EXHIBIT 99

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

                       PXRE ANNOUNCES CONSENT SOLICITATION

                              AND PROPOSED OFFERING

EDISON,  New Jersey  (January 20, 1997) -- PXRE  Corporation  (NYSE:  PXT) today
announced the commencement of a consent  solicitation with respect to its 9 3/4%
Senior Notes due 2003. The Company intends to effect certain proposed amendments
to the indenture for the Senior Notes to permit a private placement  offering in
the near future of $100 million of  subordinated  debentures and related capital
securities.  The capital  securities will be issued by a trust  subsidiary to be
formed for such purpose.

         The  securities   covered  by  the  private  placement  have  not  been
registered under the Securities Act of 1933, as amended (the "Act"), and may not
be  offered  or sold in the  United  States  absent  registration  under,  or an
applicable  exemption  from  the  registration  requirements  of,  the  Act  and
applicable state securities laws.

         PXRE  provides  reinsurance  products  and  services to a national  and
international  marketplace,  with principal  emphasis on commercial and personal
property risks.



                                     -END-