Exhibit 99

FOR IMMEDIATE RELEASE                  Contact: James F. Dore
                                                Executive Vice President
                                                Chief Financial Officer
                                                (732) 906-6708

                   STOCKHOLDERS APPROVE PXRE'S REORGANIZATION
                           AS A BERMUDA-BASED COMPANY

Edison, N. J. (October 5, 1999) -- PXRE Corporation (NYSE: PXT) today announced
that its stockholders, at a special meeting held today, have approved the
Company's previously announced reorganization as a Bermuda-based holding
company. The reorganization involves the creation of PXRE Group Ltd. and a
Bermuda reinsurance subsidiary, both headquartered at 99 Front Street, Hamilton,
Bermuda. PXRE Group becomes the parent holding company of PXRE Corporation,
which will continue to head up PXRE's U.S. operations. The reorganization is
expected to be effective at the close of business today.

         Stockholders of PXRE Corporation will automatically become holders of
the same number of PXRE Group common shares. No exchange of share certificates
is necessary. PXRE Group's common shares will trade on the New York Stock
Exchange under the same symbol (PXT).

         This new structure is intended to strengthen PXRE's competitive
position in worldwide reinsurance markets. PXRE will capitalize its new Bermuda
reinsurance company with an initial capital of approximately $35 million
utilizing internal funds.

         Statements in this release that are not strictly historical are
forward-looking and are based upon current expectations, which may differ
materially from actual results. These forward-looking statements, identified by
words such as "intend," "believe," or "expect," or variations of such words or
similar expressions, involve risks and uncertainties, including, but not limited
to, the frequency and severity of catastrophic events, a change in the demand
for, pricing of or supply of reinsurance, increased competitive pressures,
execution risks with respect to PXRE's diversification initiatives, fluctuations
in interest rates and in securities markets, changes in tax laws, general
economic conditions, and the other factors set forth in PXRE's SEC filings.

         PXRE -- with operations in the United States, the United Kingdom, and
Europe -- provides reinsurance products and services to a worldwide marketplace.
The Company primarily emphasizes commercial and personal property and casualty
reinsurance risks, and it offers both broker-based and







direct-writing distribution capabilities. PXRE also provides property insurance
products and services. The Company's shares trade on the New York Stock Exchange
under the symbol PXT. To request other printed investor material from PXRE or
additional copies of this news release, please call (732) 906-6785, send e-mail
to Investor_Relations@pxre.com, or visit www.pxre.com.

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