Another Bermudian-based reinsurance company is fighting back against falling market prices.

PXRE Group Ltd announced that its Board of Directors had authorised the repurchase of up to one million of the company's outstanding common shares.

Gerald L. Radke, Chairman, President and Chief Executive Officer, said: "The decision to buy back the Company's stock underscores management's confidence in the Company's future and is an opportunity to further build and maximise shareholder value.'' PXRE has its head offices in Front Street and has operations in Bermuda, the United States, the United Kingdom, and Europe and provides reinsurance products and services around the world. The company mainly works with commercial and personal property and casualty reinsurance risks, and it offers both broker-based and direct-writing distribution capabilities.

The holding company is mainly engaged in the underwriting of treaty and facultative reinsurance for property including marine and aerospace.

This year the company has seen its share price fall from a 52 week high of $26.25 to the more recent price of $10.688.Its 52 week low is $9.938. The company has a market capitalisation of $125.6 million.

For the nine months ended 9/30/99, revenues rose 31 percent to $110.8 million.

Net loss before extraordinary item totalled $3.3 million against an outcome of $6.5 million. These results reflect new international, casualty and direct writing business offset by increased catastrophe losses.