<PAGE>
<PAGE>
OMB APPROVAL
OMB Number: 3235-0145
UNITED STATES Expires: August 31, 1999
SECURITIES AND Estimated average burden
EXCHANGE COMMISSION hours per response...14.90
WASHINGTON, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. _________)*
PXRE Corporation
- --------------------------------------------------------------------------------
(Name Of Issuer)
Common Stock
- --------------------------------------------------------------------------------
(Title of Class of Securities)
693-674-103
--------------------------------------------------
(CUSIP Number)
12/31/98**
- --------------------------------------------------------------------------------
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
[ ] Rule 13d-1(b)
[ ] Rule 13d-1(c)
[X] 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).
**See footnote to No. 11 on page 2.
POTENTIAL PERSONS WHO ARE TO RESPOND TO THE COLLECTION OF INFORMATION CONTAINED
IN THIS FORM ARE NOT REQUIRED TO RESPOND UNLESS THE FORM DISPLAYS A CURRENTLY
VALID OMB CONTROL NUMBER.
<PAGE>
<PAGE>
CUSIP No. 693-674-103 13G PAGE 2 OF 7 PAGES
--------------
- --------------------------------------------------------------------------------
1. NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITES ONLY)
Phoenix Home Life Mutual Insurance Company
- --------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ] (b) [X]
- --------------------------------------------------------------------------------
3. SEC USE ONLY
- --------------------------------------------------------------------------------
4. CITIZENSHIP OR PLACE OR ORGANIZATION
New York
- --------------------------------------------------------------------------------
5. SOLE VOTING POWER
636,700
NUMBER OF
SHARES ---------------------------------------------------------------
BENEFICIALLY 6. SHARED VOTING POWER
OWNED BY 0
EACH
REPORTING ---------------------------------------------------------------
PERSON WITH 7. SOLE DISPOSITIVE POWER
636,700
------------------------------------------------------------
8. SHARED DISPOSITIVE POWER
0
- --------------------------------------------------------------------------------
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
636,700
- --------------------------------------------------------------------------------
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES* [ ]
- --------------------------------------------------------------------------------
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
5.17%*
- --------------------------------------------------------------------------------
12. TYPE OF REPORTING PERSON*
I.C.
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLNG OUT!
*Phoenix Home Life Mutual Insurance Company ("PHL") last filed an amendment
on Schedule 13G in 1997 to reflect that its 636,700 shares of the Issuer
then constituted 4.6% of the Issuer's Common Stock as of 12/31/96. Based on
disclosures in the Issuer's Form 10-Q for the quarter ended September 30,
1998, PHL owned less than 5% of the Issuer's Common Stock. PHL has recently
been advised that as a result of the Issuer's stock repurchases, its 636,700
shares constituted 5.17% of Issuers Common Stock as of 12/31/98.
<PAGE>
<PAGE>
PAGE 3 OF 7 PAGES
ITEM I(a). NAME OF ISSUER:
PXRE Corporation
ITEM 1(b). ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES:
399 Thornall Street
Fourteenth Floor
Edison, NJ 08837
ITEM 2(a). NAME OF PERSON FILING:
Phoenix Home Life Mutual Insurance Company
ITEM 2(b). ADDRESS OF PRINCIPAL BUSINESS OFFICE OR, IF NONE, RESIDENCE:
One American Row
Hartford, CT 06115
ITEM 2(c). CITIZENSHIP:
USA
ITEM 2(d). TITLE OF CLASS OF SECURITIES:
Common Stock
ITEM 2(e). CUSIP NUMBER:
693-674-103
<PAGE>
<PAGE>
PAGE 4 OF 7 PAGES
ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO RULE 13d-1(b), OR
13d-2(b) OR (c), CHECK WHETHER THE PERSON FILING IS A:
(a) [ ] Broker or dealer registered under Section 15 of
the Exchange Act;
(b) [ ] Bank as defined in Section 3(a)(6) of the Exchange
Act;
(c) [X] Insurance company as defined in Section 3(a)(19)
of the Exchange Act;
(d) [ ] Investment company registered under Section 8 of
the Investment Company Act;
(e) [ ] An investment adviser in accordance with Rule
13d-l(b)(1)(ii)(E);
(f) [ ] An employee benefit plan or endowment fund in
accordance with Rule 13d-l(b)(1)(ii)(F);
(g) [ ] A parent holding company or control person in
accordance with Rule l3d-l(b)(ii)(G);
(h) [ ] A savings association as defined in Section 3(b)
of the Federal Deposit Insurance Act;
(i) [ ] A church plan that is excluded from the definition
of an investment company under Section 3(c)(14) of the
Investment Company Act;
(j) [ ] Group, in accordance with Rule 13d-1(b)(1)(ii)(J).
If this statement is filed pursuant to Rule 13d-1(c),
check this box. [ ]
ITEM 4. OWNERSHIP.
(a) Amount Beneficially Owned as of December 31, 1998:
636,700
(b) Percent of Class:
5.17%
<PAGE>
<PAGE>
PAGE 5 OF 7 PAGES
(c) Number of shares as to which persons filing statement have:
(i) Sole power to vote or to direct the vote:
636,700
(ii) Shared power to vote or to direct the vote:
0
(iii) Sole power to dispose or to direct the disposition of:
636,700
(iv) Shared power to dispose or to direct the disposition of
0
ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS.
If this statement is being filed to report the fact that as of
the date hereof the reporting person has ceased to be the beneficial owner of
more than five percent of the class of securities, check the following [ ].
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
<PAGE>
<PAGE>
PAGE 6 OF 7 PAGES
ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP.
Not Applicable
ITEM 9. NOTICE OF DISSOLUTION OF GROUP.
Not Applicable
ITEM 10. CERTIFICATION.
Not Applicable
<PAGE>
<PAGE>
PAGE 7 OF 7 PAGES
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.
March 22, 1999
---------------------------------
Date
John H. Beers
---------------------------------
Signature
John H. Beers, Vice President
---------------------------------
Name/Title
