PXRE Group Ltd yesterday announced completion of a $150 million equity investment from several sources.

The move will enable the company to increase its underwriting capacity and compete better in ‘the new market environment' - pushing the company's total capital to more than $500 million.

The investors are Capital Z Financial Services Fund II, Reservoir Capital Partners and Richard Rainwater, and the capital will be issued in the form of convertible preferred stock.

PXRE chairman Gerald Radke said: “We believe this additional capital will allow us to build upon the strong momentum we achieved during the year-end 2001 renewal season.”