UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Amendment No. 4
Under the Securities Exchange Act of 1934
Sphere Drake Holdings Limited
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(Name of Issuer)
Common Shares, $0.01 par value
---------------------------------------
(Title of Class of Securities)
G8345M 10 1
------------------
(CUSIP Number)
<PAGE>
CUSIP NO. G8345M 10 1 13G page 2 of 7 Pages
-----------------
- --------------------------------------------------------------------------------
1. Name of Reporting Person John C Head III
S.S. or I.R.S. Identifica-
tion No. of Above Person (No S.S. or IRS
Identification No.)
- --------------------------------------------------------------------------------
2. Check the Appropriate Box (a) X
if a Member of a Group
(b)
- --------------------------------------------------------------------------------
3. S.E.C. Use Only
- --------------------------------------------------------------------------------
4. Citizenship or Place of U.S.A.
Organization
- --------------------------------------------------------------------------------
Number of Shares (5) Sole Voting Power
Beneficially 0
--------------------------------------------------------------
Owned by Each (6) Shared Voting
Reporting Person Power 0
With --------------------------------------------------------------
(7) Sole Dispositive Power
0
--------------------------------------------------------------
(8) Shared Dispositive
Power 0
- --------------------------------------------------------------------------------
9. Aggregate Amount Beneficially
Owned by Each Reporting Person 0
- --------------------------------------------------------------------------------
10. Check if the Aggregate Amount
in Row (9) Excludes Certain
Shares
- --------------------------------------------------------------------------------
11. Percent of Class Represented
by Amount in Row 9 Not Applicable
- --------------------------------------------------------------------------------
12. Type of Reporting Person
IN
- --------------------------------------------------------------------------------
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CUSIP NO. G8345M 10 1 13G page 3 of 7 Pages
-----------------
- --------------------------------------------------------------------------------
5. Name of Reporting Person Madie Ivy
S.S. or I.R.S. Identifica-
tion No. of Above Person (No S.S. or IRS
Identification No.)
- --------------------------------------------------------------------------------
6. Check the Appropriate Box (a) X
if a Member of a Group
(b)
- --------------------------------------------------------------------------------
7. S.E.C. Use Only
- --------------------------------------------------------------------------------
8. Citizenship or Place of U.S.A.
Organization
- --------------------------------------------------------------------------------
Number of Shares (5) Sole Voting Power
Beneficially 0
--------------------------------------------------------------
Owned by Each (6) Shared Voting
Reporting Person Power 0
With --------------------------------------------------------------
(7) Sole Dispositive Power
0
--------------------------------------------------------------
(8) Shared Dispositive
Power 0
- --------------------------------------------------------------------------------
9. Aggregate Amount Beneficially
Owned by Each Reporting Person 0
- --------------------------------------------------------------------------------
10. Check if the Aggregate Amount
in Row (9) Excludes Certain
Shares
- --------------------------------------------------------------------------------
11. Percent of Class Represented
by Amount in Row 9 Not Applicable
- ---------------------------------------------------------
12. Type of Reporting Person
IN
- --------------------------------------------------------------------------------
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CUSIP NO. G8345M 10 1 13G page 4 of 7 Pages
-----------------
ITEM 1
- ------
(a) Name of Issuer
Sphere Drake Holdings Limited
(b) Address of Issuer's Principal Executive Offices
Hurst Holme
Trott Road
Hamilton, HM11 Bermuda
ITEM 2
- ------
(a) Name of Persons Filing
John C Head III
Madie Ivy
(b) Address of Principal Business Office or, if none, residence
John C Head III
Madie Ivy
c/o Head & Company L.L.C.
1330 Avenue of the Americas
New York, NY 10019-5402
(c) Citizenship
U.S.A.
(d) Title of Class of Securities
Common Shares, $.01 par value
(e) CUSIP Number
G8345M 10 1
ITEM 3 If this statement is filed pursuant to Rule 13d-1(b), or 13d-2(b),
- ------ check whether the person filing is a:
(a) [ ] Broker or Dealer registered under Section 15 of the Act
(b) [ ] Bank as defined in section 3(a)(6) of the Act
(c) [ ] Insurance Company as defined in section 3(a)(19) of the
Act
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CUSIP NO. G8345M 10 1 13G page 5 of 7 Pages
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(d) [ ] Investment Company registered under section 8 of the
Investment Company Act
(e) [ ] Investment Adviser registered under section 203 of the
Investment Advisers Act of 1940
(f) [ ] Employee Benefit Plan, Pension Fund which is subject to
the provisions of the Employee Retirement Income Security
Act of 1974 or Endowment Fund; see ss.
240.13d-1(b)(1)(ii)(F)
(g) [ ] Parent Holding Company, in accordance with ss.
240.13d-1(b)(ii)(G) (Note: See Item 7)
(h) [ ] Group, in accordance with ss. 240.13d-1(b)(1)(ii)(H)
ITEM 4 Ownership
- ------
As of December 23, 1997:
(i) Amount Beneficially Owned
None.
(j) Percent of Class
Not applicable.
(k) Number of shares as to which the persons filing have:
(i) sole power to vote or to direct the vote
(ii) shared power to vote or to direct the vote
None.
(iii) sole power to dispose or to direct the disposition of
(iv) shared power to dispose or to direct the disposition of
None.
<PAGE>
CUSIP NO. G8345M 10 1 13G page 6 of 7 Pages
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ITEM 5 Ownership of Five Percent or Less of a Class
- ------
If this statement is being filed to report the fact that as of
the date hereof the reporting person has ceased to be the
beneficial owner of more than five percent of the class of
securities, check the following [X]
ITEM 6 Ownership of More than Five Percent on Behalf of Another Person
- ------
Not applicable
ITEM 7 Identification and Classification of the Subsidiary which Acquired
- ------ the Security Being Reported on by the Parent Holding Company
Not applicable
ITEM 8 Identification and Classification of Members of the Group
- ------
John C Head III (IN)
Madie Ivy (IN)
Head Company Profit Sharing Plan (EP)
Head Insurance Investors L.P. (PN)
Two minor children of Mr. Head and Ms. Ivy (IN)
Trusts f/b/o two minor children of Mr. Head and
Ms. Ivy (OO)
ITEM 9 Notice of Dissolution of Group
- ------
Not applicable
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CUSIP NO. G8345M 10 1 13G page 7 of 7 Pages
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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.
December 23, 1997
- -----------------
Date
/s/ John C Head III
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John C Head III
/s/ Madie Ivy
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Madie Ivy
