Exhibit 99


FOR IMMEDIATE RELEASE                Contact:   Sanford M. Kimmel
                                                Senior Vice President, Treasurer
                                                and Chief Financial Officer
                                                (908) 906-8100

                              PXRE CORPORATION AND
                          TRANSNATIONAL RE CORPORATION
                              SIGN MERGER AGREEMENT

     Edison, New Jersey (August 22, 1996): PXRE Corporation (Nasdaq/NM:PXRE) and
Transnational Re Corporation (Nasdaq/NM:TREX) today announced that they have
signed a definitive Agreement and Plan of Merger, pursuant to which
Transnational Re will merge with and into PXRE. After the merger is consummated,
Transnational Re will cease to exist and PXRE will continue as the surviving
corporation. As a result of the merger, Transnational Re's reinsurance
subsidiary, Transnational Reinsurance Company, will become a subsidiary of PXRE
Reinsurance Company, the reinsurance underwriting subsidiary of PXRE.

     Under the merger agreement, each share of Common Stock of Transnational Re
will be exchanged for 1.0575 shares of PXRE common stock and cash in lieu of
fractional shares.

     The merger was deemed advisable and in the best interests of stockholders
of the respective companies by the Board of Directors of Transnational Re, based
on the unanimous recommendation of a special committee composed of its
independent directors, and by the Board of Directors of PXRE. In approving the
merger agreement, and in considering the merger proposal from a financial point
of view, the PXRE Board of Directors was advised by Dillon, Read & Co. Inc. and
the Transnational Re Board of Directors was advised by Donaldson, Lufkin &
Jenrette Securities Corporation.

     Commenting on the proposed merger, PXRE's Chairman, President and Chief
Executive Officer, Gerald L. Radke, said, "This strategic combination is a very
positive development for us. It will increase our size and financial strength
substantially and enhance our presence in a rapidly consolidating industry."

     Thomas H. Fox, Chairman of the Special Committee of the Board of Directors
of Transnational Re stated that "The merger with PXRE is in the best interests
of Transnational Re's current public stockholders and will enable them to
participate in the future growth of the combined entity."

     The transaction is subject to stockholder and regulatory approval and
certain other conditions and is expected to close in the fourth quarter of 1996.

     PXRE provides reinsurance products and services to a national and
international market place, with principal emphasis on commercial and personal
property risks. Transnational Re specializes in brokered property retrocessional
reinsurance and marine and aviation retrocessional reinsurance in the United
States and international markets with a primary focus on catastrophe
retrocessional coverages. Transnational Re also writes marine and aviation
reinsurance as well as facultative excess of loss reinsurance. Transnational Re
and its reinsurance subsidiary, Transnational Reinsurance Company, operate under
a management agreement with PXRE Reinsurance Company.