$150 Million Investment in PXRE Approved

March 29, 2002

Bermuda’s PXRE Group Ltd. announced that the Insurance Commissioner of the State of Connecticut has approved the pending $150 million equity investment by Capital Z Financial Services Fund II, investment funds managed by Reservoir Capital Group and Mr. Richard Rainwater, clearing the final hurdle to completion of the transaction.

“The transaction is now expected to close on April 4, 2002,” said the announcement. The $150 million in new equity capital will be made in the form of convertible preferred stock, and will bring PXRE’s total capital to more than $500 million. The Company specializes in commercial and personal property reinsurance risks and also provides marine and aerospace reinsurance products and services.

“The investment will enable PXRE to increase underwriting capacity and therefore maximize participation in the new market environment,” said the announcement.

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