SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): December 23, 1999
ESG RE LIMITED
(Exact Name of Registrant as Specified in its Charter)
Bermuda 000-23481 Not Applicable
(State or Other Jurisdiction of (Commission File Number) (IRS Employer
Incorporation) Identification No.)
16 Church Street Not Applicable
Hamilton Hill, Bermuda (Zip Code)
(Address of Principal Executive Offices)
(441) 295-2185
(Registrant's telephone number, including area code)
(Former Name or Former Address, if Changed Since Last Report)
ITEM 5. OTHER EVENTS.
In a press release dated December 23, 1999, ESG Re Limited (NASDAQ: ESREF)
announced the completion of its 1 million share common stock repurchase program
previously announced on October 6, 1999. On December 20, 1999, ESG's Board of
Directors authorized the repurchase of an additional 1,000,000 shares.
ITEM 7. EXHIBITS.
Exhibit 99 News Release dated December 23, 1999 is attached.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Dated: December 28, 1999
ESG RE LIMITED
By: /S/ Joan H. Dillard
Chief Financial Officer
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ESG
Intelligent
Reinsurance
FOR IMMEDIATE RELEASE
Contacts: ESG Re Limited
Joan Dillard
Chief Financial Officer
353 1 675 0265 (Dublin)
e-mail:[email protected]
ESG RE LIMITED ANNOUNCES COMPLETION OF STOCK REPURCHASE PROGRAMME
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HAMILTON, BERMUDA, December 23,1999 - ESG Re Limited (NASDAQ: ESREF) announced
the completion of its 1 million share common stock repurchase programme
previously announced on October 6, 1999. On December 20, 1999, ESG's Board of
Directors authorized the repurchase of an additional 1,000,000 shares.
To date, ESG has repurchased a total of 2,289,100 common shares of the 2,696,190
authorized for repurchase.
ESG Re Limited provides medical, personal accident, credit life and disability
and special risks reinsurance to insurers and selected reinsurers on a
world-wide basis. The Company distinguishes itself by offering "intelligent
reinsurance " products and services that help its ceding clients to better
manage their risks. These include sofiware solutions to particular underwriting
problems, actuarial support, product design, and, in the field of medical
expense reinsurance, loss prevention and disease management.
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Uncertainties related to forward looking statements: Certain statements in this
Press Release constitute "forward looking statements" within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Such forward-looking statements
involve known and unknown risks, uncertainties and other factors, which may
cause the actual results, performance or achievements of the company to be
materially different from any future results, performance or achievements
expressed or implied by such forward-looking statements. Such factors include,
among other things, the following: The Company's lack of history as a reinsurer
and its increased scope of business: the company's dependence on key clients;
the volatility and unpredictability of the risks the company insures; the
cyclical nature of the reinsurance market; competition and the company's
evaluation by insurance rating agencies; changes in tax laws and regulations;
foreign currency fluctuation; and the adequacy of loss reserves. A further
discussion of factors that could affect the Company's results is included in
reports filed by the Company with the Securities and Exchange Commission and in
the Company's Prospectus dated December 12, 1997.
