UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
ESG Re Limited
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(Name of Issuer)
Common, $1.00 par value
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(Title of Class of Securities)
G31215 10 9
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(CUSIP Number)
* 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 the disclosures provided in a prior cover page.
The information required in 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 ("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>
CUSIP NO. G31215 10 9 13G
-----------------
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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.)
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2. Check the Appropriate Box (a) X
if a Member of a Group
(b)
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3. S.E.C. Use Only
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4. Citizenship or Place of U.S.A.
Organization
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Number of Shares (5) Sole Voting Power
Beneficially 9,570
--------------------------------------------------------------
Owned by Each (6) Shared Voting
Reporting Person Power 3,345,896
With --------------------------------------------------------------
(7) Sole Dispositive Power
9,570
--------------------------------------------------------------
(8) Shared Dispositive
Power 3,345,896
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9. Aggregate Amount Beneficially
Owned by Each Reporting Person 3,355,466
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10. Check if the Aggregate Amount
in Row (9) Excludes Certain
Shares
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11. Percent of Class Represented
by Amount in Row 9 21.7%
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12. Type of Reporting Person
IN
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Page 2
<PAGE>
CUSIP NO. G31215 10 9 13G
-----------------
- --------------------------------------------------------------------------------
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.)
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6. Check the Appropriate Box (a) X
if a Member of a Group
(b)
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7. S.E.C. Use Only
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8. Citizenship or Place of U.S.A.
Organization
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Number of Shares (5) Sole Voting Power
Beneficially 9,521
--------------------------------------------------------------
Owned by Each (6) Shared Voting
Reporting Person Power 3,345,896
With --------------------------------------------------------------
(7) Sole Dispositive Power
9,521
--------------------------------------------------------------
(8) Shared Dispositive
Power 3,345,896
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9. Aggregate Amount Beneficially
Owned by Each Reporting Person 3,355,417
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10. Check if the Aggregate Amount
in Row (9) Excludes Certain
Shares
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11. Percent of Class Represented
by Amount in Row 9 21.7%
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12. Type of Reporting Person
IN
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Page 3
<PAGE>
CUSIP NO. G31215 10 9 13G
-----------------
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1. Name of Reporting Person HMI Partners L.P.
S.S. or I.R.S. Identifica-
tion No. of Above Person (No S.S. or IRS
Identification No.)
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2. Check the Appropriate Box (a) X
if a Member of a Group
(b)
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3. S.E.C. Use Only
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4. Citizenship or Place of Delaware
Organization
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Number of Shares (5) Sole Voting Power
Beneficially 1,788,022
--------------------------------------------------------------
Owned by Each (6) Shared Voting
Reporting Person Power 0
With --------------------------------------------------------------
(7) Sole Dispositive Power
1,788,022
--------------------------------------------------------------
(8) Shared Dispositive
Power 0
- --------------------------------------------------------------------------------
9. Aggregate Amount Beneficially
Owned by Each Reporting Person 1,788,022
- --------------------------------------------------------------------------------
10. Check if the Aggregate Amount
in Row (9) Excludes Certain
Shares
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11. Percent of Class Represented
by Amount in Row 9 11.7%
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12. Type of Reporting Person
PN
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Page 4
<PAGE>
CUSIP NO. G31215 10 9 13G
-----------------
- --------------------------------------------------------------------------------
5. Name of Reporting Person Heracles-B L.P.
S.S. or I.R.S. Identifica-
tion No. of Above Person (No S.S. or IRS
Identification No.)
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6. Check the Appropriate Box (a) X
if a Member of a Group
(b)
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7. S.E.C. Use Only
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8. Citizenship or Place of Delaware
Organization
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Number of Shares (5) Sole Voting Power
Beneficially 1,788,022
--------------------------------------------------------------
Owned by Each (6) Shared Voting
Reporting Person Power 0
With --------------------------------------------------------------
(7) Sole Dispositive Power
1,788,022
--------------------------------------------------------------
(8) Shared Dispositive
Power 0
- --------------------------------------------------------------------------------
9. Aggregate Amount Beneficially
Owned by Each Reporting Person 1,788,022
- --------------------------------------------------------------------------------
10. Check if the Aggregate Amount
in Row (9) Excludes Certain
Shares
- --------------------------------------------------------------------------------
11. Percent of Class Represented
by Amount in Row 9 11.7%
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12. Type of Reporting Person
PN
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Page 5
<PAGE>
CUSIP NO. G31215 10 9 13G
-----------------
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1. Name of Reporting Person ESG Partners (Bermuda) L.P.
