PXRE to Announce Q1 Earnings Today; Holds Conference Call

May 9, 2006

The Bermuda-based PXRE Group Ltd., a provider of reinsurance products and services to a worldwide marketplace, will release its 2006 first quarter financial results after the market close today Tuesday, May 9, 2006.

The results will be closely scrutinized as the company struggles to recover from the losses it sustained following last fall’s hurricanes. PXRE lost its “A” rating following the loss events, and was further downgraded by A.M. Best and Standard & Poor’s in February (See IJ Website Feb. 17 and 24). That action followed the Company’s announcement that it was writing down a portion of its deferred tax asset, the adverse impact of two counterparties canceling their reinsurance contracts, and an increase in the group’s estimated 2005 hurricane losses.

The Company will hold a conference call to discuss its 2006 first quarter financial results on Wednesday, May 10, 2006, at 8:00 a.m. ET.

It will also host a live webcast of the conference call, available online at http://www.pxre.com. Participants inside the U.S. and Canada can also access the call by dialing (800) 289-0572. International participants should dial (913) 981- 5543.

Following the conclusion of the presentation, the webcast will remain available online through June 10, 2006. In addition, a replay of the call will be available from May 10, 2006 – May 17, 2006 by dialing (888) 203-1112. Callers dialing from outside the U.S. and Canada can access the call by dialing (719) 457-0820. Please enter 9432864 as the conference ID.

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