Ownership Submission
FORM 5
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
Form 3 Holdings Reported
Form 4 Transactions Reported
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

ANNUAL STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number: 3235-0362
Expires: January 31, 2005
Estimated average burden hours per response... 1.0

1. Name and Address of Reporting Person *
RADKE GERALD L
 2. Issuer Name and Ticker or Trading Symbol
PXRE GROUP LTD [PXT] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director _____ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
(Last)
(First)
(Middle)

SWAN BLDG, 26 VICTORIA STREET		 3. Statement for Issuer's Fiscal Year Ended (Month/Day/Year)
12/31/2005
(Street)


HAMILTON HM 12, D0 00000		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Reporting
(check applicable line)

_X_ Form Filed by One Reporting Person
___ Form Filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)		 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)		 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		 5. Amount of Securities Beneficially Owned at end of Issuer's Fiscal Year
(Instr. 3 and 4)		 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Amount (A) or (D) Price
COMMON STOCK (1) 06/03/2004   M4 2,700 A $ 17.45 50,025 D  
COMMON STOCK (2) 06/03/2004   S4 2,700 D $ 24.2941 47,325 D  
COMMON STOCK (1) 06/04/2004   M4 2,100 A $ 17.45 49,425 D  
COMMON STOCK (2) 06/04/2004   S4 2,100 D $ 24.461 47,325 D  
COMMON STOCK (1) 06/04/2004   M4 2,900 A $ 19.8 50,225 D  
COMMON STOCK (2) 06/04/2004   S4 2,900 D $ 24.461 47,325 D  
COMMON STOCK (1) 06/07/2004   M4 4,300 A $ 19.8 51,625 D  
COMMON STOCK (2) 06/07/2004   S4 4,300 D $ 24.5123 47,325 D  
COMMON STOCK (1) 06/08/2004   M4 42,800 A $ 19.8 90,125 D  
COMMON STOCK (2) 06/08/2004   S4 42,800 D $ 24.5279 47,325 D  
COMMON STOCK (1) 02/14/2005   M4 5,000 A $ 23.78 18,839 D  
COMMON STOCK (2) 02/14/2005   S4 5,000 D $ 27 13,839 D  
COMMON STOCK (1) 02/18/2005   M4 5,000 A $ 23.78 18,839 D  
COMMON STOCK (2) 02/18/2005   S4 5,000 D $ 27.1 13,839 D  
COMMON STOCK (1) 06/27/2005   M4 30,410 A $ 23.78 46,749 D  
COMMON STOCK (2) 06/27/2005   S4 30,410 A $ 24.7983 16,339 D  

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number. SEC 2270 (9-02)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)		 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)		 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)		 6. Date Exercisable and Expiration Date
(Month/Day/Year)		 7. Title and Amount of Underlying Securities
(Instr. 3 and 4)		 8. Price of Derivative Security
(Instr. 5)		 9. Number of Derivative Securities Beneficially Owned at End of Issuer's Fiscal Year
(Instr. 4)		 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
(A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
STOCK OPTIONS $ 17.45 06/03/2004   M   2,700 02/12/2003 02/12/2012 COMMON STOCK
2,700
$ 24.2941 162,841
D
 
STOCK OPTIONS $ 17.45 06/04/2004   M   2,100 02/12/2003 02/12/2012 COMMON STOCK
2,100
$ 24.461 160,741
D
 
STOCK OPTIONS $ 19.8 06/04/2004   M   2,900 02/12/2002 02/12/2011 COMMON STOCK
2,900
$ 24.461 157,841
D
 
STOCK OPTIONS $ 19.8 06/07/2004   M   4,300 02/12/2002 02/12/2011 COMMON STOCK
4,300
$ 24.5123 153,541
D
 
STOCK OPTIONS $ 19.8 06/08/2004   M   42,800 02/12/2002 02/12/2011 COMMON STOCK
42,800
$ 24.5279 110,741
D
 
STOCK OPTIONS $ 23.78 02/14/2005   M   5,000 02/11/2004 02/11/2013 COMMON STOCK
5,000
$ 27 105,741
D
 
STOCK OPTIONS $ 23.78 02/18/2005   M   5,000 02/11/2004 02/11/2013 COMMON STOCK
5,000
$ 27.1 100,741
D
 
STOCK OPTIONS $ 23.78 06/27/2005   M   30,410 02/11/2004 02/11/2013 COMMON STOCK
30,410
$ 24.7983 57,241
D
 

Reporting Owners

Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
RADKE GERALD L
SWAN BLDG
26 VICTORIA STREET
HAMILTON HM 12, D0 00000		   X      

Signatures

DIANNA MITCHELL AS POWER OF ATTORNEY FOR GERALD RADKE 11/23/2005
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) Shares acquired upon exercise of stock options.
(2) This Form 5 corrects reporting errors in previously reported Form 4s related to sales in connection with stock option exercises and to properly code, on Table II, the option exercise as an exempt transaction. As part of the compliance process, the PXRE staff prepares all Form 4 filings on behalf of its directors and officers. It has been discovered that PXRE's staff was incorrectly preparing certain Form 4s by failing to include the concurrent sale of the common shares on Form 4s reporting option exercises. The reported ownership amounts were not affected by this error. All sales reported, after May 12, 2004, under this Form 5, were effected pursuant to a written plan in accordance with Rule 10b5-1 under the Securities Exchange Act of 1934. Mr. Gerald Radke's establishment of this Rule 10b5-1 Plan was previously announced on May 12, 2004 as part of Mr. Radke's overall retirement planning.
 
Remarks:
Due to software constraints, transactions reported on this Form 5 are continued from a concurrently filed Form 5.

Note: File three copies of this Form, one of which must be manually signed. If space provided is insufficient, see Instruction 6 for procedure.

Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB number.