S.S. or I.R.S. Identifica-
tion No. of Above Person (No S.S. or IRS
Identification No.)
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2. Check the Appropriate Box (a) X
if a Member of a Group
(b)
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3. S.E.C. Use Only
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4. Citizenship or Place of Bermuda
Organization
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Number of Shares (5) Sole Voting Power
Beneficially 886,793
--------------------------------------------------------------
Owned by Each (6) Shared Voting
Reporting Person Power 0
With --------------------------------------------------------------
(7) Sole Dispositive Power
886,793
--------------------------------------------------------------
(8) Shared Dispositive
Power 0
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9. Aggregate Amount Beneficially
Owned by Each Reporting Person 886,793
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10. Check if the Aggregate Amount
in Row (9) Excludes Certain
Shares
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11. Percent of Class Represented
by Amount in Row 9 6.3%
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12. Type of Reporting Person
PN
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Page 6
<PAGE>
CUSIP NO. G31215 10 9 13G
-----------------
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5. Name of Reporting Person Heracles ESG L.L.C.
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 Delaware
Organization
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Number of Shares (5) Sole Voting Power
Beneficially 886,793
--------------------------------------------------------------
Owned by Each (6) Shared Voting
Reporting Person Power 0
With --------------------------------------------------------------
(7) Sole Dispositive Power
886,793
--------------------------------------------------------------
(8) Shared Dispositive
Power 0
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9. Aggregate Amount Beneficially
Owned by Each Reporting Person 886,793
- --------------------------------------------------------------------------------
10. Check if the Aggregate Amount
in Row (9) Excludes Certain
Shares
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11. Percent of Class Represented
by Amount in Row 9 6.3%
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12. Type of Reporting Person
OO
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Page 7
<PAGE>
ITEM 1
(A) NAME OF ISSUER
ESG Re Limited
(B) ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES
16 Church Street
Hamilton, HM11 Bermuda
ITEM 2
(C) NAME OF PERSONS FILING
John C Head III
Madie Ivy
HMI Partners L.P.
Heracles-B L.P.
ESG Partners (Bermuda) L.P.
Heracles ESG L.L.C.
(D) ADDRESS OF PRINCIPAL BUSINESS OFFICE OR, IF NONE, RESIDENCE
For each of the persons named in
Item 2(c) above:
c/o Head & Company L.L.C.
1330 Avenue of the Americas
New York, NY 10019-5402
(E) CITIZENSHIP
John C Head III U.S.A.
Madie Ivy U.S.A.
HMI Partners L.P. Delaware
Heracles-B L.P. Delaware
ESG Partners (Bermuda) L.P. Bermuda
Heracles ESG L.L.C. Delaware
(F) TITLE OF CLASS OF SECURITIES
Common Shares, $1.00 par value.
Page 8
<PAGE>
(G) CUSIP NUMBER
G31215 10 9
ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO RULES 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
(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. 140.13D-1(B)(1)(II)(F)
(G) ( ) PARENT HOLDING COMPANY, IN ACCORDANCE
WITHSS. 240.13D-1(B)(II)(G)
(H) ( ) GROUP, IN ACCORDANCE WITH
SS. 240.13D-1(B)(1)(II)(H)
ITEM 4 OWNERSHIP
See responses to Items 5, 6, 7, 8, 9 and 11 of Cover Pages and
Schedule A.
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 [ ]
Page 9
<PAGE>
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)
HMI Partners L.P. (PN)
Heracles-B L.P. (PN)
ESG Partners (Bermuda) L.P. (PN)
Heracles ESG L.L.C. (OO)
Head Company Profit Sharing Plan (EP)
Trusts f/b/o two minor children of Mr. Head and Ms. Ivy (OO)
Head Family Foundation (OO)
Drake Holdings Limited (OO)
Head Company Pension Plan (EP)
ITEM 9 NOTICE OF DISSOLUTION OF GROUP
Not applicable.
