PXRE Group Ltd.'s results in the second quarter of this year.

PXRE said its net loss for the second quarter of 2000 totalled $23,527,000 or $2.07 per diluted share compared with net income of $5,046,000 or $.44 per diluted share in the same period last year.

Revenues for the quarter increased 24 percent to $51,231,000 versus $41,214,000 in the year-earlier period, driven by a 52 percent increase in premiums that was offset in part by lower investment results.

For the first six months of 2000, the Company's net loss was $19,519,000 or $1.71 per diluted share versus net income of $2,284,000 or $.19 per diluted share last year. Revenues for the first half of 2000 increased 42 percent to $100,174,000 versus $70,566,000 in the year-earlier period.

PXRE said the losses were caused by continued claims from the storms that struck Europe during the last week of 1999, as well as Hurricanes Floyd and Lenny and Typhoon Bart.

PXRE chairman and chief executive officer Gerald L. Radke said: "We are very disappointed with the Company's overall results for the second quarter, as continued loss development unfortunately masks the significant progress we are making with our diversification programme and PXRE's strong underwriting results from business underwritten in 2000.

"This continued development of the extraordinary catastrophic events in 1999 has been particularly damaging to PXRE's book of backup business. Given the industry estimates of these storms at year-end 1999, we believed we had adequately reserved for these losses at that time. It is now clear that those industry estimates were far too low. More than 75 percent of the $40,000,000 development in the second quarter represents second, third, and fourth loss positions. Given the impact of these losses on the industry, we are seeing price increases with coverage terms noticeably restricted.''