<PAGE>


                        PXRE CORPORATION AND SUBSIDIARIES

             COMPUTATION OF RATIO OF CONSOLIDATED EARNINGS TO FIXED

             CHARGES AND RATIO OF CONSOLIDATED EARNINGS TO COMBINED

                      FIXED CHARGES AND PREFERRED DIVIDENDS
                          (In thousands, except ratios)

<TABLE>
<CAPTION>
                                                                     Year ended December 31,
                                                  -------------------------------------------------------
                                                     1998        1997       1996        1995        1994
                                                     ----        ----       ----        ----        ----
<S>                                               <C>         <C>        <C>         <C>         <C>     
Net income                                        $  2,679    $ 44,253   $ 33,301    $ 39,786    $ 34,829
Equity in earnings of TREX                               0           0     (3,898)     (5,948)     (4,141)
                                                  --------    --------   --------    --------    --------
Income before equity in earnings of TREX             2,679      44,253     29,403      33,838      30,688
Income taxes                                        (1,661)     22,198     15,644      18,189      15,700
                                                  --------    --------   --------    --------    --------
                                                  $  1,018    $ 66,451   $ 45,047    $ 52,027    $ 46,388
Fixed charges:
Interest expense                                    10,323      11,508      6,957       7,143       7,789
Appropriated portion (1/3) of rentals                  490         378        365         397         308
                                                  --------    --------   --------    --------    --------
  Total fixed charges                               10,813      11,886      7,322       7,540       8,097
                                                  --------    --------   --------    --------    --------
Earnings before income taxes and fixed charges    $ 11,831    $ 78,337   $ 52,369    $ 59,567    $ 54,485
                                                  --------    --------   --------    --------    --------
Preferred dividend requirements                   $      0    $      0   $      0    $    599    $  2,005
                                                  --------    --------   --------    --------    --------
Ratio of pre-tax income to net income                 0.38        1.50       1.53        1.54        1.51
                                                  --------    --------   --------    --------    --------
Preferred dividend factor                         $      0    $      0   $      0    $    922    $  3,028
Total fixed charges                                 10,813      11,886      7,322       7,540       8,097
                                                  --------    --------   --------    --------    --------
Total fixed charges and preferred dividends       $ 10,813    $ 11,886   $  7,322    $  8,462    $ 11,125
                                                  --------    --------   --------    --------    --------
Ratio of earnings to fixed charges                    1.09        6.59       7.15        7.90        6.73
                                                  --------    --------   --------    --------    --------
Ratio of earnings to combined fixed charges and
   preferred dividends                                1.09        6.59       7.15        7.04        4.90
                                                  --------    --------   --------    --------    --------
Deficiency in ratio
Deficiency in combined ratio
</TABLE>




<PAGE>