o
|
Rule
13d-1(b)
|
x
|
Rule
13d-1(c)
|
o
|
Rule
13d-1(d)
|
CUSIP
No. G73018106
|
||||||
1.
|
Names
of Reporting Persons
I.R.S.
Identification Nos. of above persons (entities only)
D.
E. Shaw Valence Portfolios, L.L.C.
13-4046559
|
|||||
2.
|
Check
the Appropriate Box if a Member of a Group (See Instructions)
|
|||||
(a)
|
o
|
|||||
(b)
|
o
|
|||||
3.
|
SEC
Use Only
|
|||||
4.
|
Citizenship
or Place of Organization
Delaware
|
|||||
Number
of
Shares
Beneficially
Owned
by
Each
Reporting
Person
With
|
5.
|
Sole
Voting Power
-0-
|
||||
6.
|
Shared
Voting Power
2,719,489
|
|||||
7.
|
Sole
Dispositive Power
-0-
|
|||||
8.
|
Shared
Dispositive Power
2,719,489
|
|||||
9.
|
Aggregate
Amount Beneficially Owned by Each Reporting Person
2,719,489
|
|||||
10.
|
Check
if the Aggregate Amount in Row (9) Excludes Certain Shares (See
Instructions)
|
|||||
11.
|
Percent
of Class Represented by Amount in Row (9)
3.8%
|
|||||
12.
|
Type
of Reporting Person (See Instructions)
OO
|
CUSIP
No. G73018106
|
||||||
1.
|
Names
of Reporting Persons
I.R.S.
Identification Nos. of above persons (entities only)
D.
E. Shaw & Co., L.P.
13-3695715
|
|||||
2.
|
Check
the Appropriate Box if a Member of a Group (See Instructions)
|
|||||
(a)
|
o
|
|||||
(b)
|
o
|
|||||
3.
|
SEC
Use Only
|
|||||
4.
|
Citizenship
or Place of Organization
Delaware
|
|||||
Number
of
Shares
Beneficially
Owned
by
Each
Reporting
Person
With
|
5.
|
Sole
Voting Power
-0-
|
||||
6.
|
Shared
Voting Power
2,719,489
|
|||||
7.
|
Sole
Dispositive Power
-0-
|
|||||
8.
|
Shared
Dispositive Power
2,719,489
|
|||||
9.
|
Aggregate
Amount Beneficially Owned by Each Reporting Person
2,719,489
|
|||||
10.
|
Check
if the Aggregate Amount in Row (9) Excludes Certain Shares (See
Instructions)o
|
|||||
11.
|
Percent
of Class Represented by Amount in Row (9)
3.8%
|
|||||
12.
|
Type
of Reporting Person (See Instructions)
IA,
PN
|
CUSIP
No. G73018106
|
||||||
1.
|
Names
of Reporting Persons
I.R.S.
Identification Nos. of above persons (entities only)
David
E. Shaw
|
|||||
2.
|
Check
the Appropriate Box if a Member of a Group (See Instructions)
|
|||||
(a)
|
o
|
|||||
(b)
|
o
|
|||||
3.
|
SEC
Use Only
|
|||||
4.
|
Citizenship
or Place of Organization
United
States
|
|||||
Number
of
Shares
Beneficially
Owned
by
Each
Reporting
Person
With
|
5.
|
Sole
Voting Power
-0-
|
||||
6.
|
Shared
Voting Power
2,719,489
|
|||||
7.
|
Sole
Dispositive Power
-0-
|
|||||
8.
|
Shared
Dispositive Power
2,719,489
|
|||||
9.
|
Aggregate
Amount Beneficially Owned by Each Reporting Person
2,719,489
|
|||||
10.
|
Check
if the Aggregate Amount in Row (9) Excludes Certain Shares (See
Instructions) o
|
|||||
11.
|
Percent
of Class Represented by Amount in Row (9)
3.8%
|
|||||
12.
|
Type
of Reporting Person (See Instructions)
IN
|
Item
1.
|
||||||
(a)
|
Name
of Issuer:
|
|||||
PXRE
Group Ltd.
|
(b)
|
Address
of Issuer's Principal Executive Offices:
|
|||||
110
Pitts Bay Road
Pembroke
HM08 Bermuda
|
(a)
|
Name
of Person Filing:
|
|||||
D.