Page 10
<PAGE>
SIGNATURES
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.
February 12, 1998
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Date
/s/ John C Head III
------------------------------
JOHN C HEAD III
/s/ Madie Ivy
------------------------------
MADIE IVY
HMI PARTNERS L.P.
By: Heracles-B L.P.,
its General Partner
By: /s/ John C Head III
---------------------------
Name: John C Head III
Title: General Partner
HERACLES-B L.P.
By: /s/ John C Head III
---------------------------
Name: John C Head III
Title: General Partner
Page 11
<PAGE>
ESG PARTNERS (BERMUDA) L.P.
By: Heracles ESG L.L.C.,
its General Partner
By: /s/ John C Head III
---------------------------
Name: John C Head III
Title: Managing Member
HERACLES ESG L.L.C.
By: /s/ John C Head III
---------------------------
Name: John C Head III
Title: Managing Member
Page 12
<PAGE>
SCHEDULE A
John C Head III beneficially owns 3,355,466 Common Shares,
which number includes (a) 8,685 Common Shares which he holds directly, (b) 885
Common Shares issuable upon exercise of Class A Warrants he holds directly, (c)
3,000 Common Shares held by certain trusts created for the benefit of two minor
children of Mr. Head and Ms. Ivy over which Mr. Head shares voting and
dispositive power, (d) 427,807 Common Shares held by HMI Partners L.P. over
which Mr. Head shares voting and dispositive power, (e) 1,083,975 Common Shares
issuable upon exercise of Class A Warrants held by HMI Partners L.P. over which
Mr. Head shares voting and dispositive power, (f) 276,240 Common Shares issuable
upon exercise of Class B Warrants held by HMI Partners L.P. over which Mr. Head
shares voting and dispositive power, (g) 10,695 Common Shares held by the Head
Family Foundation over which Mr. Head shares voting and dispositive power, (h)
1,415 Common Shares issuable upon exercise of Class A Warrants held by the Head
Family Foundation over which Mr. Head shares voting and dispositive power, (i)
108,952 Common Shares held by the Head Company Profit Sharing Plan over which
Mr. Head shares voting and dispositive power, (j) 14,154 Common Shares issuable
upon exercise of Class A Warrants held by the Head Company Profit Sharing Plan
over which Mr. Head shares voting and dispositive power, (k) 5,348 Common Shares
held by the Head Company Pension Plan over which Mr. Head shares voting and
dispositive power, (l) 708 Common Shares issuable upon exercise of Class A
Warrants held by the Head Company Pension Plan over which Mr. Head shares voting
and dispositive power, (m) 465,241 Common Shares held by Drake Holdings Limited
over which Mr. Head shares voting and dispositive power, (n) 61,568 Common
Shares issuable upon exercise of Class A Warrants held by Drake Holdings Limited
over which Mr. Head shares voting and dispositive power, (o) 783,155 Common
Shares held by ESG Partners (Bermuda) L.P. over which Mr. Head shares voting and
dispositive power, and (p) 103,638 Common Shares issuable upon exercise of Class
A Warrants held by ESG Partners (Bermuda) L.P over which Mr. Head shares voting
and dispositive power.
