PXRE Group Ltd. raised $83 million in capital this week when it completed a public offering totalling 5.2 million shares of common stock at $23.75 per share.

Some of the shares were sold by existing shareholders and the company did not receive any of the proceeds from those sales of shares by the selling shareholders.

PXRE said the net proceeds from the offering to PXRE Reinsurance Ltd, its Bermuda reinsurance subsidiary, to support the underwriting of additional reinsurance business during the January 1, 2005 renewal period and throughout the balance of 2005.