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SEC FILE NUMBER
1-15259
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CUSIP NUMBER
N/A
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 12b-25
NOTIFICATION OF LATE FILING
(Check One): |_|Form 10-K |_|Form 20-F |_|Form 11-K |X|Form 10-Q |_|Form N-SAR
For Period Ended: June 30, 2001
[ ] Transition Report on Form 10-K
[ ] Transition Report on Form 20-F
[ ] Transition Report on Form 11-K
[ ] Transition Report on Form 10-Q
[ ] Transition Report on Form N-SAR
For the Transition Period Ended:
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Read Instruction (on back page) Before Preparing Form. Please Print or Type.
Nothing in this form shall be construed to imply that the Commission has
verified any information contained herein
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If the notification relates to a portion of the filing checked above, identify
the Item(s) to which the notification relates:
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PART I - REGISTRANT INFORMATION
PXRE GROUP LTD.
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Full Name of Registrant
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Former Name if Applicable
12 Church Street, Suite 231
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Address of Principal Executive Office (Street and Number)
Hamilton HM 11, Bermuda
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City, State and Zip Code
PART II - RULES 12b-25(b) AND (c)
If the subject report could not be filed without unreasonable effort or expense
and the registrant seeks relief pursuant to Rule 12b-25(b), the following should
be completed. (Check box if appropriate)
(a) The reasons described in reasonable detail in Part III of this
form could not be eliminated without unreasonable effort or
expense;
(b) The subject annual report, semi-annual report, transition
report on Form 10-K, Form 20-F, 11-K or Form N-SAR, or portion
thereof, will be filed on or before the fifteenth calendar day
[X] following the prescribed due date; or the subject quarterly
report or transition report on Form 10-Q, or portion thereof
will be filed on or before the fifth calendar day following
the prescribed due date; and
(c) The accountant's statement or other exhibit required by Rule
12b-25(c) has been attached if applicable.
Potential persons who are to respond to
the collection of information contained
(Attach Extra Sheets if Needed) in this form are not required to respond
unless the form displays a currently
valid OMB control number.
SEC 1344 (2-99)
PART III - NARRATIVE
State below in reasonable detail the reasons why Forms 10-K, 20-F, 11-K, 10-Q,
N-SAR, or the transition report or portion thereof, could not be filed within
the prescribed time period.
PXRE Group Ltd. (the "Company") is reviewing the accounting for contracts,
particularly certain finite contracts entered into during 2001, which generated
approximately US$3.0 million of income before income taxes in the first quarter.
Upon completion of this review, the Company expects to restate results for the
first quarter to recognize income related to these contracts over their
settlement period. In addition, the Company intends to recognize in the restated
first quarter results a charge, including the accumulative effect of the
accounting change, of approximately US$200,000 on an after-tax basis related to
Statement of Financial Accounting Standards No. 133 pertaining to the accounting
for derivatives.
PART IV - OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification
James F. Dore (441) 296-5858
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(Name) (Area Code) (Telephone Number)
(2) Have all other periodic reports required under Section
13 or 15(d) of the Securities Exchange Act of 1934 or
Section 30 of the Investment Company Act of 1940 during
the preceding 12 months or for such shorter period that
the registrant was required to file such report(s) been
filed? If answer is no, identify report(s). |X| Yes |_| No
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(3) Is it anticipated that any significant change in results
of operations from the corresponding period for the last
fiscal year will be reflected by the earnings statements
to be included in the subject report or portion thereof? |_| Yes |X| No
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If so, attach an explanation of the anticipated change,
both narratively and quantitatively, and, if
appropriate, state the reasons why a reasonable estimate
of the results cannot be made.
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PXRE GROUP LTD.
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(Name of Registrant as Specified in Charter)
has caused this notification to be signed on its behalf by the undersigned
hereunto duly authorized.
Date August 15, 2001 By \s\ James F. Dore
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Name: James F. Dore
Title: Executive Vice President and Chief
Financial Officer
INSTRUCTION: The form may be signed by an executive officer of the registrant or
by any other duly authorized representative. The name and title of the person
signing the form shall be typed or printed beneath the signature. If the
statement is signed on behalf of the registrant by an authorized representative
(other than an executive officer), evidence of the representative's authority to
sign on behalf of the registrant shall be filed with the form.
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ATTENTION
Intentional misstatements or omissions of fact constitute Federal Criminal
Violations (See U.S.C. 1001)
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