SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
------------------
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. 1)*
ESG Re Limited
(Name of Issuer)
Common Shares, $1.00 par value
(Title of Class of Securities)
G31215109
(CUSIP Number)
Mr. Kenneth F. Cooper
Vicuna Advisors LLC
230 Park Avenue
7th Floor
New York, NY 10169
(212) 499-2940
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
October 12, 2000
(Date of Event Which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to
report the acquisition that is the subject of this Schedule 13D, and is filing
this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the
following box |X|
NOTE. Schedules filed in paper format shall include a signed original and
five copies of the Schedule, including all exhibits. SEE Rule 13d-7(b) for other
parties to whom copies are to be sent.
* The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which would
alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 (the "Act") or otherwise subject to the liabilities of that section
of the Act but shall be subject to all other provisions of the Act (however, see
the notes).
<PAGE>
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1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Vicuna Advisors LLC
TIN: 13-4006560
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a)|_|
(b)|_|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
Not Applicable
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS |_|
IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e)
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
NUMBER OF SHARES 7 SOLE VOTING POWER
Zero
BENEFICIALLY OWNED
BY
------------------------------------------------------------
EACH 8 SHARED VOTING POWER
1,115,600 shares
REPORTING
PERSON ------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
WITH Zero
------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,115,600 shares
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,115,600 shares
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW |_|
(11) EXCLUDES CERTAIN SHARES*
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.4%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
--------------------------------------------------------------------------------
2
<PAGE>
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Vicuna Partners LLC
TIN: 13-4006612
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |_|
(b) |_|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
Not Applicable
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS |_|
IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e)
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
NUMBER OF SHARES 7 SOLE VOTING POWER
Zero
BENEFICIALLY OWNED
BY
------------------------------------------------------------
EACH 8 SHARED VOTING POWER
1,115,600 shares
REPORTING
PERSON ------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
WITH Zero
------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,115,600 shares
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,115,600 shares
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW |_|
(11) EXCLUDES CERTAIN SHARES*
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.4%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
--------------------------------------------------------------------------------
3
<PAGE>
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Vicuna Capital I L.P.
TIN: 13-4006625
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a)|_|
(b)|_|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS |_|
IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e)
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
NUMBER OF SHARES 7 SOLE VOTING POWER
823,400 shares
BENEFICIALLY OWNED
BY
------------------------------------------------------------
EACH 8 SHARED VOTING POWER
Zero
REPORTING
PERSON ------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
WITH 823,400 shares
------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
Zero
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
823,400 shares
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW |_|
(11) EXCLUDES CERTAIN SHARES*
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.0%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
--------------------------------------------------------------------------------
4
<PAGE>
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
WNP Investment Partnership L.P.
TIN: 13-4006626
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a)|_|
(b)|_|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS |_|
IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e)
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
NUMBER OF SHARES 7 SOLE VOTING POWER
292,200 shares
BENEFICIALLY OWNED
BY
------------------------------------------------------------
EACH 8 SHARED VOTING POWER
Zero
REPORTING
PERSON ------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
WITH 292,200 shares
------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
Zero
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
292,200 shares
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW |_|
(11) EXCLUDES CERTAIN SHARES*
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.5%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
--------------------------------------------------------------------------------
5
<PAGE>
--------------------------------------------------------------------------------
NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
1 Joshua G. Welch
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |_|
(b) |_|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
Not Applicable
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS |_|
IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e)
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
--------------------------------------------------------------------------------
NUMBER OF SHARES 7 SOLE VOTING POWER
Zero
BENEFICIALLY OWNED
BY
------------------------------------------------------------
EACH 8 SHARED VOTING POWER
1,115,600 shares
REPORTING
PERSON ------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
WITH Zero
------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,115,600 shares
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,115,600 shares
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW |_|
(11) EXCLUDES CERTAIN SHARES*
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.4%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
--------------------------------------------------------------------------------
6
<PAGE>
This Amendment No. 1 to Statement on Schedule 13D amends the Statement on
Schedule 13D relating to the Common Shares, $1.00 par value (the "Common
Stock"), of ESG Re Limited (the "Issuer") filed by the Reporting Persons (as
defined below) on March 17, 2000, which amended the Schedule 13G filed by the
Reporting Persons on November 22, 1999, as amended by Amendment No. 1 filed on
February 14, 2000.
This Statement is being filed by each of the following persons (the
"Reporting Persons") pursuant to Rule 13d-1(k) promulgated by the Securities and
Exchange Commission (the "Commission") pursuant to Section 13 of the Securities
Exchange Act of 1934, as amended (the "Exchange Act"): Vicuna Advisors LLC, a
Delaware limited liability company ("Advisors"), Vicuna Partners LLC, a Delaware
limited liability company ("Partners"), Vicuna Capital I L.P., a Delaware
limited partnership ("Capital"), WNP Investment Partnership, L.P., a Delaware
limited partnership ("WNP"), and Joshua G. Welch ("Welch").
