UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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SCHEDULE 13G
Under the Securities Exchange Act of 1934
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PXRE Group Ltd. (Formerly PXRE Corporation)
(Name of Issuer)
Common Stock, par value $1.00 per share
(Title of Class of Securities)
G73018106
(CUSIP Number)
October 8, 1999
(Date of Event Which Requires Filing of the Statement)
Check the appropriate box to designate the rule pursuant to which
this Schedule is filed:
[ ] Rule 13d-1(b)
[X] Rule 13d-1(c)
[ ] Rule 13d-1(d)
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
Page 1 of 7 pages
<PAGE>
SCHEDULE 13G
CUSIP No. G73018106
1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Select Reinsurance, Ltd.
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2) CHECK THE APPROPRIATE BOX IF MEMBER OF A GROUP (a) |_| (b) |_|
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3) SEC USE ONLY
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4) CITIZENSHIP OR PLACE OF ORGANIZATION
Bermuda
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NUMBER 5) SOLE VOTING POWER
OF 1,112,200(1)
SHARES
BENEFICALLY 6) SHARED VOTING POWER
OWNED BY None
BENEFICIALLY
EACH 7) SOLE DISPOSITIVE POWER
REPORTING 1,112,200(1)
PERSON
WITH 8) SHARED DISPOSITIVE POWER
None
- -------------------------------------------------------------------------------
9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,112,200(1)
- -------------------------------------------------------------------------------
10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES |_|
- -------------------------------------------------------------------------------
11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
9.47%
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12) TYPE OF REPORTING PERSON
OO
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- ----------------
(1) Voting and dispositive power is exercised through its sole investment
advisor Mariner Investment Group, Inc. and accordingly may be deemed to share
voting and dispositive power.
Page 2 of 7 pages
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SCHEDULE 13G
CUSIP No.G73018106
1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Mariner Investment Group, Inc.
- -------------------------------------------------------------------------------
2) CHECK THE APPROPRIATE BOX IF MEMBER OF A GROUP (a) |_| (b) |_|
- -------------------------------------------------------------------------------
3) SEC USE ONLY
- -------------------------------------------------------------------------------
4) CITIZENSHIP OR PLACE OF ORGANIZATION
New York
- -------------------------------------------------------------------------------
NUMBER 5) SOLE VOTING POWER
OF 1,112,200(2)
SHARES
BENEFICIALLY 6) SHARED VOTING POWER
OWNED BY None
EACH
REPORTING 7) SOLE DISPOSITIVE POWER
PERSON 1,112,200(2)
WITH
8) SHARED DISPOSITIVE POWER
None
- -------------------------------------------------------------------------------
9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,112,200(2)
- -------------------------------------------------------------------------------
10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES |_|
- -------------------------------------------------------------------------------
11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
9.47%
- -------------------------------------------------------------------------------
12) TYPE OF REPORTING PERSON OO
- -------------------------------------------------------------------------------
- ------------------
(2) Voting and dispositive power is exercised solely in its capacity
investment advisor of Select Reinsurance, Ltd. Accordingly, Mariner Investment
Group, Inc. may be deemed to share voting and dispositive power. Mr William
Michaelcheck is 100% shareholder of Mariner Investment Group, Inc. and Chairman
of the Board of Select Reinsurance, Ltd.
Page 3 of 7 pages
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Item 1.
(a) Name of Issuer:
PXRE Group Ltd. (Formerly PXRE Corporation)
(b) Address of Issuer's Principal Executive Offices:
PXRE Group Ltd.
Claredon House
2 Church St.
P.O. Box HM 666
Hamilton HMCX, Bermuda
PXRE Corporation
399 Thornall Street, 14th Floor
Edison, NJ 08837
Item 2.
(a) Name of Person Filing:
This statement is filed on behalf of Select Reinsurance, Ltd. and Mariner
Investment Group Inc. See attached Exhibit A which is a copy of their agreement
in writing to file this statement on behalf of each of them.
(b) Address of Principal Business Office or, if None, Residence:
Select Reinsurance, Ltd.
Corner House
20 Parliament Street, 4th Floor
Hamilton, HM 12 Bermuda
Mariner Investment Group, Inc.
65 East 55th Street
New York, NY 10022
(c) Citizen:
Select Reinsurance, Ltd. is a citizen of Bermuda and Mariner Investment Group,
Inc. is a citizen of New York.
(d) Title of Class of Securities:
Common Stock, $1.00 par value ("shares").
(e) CUSIP#: G73018106
Page 4 of 7 pages
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Item 3.
Check the box if this statement is filed pursuant to Rule 13d-1(c)
Item 4.
Ownership:
For information concerning the ownership of Common Stock of the Company by the
Reporting Persons, see Items 5 through 9 and 11 of the cover pages to this
schedule 13G and footnotes thereto.
Item 5.
Ownership of Five Percent or Less of a Class:
Not applicable.
Item 6.
Ownership of More than Five Percent on Behalf of Another Person:
Not applicable.
Item 7. Identification and Classification of the Subsidiary Which Acquired the
Security Being Reported On By the Parent Holding Company:
Not applicable.
Item 8.
Identification and Classification of Members of the Group:
Not applicable.
Page 5 of 7 pages
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Item 9.
Notice of Dissolution of Group:
Not applicable.
Item 10.
Certification:
By signing below I certify that to the best of my knowledge and belief, the
securities referred to above were not acquired and are not held for the purpose
of or with the effect of changing or influencing the control of the issuer of
the securities and were not acquired and are not held in connection with or as a
participant in any transaction having that purpose or effect.
Page 6 of 7 pages
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SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
SELECT REINSURANCE, LTD.
By /s/ Jeffrey Radke
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Jeffrey Radke
President
Dated: October 18, 1999
Hamilton, Bermuda
MARINER INVESTMENT GROUP, INC.
By /s/ William Michaelcheck
-------------------------
William Michaelcheck
President
Dated: October 18, 1999
New York, NY
<PAGE>
EXHIBIT A
AGREEMENT
JOINT FILING OF SCHEDULE 13G
The undersigned hereby agrees to jointly prepare and file with regulatory
authorities a Schedule 13G and any future amendments thereto reporting each of
the undersigned's ownership of securities, PXRE Group Ltd. (formerly PXRE
Corporation) and hereby affirm that such Schedule 13G is being filed on behalf
of each of the undersigned.
SELECT REINSURANCE, LTD.
By /s/Jeffrey Radke
----------------------------
Jeffrey Radke
President
Dated: October 18, 1999
Hamilton, Bermuda
MARINER INVESTMENT GROUP, INC.
By /s/ William Michaelcheck
----------------------------
William Michaelcheck
President
Dated: October 18, 1999
New York, NY
