Document:

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                                AMENDMENT NO.4 TO
                          INVESTMENT ADVISORY AGREEMENT

This Amendment to the January 1, 1987 Investment Advisory Agreement as amended
from time to time, by and between PHOENIX INVESTMENT COUNSEL, INC., a
Massachusetts corporation (the "Adviser") and PXRE REINSURANCE COMPANY (formerly
Phoenix Reinsurance Company), a Connecticut corporation (the "Client") (the
"Agreement"), is hereby effective as of the first day of January, 1999.

1.    Section 3 of the Agreement is hereby amended and restated as follows:

      In consideration of the services performed hereunder, the Client shall pay
      a fee to the Adviser equal to an annual rate of 0.125% of the average net
      of assets of each account in the Portfolio but in no event shall Adviser
      receive less than $6.250.00 annually per account in the Portfolio. Such
      fees shall be paid in quarterly installments, each due within fifteen (15)
      days of the last day of the calendar quarter. In addition, the Client
      shall reimburse the Adviser for any and all out-of-pocket expenses
      incurred in managing the Portfolio including, but not limited to,
      custodian fees, clearing agent fees, brokerage costs and sales, service or
      similar taxes, if any.

2.    Any sums heretofore paid for services rendered in 1999 shall be applied to
      the sum of owned under Section 3 of the Agreement as revised herein.

IN WITNESS WHEREOF, the parties hereto have duly caused this Amendment No. 4 to
the Investment Advisory Agreement to be executed on this 7 day of July 2000.

PHOENIX INVESTMENT COUNSEL, INC.                              PXRE CORPORATION

By:  /s/ James K. Salonia                       By: /s/ James F. Dore
     -----------------------------                  ---------------------------

Its:      Vice President                        Its:  Executive Vice President
     -----------------------------                  ----------------------------<PAGE>

                        56 Prospect Street      Phone 860 403-5541
                        PO Box 150480           Toll Free 800 814-1897 Ext 5541
                        Hartford CT 06115-0480  Fax 860 403-5670
                                                Email jim_salonia@phl.com

PHOENIX                                          JAMES K. SALONIA
INVESTMENT PARTNERS, LTD.                        Vice President
                                                 Institutional Divison

    July 7, 2000

    Mr. James Dore
    PXRE Corporation
    399 Thornall Street, Fourteenth Floor
    Edison, New Jersey 08837

    Dear Jim:

    Re:  SVO Filings

    This letter serves as follow up to the SVO Filings agreement originally
    presented to Mr. Kimmel in June 1999 for final signature. The text of the
    letter has not been changed.

    In addition to the investment management and advisory services provided by
    Phoenix Investment Counsel, Inc. ("PIC") pursuant to certain amended
    Investment Advisory Agreements ("Agreements") between PIC and PXRE
    Corporation; Transnational Insurance Company and PXRE Reinsurance Company
    (together "PXRE"); PIC will prepare all required new filings and updates
    ("Filings") with the Securities Valuation Office of the National Association
    of Insurance Commissioners ("SVO") for those securities heretofore purchased
    and to be purchased in the future by PIC for such accounts and portfolios
    managed by PIC under the Agreements for the duration of such Agreements.

    PIC shall have no duty, obligation or responsibility to prepare Filings for
    securities owned by PXRE but managed by someone other than PIC or for
    securities held in an account or portfolio but not purchased for the
    portfolio by PIC. However, at your request, PIC agrees to prepare SVO
    Filings for securities not purchased by PIC, provided that PIC receives any
    and all information necessary to prepare such Filings from Phoenix Home Life
    Mutual Insurance Company's (PHL) Investment Accounting department. If, after
    reasonable attempts to obtain such information from PHL or PXRE, PIC does
    not receive all of the information it deems necessary in its sole discretion
    to prepare such Filings, PIC shall have no obligation or duty to prepare the
    Filings so requested.

    Upon your request, PIC further agrees to provide training support to
    designated PXRE staff for a period of one year from the date of this letter
    agreement or for such longer period as agreed to in writing by PIC and PXRE.

