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

January 19, 2006
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 of incorporation or organization)	(Commission File No.)	(I.R.S. Employer Identification No.)

PXRE House
110 Pitts Bay Road
Pembroke HM 08
Bermuda
(Address, including zip code,
of principal executive offices) P.O. Box HM 1282
Hamilton HM FX
Bermuda
(Mailing address)

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

NOT APPLICABLE
(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

     Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

     Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

     Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

     Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 1.01. Entry into a Material Definitive Agreement

On January 19, 2006, PXRE Reinsurance Ltd. entered into a second $200 million letter of credit facility with Citibank Ireland Financial Services plc. (the “Letter of Credit Facility Agreement”). This Letter of Credit Facility Agreement is a 1-year secured facility that allows PXRE Reinsurance Ltd. to issue up to $200 million in letters of credit. The Committed Letter of Credit Facility Agreement is attached as Exhibit 99.1.

.

Item 9.01. Financial Statements and Exhibits

(c)	Exhibits
Exhibit No.	Description
99.1	Committed Letter of Credit Facility Agreement, dated January 19, 2006, by and between Citibank Ireland Financial Services plc and PXRE Reinsurance Ltd.

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/ Robert P. Myron
Name:	Robert P. Myron
Title:	Executive Vice President & Chief Financial Officer

Date: January 19, 2006