UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 1)*
PXRE CORPORATION
________________________________________________________________________________
(Name of Issuer)
COMMON STOCK
________________________________________________________________________________
(Title of Class of Securities)
69367410
________________________________________________________________________________
(CUSIP Number)
Check the following box if a fee is being paid with this statement / /. (A
fee is not required only if the filing person: (1) has a previous statement on
file reporting beneficial ownership of more than five percent of the class of
securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class.)
(See Rule 13d-7.)
* 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 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).
CUSIP No. 69367410 13G Page 2 of 5 Pages
1) Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
WEISS, PECK & GREER, L.L.C.
2) Check the Appropriate Box if a Member of a Group (See Instructions)
(a) / /
(b) /x/
3) SEC Use Only
4) Citizenship or Place of Organization
NEW YORK
(5) Sole Voting Power
0
Number of Shares
(6) Shared Voting Power
Beneficially
527,855
Owned by Each
(7) Sole Dispositive Power
Reporting Person
0
With
(8) Shared Dispositive Power
527,855
9) Aggregate Amount Beneficially Owned by Each Reporting Person
527,855
10) Check box if the Aggregate Amount in Row (9) Excludes Certain Shares (See
Instructions) /x/
11) Percent of Class Represented by Amount in Row 9
6.04
12) Type of Reporting Person (See Instructions)
BD,IA,PN
Cusip No. 69367410 13G Page 3 of 5
Item 1(a). Name of Issuer: Pxre Corporation
Item 1(b). Address of Issuer's Principal Executive Office:
80 Maiden Lane
New York, NY 10038
Item 2(a). Name of Person Filing: Weiss, Peck & Greer, L.L.C. ("WPG")
Item 2(b). Address of Principal Business Office, or if None, Residence:
One New York Plaza
New York, NY 10004
Item 2(c). Citizenship: WPG is a limited liability company, organized
under the laws of the State of Delaware
Item 2(d). Title of Class of Securities: Common Stock
Item 2(e). CUSIP Number: 69367410
Item 3. If this statement is Filed Pursuant to Rules 13d-1(b) or
13d-2(b), Check Whether the Person Filing is a:
(a) ( X ) Broker or Dealer registered under
Section 15 of the Securities
Exchange Act of 1934 (the "Act")
(b) ( ) Bank as defined in Section 3(a) (6)
of the Act
(c) ( ) Insurance Company as defined in
Section 3(a) (19) of the Act
(d) ( ) Investment Company registered under
Section 8 of the Investment Company Act of 1940
(e) ( X ) Investment Adviser registered under
Section 203 of the Investment Advisers
Act of 1940
(f) ( ) Employee Benefit Plan, Pension Fund which is
subject to the provisions of the Employee
Retirement Income Security Act of 1974 or
Endowment Fund; see Sec. 240.13d-1(b) (1) (ii)
(F)
(g) ( ) Parent Holding Company, in accordance with
Sec. 240.13d-1(b) (ii) (G) (Note: See Item 7)
(h) ( ) Group, in accordance with paragraph
240.13d-1(b) (1) (ii) (H)
CUSIP No. 69367410 13G Page 4 of 5 Pages
Item 4. Ownership:
(a) Amount Beneficially Owned: 527,855 as of
December 31, 1995.
(b) Percent of Class: 6.04% (based on the 8,700,000
shares of common stock reported to be outstanding
in the Form 10-Q filed for the period ending
September 30, 1995).
(c) Number of shares as to which such person has:
(i) sole power to vote: -0-
(ii) shared power to vote or to
direct the vote: 527,855
(iii) sole power to dispose or to direct the
disposition of: -0-
(iv) shared power to dispose or to
direct the disposition of:
527,855
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:
This Statement on Schedule 13G ("Schedule 13G") is filed by WPG, a
Delaware limited liability company which is registered as a
broker-dealer under Section 15 of the Act, and as an investment adviser
under Section 203 of the Investment Advisers Act of 1940, as amended.
This Schedule 13G is being filed with respect to 527,855 shares of
common stock of Pxre Corporation (the "Common Stock") held by WPG at
December 31, 1995 for the discretionary accounts of certain clients. By
reason of Rule 13d-3 under the Act, WPG may be deemed to be a
"beneficial owner" of such Common Stock. WPG expressly disclaims
beneficial ownership of the Common Stock. Each client has the right to
receive or the power to direct the receipt of dividends from, or the
proceeds from the sale of, such Common Stock purchased for his account.
To the knowledge of WPG, no person has the right to receive or the power
to direct the receipt of dividends from, or the proceeds from the sale
of, such Common Stock which represents more than 5% of the outstanding
shares of the Common Stock referred to in Item 4(b) hereof.
This Schedule 13G is not being filed with respect to the shares of
Common Stock which may be owned by principals of WPG, or by their
respective spouses, or as custodian or trustee for their respective
family members or by their respective family foundations, since
CUSIP No. 69367410 13G Page 5 of 5 Pages
WPG does not possess or share voting or investment power with respect to
such Common Stock. Each of such principals disclaims, pursuant to Rule
13d-4, that he or she is the beneficial owner, within the meaning of
Rule 13d-3, of the shares of Common Stock owned by the various parties
referred to in this Schedule 13G, other than such shares as the
respective principal owns of record.
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.
Item 9. Notice of Dissolution of the Group:
Not applicable.
Item 10. Certification:
By signing below, Richard S. Pollack, General Counsel of WPG, certifies
that, to the best of his knowledge and belief, securities referred to
above as being held or owned beneficially by WPG were acquired in the
ordinary course of business and were not acquired for the purpose of and
do not have the effect of changing or influencing the control of the
issuer of such securities and were not acquired in connection with or as
a participant in any transaction having such purpose or effect.
SIGNATURE
After reasonable inquiry and to the best of his knowledge and belief,
the undersigned certifies that the information set forth in this
statement is true, complete and correct.
Dated: February 9, 1996
WEISS, PECK & GREER, L.L.C.
By: /s/ Richard S. Pollack
Richard S. Pollack
General Counsel
Attention: Intentional misstatements or omissions of fact constitute Federal
criminal violations (see 18 U.S.C. 1001).
