UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 4
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
[_] Check this box if no longer subject to Section 16. Form 4 or Form 5
obligations may continue. See Instruction 1(b).
(Print or Type Responses)
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1. Name and Address of Reporting Person*
Head III John
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(Last) (First) (Middle)
1330 Avenue of the Americas
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(Street)
New York NY 10019
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(City) (State) (Zip)
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2. Issuer Name and Ticker or Trading Symbol
ESG Re Limited (ESREF)
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3. IRS Identification Number of Reporting Person, if an entity (Voluntary)
________________________________________________________________________________
4. Statement for Month/Year
December 1999
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5. If Amendment, Date of Original (Month/Year)
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6. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
[X] Director [X] 10% Owner
[X] Officer (give title below) [_] Other (specify below)
Chief Executive Officer
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7. Individual or Joint/Group Filing (Check applicable line)
[X] Form filed by One Reporting Person
[_] Form filed by More than One Reporting Person
________________________________________________________________________________
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Table I -- Non-Derivative Securities Acquired, Disposed of,
or Beneficially Owned
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<TABLE>
<CAPTION>
6.
4. 5. Owner-
Securities Acquired (A) or Amount of ship
3. Disposed of (D) Securities Form: 7.
Transaction (Instr. 3, 4 and 5) Beneficially Direct Nature of
2. Code ------------------------------- Owned at End (D) or Indirect
1. Transaction (Instr. 8) (A) of Month Indirect Beneficial
Title of Security Date ------------ Amount or Price (Instr. 3 (I) Ownership
(Instr. 3) (mm/dd/yy) Code V (D) and 4) (Instr.4) (Instr. 4)
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<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Common shares, par value $1.00
per share 8,685 (D)
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Common shares, par value $1.00 As
per share 127,952 (I) Trustee(1)
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Common shares, par value $1.00 As
per share 3,000 (I) Trustee(2)
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Common shares, par value $1.00
per share 9,098 (I) (2)
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Common shares, par value $1.00
per share 9,098 (I) (2)
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Common shares, par value $1.00
per share 455,457 (I) (3)
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Common shares, par value $1.00 As
per share 10,695 (I) Trustee(4)
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Common shares, par value $1.00 As
per share 5,348 (I) Trustee(5)
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Common shares, par value $1.00
per share 465,241 (I) (6)
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Common shares, par value $1.00
per share 12/08/99 P V 20,000 (A) $5.4375 812,505 (I) (7)
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Common shares, par value $1.00
per share 20,000 (I) (8)
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Common shares, par value $1.00
per share 12/08/99 P V 40,000 (A) $5.4375 80,000 (I) (9)
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Common shares, par value $1.00
per share 12/08/99 P V 40,000 (A) $5.3750 80,000 (I) (9)
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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
4(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 4 (continued)
Table II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
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<TABLE>
<CAPTION>
10.
9. Owner-
Number ship
of Form
2. Deriv- of
Conver- 5. 7. ative Deriv-
sion Number of Title and Amount Secur- ative
or Derivative 6. of Underlying 8. ities Secur- 11.
Exer- 4. Securities Date Securities Price Bene- ity: Nature
cise Trans- Acquired (A) Exercisable and (Instr. 3 and 4) of ficially Direct of
Price 3. action or Disposed Expiration Date ---------------- Deriv- Owned (D) or In-
1. of Trans- Code of (D) (Month/Day/Year) Amount ative at End In- direct
Title of Deriv- action (Instr. (Instr. 3, ---------------- or Secur- of direct Owner-
Derivative ative Date 8) 4 and 5) Date Expira- Number ity Month (I) ship
Security Secur- (mm/dd/ ------ ------------ Exer- tion of (Instr. (Instr. (Instr. (Instr.
