PXRE Estimates Charley Losses at $13 to $18 Million

August 25, 2004

The Bermuda-based PXRE Group Ltd. announced that it expects to incur a net loss arising from Hurricane Charley of $13 to $18 million, after tax and reinstatement premiums.

President and CEO Jeffrey L. Radke commented: “This preliminary estimate is based on extensive modeling, a detailed review of affected contracts and numerous discussions with our clients. History, however, has proven that it is difficult to accurately estimate losses in the immediate aftermath of a major catastrophe and we will continue to monitor the situation and provide updates if our current estimates change materially. At this point, we continue to expect to achieve earnings of $4.45 to 4.85 per diluted share for 2004, assuming no material catastrophes occur during the rest of 2004.”

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