PXRE Q2 Earnings Increase 13%

August 7, 2003

PXRE Group Ltd. announced higher profits for the second quarter ended June 30, 2003. PXRE’s net income for the quarter increased 13 percent to $21.5 million from $19.0 million in the second quarter of 2002. Net income per diluted share totaled $0.93 for the quarter compared with $0.88 in the year-earlier period.

PXRE’s annualized return on equity for the second quarter of 2003 was 18.8 percent.

On a fully diluted basis, PXRE’s book value per share increased 3 percent during the quarter to $21.32 per share at June 30, 2003, from $20.76 per share at March 31, 2003.

Gerald L. Radke, the chairman of PXRE Group, who retired as CEO on June 30, 2003, commenting on the announcement, said, “I am extremely pleased by the strong growth achieved by the Company during my last quarter as CEO. As I hand over the reins to our new CEO, Jeff Radke, I am confident that the Company is well positioned to continue to build on the success we have experienced over the last six quarters.”

As a result of the continued strong growth in PXRE’s net premiums earned, revenues rose 70 percent for the quarter compared with the year-earlier period. Most notably, net premiums earned in PXRE’s core Catastrophe and Risk Excess segment increased 73 percent compared with the second quarter of 2002.

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