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<TABLE>
<CAPTION>
U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility
Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940
<S> <C>
- -------------------------------------------------------------------
FORM 4 OMB APPROVAL
- -------------------------------------------------------------------
[ ] CHECK THIS BOX IF NO LONGER OMB Number: 3235-0287
SUBJECT TO SECTION 16. FORM 4 Expires: September 30, 1998
OR FORM 5 OBLIGATIONS MAY Estimated average burden
CONTINUE. SEE INSTRUCTION 1(B). hours per response .... 0.5
- --------------------------------
</TABLE>
1. Name and Address of Reporting Person *
Ivy Madie
(Last) (First) (Middle)
1330 Avenue of the Americas
(Street)
New York New York 10019
(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
ESG Re Limited (ESREF)
3. IRS or Social Security Number of Reporting Person (Voluntary)
4. Statement of Month/Year
September 1998
5. If Amendment, Date or Original (Month/Year)
6. Relationship of Reporting Person to Issuer (Check all applicable)
Director X 10% Owner
----- -----
Officer (give title Other
----- below) ----- (specify
below)
----------------------------------------
7. Individual or Join/Group Filing (Check Applicable Line)
X Form filed by One Reporting Person
-----
Form filed by More than One Reporting Person
-----
<TABLE>
TABLE I-- NON-DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
1. Title of Security 2. Transaction 3. Trans- 4. Securities Acquired (A) 5. Amount of 6. Owner- 7. Nature
(Instr. 3) Date action or Disposed of (D) Securities ship of In-
Code (Instr. 3, 4 and 5) Beneficially Form: direct
(Month/ (Instr. 8) Owned at Direct Bene-
Day/ ------------- ------------------------- End of (D) ficial
Year) (A) Month Indirect Owner-
Code V Amount or Price (Instr. 3 (I) ship
(D) and 4) (Instr. 4) (Instr. 4)
- ----------------------------- -------------- ------------- ---------- --- ------- ----------------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Common shares, par value $1.00
per share 8,636 (D)
Common shares, par value $1.00 As Trustee
per share 127,952 (I) (1)
Common shares, par value $1.00 As Trustee
per share 3,000 (I) (2)
Common shares, par value $1.00
per share 9/2/98 P 1,000 A $16.875 455,457 (I) (3)
Common shares, par value $1.00
per share 9/2/98 P 5,000 A $16.750 455,457 (I) (3)
Common shares, par value $1.00
per share 9/3/98 P 5,000 A $16.125 455,457 (I) (3)
Common shares, par value $1.00
per share 9/4/98 P 10,000 A $15.625 455,457 (I) (3)
Common shares, par value $1.00 As Trustee
per share 10,695 (I) (4)
Common shares, par value $1.00 As Trustee
per share 5,348 (I) (5)
- ----------------------------- -------------- ------------- ---------- --- ------- ----------------- ----------- -----------
</TABLE>
Page 1 of 4
<PAGE>
<TABLE>
TABLE I-- NON-DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
1. Title of Security 2. Transaction 3. Trans- 4. Securities Acquired (A) 5. Amount of 6. Owner- 7. Nature
(Instr. 3) Date action or Disposed of (D) Securities ship of In-
Code (Instr. 3, 4 and 5) Beneficially Form: direct
(Month/ (Instr. 8) Owned at Direct Bene-
Day/ ------------- ------------------------- End of (D) ficial
Year) (A) Month Indirect Owner-
Code V Amount or Price (Instr. 3 (I) ship
(D) and 4) (Instr. 4) (Instr. 4)
- ----------------------------- -------------- ------------- ---------- --- ------- ----------------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Common shares, par value $1.00
per share 465,241 (I) (6)
Common shares, par value $1.00
per share 792,505 (I) (7)
- ----------------------------- -------------- ------------- ---------- --- ------- ----------------- ----------- -----------
</TABLE>
Page 2 of 4
<PAGE>
<TABLE>
<CAPTION>
FORM 4 (CONTINUED) TABLE II -- DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
(E.G., PUTS, CALLS, WARRANTS, OPTIONS, CONVERTIBLE SECURITIES)
1. Title of Derivative 2. Conver- 3. Trans- 4. Transac- 5. Number of Deriv- 6. Date Exer-
Security (Instr. 3) sion or action tion Code ative Securities Ac- cisable and Ex-
Exercise Date (Instr. 8) quired (A) or Dis- piration Date
Price of posed of (D)
Deriv- (Month/ (Instr. 3, 4 and 5) (Month/Day/
ative Day/ Year)
Security Year) ------------- ------------------------- ----------------------
Date Expira-
Code V (A) (D) Exer- tion
cisable Date
- -------------------------------------- ------------- ----------- ------------- ----------- ----------- ----------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Class A Warrants $20/sh 12/3/97 12/3/07
Class A Warrants $20/sh 12/17/97 12/17/07
Class A Warrants $20/sh 12/22/97 12/22/07
Class A Warrants $20/sh 12/3/97 12/3/07
Class A Warrants $20/sh 12/17/97 12/17/07
Class A Warrants $20/sh 12/22/97 12/22/07
Class B Warrants $20/sh(8) 1/27/98 1/27/08
Class A Warrants $20/sh 12/3/97 12/3/07
Class A Warrants $20/sh 12/17/97 12/17/07
Class A Warrants $20/sh 12/22/97 12/22/07
Class A Warrants $20/sh 12/3/97 12/3/07
Class A Warrants $20/sh 12/17/97 12/17/07
