PXT Pxre Grp. Ltd

Goldman Scarlato & Karon, P.C., a law firm with offices in Pennsylvania and Ohio, announces that a lawsuit has been filed in the United States District Court for the Southern District of New York, on behalf of persons who purchased or otherwise acquired publicly traded securities of PXRE Group Ltd. ("PXRE" or the "Company") (NYSE:PXT) between July 28, 2005 and February 16, 2006, inclusive, (the "Class Period"). The lawsuit was filed against PXRE and certain officers and directors ("Defendants"). If you are a member of this class and wish to view a copy of a complaint and join this class action, please e-mail us at info@gsk-law.com and request a copy of the complaint and a plaintiff certification. If you are a member of the Class, you may move the Court no later than July 3, 2006 to serve as a lead plaintiff for the Class. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. The complaint alleges that Defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. Specifically, the complaint alleges that the Company failed to disclose or misrepresented that: (1) the Company concealed from investors the full impact of Hurricanes Katrina, Rita and Wilma in 2005; (2) that the size of the true total costs, which is now estimated at between $758 million and $788 million, would cause the Company to lose key financial ratings from A.M. Best; and, (3) that the Company concealed the true level of the costs in order to complete a $114 million secondary offering as well as raise more than $350 million from the offering of perpetual preferred shares. On February 16, 2006, after the market closed, PXRE announced that it would be increasing its estimates of the net pre-tax impact of Hurricanes Katrina, Rita and Wilma by an amount between $281 million and $311 million for the year ended December 31, 2005 versus their prior estimates. In reaction to the disclosure, A.M. Best lowered the Company's financial strength rating to B++ from A-. On February 17, 2006, shares reacted negatively to the news falling $7.85 per share, or nearly 66% to close at $4.05 per share. If you bought PXRE securities between July 28, 2005 and February 16, 2006, inclusive, and would like to obtain information about the lawsuit, then you are invited to call (888) 753-2796 to speak with an advisor.