.2 Security Agreement, dated June 25, 2004, between Barclays Bank
PLC, as Secured Party, and PXRE Reinsurance Ltd., as Borrower.
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.
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(Registrant)
By: /s/ John Modin
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Name: John Modin
Title: Executive Vice President and
Chief Financial Officer
Date: June 25, 2004