    PXRE specifically acknowledges and agrees that neither PIC or any of PIC's
    officers, directors, employees or agents shall be liable hereunder for any
    action taken or not taken in providing the services hereunder and PXRE
    agrees to pay for or reimburse PIC for any and all out-of-pocket expenses
    incurred in the performance of the services hereunder including but not
    limited to, filing fees. PIC estimates Filing fees and out-of-pocket
    expenses to be $300 per security at this time and agrees to charge PXRE no
    more than $300 per security Filing made by PIC under the terms of this
    Agreement for the period ending 6/30/00. This letter agreement may be
    terminated by either PIC or PXRE at any time and for any reason by written
    notice to the other.

<PAGE>

July 7, 2000
Mr. Dore
Page 2

The terms and conditions set forth herein constitute the entire agreement
between PIC and PXRE and supercede all prior oral and written statements of any
kind whatsoever made by either party or their representatives. This letter
agreement may only be modified in writing and shall be construed under the laws
of the State of Connecticut.

If you are in agreement with the foregoing terms, please sign the enclosed copy
of this letter in the space provided and return to me.

                                       PHOENIX INVESTMENT COUNSEL, INC.

                                       By: /s/ James K. Salonia
                                           -----------------------------

                                      Its:         Vice President
                                           -----------------------------

Agreed to this 7 day of July, 2000.

PXRE REINSURANCE COMPANY
PXRE CORPORATION AND
TRANSNATIONAL INSURANCE COMPANY

By:   /s/  James Dore
      ----------------------------
      James Dore

Their: EVP/CFO
      ---------------------------<PAGE>

                        INVESTMENT MANAGEMENT AGREEMENT

Witnesseth this AGREEMENT, effective October 15, 1999 by and between the PXRE
GROUP LTD. (the "Client") and PHOENIX INVESTMENT COUNSEL, INC (the "Manager") a
corporation organized pursuant to the laws of The Commonwealth of Massachusetts,
with its home office at 56 Prospect Street, Hartford, Connecticut.

In consideration of the mutual covenants contained herein, the parties hereto
agree as follows:

1. Appointment of Manager

Client hereby engages the Manager and delegates to the Manager the power to
manage (including the power to acquire or dispose of), in accordance with the
terms and conditions of this Agreement, the assets of the Account. The "Account"
shall mean the assets of the Client which are acceptable to the Manager and
which by notice given to the Manager are placed in the Account, and the
investments and reinvestments of, and all income earned by, or distributions
received with respect to, any assets in the Account, subject to the provisions
of paragraph 3 of this Agreement.

Client agrees to provide Manager with written notice of additions to, and
withdrawals from, the Account.

2. Acceptance by Manager

The Manager hereby acknowledges and agrees to the engagement provided in
paragraph 1 hereof, and acknowledges and warrants that it is duly registered
with the Securities and Exchange Commission as an investment adviser under the
Investment Advisers Act of 1940.

3. Investment Direction

The Client's fundamental investment policies and any applicable investment
guidelines are set forth in Part I of Schedule A attached hereto and made a part
hereof. The Client hereby directs the Manager to select investments for the
Account in compliance with such policies and in accordance with such guidelines.

All interest payments and other distributions with respect to any security or
other property in the Account shall be reinvested, unless Client provides
written notice to the contrary to Manager.

Upon receiving written notice from the Client that a specified cash amount is
required from the Account, the Manager shall liquidate such portion of the
Account as may be necessary to provide the specified cash amount. The Manager
shall in its sole discretion select the assets of the Account to be liquidated
in such event, provided that the investment guidelines set forth in Schedule A
shall be complied with to the extent possible after giving effect to such
liquidation. The directions contained herein may be modified at any time by the
Client by notice in writing to the Manager.

<PAGE>

4. Custody of Securities

The Client will establish and maintain a custody account with a custodian
("Custodian") acceptable to the Manager for all assets in the Account. The
Client agrees to give the Manager at least thirty (30) days' written notice of
any change of Custodian.

5. Manager's Authority

Subject to the provisions of paragraph 3 and Schedule A of this Agreement, the
Manager is authorized by the Client to invest, sell and reinvest the assets of
the Account as it deems appropriate. The Manager is not authorized to take
physical possession of the assets of the Account; and the Custodian shall have
sole responsibility for holding and safekeeping the assets. The Custodian shall
make settlement of purchases and sales of such assets upon orders placed by the
Manager pursuant to the Custodian's established operating procedures. The
Manager shall promptly notify the Custodian in writing of any purchase or sale
made for the Account.

