<PAGE>
<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
PXRE Corporation
------------------------------------------------------
(Exact name of registrant as specified in its charter)
December 2, 1996
------------------------------------------------------
Date of Report (Date of earliest event reported)
Delaware 0-15428 06-1183996
------------------------------------------------------------------------------
(State or other juris- (Commission (I.R.S. Employer
diction of incorporation) File Number) Identification No.)
399 Thornall Street, Fourteenth Floor, Edison, NJ 08837
-------------------------------------------------------
(Address of principal executive offices) (Zip Code)
(908) 906-8100
----------------------------------------------------
(Registrant's telephone number, including area code)
<PAGE>
<PAGE>
Item 5. Other Events.
PXRE Corporation (the "Company") has announced that it has
formed a London-based managing agency to oversee the affairs of the Company's
newly-formed underwriting syndicate at Lloyd's of London ("Lloyd's") --
Syndicate 1224 (the "Syndicate"). The Syndicate will provide the Company with
access to Lloyd's worldwide licenses in insurance, reinsurance and surplus
lines. The Syndicate is also expected to create additional opportunities to grow
in other areas that are not currently available to the Company in the United
States.
The Syndicate has been formed and capitalized as a subsidiary of the
Company, with an initial capacity to underwrite 'L'35 million in annual
premiums. The Syndicate is expected to commence underwriting activities on
December 2, 1996, and to participate fully in the January 1997 renewal season.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
c) Exhibits.
Number Exhibit
------ -------
99 Press Release, dated December 2, 1996.
<PAGE>
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
PXRE CORPORATION
Dated: December 2, 1996 By: /s/ F. Sedgwick Browne
-----------------------
F. Sedgwick Browne
Secretary
<PAGE>
<PAGE>
EXHIBIT INDEX
Exhibit No. Exhibit Page
- ----------- ------- ----
99 Press Release, dated December 2, 1996.
STATEMENT OF DIFFERENCES
The British pound sterling sign shall be expressed as 'L'
<PAGE>
<PAGE>
Exhibit 99
FOR IMMEDIATE RELEASE
- ---------------------
Contact:
United States United Kingdom
Sanford M. Kimmel Peter Butler
Senior Vice President, Treasurer Managing Underwriter
and Chief Financial Officer Syndicate 1224
(908) 906-8100 0171 283-3434
PXRE FORMS MANAGING AGENCY FOR NEW
LLOYD'S UNDERWRITING SYNDICATE
Edison, New Jersey (December 2, 1996) -- PXRE Corporation (Nasdaq National
Market: PXRE) today announced that it has formed a London-based managing agency
to oversee the affairs of the Company's newly formed underwriting syndicate at
Lloyd's -- Syndicate 1224. The new syndicate will provide PXRE with access to
Lloyd's worldwide licenses in insurance, reinsurance and surplus lines. Further,
it is expected to create additional opportunities to grow in other areas that
are not currently available to PXRE in the United States.
Formed and capitalized as a subsidiary of PXRE, Syndicate 1224
commenced underwriting activities today, and will participate fully in the
January 1997 renewal season. It will have an initial capacity to underwrite
'L'35 million in annual premiums, which can be expanded as market conditions
warrant.
Commenting on the announcement, Gerald L. Radke, President and Chief
Executive Officer of PXRE, said that the new syndicate will be headed by Peter
Butler, who has nearly 30 years experience in non-marine insurance underwriting,
both in Lloyd's and the London company market. Most recently, Butler was the
active underwriter for non-marine syndicates 765 and 1179. He will be supported
by Mark Godfrey, who will write the accident and health and surplus line
property accounts, and David Kellelay, who will write facultative business.
"We are very excited about the prospects for our new syndicate and
agency, and we have found an exceptional person to lead these efforts," Radke
added. "Peter is well versed in the operations of Lloyd's syndicates and is
very knowledgeable of the London
-MORE-
<PAGE>
<PAGE>
and European insurance markets. We believe his efforts will support our
short-tail risk strategies and, in conjunction with our Brussels office,
will greatly strengthen our presence in the worldwide insurance and reinsurance
markets. Longer term, we believe the new managing agency will be well positioned
to serve other syndicates and create a fee-based revenue stream for the Company.
"We decided to form a new agency in order to avoid potential liability
that might have attached to an existing agency," Radke said. "In addition, with
no names other than PXRE Ltd. in the syndicate, the Company will be free to
implement an underwriting strategy that is compatible with the goals and
risk/reward profile we have established within PXRE."
As to Syndicate 1224, Radke continued, "We believe a presence at
Lloyd's through this new syndicate will be an important adjunct to our present
underwriting capabilities, both domestically and internationally. We recognize
that a significant amount of insurance business typically is directed to Lloyd's
and remains within its syndicates. Through this venture, we expect to broaden
our business in short-tail exposures and gain access to underwriting
opportunities that would otherwise not be available to us. Moreover, since the
new syndicate will begin its underwriting in the upcoming renewal season, we
believe it will make a positive contribution to the Company's premium volume in
1997.
Radke noted that Murray Lawrence Corporation will provide managerial,
compliance, accounting and other support to the new agency.
"I believe the property orientation of PXRE and its strong capital
position, together with our underwriters' experience in this market, will enable
us to capitalize on the growing opportunities at Lloyd's," Peter Butler
commented. "We recognize pricing and competition in the insurance and
reinsurance markets are currently aggressive. In following the example set by
PXRE, we plan to focus on long-term profitability rather than growth for its own
sake and will avoid business that does not present an appropriate risk/reward
relationship. We shall ensure that our underwriting approach will be consistent
with the strategies that have made PXRE so successful across the cycles."
PXRE provides reinsurance products and services to a national and
international marketplace, with principal emphasis on commercial and personal
property risks.
-END-
