TO FACULTATIVE OBLIGATORY RETROCESSIONAL AGREEMENT (hereinafter referred to as "Agreement")

                                  ENDORSEMENT

                                      TO

                 FACULTATIVE OBLIGATORY RETROCESSIONAL AGREEMENT
                    (hereinafter referred to as "Agreement")

                                    between

                           PXRE REINSURANCE COMPANY
                   (hereinafter referred to as the "Company")

                                      and

                          SELECT REINSURANCE COMPANY
                  (hereinafter referred to as the "Reinsurer")

It is understood and agreed that effective January 1, 2001, the participation
of the Reinsurer is amended to 16.5%.

Under terms of the Agreement, the Reinsurer agrees to assume severally and not
jointly with other participants a 16.5% share (being $3,300,000 per program)
of the liability described in the attached Agreement, and as consideration of
the above, the Reinsurer shall receive 16.5% of the premium named therein for
cession made on or after 12:01 a.m., January 1, 2001, local time, for business
incepting or renewing after that date.


Signed in ▇▇▇▇▇▇▇▇, Bermuda this 1st day of March, 2001.

                           SELECT REINSURANCE LTD.

                       BY: ▇▇▇ ▇▇▇▇▇
                            ___________________________

                       TITLE: Vice President
                              ________________________

And in Edison, New Jersey, this 28th day of February, 2001.

                          PXRE REINSURANCE COMPANY

                       BY: ▇▇▇▇▇▇ ▇▇▇▇▇▇▇
                           ___________________________

                       TITLE: Executive Vice President
                              ________________________