PXRE Selects John Modin as CFO to Succeed James Dore

August 22, 2002

Bermuda’s PXRE Group Ltd. announced that James F. Dore the Company’s Executive VP, Treasurer and Chief Financial Officer, will retire at the end of September 2002. He’ll be succeeded by John Modin, former CFO of Enterprise Reinsurance Holdings Corporation.

Dore has served as PXRE’s CFO since joining the Company from Employers Reinsurance in 1999. He’s retiring at the relatively young age of 56. The 37 year old Modin will officially join PXRE on September 9, and “will spend his first several weeks working with Dore to ensure a smooth and orderly transition,” said the company’s announcement.

“Jim Dore has been a key member of our executive management team,” stated Gerald L. Radke, PXRE’s Chairman and CEO. “His financial experience and knowledge of the reinsurance business have been important and his efforts and expertise have helped position our company to thrive in the current market environment. I am pleased that Jim has agreed to consult with the company for a period of one year after his retirement, so we can continue to benefit from his experience.”

“At the same time, we enthusiastically welcome John Modin to our Company,” Radke continued. “He brings a strong financial background in the reinsurance and insurance to PXRE, owing to his extensive and direct industry experience as well as a decade-long career in public accounting. We believe that as CFO, he will add a new dimension to our management team and we look forward to the contributions he will make to our growth and financial discipline as we continue to help shape the increasingly complex business of reinsurance.”

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