The Manager shall select brokers and dealers for any purchase or sale of assets
of the Account. The Manager may, in the allocation of portfolio brokerage
business and the payment of brokerage commissions, consider the brokerage and
research services furnished the Manager by brokers and dealers, in accordance
with the provisions of Section 28(e) of the Securities Exchange Act of 1934, as
amended.

The Manager will not be required to take any action, or render any advice, with
respect to the voting of any of the securities in the Account and Client agrees
to be solely responsible for the voting of any such securities and for any
required recordkeeping with respect thereto.

6. Documentation to be Furnished

The Manager shall keep accurate and detailed accounts of any investments,
receipts and disbursements, and other transactions hereunder, and all such
accounts and the books and records relating thereto shall be open to inspection
at all reasonable times by the Client and by any other person entitled by law to
inspect such records.

Upon written request, the Manager will make available to the Client any
information in the Manager's possession which may be required by the Client in
fulfilling any reporting, disclosure, or recordkeeping obligation imposed on the
Client by applicable law.

7. Appraisal; Determinations of Value

The Manager will provide the Client with an appraisal of the Account as of the
last day of each calendar quarter on which the New York Stock Exchange is open
(the "Appraisal Date") during the term of this Agreement. Such appraisal shall
include a written statement of each individual asset held in the Account on the
Appraisal Date.

8. Compensation to Manager

In consideration of the services to be performed by Manager pursuant to the
terms of this Contract, the Client will pay to Manager compensation in
accordance with the attached Schedule A, Part II based upon the value of the
funds, securities and other assets subject to this Contract, as of the calendar
quarter end, which compensation will be charged quarterly in arrears directly to
the Client. Securities and other assets will, for purpose of determining
compensation to Manager, be valued at market value or, in absence of market
value, at fair value as determined in good faith by Manager.

<PAGE>

9. Assignment

No assignment (as the term is defined in the Investment Adviser's Act of 1940)
of this Agreement shall be made by the Manager without the consent of the
Client.

10. Renewal and Termination

This contract may be terminated by either the Client or the Manager upon written
notice of such termination delivered to the other party at least 30 days prior
to the end of any quarterly period.

11. Liability of Manager

Client specifically acknowledges and agrees that except for loss resulting from
negligence, misfeasance, bad faith or reckless disregard on the part of the
Manager in performance of its duties hereunder, neither Manager or any of the
Manager's officers, directors, shareholders, agents or employees shall be liable
hereunder for any action taken or not taken in providing services hereunder.

12. Other Agreements and Obligations

It is understood that the Manager may have advisory or other contracts with
other persons, firms, or organizations (some of which may have investment
policies similar to those of the Account) and may have other interests and
businesses. In these connections the Manager may acquire information of a
confidential nature. The Client agrees that the Manager shall not be required to
provide investment advice or take any other action on behalf of the Account with
respect to any particular investment if such action by the Manager would involve
a violation of law. All information and advice furnished by either party to this
Agreement shall be treated as confidential and shall not be disclosed to third
parties except as required by law.

The Manager may act as investment adviser to other clients and may give advice,
and take action, with respect to any of those clients that may differ from the
advice given, or the timing or nature of action taken, with respect to the
Account. The Manager shall have no obligation to purchase or sell for Client, or
to recommend for purchase or sale by Client, any security that the Manager, its
principals, affiliates or employees may purchase for themselves or for any other
clients.

13. Notices

All notices and instructions with respect to any matters contemplated by this
Agreement shall be deemed duly given when delivered in writing to the addresses
below or when deposited by first-class mail addressed as follows:

<PAGE>

(a) To Client:

                                            James F. Dore
                                            PXRE Group Ltd.
                                            Clarendon House
                                            2 Church Street
                                            Hamilton HM 11
                                            Bermuda

b) To Manager:

                                            Nancy Engberg, VP General Counsel
                                            Phoenix Investment Counsel, Inc.
                                            56 Prospect Street
                                            P.O. Box 150480
                                            Hartford, CT 06115

14. Authority to Perform

Each of the parties to this Agreement hereby represents that it is duly
authorized and empowered to execute, deliver, and perform this Agreement and the
transactions contemplated hereby, that such actions do not conflict with or
violate any provision of law or contract.

