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 9, 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))Item 1.01. Entry into a Material Definitive Agreement
On January 9, 2006, PXRE Reinsurance Ltd. (“PXRE”) and Barclays Bank PLC (“Barclays”) entered into a Global Amendment Agreement effective as of December 31, 2005 (the “Amendment”), which amends the Letter of Credit Facility Agreement dated June 25, 2004 and related Security Agreement between PXRE and Barclays (the “LC Facility”). The Amendment increases the available letter of credit capacity under the LC Facility from $135 million to $250 million and extends the term until December 31, 2006. The Amendment is attached as Exhibit 99.l.
Item 9.01. Financial Statements and Exhibits
| (c) | Exhibits |
| Exhibit No. | Description |
| 99.1 | Global Amendment Agreement, dated December 31, 2005, by and between PXRE Reinsurance Ltd., as Borrower, and Barclays Bank PLC, as Issuer |
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 and Chief Financial Officer | ||
Date: January 9, 2006