ESG RE LTD
3, 2000-05-18
LIFE INSURANCE
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                     U.S. SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                     FORM 3

                 STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

    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

(Print or Type Responses)
________________________________________________________________________________
1.   Name and Address of Reporting Person*

     Kuzuhara,                        Isao
- --------------------------------------------------------------------------------
   (Last)                            (First)              (Middle)

     5-16-26 Koenju-Minami
     Suginami-Ku
- --------------------------------------------------------------------------------
                                    (Street)

    Tokyo                            Japan                 166-0003
- --------------------------------------------------------------------------------
   (City)                            (State)                (Zip)

________________________________________________________________________________
2.   Date of Event Requiring Statement (Month/Day/Year)

     May 8, 2000
________________________________________________________________________________
3.   IRS Identification Number of Reporting Person, if an Entity (Voluntary)


________________________________________________________________________________
4.   Issuer Name and Ticker or Trading Symbol

     ESG Re Limited (ESREF)
________________________________________________________________________________
5.   Relationship of Reporting Person to Issuer
     (Check all applicable)

     [X]  Director                             [_]  10% Owner
     [_]  Officer (give title below)           [_]  Other (specify below)


________________________________________________________________________________
6.   If Amendment, Date of Original (Month/Day/Year)


________________________________________________________________________________
7.   Individual or Joint/Group Filing  (Check applicable line)

     [X]  Form Filed by One Reporting Person

     [_]  Form Filed by More than One Reporting Person

================================================================================
Table I--Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
================================================================================
<TABLE>
<CAPTION>
                                      2. Amount of Securities    3. Ownership Form:
1. Title of Security                     Beneficially Owned         Direct (D) or
   (Instr. 3)                            at end of Month            Indirect (I)          4. Nature of Indirect Beneficial Ownership
- ------------------------------------------------------------------------------------------------------------------------------------
   <S>                                   <C>                         <C>                  <C>
Common shares, pare value $1 per share   None
- ------------------------------------------------------------------------------------------------------------------------------------

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- ------------------------------------------------------------------------------------------------------------------------------------

- ------------------------------------------------------------------------------------------------------------------------------------

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====================================================================================================================================
</TABLE>

Reminder: Report on a separate line for each class of securities beneficially
          owned directly or indirectly.

*    If the Form is filed by more than one  Reporting  Person,  see  Instruction
     5(b)(v).

     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 control number.

                                                                          (Over)
                                                                  SEC 1474(3-99)

<PAGE>


FORM 3 (continued)

              Table II -- Derivative Securities Beneficially Owned
         (e.g., puts, calls, warrants, options, convertible securities)

================================================================================
<TABLE>
<CAPTION>
                                                                                                        5. Owner-
                                                    3. Title and Amount of Underlying                      ship
                                                       Securities                                          Form of
                                                       (Instr. 4)                                          Derivative
                         2. Date Exercisable        ---------------------------------    4. Conver-        Security:
                            Expiration Date                                Amount           sion or        Direct      6. Nature of
                         ----------------------                            or               Exercise       (D) or         Indirect
                         Date       Expira-                                Number           Price of       Indirect       Beneficial
1. Title of Derivative   Exer-      tion                                   of               Derivative     (I)            Ownership
   Security (Instr. 4)   cisable    Date            Title                  Shares           Security       (Instr. 5)     (Instr. 5)
- ------------------------------------------------------------------------------------------------------------------------------------
<S>                      <C>        <C>             <C>                    <C>           <C>            <C>            <C>


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- ------------------------------------------------------------------------------------------------------------------------------------

- ------------------------------------------------------------------------------------------------------------------------------------

- ------------------------------------------------------------------------------------------------------------------------------------

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====================================================================================================================================
</TABLE>
Explanation of Responses:




/s/ Isao Kuzuhara                                             May 18, 2000
- ---------------------------------------------            -----------------------
      **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 control number.


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