15. Governing Law

The laws of the State of Connecticut shall control all matters relating to this
Agreement and shall apply to the extent not preempted by Federal law.

16. Miscellaneous

Client hereby acknowledges receipt of Adviser's brochure as required by Rule
204-3 under the Investment Advisers Act of 1940 prior to or on the date of the
execution of this Contract. If the Client has received said brochure less than
forty-eight hours prior to the execution of this Contract, the Client shall have
the option to terminate this Contract without penalty within five business days
after the date of execution; provided, however, that any investment action taken
by Adviser with respect to the Account prior to the effective date of such
termination shall be at the Client's risk.

This Agreement is the entire agreement of the parties with respect to management
of the assets in the Account and subject to the terms of paragraph 9, may not be
amended except by a writing signed by the parties.

This Agreement shall be effective as of the day and year first above written.

PXRE GROUP LTD.

                                                      Date: October 14, 1999
                                                            -------------------
By:   /s/ James F. Dore
      ---------------------------

Title: Executive VP & CFO
      ---------------------------

Witness: FSR
         -----------------------

<PAGE>

PHOENIX INVESTMENT COUNSEL, INC.

                                                  Title: Vice President
                                                         ----------------------

By: /s/ James K. Salonia                          Date: 11/1/99
    --------------------------                          -----------------------

 Attachment:     Schedule A, Parts I and II

<PAGE>

                                                             Schedule A, Part I

                      INVESTMENT OBJECTIVES AND GUIDELINES

Attachment

PXRE GROUP LTD.
STATEMENT OF INVESTMENT OBJECTIVES AND GUIDELINES

DATED       10/14/99
     -------------------

<PAGE>

                                Investment Policy

Scope: This policy would cover the investment portfolio of PXRE Reinsurance,
      Ltd., PXRE Group Ltd. and PXRE (Barbados) Ltd.

Investment Limitations:

      1.    No more than 5% of opening admitted assets (or Bermuda equivalent)
            in any single issuer,

                  a.    except, where a fund or limited partnership consisting
                        of a diversifed portfolio of stocks, bonds, equities or
                        other instruments; a maximum of up to 10% in such fund
                        or limited partnership.
                  b.    except, there shall be no limit on U.S. Treasury
                        Securties or such investments guaranteed by the U.S.
                        government (i.e. FNMA, GNMA, etc.).
                  c.    No more than 30% can be invested in securities of any
                        country (other than the United States) except where such
                        investments are used to match with liabilities
                        denominated in the same currency.

      2.    No more than 80% of the portfolio shall be in original document be
            in equity or limited partnership investments.

      3.    No more than 20% of the portfolio can be invested in below
            investment grade bonds as defined as below Baa S&P or equivalent for
            other rating agencies.

      4.    Exceptions can be made so long as the sum of all exceptions to the
            above policy statements does not exceed 15% of opening assets.

      5.    No more than 25% of the investments should be in mortgage or asset
            banked securities.

Other Limitations

         Short Term Investments - All short term investments should be in
          instruments which are A2/P2 or better.

<PAGE>

                                                             Schedule A, Part II

                         INVESTMENT MANAGER COMPENSATION

The Manager shall be paid a fee as specified below by the Client as full
compensation for services rendered under the Investment Manager Agreement
effective October 15, 1999.

Upon presentation of an invoice by the Manager, after the close of each quarter,
the Client shall pay the Manager a management fee which shall be calculated on
the value of the assets of the Account and paid at one-fourth of the following
annual fee rate:

      All Assets ......................................... 0.125%

subject to a minimum quarterly fee of $6,250.

For purposes of the calculation of the fee, the value of the securities
(including all cash and cash equivalents) in the Account shall be determined as
of the Appraisal Date at the end of each calendar quarter. If the Manager shall
serve for less than the whole of any calendar quarter, its compensation shall be
determined as provided above on the basis of the value of assets in the Account
on the date of termination and shall be payable on a pro rata basis for the
period of the calendar quarter for which it has served as Manager hereunder. In
the event funds are contributed to or withdrawn from the Account during the
calendar quarter, the amount of the management fee then due shall be prorated
proportionately.

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