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
-------------------------------------------------
The source of funds used to purchase the shares of Common Stock owned by
the Reporting Persons (the "Shares") was working capital of Capital and WNP. The
amount of such funds was approximately $6,702,000 for the Shares owned by
Capital and approximately $2,397,000 for the Shares owned by WNP.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
------------------------------------
As of the date hereof, Capital is the beneficial owner 823,400 shares of
Common Stock and WNP is the beneficial owner 292,200 shares of Common Stock. By
virtue of its status as general partner of Capital and WNP, Partners might be
deemed to be the beneficial owner of the securities owned by Capital and WNP. By
virtue of its status as investment adviser to Capital and WNP, Advisors might be
deemed to be the beneficial owner of the securities owned by Capital and WNP. By
virtue of his status as Managing Member of Advisors and Partners, Welch might be
deemed to be the beneficial owner of the securities owned by Capital and WNP.
Advisors, Partners and Welch each disclaims beneficial ownership of the
securities owned by Capital and WNP.
As of the date hereof, Capital is the beneficial owner of 7.0% of the
Common Stock and WNP is the beneficial owner of 2.5% of the Common Stock. The
percentages of the outstanding Common Stock reported in this Schedule 13D are
calculated on the basis of 11,818,508 shares of Common Stock issued and
outstanding on August 7, 2000, as reported in the Issuer's Quarterly Report on
Form 10-Q for the quarter ended June 30,2000.
No transactions were effected by the Reporting Persons or, to the best
knowledge of the Reporting Persons, any of the persons listed on Schedule A
attached to the original Schedule 13D, in the Common Stock during the 60 days
prior to the date of this Amendment No. 1 to Schedule 13D, except for the
following transactions effected by Capital and WNP:
Transactions by Capital
<TABLE>
<CAPTION>
Date Purchase/Sale No. of Shares Price/Share Market
<S> <C> <C> <C> <C>
10/12/2000 Sale 114,400 $2.97875 NASDAQ
</TABLE>
Transactions by WNP
<TABLE>
<CAPTION>
Date Purchase/Sale No. of Shares Price/Share Market
<S> <C> <C> <C> <C>
10/12/2000 Sale 36,000 $2.97875 NASDAQ
</TABLE>
ITEM 7. MATERIALS TO BE FILED AS EXHIBITS.
---------------------------------
Exhibit A: Agreement of Joint Filing, dated as of October 17,
2000, among Advisors, Partners, Capital, WNP and Welch.
7
<PAGE>
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Date: October 17, 2000
VICUNA ADVISORS LLC
By: /s/ Joshua G. Welch
------------------------------------
Joshua G. Welch
Managing Member
VICUNA PARTNERS LLC
By: /s/ Joshua G. Welch
-------------------------------------
Joshua G. Welch
Managing Member
VICUNA CAPITAL I, L.P.
By: Vicuna Partners LLC, General Partner
By: /s/ Joshua G. Welch
-------------------------------------
Joshua G. Welch
Managing Member
WNP Investment Partnership, L.P.
By: Vicuna Partners LLC, General Partner
By: /s/ Joshua G. Welch
-------------------------------------
Joshua G. Welch
Managing Member
/s/ Joshua G. Welch
-----------------------------------------
Joshua G. Welch
8
<PAGE>
EXHIBIT A
AGREEMENT RE JOINT FILING OF
SCHEDULE 13D
------------
In accordance with Rule 13d-1(k)(1) under the Securities Exchange Act of
1934, as amended, the undersigned hereby agree that the Schedule 13D dated
October 17, 2000 relating to the Common Shares, $1.00 par value, of ESG Re
Limited as the same may be amended from time to time hereafter, is being filed
with the Securities and Exchange Commission on behalf of each of them.
Dated: October 17, 2000
VICUNA ADVISORS LLC
By: /s/ Joshua G. Welch
------------------------------------
Joshua G. Welch
Managing Member
VICUNA PARTNERS LLC
By: /s/ Joshua G. Welch
-------------------------------------
Joshua G. Welch
Managing Member
VICUNA CAPITAL I, L.P.
By: Vicuna Partners LLC, General Partner
By: /s/ Joshua G. Welch
-------------------------------------
Joshua G. Welch
Managing Member
WNP Investment Partnership, L.P.
By: Vicuna Partners LLC, General Partner
By: /s/ Joshua G. Welch
-------------------------------------
Joshua G. Welch
Managing Member
/s/ Joshua G. Welch
-----------------------------------------
Joshua G. Welch
9
