Exhibit 99.1

                                                             NEWS RELEASE

PXRE Group Ltd.                                              [PXRE LOGO]

PXRE House
110 Pitts Bay Road, Pembroke HM 08
Bermuda
441 296 5858
441 296 6162 FAX

Contact:                                                      Investors:
PXRE Group Ltd.                                           KCSA Worldwide
John Modin                                                Michael Cimini
Chief Financial Officer                                     212-896.1233
441-296-5858                                            mcimini@kcsa.com
john.modin@pxre.com


         PXRE GROUP LTD. NAMES MURAL R. JOSEPHSON TO BOARD OF DIRECTORS


HAMILTON, Bermuda - August 4, 2004 -- PXRE Group Ltd. (NYSE: PXT) today
announced that Mural R. (Joe) Josephson has been appointed to its board of
directors, effective immediately.

Jeffrey L. Radke, the President & Chief Executive Officer of PXRE Group,
commented, "We welcome Joe Josephson to our board of directors and look forward
to gaining access to his vast knowledge of the insurance industry. Joe brings
more than 28 years of experience with KPMG LLP, where he specialized in auditing
insurance and financial services companies."

Mr. Josephson retired from Kemper Insurance Companies in 2002. During his 5-year
tenure at Kemper, he held key management positions, including senior vice
president and chief financial officer and senior vice president of finance.
Prior to joining Kemper, Mr. Josephson held several senior level positions at
KPMG LLP, including 19 years as a senior audit partner. While at KPMG, he was a
member of the National Insurance Practice Committee and a member of the
Professional Practice Review Committee.

Mr. Josephson, age 56, is currently a member of the board of directors and
chairman of the audit committee of UICI, a NYSE-listed insurance holding
company. He also serves on the board of directors of SeaBright Insurance
Holdings, Inc. and the board of directors of its wholly owned subsidiary,
SeaBright Insurance Company.

Mr. Josephson is a certified public accountant and holds an accounting degree
from Northern Illinois University.

Mr. Josephson was appointed to fill the vacancy created by the resignation of
Mr. Halbert Lindquist.

PXRE - with operations in Bermuda, Barbados, the United States and Europe -
provides reinsurance products and services to a worldwide marketplace. The
Company's primary focus is providing property catastrophe reinsurance and
retrocessional coverage. The Company also provides marine, aviation and
aerospace products and services. The Company's shares trade on the New York
Stock Exchange under the symbol "PXT."

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