PXRE Files $150 Million Universal Shelf Registration Statement

May 29, 2003

Bermuda’s PXRE Group Ltd. announced that it has filed a shelf registration statement with the Securities and Exchange Commission for the proposed offering of up to $150 million of securities.

Bermuda’s PXRE Group Ltd. announced that it has filed a shelf registration statement with the Securities and Exchange Commission for the proposed offering of up to $150 million of securities.

“This shelf registration statement provides the Company with the flexibility to sell debt securities, common and preferred shares, warrants and units comprising of one or more securities, as well as trust preferred securities or a combination of the above,” said the bulletin.

The company indicated it would use the proceeds for general corporate purposes, to increase its capital, repurchase shares and reduce debt.

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