Exhibit 21

                              LIST OF SUBSIDIARIES



At December 31, 2003, PXRE Group Ltd. had the following subsidiaries:

PXRE Reinsurance Ltd., a Bermuda insurance company; PXRE Reinsurance (Barbados)
Ltd., a Barbados company; PXRE Corporation, a Delaware corporation; PXRE
Reinsurance Company, a Connecticut insurance company; PXRE Capital Trust I, a
Delaware statutory business trust; PXRE Capital Statutory Trust II, a
Connecticut statutory business trust, PXRE Capital Trust III, a Delaware
statutory business trust, PXRE Capital Statutory Trust V, a Connecticut
statutory business trust, PXRE Capital Trust VI, a Delaware statutory business
trust, PXRE Limited, an English company (the sole member of Syndicate 1224 at
Lloyd's of London); Cat Bond Investors L.L.C. (of which PXRE Corporation and
Phoenix Home Life Mutual Insurance Company are the only members); PXRE Solutions
Inc., a Connecticut corporation; PXRE Solutions S.A., a Belgium Corporation.
(See the discussion in this Form 10-K under the captions "Business" and
"Management's Discussion and Analysis of Financial Condition and Results of
Operations.")