PXRE Group Names Josephson to Board of Directors

August 5, 2004

PXRE Group Ltd., based in Bermuda, announced that Mural R. (Joe) Josephson has been appointed to its board of directors, effective immediately.

Josephson was appointed to fill the vacancy created by the resignation of Halbert Lindquist.

Jeffrey L. Radke, the president and chief executive officer of PXRE Group, commented, “We welcome Joe Josephson to our board of directors and look forward to gaining access to his vast knowledge of the insurance industry. Joe brings more than 28 years of experience with KPMG LLP, where he specialized in auditing insurance and financial services companies.”

Josephson retired from Kemper Insurance Companies in 2002. During his 5-year tenure at Kemper, he held key management positions, including senior vice president and chief financial officer and senior vice president of finance. Prior to joining Kemper, Josephson held several senior level positions at KPMG LLP, including 19 years as a senior audit partner. While at KPMG, he was a member of the National Insurance Practice Committee and a member of the Professional Practice Review Committee.

Josephson, 56, is currently a member of the board of directors and chairman of the audit committee of UICI, a NYSE-listed insurance holding company. He also serves on the board of directors of SeaBright Insurance Holdings Inc. and the board of directors of its wholly owned subsidiary, SeaBright Insurance Company.

Josephson is a certified public accountant and holds an accounting degree from Northern Illinois University.

PXRE—with operations in Bermuda, Barbados, the United States and Europe—provides reinsurance products and services to a worldwide marketplace. The company’s primary focus is providing property catastrophe reinsurance and retrocessional coverage. It also provides marine, aviation and aerospace products and services.

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