(Instr. 3) ity yy) Code V (A) (D) cisable Date Title Shares 5) 4) 4) 4)
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<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Common
Class A Warrants $20/sh 12/03/97 12/03/07 Shares 736 736 (D)
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Common
Class A Warrants $20/sh 12/17/97 12/17/07 Shares 63 63 (D)
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Common
Class A Warrants $20/sh 12/22/97 12/22/07 Shares 86 86 (D)
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Common
Class A Warrants $20/sh 12/03/97 12/03/07 Shares 588 588 (I) (2)
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Common
Class A Warrants $20/sh 12/17/97 12/17/07 Shares 51 51 (I) (2)
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Common
Class A Warrants $20/sh 12/22/97 12/22/07 Shares 69 69 (I) (2)
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Common
Class A Warrants $20/sh 12/03/97 12/03/07 Shares 588 588 (I) (2)
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Common
Class A Warrants $20/sh 12/17/97 12/17/07 Shares 51 51 (I) (2)
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Common
Class A Warrants $20/sh 12/22/97 12/22/07 Shares 69 69 (I) (2)
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Common
Class A Warrants $20/sh 12/03/97 12/03/07 Shares 107,451 107,451 (I) (3)
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Common
Class A Warrants $20/sh 12/17/97 12/17/07 Shares 871,427 871,427 (I) (3)
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Common
Class A Warrants $20/sh 12/22/97 12/22/07 Shares 105,097 105,097 (I) (3)
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Common
Class B Warrants $20/sh (10) 1/27/98 1/27/08 Shares 276,240 276,240 (I) (3)
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Common As
Class A Warrants $20/sh 12/03/97 12/03/07 Shares 1,176 1,176 (I) Trustee(4)
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Common As
Class A Warrants $20/sh 12/17/97 12/17/07 Shares 102 102 (I) Trustee(4)
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Common As
Class A Warrants $20/sh 12/22/97 12/22/07 Shares 137 137 (I) Trustee(4)
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Common As
Class A Warrants $20/sh 12/03/97 12/03/07 Shares 11,765 11,765 (I) Trustee(1)
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Common As
Class A Warrants $20/sh 12/17/97 12/17/07 Shares 1,017 1,017 (I) Trustee(1)
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Common As
Class A Warrants $20/sh 12/22/97 12/22/07 Shares 1,372 1,372 (I) Trustee(1)
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Common As
Class A Warrants $20/sh 12/03/97 12/03/07 Shares 588 588 (I) Trustee(5)
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Common As
Class A Warrants $20/sh 12/17/97 12/17/07 Shares 51 51 (I) Trustee(5)
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Common As
Class A Warrants $20/sh 12/22/97 12/22/07 Shares 69 69 (I) Trustee(5)
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Common
Class A Warrants $20/sh 12/03/97 12/03/07 Shares 51,177 51,177 (I) (6)
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Common
Class A Warrants $20/sh 12/17/97 12/17/07 Shares 4,422 4,422 (I) (6)
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Common
Class A Warrants $20/sh 12/22/97 12/22/07 Shares 5,969 5,969 (I) (6)
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Common
Class A Warrants $20/sh 12/03/97 12/03/07 Shares 86,147 86,147 (I) (7)
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Common
Class A Warrants $20/sh 12/17/97 12/17/07 Shares 7,443 7,443 (I) (7)
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Common
Class A Warrants $20/sh 12/22/97 12/22/07 Shares 10,048 10,048 (I) (7)
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Options Common
(right to buy) $20/sh 12/12/97 12/12/07 Shares 17,857 17,857 (I) (2)
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Options Common
(right to buy) $25.50/sh 05/04/97 05/04/08 Shares 15,357 15,357 (I) (2)
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Options Common
(right to buy) $20/sh 12/12/97 12/12/07 Shares 17,857 17,857 (I) (2)
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Options Common
(right to buy) $25.50/sh 05/04/98 05/04/08 Shares 15,357 15,357 (I) (2)
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Options Common
(right to buy) $16.81/sh 02/25/98 02/25/08 Shares 70,000 70,000 (I) (2)
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Options Common
(right to buy) $16.50/sh 05/07/98 05/07/08 Shares 5,000 5,000 (I) (2)
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</TABLE>
Explanation of Responses:
1. Held by Head Company Profit Sharing Plan.
2. Held by trust(s) for the benefit of heir(s) of John C Head III. The
reporting person disclaims beneficial ownership of these securities, and
this report shall not be deemed an admission that the reporting person is
the beneficial owner of such securities for any purpose.
3. Held by HMI Partners L.P., of which John C Head III is a General Partner of
the General Partner.
4. Held by the Head Family Foundation.
5. Held by Head Company Pension Plan.
6. Held by Drake Holdings Limited, of which John C Head III is a partner of
the general partner of a shareholder.
7. Held by ESG Partners (Bermuda) L.P., of which John C Head III is a Managing
Member of the general partner.
8. Held by Charles Partners L.P., of which John C Head III is a General
Partner of the General Partner.
9. Held by HIIB III L.L.C., of which John C Head III is a Managing Member of
the Managing Member of the Limited Liability Corporation.
s
10. Exercise Price of Class B Warrants decreases in future.
** 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 is insufficient, see Instruction 6 for procedure.
/s/ John C Head III 12/9/99
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**Signature of Reporting Person Date
John C Head III
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 Number.
NYC-1/37527/01
