PHOENIX RE <PXRE> INITIAL OFFERING UNDER WAY
Phoenix Re Corp said an initial public
offering of 2,500,000 common shares is under way at 13 dlrs
each through underwriters led by American Express Co's <AXP>
Shearson Lehman Brothers Inc subsidiary and Advest Group Inc
<ADV>.
    Phoenix Re was formed by Phoenix Mutual Life Insurance Co.
 Reuter
