Document:

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                                                                    EXHIBIT 4.15

                            Form of Capital Security

         THIS CAPITAL SECURITIES CERTIFICATE IS A GLOBAL CAPITAL SECURITIES
CERTIFICATE WITHIN THE MEANING OF THE TRUST AGREEMENT HEREINAFTER REFERRED TO
AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE OF A DEPOSITARY. THIS
CAPITAL SECURITY CERTIFICATE IS EXCHANGEABLE FOR CAPITAL SECURITIES CERTIFICATES
REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY
IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE TRUST AGREEMENT AND MAY NOT BE
TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY
OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE
DEPOSITARY, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE TRUST
AGREEMENT.

         UNLESS THIS CAPITAL SECURITY CERTIFICATE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"),
TO PXRE CAPITAL TRUST IV OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR
PAYMENT, AND ANY CAPITAL SECURITY CERTIFICATE ISSUED IS REGISTERED IN THE NAME
OF SUCH NOMINEE AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY
PAYMENT IS MADE TO SUCH ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
TO A PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, HAS AN INTEREST
HEREIN.

         NO EMPLOYEE BENEFIT OR OTHER PLAN OR INDIVIDUAL RETIREMENT ACCOUNT
SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS
AMENDED ("ERISA"), OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS
AMENDED (THE "CODE") (EACH, A "PLAN"), NO ENTITY WHOSE UNDERLYING ASSETS INCLUDE
"PLAN ASSETS" BY REASON OF ANY PLAN'S INVESTMENT IN THE ENTITY (A "PLAN ASSET
ENTITY"), AND NO PERSON INVESTING "PLAN ASSETS" OF ANY PLAN, MAY ACQUIRE OR HOLD
THIS CAPITAL SECURITIES CERTIFICATE OR ANY INTEREST HEREIN, UNLESS SUCH PURCHASE
AND HOLDING IS COVERED BY THE EXEMPTIVE RELIEF AVAILABLE UNDER U.S. DEPARTMENT
OF LABOR PROHIBITED TRANSACTION CLASS EXEMPTION ("PTCE") 96-23, 95-60, 91-38,
90-1 OR 84-14 OR ANOTHER APPLICABLE EXEMPTION WITH RESPECT TO SUCH PURCHASE AND
HOLDING AND, IN THE CASE OF ANY PURCHASER OR HOLDER RELYING ON ANY EXEMPTION
OTHER THAN PTCE 96-23, 95-60, 91-38, 90-1 OR 84-14, HAS COMPLIED WITH ANY
REQUEST BY THE DEPOSITOR OR THE ISSUER TRUST FOR AN OPINION OF COUNSEL OR OTHER
EVIDENCE WITH RESPECT TO THE APPLICABILITY OF SUCH EXEMPTION. ANY PURCHASER OR
HOLDER OF THE CAPITAL SECURITIES CERTIFICATE OR ANY INTEREST THEREIN WILL BE
DEEMED TO HAVE REPRESENTED BY ITS PURCHASE AND HOLDING HEREOF THAT EITHER (A)
THE PURCHASER AND HOLDER ARE NOT A PLAN OR A PLAN ASSET ENTITY AND ARE NOT
PURCHASING SUCH SECURITIES ON BEHALF OF OR WITH "PLAN ASSETS" OF ANY PLAN, OR
(B) THE PURCHASE AND HOLDING OF THE CAPITAL SECURITIES ARE COVERED BY THE
EXEMPTIVE RELIEF PROVIDED BY PTCE 96-23, 95-60, 91-38, 90-1 OR 84-14 OR ANOTHER
APPLICABLE EXEMPTION.

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CERTIFICATE NUMBER: C-___   CUSIP NO. _____
                                                        ____ Capital Securities

                  CERTIFICATE EVIDENCING CAPITAL SECURITIES OF
                              PXRE CAPITAL TRUST IV
                             ___% CAPITAL SECURITIES
                  (LIQUIDATION AMOUNT $25 PER CAPITAL SECURITY)

         PXRE Capital Trust IV, a statutory trust created under the laws of the
State of Delaware (the "Issuer Trust"), hereby certifies that Cede & Co. (the
"Holder") is the registered owner of $_______ in aggregate liquidation amount of
capital securities of the Issuer Trust representing a preferred undivided
beneficial interest in the assets of the Issuer Trust and designated the PXRE
Capital Trust IV ___% Capital Securities (liquidation amount $25 per Capital
Security) (the "Capital Securities"). The Capital Securities are transferable on
the books and records of the Issuer Trust, in person or by a duly authorized
attorney, upon surrender of this certificate duly endorsed and in proper form
for transfer as provided in Section 5.5 of the Trust Agreement (as defined
below). The designations, rights, privileges, restrictions, preferences and
other terms and provisions of the Capital Securities are set forth in, and this
certificate and the Capital Securities represented hereby are issued and shall
in all respects be subject to the terms and provisions of, the Amended and
Restated Trust Agreement of the Issuer Trust, dated as of _______, 20__, as the
same may be amended from time to time (the "Trust Agreement"), among PXRE Group
Ltd., as Sponsor, Wilmington Trust Company, as Trustee, two individuals selected
by the holders of the Common Securities to act as administrators with respect to
the Issuer Trust (the "Administrators") and the Holders of Trust Securities,
including the designation of the terms of the Capital Securities as set forth
therein. The Holder is entitled to the benefits of the Capital Securities
Guarantee Agreement entered into by PXRE Group Ltd., as Guarantor, and
Wilmington Trust Company, as Guarantee Trustee, dated as of _______, 20__ (the
"Guarantee Agreement"), to the extent provided therein. The Issuer Trust will
furnish a copy of the Trust Agreement and the Guarantee Agreement to the Holder
without charge upon written request to the Issuer Trust at its principal place
of business or registered office.

