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OMB APPROVAL
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OMB Number 3235-0287
Expires: December 31, 2001
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U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 4
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
[_] Check box if no longer subject to Section 16. Form 4 or Form 5 obligations
may continue. See Instruction 1(b). (Print or Type Responses)
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1. Name and Address of Reporting Person*
Webster, Margaret L
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(Last) (First) (Middle)
12/13 Exchange Place
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(Street)
Dublin Ireland 1
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(City) (State) (Zip)
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2. Issuer Name and Ticker or Trading Symbol
ESG Re Limited (ESREF)
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3. I.R.S. Identification Number of Reporting Person, if an entity (Voluntary)
________________________________________________________________________________
4. Statement for Month/Year
September 1999
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5. If Amendment, Date of Original (Month/Year)
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6. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
[_] Director [_] 10% Owner
[X] Officer (give title below) [_] Other (specify below)
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7. Individual or Joint/Group Filing (Check Applicable Line)
[X] Form filed by One Reporting Person
[_] Form filed by More than One Reporting Person
________________________________________________________________________________
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Table I -- Non-Derivative Securities Acquired, Disposed of,
or Beneficially Owned
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<TABLE>
<CAPTION>
6.
4. 5. Owner-
Securities Acquired (A) or Amount of ship
3. Disposed of (D) Securities Form: 7.
2. Transaction (Instr. 3, 4 and 5) Beneficially Direct Nature of
Trans- Code ------------------------------- Owned at End (D) or Indirect
1. action Date (Instr. 8) (A) of Month Indirect Beneficial
Title of Security (Month/Day/ ------------ Amount or Price (Instr. 3 (I) Ownership
(Instr. 3) Year) Code V (D) and 4) (Instr.4) (Instr. 4)
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<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Common Shares, par value $1 per share 9/22/99 P 3000 A $8.9979 3000 D
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</TABLE>
* If the Form is filed by more than one reporting person, see Instruction
4(b)(v).
Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly.
(Print or Type Responses)
Potential persons who are to respond to the collection of information contained
in this form are not required to respond unless the form displays a currently
valid ) OMB cnumber.
(Over)
(Form 4-07/98)
<PAGE>
FORM 4 (continued)
Table II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
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<TABLE>
<CAPTION>
10.
9. Owner-
Number ship
of Form
2. deriv- of
Conver- 5. 7. ative Deriv-
sion Number of Title and Amount Secur- ative
or Derivative 6. of Underlying 8. ities Secur- 11.
Exer- 4. Securities Date Securities Price Bene- ity: Nature
cise 3. Trans- Acquired (A) Exercisable and (Instr. 3 and 4) of ficially Direct of
Price Trans- action or Disposed Expiration Date ---------------- Deriv- Owned (D) or In-
1. of action Code of(D) (Month/Day/Year) Amount ative at End In- direct
Title of Deriv- Date (Instr. (Instr. 3, ---------------- or Secur- of direct Owner-
Derivative ative 8) 4 and 5) Date Expira- Number ity Month (I) ship
Security Secur- ------ ------------ Exer- tion of (Instr. (Instr. (Instr. (Instr.
(Instr. 3) ity Code V (A) (D) cisable Date Title Shares 5) 4) 4) 4)
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<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Options to Buy $16.125/sh 3/1/99 A V 2,500 3/1/99 3/1/09 Common 2,500 2,500 (D)
Shares
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Options to Buy $16.125/sh 3/1/99 A V 2,500 3/1/02 3/1/09 Common 2,500 2,500 (D)
Shares
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Options to Buy $16.125/sh 3/1/99 A V 2,500 3/1/03 3/1/09 Common 2,500 2,500 (D)
Shares
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Options to Buy $16.125/sh 3/1/99 A V 2,500 3/1/04 3/1/09 Common 2,500 2,500 (D)
Shares
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</TABLE>
Explanation of Responses:
/s/ Margaret L. Webster
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**Signature of Reporting Person Date
** 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.
Potential persons who are to respond to the collection of information contained
in this form are not required to respond unless the form displays a currently
valid ) OMB cnumber.
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