PXRE Group Ltd. yesterday announced that James F. Dore, 56, the company's executive vice president, treasurer and chief financial officer, will retire at the end of September 2002. Mr. Dore has served as PXRE's CFO since joining the company from Employers Reinsurance in 1999.

PXRE also announced that it had named John Modin, 37, to take over from Mr. Dore. He comes on board in September and will spend his first several weeks working with Mr. Dore to ensure a smooth and orderly transition.

PXRE CEO Gerald Radke said: "Jim Dore has been a key member of our executive management team. His financial experience and knowledge of the reinsurance business have been important and his efforts and expertise have helped position our company to thrive in the current market environment. I am pleased that Jim has agreed to consult with the company for a period of one year after his retirement, so we can continue to benefit from his experience."

"At the same time, we enthusiastically welcome John Modin to our company. He brings a strong financial background in the reinsurance and insurance to PXRE, owing to his extensive and direct industry experience as well as a decade-long career in public accounting. We believe that as CFO, he will add a new dimension to our management team and we look forward to the contributions he will make to our growth and financial discipline as we continue to help shape the increasingly complex business of reinsurance."

Mr. Modin was formerly the CFO of Enterprise Reinsurance Holdings Corporation, a finite reinsurer with five offices worldwide, including operations in Bermuda. There he was responsible for accounting and finance, taxation, investments, and risk management, and he participated in structuring and marketing reinsurance solutions and structured transactions. Prior to joining Enterprise in 1997, Modin, a CPA, was a Senior Manager with KPMG in New York, where he served clients in the property and casualty, life, reinsurance, financial guarantor and brokerage insurance sectors. He was a firm instructor at property and casualty insurance seminars and, outside KPMG, has lectured on financial reinsurance and alternative risk transfer products and has contributed to insurance publications through his writings or interviews.

Modin earned a Masters in Business Administration degree from Columbia University and a Bachelor of Science degree in Accountancy from Wake Forest University.

PXRE - with operations principally in Bermuda, Barbados, the United States and Europe - provides reinsurance products and services to a worldwide market place.

The Bank of Bermuda has appointed Jonathan Clipper to the position of head of banking and lending products. Mr. Clipper takes on the position of recently retired bank executive Alan Richardson.

Mr. Clipper, a Bermudian, will take up his new post in early September.

In a press statement yesterday the bank said: "Mr. Clipper has extensive international banking experience, most recently at Citibank, where he was head of regional insurance non-bank financial institutions, based in Hong Kong.

"In this role, Mr. Clipper managed all Asia-Pacific Insurance Banking Relationship Managers. He has also held senior positions with Citibank in London and Scotland since joining them in 1990."

The bank also said that Mr. Clipper had previously worked at Chase Manhattan Bank for 13 years in both London and Singapore. At Chase Mr. Clipper held positions in Correspondent Banking, Financial Institutions and Global Custody.

Mr. Clipper is a former Bermuda Rhodes Scholar and holds an MBA from Templeton College, Oxford University.

Chief operating officer Philip Butterfield said: "We are very pleased to be welcoming Mr. Clipper to the bank and back to Bermuda. Mr. Clipper's remarkable international banking career ideally positions him to fully develop the bank's banking and lending products division," he said.

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