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PXRE enters into quota share reinsurance agreement

PXRE Group Ltd. has entered into a quota share reinsurance agreement with P-1 Re Ltd., a newly formed special purpose Bermuda reinsurer capitalized by a group of private institutional investors.This reinsurance agreement provides PXRE with $194 million in funded reinsurance protection against property catastrophe, marine, aviation, satellite and per-risk losses over the next two years.