Madie Ivy beneficially owns 3,355,417 Common Shares, which
number includes (a) 8,636 Common Shares which she holds directly, (b) 885 Common
Shares issuable upon exercise of Class A Warrants she holds directly, (c) 3,000
Common Shares held by certain trusts created for the benefit of two minor
children of Mr. Head and Ms. Ivy over which Ms. Ivy shares voting and
dispositive power, (d) 427,807 Common Shares held by HMI Partners L.P. over
which Ms. Ivy shares voting and dispositive power, (e) 1,083,975 Common Shares
issuable upon exercise of Class A Warrants held by HMI Partners L.P. over which
Ms. Ivy shares voting and dispositive power, (f) 276,240 Common Shares issuable
upon exercise of Class B Warrants held by HMI Partners L.P. over which Ms. Ivy
shares voting and dispositive power, (g) 10,695 Common Shares held by the Head
Family Foundation over which Ms. Ivy shares voting and dispositive power, (h)
1,415 Common Shares issuable upon exercise of Class A Warrants held by the Head
Family Foundation over which Ms. Ivy shares voting and dispositive power, (i)
108,952 Common Shares held by the Head Company Profit Sharing Plan over which
Ms. Ivy shares voting and dispositive power, (j) 14,154 Common Shares issuable
upon
Page 13
<PAGE>
exercise of Class A Warrants held by the Head Company Profit Sharing Plan over
which Ms. Ivy shares voting and dispositive power, (k) 5,348 Common Shares held
by the Head Company Pension Plan over which Ms. Ivy shares voting and
dispositive power, (l) 708 Common Shares issuable upon exercise of Class A
Warrants held by the Head Company Pension Plan over which Ms. Ivy shares voting
and dispositive power, (m) 465,241 Common Shares held by Drake Holdings Limited
over which Ms. Ivy shares voting and dispositive power, (n) 61,568 Common Shares
issuable upon exercise of Class A Warrants held by Drake Holdings Limited over
which Ms. Ivy shares voting and dispositive power, (o) 783,155 Common Shares
held by ESG Partners (Bermuda) L.P. over which Ms. Ivy shares voting and
dispositive power, and (p) 103,638 Common Shares issuable upon exercise of Class
A Warrants held by ESG Partners (Bermuda) L.P over which Ms. Ivy shares voting
and dispositive power.
HMI Partners L.P. beneficially owns 1,788,022 Common Shares,
which number includes (a) 427,807 Common Shares held directly, (b) 1,083,975
Common Shares issuable upon exercise of Class A Warrants and (c) 276,240 Common
Shares issuable upon exercise of Class B Warrants. The General Partner of HMI
Partners L.P. is Heracles-B L.P., the General Partners of which are John C Head
III and Madie Ivy.
Heracles-B L.P. beneficially owns 1,788,022 Common Shares,
which number includes (a) 427,807 Common Shares held by HMI Partners L.P., (b)
1,083,975 Common Shares issuable upon exercise of Class A Warrants held by HMI
Partners L.P. and (c) 276,240 Common Shares issuable upon exercise of Class B
Warrants held by HMI Partners L.P.
ESG Partners (Bermuda) L.P. beneficially owns 886,793 Common
Shares, which number includes (a) 783,155 Common Shares held directly and (b)
103,638 Common Shares issuable upon exercise of Class A Warrants. The General
Partner of ESG Partners (Bermuda) L.P. is Heracles ESG L.L.C., the Managing
Members of which are John C Head III and Madie Ivy.
Heracles ESG L.L.C. beneficially owns 886,793 Common Shares,
which number includes (a) 783,155 Common Shares held by ESG Partners (Bermuda)
L.P. and (b) 103,638 Common Shares issuable upon exercise of Class A Warrants
held by ESG Partners (Bermuda) L.P.
Page 14
<PAGE>
INDEX TO EXHIBITS
Exhibit No. Description
1 Joint Filing Agreement dated as of February 12, 1998
Page 15
Exhibit 1
JOINT FILING AGREEMENT
Pursuant to Rule 13d-1(f)(1)(iii) promulgated under the
Securities Exchange Act of 1934, as amended, the undersigned agree that the
Statement to which this Exhibit is attached is filed on behalf of each of them.
February 12, 1998
- -----------------
Date
/s/ John C Head III
------------------------------
JOHN C HEAD III
/s/ Madie Ivy
------------------------------
MADIE IVY
HMI PARTNERS L.P.
By: Heracles-B L.P.,
its General Partner
By: /s/ John C Head III
---------------------------
Name: John C Head III
Title: General Partner
HERACLES-B L.P.
By: /s/ John C Head III
---------------------------
Name: John C Head III
Title: General Partner
Page 16
<PAGE>
ESG PARTNERS (BERMUDA) L.P.
By: Heracles ESG L.L.C.,
its General Partner
By: /s/ John C Head III
---------------------------
Name: John C Head III
Title: Managing Member
HERACLES ESG L.L.C.
By: /s/ John C Head III
---------------------------
Name: John C Head III
Title: General Partner
Page 17
