Ownership Submission
FORM 5
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
Form 3 Holdings Reported
Form 4 Transactions Reported
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

ANNUAL STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number: 3235-0362
Expires: January 31, 2005
Estimated average burden hours per response... 1.0

1. Name and Address of Reporting Person *
LUSCOMBE WENDY W
 2. Issuer Name and Ticker or Trading Symbol
PXRE GROUP LTD [PXT] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director _____ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
(Last)
(First)
(Middle)

480 TAGHKANIC CHURCH TOWN ROAD		 3. Statement for Issuer's Fiscal Year Ended (Month/Day/Year)
12/31/2005
(Street)


CRARYVILLE, NY 12521		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Reporting
(check applicable line)

_X_ Form Filed by One Reporting Person
___ Form Filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)		 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)		 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		 5. Amount of Securities Beneficially Owned at end of Issuer's Fiscal Year
(Instr. 3 and 4)		 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Amount (A) or (D) Price
COMMON STOCK (1) 08/11/2003   M4 1,000 A $ 12.8125 6,650 D  
COMMON STOCK (2) 08/11/2003   S4 1,000 D $ 18.22 5,650 D  
COMMON STOCK (1) 06/23/2004   M4 1,000 A $ 23.25 9,150 D  
COMMON STOCK (2) 06/23/2004   S4 1,000 D $ 25 8,150 D  
COMMON STOCK (1) 08/09/2004   M4 1,000 A $ 12.8125 9,150 D  
COMMON STOCK (2) 08/09/2004   S4 1,000 D $ 23 8,150 D  
COMMON STOCK (1) 08/10/2004   M4 1,511 A $ 12.8125 9,661 D  
COMMON STOCK (2) 08/10/2004   S4 1,511 D $ 23.1955 8,150 D  
COMMON STOCK (1) 08/10/2004   M4 5,000 A $ 14.79 13,150 D  
COMMON STOCK (2) 08/10/2004   S4 5,000 D $ 23.1955 8,150 D  
COMMON STOCK (1) 02/24/2005   M4 1,350 A $ 17.704 9,500 D  
COMMON STOCK (2) 02/24/2005   S4 1,350 D $ 25.48 8,150 D  
COMMON STOCK (1) 02/25/2005   M4 2,294 A $ 17.704 10,444 D  
COMMON STOCK (2) 02/25/2005   S4 2,294 D $ 25.42 8,150 D  
COMMON STOCK (1) 05/03/2005   M4 5,000 A $ 17.4 15,650 D  
COMMON STOCK (2) 05/03/2005   S4 5,000 D $ 23.917 10,650 D  
COMMON STOCK (1) 08/02/2005   M4 1,400 A $ 20.38 12,050 D  
COMMON STOCK (2) 08/02/2005   S4 1,400 D $ 25.1293 10,650 D  
COMMON STOCK (1) 08/03/2005   M4 1,933 A $ 20.38 12,583 D  
COMMON STOCK (2) 08/03/2005   S4 1,933 D $ 25.0819 10,650 D  

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. Persons who 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. SEC 2270 (9-02)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)		 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)		 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)		 6. Date Exercisable and Expiration Date
(Month/Day/Year)		 7. Title and Amount of Underlying Securities
(Instr. 3 and 4)		 8. Price of Derivative Security
(Instr. 5)		 9. Number of Derivative Securities Beneficially Owned at End of Issuer's Fiscal Year
(Instr. 4)		 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
(A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
OPTIONS $ 12.8125 08/11/2003   M   1,000 01/03/2000 01/03/2010 COMMON STOCK
1,000
$ 18.22 42,072
D
 
OPTIONS $ 23.25 06/23/2004   M   1,000 06/08/1996 06/08/2005 COMMON STOCK
1,000
$ 25 46,072
D
 
OPTIONS $ 12.8125 08/09/2004   M   1,000 01/03/2000 01/03/2010 COMMON STOCK
1,000
$ 23 45,072
D
 
OPTIONS $ 12.8125 08/10/2004   M   1,511 01/03/2000 01/03/2010 COMMON STOCK
1,511
$ 23.1955 43,561
D
 
OPTIONS $ 14.79 08/10/2004   M   5,000 05/06/2001 05/06/2010 COMMON STOCK
5,000
$ 23.1955 38,561
D
 
OPTIONS $ 17.704 02/24/2005   M   1,350 06/03/2000 06/03/2009 COMMON STOCK
1,350
$ 25.48 37,211
D
 
OPTIONS $ 17.704 02/25/2005   M   2,294 06/03/2000 06/03/2009 COMMON STOCK
2,294
$ 25.42 34,917
D
 
OPTIONS $ 17.4 05/03/2005   M   5,000 06/12/2002 06/12/2011 COMMON STOCK
5,000
$ 23.917 34,917
D
 
OPTIONS $ 20.38 08/02/2005   M   1,400 05/28/2004 05/28/2013 COMMON STOCK
1,400
$ 25.1293 33,517
D
 
OPTIONS $ 20.38 08/03/2005   M   1,933 05/28/2004 05/28/2013 COMMON STOCK
1,933
$ 25.0819 31,584
D
 

Reporting Owners

Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
LUSCOMBE WENDY W
480 TAGHKANIC CHURCH TOWN ROAD
CRARYVILLE, NY 12521		   X      

Signatures

DIANNA MITCHELL AS POWER OF ATTORNEY FOR WENDY LUSCOMBE 11/23/2005
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) Shares acquired upon exercise of stock options.
(2) This Form 5 is to correct certain reporting errors in previously filed Form 4s, including to report a sale in connection with a stock option exercise already reported and to properly code, on Table II, the option exercise as an exempt transaction. As part of its compliance process, the staff of PXRE prepares all Form 4 filings on behalf of its directors and officers. It has been discovered that PXRE's staff was incorrectly preparing certain Form 4's involving the concurrent exercise of stock options and sale of the common shares received upon such exercise, by failing to include the concurrent sale of the common shares in the Form 4 reporting the option exercise. The reported ownership amounts were not affected by this error.

Note: File three copies of this Form, one of which must be manually signed. If space provided is insufficient, see Instruction 6 for procedure.

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 number.