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
December 29, 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 | (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, | (Mailing address) | |
| of principal executive offices) |
(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 December 29, 2006, PXRE Reinsurance Ltd. (“PXRE”) and Barclays Bank PLC (“Barclays”) entered into the Third Amendment (the “Amendment”) to the Letter of Credit Facility Agreement dated June 25, 2004 between PXRE and Barclays (the “LC Facility”). The Amendment reduces the available letter of credit capacity under the LC Facility from $250 million to $110 million and extends the term until December 31, 2007. The Amendment is attached as Exhibit 99.l.
Item 9.01. Financial Statements and Exhibits
| (c) Exhibits | |||
| Exhibit No. | Description | ||
| 99.1 | Third Amendment, dated December 29, 2006, 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 & Chief Financial Officer | |
Date: January 3, 2007