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<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 *
Head III John C
(Last) (First) (Middle)
1330 Avenue of the Americas
(Street)
New York New York 10019
(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
May 1998
5. If Amendment, Date or Original (Month/Year)
6. Relationship of Reporting Person to Issuer (Check all applicable)
X Director X 10% Owner
----- -----
Officer (give title Other
----- below) ----- (specify
below)
----------------------------------------
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>
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. 4)
- ----------------------------- -------------- ------------- ---------- --- ------- ----------------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Common shares, par value $23 5/8
$1.00 per share 5/7/98 P 5,000 A /share 113,952 I As Trustee
Common shares, par value
$1.00 per share 8,685 D
Common shares, par value
$1.00 per share 3,000 I As Trustee
Common shares, par value
$1.00 per share 427,807 I See Endnote 1
Common shares, par value
$1.00 per share 10,695 I As Trustee
Common shares, par value
$1.00 per share 5,348 I As Trustee
Common shares, par value
$1.00 per share 465,241 I See Endnote 2
- ----------------------------- -------------- ------------- ---------- --- ------- ----------------- ----------- -----------
</TABLE>
Page 1 of 3
<PAGE>
<TABLE>
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. 4)
- ----------------------------- -------------- ------------- ---------- --- ------- ----------------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Common shares, par value
$1.00 per share 783,155 I See Endnote 3
Class A Warrants 736 D
Class A Warrants 63 D
Class A Warrants 86 D
Class A Warrants 107,451 I See Endnote 1
Class A Warrants 871,427 I See Endnote 1
Class A Warrants 105,097 I See Endnote 1
Class B Warrants 276,240 I See Endnote 1
Class A Warrants 1,176 I As Trustee
Class A Warrants 102 I As Trustee
Class A Warrants 137 I As Trustee
Class A Warrants 11,765 I As Trustee
Class A Warrants 1,017 I As Trustee
Class A Warrants 1,372 I As Trustee
Class A Warrants 588 I As Trustee
Class A Warrants 51 I As Trustee
Class A Warrants 69 I As Trustee
Class A Warrants 51,177 I See Endnote 2
Class A Warrants 4,422 I See Endnote 2
Class A Warrants 5,969 I See Endnote 2
Class A Warrants 86,147 I See Endnote 3
Class A Warrants 7,443 I See Endnote 3
Class A Warrants 10,048 I See Endnote 3
- ----------------------------- -------------- ------------- ---------- --- ------- ----------------- ----------- -----------
SEC 1474 (9-96)
</TABLE>
Page 2 of 3
<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) ------------- ------------------------- ----------------------
Date Expira-
Code V (A) (D) Exer- tion
cisable Date
- -------------------------------------- ------------- ----------- ------------- ----------- ----------- ----------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
- -------------------------------------- ------------- ----------- ------------- ----------- ----------- ----------- ---------
<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>
- --------------------- --------------- ------------- ------------- ------------- --------------
</TABLE>
Explanation of Responses:
1. Held by HMI Partners L.P., of which John C Head III is a General Partner of
the General Partner.
2. Held by Drake Holdings Limited, of which John C Head III is a shareholder
of the General Partner of the majority shareholder.
3. Held by ESG Partners (Bermuda) L.P., of which John C Head III is a Managing
Member of the General Partner.
** 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/ John C Head III May 18, 1998
- ----------------------------------------------- --------------------
**Signature of Reporting Person Date
John C Head III
Page 3 of 3
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