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


                                February 12, 2004
                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.)



         Swan Building                            P.O. Box HM 1282
         26 Victoria Street                       Hamilton HM FX
         Hamilton HM 12                           Bermuda
         Bermuda
         (Address, including zip code,
         of principal executive offices)          (Mailing address)


                                 (441) 296-5858
              (Registrant's telephone number, including area code)




Item 7. Financial Statements and Exhibits

(c)     Exhibits

Exhibit No.   Description

99.1          Press release of PXRE Group Ltd. dated February 11, 2004
              containing financial information for the quarter and year
              ended December 31, 2003.

99.2          Preliminary Unaudited Financial Statements as of and for the
              year ended December 31, 2003 (excluding footnotes).


Item 12. Results of Operations and Financial Condition.

                  On February 11, 2004, PXRE Group Ltd. released financial
information with respect to its quarter and year ended December 31, 2003. A copy
of the press release containing this information is attached to this Form 8-K as
Exhibit 99.1 and is incorporated herein by reference. The Preliminary Unaudited
Financial Statements as of and for the year ended December 31, 2003 (excluding
footnotes) are filed as Exhibit 99.2 to this Form 8-K and are incorporated
herein by reference.

                  The information shall not be deemed "filed" for purposes of
Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange
Act"), or otherwise subject to the liabilities of that section, nor shall it be
deemed incorporated by reference in any filing under the Securities Act of 1933,
as amended, or the Exchange Act, except as shall be expressly set forth by
specific reference in such a filing.









                                   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/ John Modin
                                  -----------------------------------------
                                  Name:   John Modin
                                  Title:  Senior Vice President and
                                          Chief Financial Officer

Date: February 12, 2004