PXRE Amends Public Common Share Offering

December 2, 2003

The Bermuda-based PXRE Group Ltd. announced that it has filed a supplement to the prospectus contained in the shelf registration statement with respect to a public offering of 2.2 million of its common shares.

“1,068,300 common shares are to be offered by PXRE and an additional 1,131,700 common shares are to be offered by Phoenix Life Insurance Company, one of the Company’s common shareholders,” said the announcement. It also noted that the “underwriters will have an option to purchase up to an additional 330,000 common shares from the Company, solely to cover overallotments, if any.”

PXRE said it “expects to use the net proceeds from its sale of common shares for general corporate purposes, including contributions to the capital of its Bermuda subsidiary to support growth in its business.” It stressed that it will not receive any of the proceeds from the sale of the common shares by Phoenix.

It also noted that “A registration statement relating to these common shares has been filed with the Securities and Exchange Commission and declared effective. Merrill Lynch & Co. is acting as bookrunning lead manager for the offering. Credit Suisse First Boston is serving as co-lead manager for the offering. Lazard and Fox-Pitt, Kelton Inc. are serving as co-managers.”

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