         Upon receipt of this certificate, the Holder is bound by the Trust
Agreement and is entitled to the benefits thereunder.

         Terms used but not defined herein have the meanings set forth in the
Trust Agreement.

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         IN WITNESS WHEREOF, one of the Administrators of the Issuer Trust has
executed this certificate this ___ day of _____, 20__.

                                             PXRE CAPITAL TRUST IV

                                             By:________________________________
                                             Name:
                                             Title:   Administrator

AUTHENTICATED, COUNTERSIGNED AND
REGISTERED:

Wilmington Trust Company,
as Trustee

By:
   -----------------------------------------
Name:
Title:

Dated:
      --------------------------------------

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                                   ASSIGNMENT

         FOR VALUE RECEIVED, the undersigned assigns and transfers this Capital
Security to:

--------------------------------------------------------------------------------
        (Insert assignee's social security or tax identification number)

 -------------------------------------------------------------------------------
                    (Insert address and zip code of assignee)

         and irrevocably appoints __________________________________________
agent to transfer this Capital Security Certificate on the books of the Issuer
Trust. The agent may substitute another to act for him or her.

  Date:___________    Signature:________________________________________________
                                (Sign exactly as your name appears on the other
                                   side of this Capital Security Certificate)

                      Signature Guarantee:______________________________________

                               SIGNATURE GUARANTEE

         Signatures must be guaranteed by an "eligible guarantor institution"
meeting the requirements of the Property Trustee, which requirements include
membership or participation in the Security Transfer Agent medallion Program
("STAMP") or such other "signature guarantee program" as may be determined by
the Property Trustee in addition to, or in substitution for, STAMP, all in
accordance with the Securities Exchange Act of 1934, as amended.THIS DEBT SETTLEMENT AGREEMENT made as of the 3 day of June, 2003.

BETWEEN:

                    Marty Zalin
                    1750-750 West Pender Street
                    Vancouver, British Columbia
                    V6C 2T7
                    CANADA

                       (hereinafter called the "Creditor")

                                                               OF THE FIRST PART

AND:

                    BOUNDARIES CAPITAL, INC.
                    A company incorporated under the laws of Nevada and with an
                    office in British Columbia,
                    460-789 West Pender Street, Vancouver, British Columbia
                    V6C 2T7 CANADA

                        (hereinafter called the "Debtor")

                                                              OF THE SECOND PART

WHEREAS:

A.             As at the date hereof, the Debtor is indebted to the Creditor in
               the total amount of US $ 1,185. (the "Debt");

B.             The Debtor has agreed to issue to the Creditor a total of 118,500
               shares (the "Shares") in the capital stock of the Debtor at a
               deemed price of US $0.01 per share.

C.             The Creditor has agreed to accept the said Shares in full
               satisfaction of the Debt;

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               NOW THEREFORE THIS AGREEMENT WITNESSES that in consideration of
               the mutual promises and covenants herein contained, the parties
               hereto agree as follow:

1.             The Creditor hereby agrees to accept from the Debtor the Shares
               in full satisfaction of the Debt.

2.             The Creditor hereby agrees that upon the issuance to it of the
               Shares, the Creditor releases and forever discharges the Debtor,
               its successors and assigns from all manner of actions, suits,
               debts due, accounts, bonds, contracts, claims and demands
               whatsoever which against the Debtor it ever had, now has, or
               which its successors or assigns or any of them hereafter may have
               by reason of the Debtor's indebtedness to the Creditor.

3.             This Agreement and the rights of the Creditor under it may not be
               sold, conveyed or otherwise assigned by the Creditor without the
               prior written consent of the Debtor first having been obtained,
               which consent shall not be unreasonably withheld.

4.             No right of a party hereto shall be prejudiced by events beyond a
               party's reasonable control including, without limiting the
               generality of the foregoing, pressures or delays from outside
               parties, labour disputes, the exigencies of nature, governments,
               regulatory authorities and acts of God, but excluding the want of
               funds. All times herein provided for shall be extended by the
               period necessary to cure any such event and the party affected
               shall use all reasonable means to do so promptly.

5.             This Agreement shall be governed by and be construed in
               accordance with the laws of British Columbia. The courts of
               British Columbia shall have sole jurisdiction to hear and
               determine all manner of disputes and claims arising out of or in
               any way connected with the laws of British Columbia. The courts
               of British Columbia shall have sole jurisdiction to hear and
               determine all manner of disputes and claims arising out of or in
               any way connected with the construction, breach or alleged,
               threatened or anticipated breach of this Agreement and determine
               all questions as to the validity, existence or enforceability
               thereof.

6.             Time shall be of the essence of this Agreement.

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7.             This Agreement may be executed in two or more counterparts each
               of which shall be deemed an original but all of which together
               constitute one and the same instrument.

8.             This Agreement shall enure to the benefit of and be binding upon
               each of the parties hereto and their respective successors and
               permitted assigns.

          IN WITNESS WHEREOF the parties have executed this Agreement as of the
day and year first above written.

SIGNED, SEALED AND DELIVERED              )
in the presence of:                       )
                                          )     Authorized Signatory
                                          )     /s/ Martin Zalin
                                          )     --------------------
----------------------------

SIGNED, SEALED AND DELIVERED              )
in the presence of:                       )
                                          )     /s/ Allen Sewell
/s/ Negar Towfigh                         )     ------------------------
----------------------------                    Authorized Signatory
                                                Boundaries Capital, Inc.

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