Class A Warrants $20/sh 12/22/97 12/22/07
Class A Warrants $20/sh 12/3/97 12/3/07
Class A Warrants $20/sh 12/17/97 12/17/07
Class A Warrants $20/sh 12/22/97 12/22/07
Class A Warrants $20/sh 12/3/97 12/3/07
Class A Warrants $20/sh 12/17/97 12/17/07
- -------------------------------------- ------------- ----------- ------------- ----------- ----------- ----------- ---------
<CAPTION>
7. Title and Amount of 8. Price 9. Number 10. Owner- 11. Na-
Underlying Securities Deriv of Deriv- ship ture
ative ative Form of In-
(Instr. 3 and 4) Secur- Secur- of De- direct
ity ities rivative Bene-
(Instr. Bene Secu- ficial
5) ficially rity: Own-
Owned Direct ership
- -------------------------------------- at End (D) or (Instr. 4)
Amount or of Indi-
Title Number of Month rect (I)
Shares (Instr. 4) (Instr. 4)
- --------------------- --------------- ------------- ------------- ------------- --------------
<S> <C> <C> <C> <C> <C>
Common shares 735 735 (D)
Common shares 64 64 (D)
Common shares 86 86 (D)
Common shares 107,451 107,451 (I) (3)
Common shares 871,427 871,427 (I) (3)
Common shares 105,097 105,097 (I) (3)
Common shares 276,240 276,240 (I) (3)
Common shares 1,176 1,176 (I) As Trustee (4)
Common shares 102 102 (I) As Trustee (4)
Common shares 137 137 (I) As Trustee (4)
Common shares 11,765 11,765 (I) As Trustee (1)
Common shares 1,017 1,017 (I) As Trustee (1)
Common shares 1,372 1,372 (I) As Trustee (1)
Common shares 588 588 (I) As Trustee (5)
Common shares 51 51 (I) As Trustee (5)
Common shares 69 69 (I) As Trustee (5)
Common shares 51,177 51,177 (I) (6)
Common shares 4,422 4,422 (I) (6)
- --------------------- --------------- ------------- ------------- ------------- --------------
</TABLE>
Page 3 of 4
<PAGE>
<TABLE>
<CAPTION>
FORM 4 (CONTINUED) TABLE II -- DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
(E.G., PUTS, CALLS, WARRANTS, OPTIONS, CONVERTIBLE SECURITIES)
1. Title of Derivative 2. Conver- 3. Trans- 4. Transac- 5. Number of Deriv- 6. Date Exer-
Security (Instr. 3) sion or action tion Code ative Securities Ac- cisable and Ex-
Exercise Date (Instr. 8) quired (A) or Dis- piration Date
Price of posed of (D)
Deriv- (Month/ (Instr. 3, 4 and 5) (Month/Day/
ative Day/ Year)
Security Year) ------------- ------------------------- ----------------------
Date Expira-
Code V (A) (D) Exer- tion
cisable Date
- -------------------------------------- ------------- ----------- ------------- ----------- ----------- ----------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Class A Warrants $20/sh 12/22/97 12/22/07
Class A Warrants $20/sh 12/3/97 12/3/07
Class A Warrants $20/sh 12/17/97 12/17/07
Class A Warrants $20/sh 12/22/97 12/22/07
Options (right to buy) $20/sh 9/30/98 J 17,857 12/12/97 12/12/07
Options (right to buy) $25 1/2/sh 9/30/98 J 15,357 5/27/98 5/04/08
Options (right to buy) $20/sh 9/30/98 J 17,857 12/12/97 12/12/07
Options (right to buy) $25 1/2/sh 9/30/98 J 15,357 5/27/98 5/04/08
- -------------------------------------- ------------- ----------- ------------- ----------- ----------- ----------- ---------
7. Title and Amount of 8. Price 9. Number 10. Owner- 11. Na-
Underlying Securities Deriv of Deriv- ship ture
ative ative Form of In-
(Instr. 3 and 4) Secur- Secur- of De- direct
ity ities rivative Bene-
(Instr. Bene Secu- ficial
5) ficially rity: Own-
Owned Direct ership
- -------------------------------------- at End (D) or (Instr. 4)
Amount or of Indi-
Title Number of Month rect (I)
Shares (Instr. 4) (Instr. 4)
- --------------------- --------------- ------------- ------------- ------------- --------------
<S> <C> <C> <C> <C> <C>
Common shares 5,969 5,969 (I) (6)
Common shares 86,147 86,147 (I) (7)
Common shares 7,443 7,443 (I) (7)
Common shares 10,048 10,048 (I) (7)
Common shares 17,857 $0 17,857 (I) (2)
Common shares 15,357 $0 15,357 (I) (2)
Common shares 17,857 $0 17,857 (I) (2)
Common shares 15,357 $0 15,357 (I) (2)
- --------------------- --------------- ------------- ------------- ------------- --------------
</TABLE>
Explanation of Responses:
1. Held by Head Company Profit Sharing Plan.
2. Held by trust(s) for the benefit of heir(s) of Madie Ivy.
3. Held by HMI Partners L.P., of which Madie Ivy is a General Partner of
the General Partner.
4. Held by the Head Family Foundation.
5. Held by Head Company Pension Plan.
6. Held by Drake Holdings Limited, of which Madie Ivy is a partner of the
general partner of a shareholder.
7. Held by ESG Partners (Bermuda) L.P., of which Madie Ivy is a Managing Member
of the general partner.
8. Exercise Price of Class B Warrants decreases in future.
** Intentional misstatements or omissions of facts constitute Federal Criminal
Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed.
If space provided is insufficient, See Instruction 6 for procedure.
/s/ Madie Ivy October 5, 1998
- ----------------------------------------------- --------------------
**Signature of Reporting Person Date
Madie Ivy
Page 4 of 4
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