Bermuda-registered PXRE Group Ltd. said late on Friday that it expects its loss from the terrorist attacks on the Pentagon and the World Trade Center last week to be in the range of $30 million to $35 million.

In a statement, the company also extended its heartfelt condolences to the families and friends of the people affected by the attacks.

It said the loss estimate was preliminary and it would take some time for a more accurate assessment to be made, "given the unprecedented nature of this tragedy".

However, the company added that it did not expect the loss to affect the company's financial stability; although it admitted that the attacks combined with other claims will result in a loss of less than ten percent of the company's base.

-- The Bermuda Stock Exchange (BSX) said yesterday that due to the closure of the US stock markets, the calculation of the Net Asset Value (NAV) of shares of Orbis Global Equity Fund Limited, Orbis Optimal (US$) Fund Limited, Orbis Optimal (Euro) Fund Limited, Orbis Leveraged (US$) Fund Limited and Orbis Leveraged (Euro) Fund Limited has been temporarily suspended.

When stock markets re-open and the value of the investments of these funds can be reasonably and fairly ascertained, the calculation of the NAV of shares of these funds will resume.

Other Orbis funds are unaffected.

The BSX also said yesterday that the calculation of the NAV and dealings of shares in the Phoenix capital Reserves Fund has been suspended with effect from September 11 due to the closure of the US markets and volatility of global markets.