E. Shaw Valence Portfolios, L.L.C.
D.
E. Shaw & Co., L.P.
David
E. Shaw
|
(b)
|
Address
of Principal Business Office or, if none,
Residence:
|
|||||
The
business address for each reporting person is:
120
W. 45th
Street, Tower 45, 39th
Floor
New
York, NY 10036
|
(c)
|
Citizenship:
|
|||||
D.
E. Shaw Valence Portfolios, L.L.C. is a limited liability company
organized under the laws of the state of Delaware.
D.
E. Shaw & Co., L.P. is a limited partnership organized under the laws
of the state of Delaware.
David
E. Shaw is a citizen of the United States of America.
|
(d)
|
Title
of Class of Securities:
|
|||||
Common
Stock, $1.00 par value
|
(e)
|
CUSIP
Number:
|
|||||
G73018106
|
Item
3.
|
If
this statement is filed pursuant to Rule 13d-1(b) or 13d-2(b) or
(c),
check whether the person filing is a:
|
Item 4. |
Ownership
|
D.
E. Shaw Valence Portfolios, L.L.C.:
|
2,719,489
shares
|
D.
E. Shaw & Co., L.P.:
|
2,719,489
shares
|
David
E. Shaw:
|
2,719,489
shares
|
(b) Percent of class:
|
|
D.
E. Shaw Valence Portfolios, L.L.C.:
|
3.8%
|
D.
E. Shaw & Co., L.P.:
|
3.8%
|
David
E. Shaw:
|
3.8%
|
(c)
Number of shares to which the person has:
|
|
(i)
Sole power to vote or to direct the vote:
|
|
D.
E. Shaw Valence Portfolios, L.L.C.:
|
-0-
shares
|
D.
E. Shaw & Co., L.P.:
|
-0-
shares
|
David
E. Shaw:
|
-0-
shares
|
(ii)
Shared power to vote or to direct the vote:
|
|
D.
E. Shaw Valence Portfolios, L.L.C.:
|
2,719,489
shares
|
D.
E. Shaw & Co., L.P.:
|
2,719,489
shares
|
David
E. Shaw:
|
2,719,489
shares
|
(iii)
Sole power to dispose or to direct the disposition of:
|
|
D.
E. Shaw Valence Portfolios, L.L.C.:
|
-0-
shares
|
D.
E. Shaw & Co., L.P.:
|
-0-
shares
|
David
E. Shaw:
|
-0-
shares
|
(iv)
Shared power to dispose or to direct the disposition of:
|
|
D.
E. Shaw Valence Portfolios, L.L.C.:
|
2,719,489
shares
|
D.
E. Shaw & Co., L.P.:
|
2,719,489
shares
|
David
E. Shaw:
|
2,719,489
shares
|
Item 5. |
Ownership
of Five Percent or Less of a Class
|
Item 6. |
Ownership
of More than Five Percent on Behalf of Another
Person
|
Item 7. |
Identification
and Classification of the Subsidiary Which Acquired the Security
Being
Reported on By the Parent Holding Company or Control Person
|
Item 8. |
Identification
and Classification of Members of the Group
|
Item 9. |
Notice
of Dissolution of Group
|
Item 10. |
Certification
|
D.
E. Shaw Valence Portfolios, L.L.C.
|
||
By: | D. E. Shaw & Co., L.P., as managing member |
By: | /s/ Eric Wepsic | |
Eric Wepsic Managing
Director
|
D.
E. Shaw & Co., L.P.
|
||
|
|
|
By: | /s/ Eric Wepsic | |
Eric
Wepsic
Managing
Director
|
David
E. Shaw
|
||
|
|
|
By: | /s/ Eric Wepsic | |
Eric
Wepsic
Attorney-in-Fact
for David E. Shaw
|