<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 *
Webster Margaret L.
(Last) (First) (Middle)
12/13 Exchange Place, I.F.S.C.
(Street)
Dublin Ireland 1
(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
April 1999
5. If Amendment, Date or Original (Month/Year)
6. Relationship of Reporting Person to Issuer (Check all applicable)
Director 10% Owner
----- -----
X Officer (give title Other
----- below) ----- (specify
below)
Corporate Secretary
----------------------------------------
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>
<CAPTION>
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. )
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Common Shares, par value
$1 per share None
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<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)
--------------------------------------------------------------
Code V (A) (D) Date Expira-
Exer tion
cisable Date
- ---------------------------------------- ------------- --------- ------------- ---------- ----------- --------- -------
<S> <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
Options to buy $16.125/sh 3/1/99 A V 2,500 3/1/01 3/1/09
Options to buy $16.125/sh 3/1/99 A V 2,500 3/1/02 3/1/09
Options to buy $16.125/sh 3/1/99 A V 2,500 3/1/03 3/1/09
- ---------------------------------------- ------------- --------- ------------- ---------- ----------- --------- -------
<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 2,500 2,500 (D)
Common Shares 2,500 2,500 (D)
Common Shares 2,500 2,500 (D)
Common Shares 2,500 2,500 (D)
- --------------------- --------------- ------------- ------------- ------------- --------------
</TABLE>
Explanation of Responses:
The options listed in Table II were erroneously reported on a Form 3 Statement
filed on behalf of the reporting person on April 12, 1999, rather than on a Form
4.
** 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/ Margaret L. Webster May 3, 1999
- ----------------------------------------------- -----------------
**Signature of Reporting Person Date
Margaret L. Webster
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 number.
Page 2
SEC 1474 (9-96)
