Exhibit 99

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


                        PXRE Completes Reorganization to
                         Become a Bermuda-Based Company


Edison, New Jersey and Hamilton, Bermuda (October 6, 1999) -- PXRE (NYSE: PXT)
today announced the completion of the merger of PXRE Merger Corp. with and into
PXRE Corporation, as a result of which PXRE Group Ltd., a new Bermuda-based
holding company, became the parent holding company of PXRE Corporation. PXRE
Group Ltd. will carry on the current holding company functions of PXRE
Corporation.

          Pursuant to the merger agreement, each outstanding share of common
stock of PXRE Corporation has been automatically converted into one PXRE Group
Ltd. common share. No exchange of share certificates is necessary. Gain will be
recognized by stockholders for federal income tax purposes on the conversion of
PXRE Corporation common stock into PXRE Group Ltd. common shares.

          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 market
place. 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.