ESG Re

ESG Re’s John Head gets no respect

April 6, 2006

Although John Head controls 42% of the stock of one of Bermuda's worst-run companies, ESG Re, he is held in such low regard by other shareholders that he still cannot get resolutions passed.The specialist reinsurer he founded announced on March 9, 2006 that a special shareholders meeting had been held in New York two days earlier. “The meeting was requisitioned by John C Head III, the Company's former Chairman, and his affiliated entity, ESG Partners L.P., to consider seven resolutions pertaining to amendment of the Company's byelaws,” stated the firm. “Of the 11,058,069 shares outstanding, 7,443,833 were represented in person or by proxy at the meeting. Mr. Head and ESG Partners L.P. voted their shares but did not attend the meeting to present their proposals. All of the proposals were defeated.” The firm did not give any details about what the proposals entailed.

John Head resigns from ESG Re

July 5, 2005

After running the specialist reinsurer into the ground, John C. Head III has resigned as chairman, director and employee of Bermuda-domiciled ESG Re.His departure was announced in ESG Re's latest earnings release in which it reported a net loss of $12.4 million for the 12 months ended December 31, 2004, compared with a loss of $11.8 million in 2003.

ESG Re sues former auditor (again)

March 31, 2005

Bermuda registered ESG Re is now pursuing a professional negligence claim against its former auditor, Deloitte and Touche, in Ireland after a United States court rejected jurisdiction.Defendants in a new action filed at the High Court (Commercial Division) in Dublin

ESG seeks damages from former auditor

September 30, 2003

ESG Re, which provides reinsurance in the accident and health market, has filed a civil complaint against its former auditor, Deloitte & Touche, which it blames for much of its current troubles. The complaint was filed against the U. S.,

ESG Re attempts to block arbitration by Reinsurance Services of Princeton

June 30, 2003

An underwriting subsidiary of Bermuda-based ESG Re has taken legal action in the United States in an attempt to prevent Reinsurance Services of Princeton from initiating arbitration proceedings against it. ESG Reinsurance Ireland Ltd., formerly known as European Specialty Reinsurance (Ireland) Ltd., filed a motion to enjoin arbitration against RSP at the U. S. District Court in New Jersey on April 11, 2003.

ESG Re officers buy stock

April 30, 2003

ESG Re senior officers have been buying the firm's shares recently, notwithstanding its awful performance, culminating in its de-listing by Nasdaq effective February 3.

ESG Re shares de-listed

February 28, 2003

More problems for ESG Re as auditor resigns

December 31, 2002

John Head's ESG Re announced in December that Deloitte & Touche had resigned as its auditor and withdrawn its audit for fiscal 2001 and review reports for three quarters, including the first half of 2002.

Only one of six Bermuda insurers reports Q3 profit

November 30, 2002

Only one of the six Bermuda based, publicly listed insurers which reported quarterly results in November made a profit. The fact that it was its arch rival, Scottish Annuity & Life Holdings, was salt in the massive wounds currently being

ESG Re hires independent consultant Sharyn Ashman

September 30, 2002

ESG Re, whose share price has plummeted to below $1, has retained Sharyn A. Ashman CPA as an independent consultant to review the firm's internal financial controls."The review was initiated after the Company restated results, as previously announced on August

Bermuda Insurance Market Results Round-Up: Financial problems continue for ESG Re and Stirling Cooke

August 31, 2001

The financial woes of John Head's ESG Re and Stirling Cooke Brown Holdings continued in the second quarter ended June 30, 2001, with both companies reporting further losses. Mutual Risk Management, meanwhile, reported a much-needed profit and Annuity & Life Re and Scottish Annuity & Life both made money, as did market giants XL Capital and PartnerRe.

ESG Re shareholder seeks voluntary liquidation of the firm

April 30, 2001

A major shareholder in beleaguered Bermuda-based reinsurer ESG Re has called on directors to liquidate the firm or resign their seats on the board at the AGM on May 8. Peter M. Collery, President of New York-based investment advisor SC Fundamental LLC, believes the time has come to pull the plug on John C. Head III's latest reinsurance flop.

Troubled ESG Re settles Radix Health lawsuit in Wisconsin

January 31, 2001

A lawsuit filed in the United States against subsidiaries of the troubled Bermuda-based ESG Re group was settled in early January.Plaintiff Radix Health Connection LLC, which is registered in Wisconsin and based in Chicago, had filed a lawsuit against European Specialty Reinsurance (Ireland) Ltd. and European Specialty Reinsurance (North America) Ltd. on June 14, 2000 at the US District Court for the Northern District of Illinois.

John Head accused of self-interest by ESG Re shareholder

April 30, 2000

One of the major shareholders of Bermuda-based ESG Re has accused the company's chairman, John Head III, of overpaying himself while simultaneously ruining the company through mismanagement. The criticism of Head came in a letter from private investment management firm SC Fundamental LLC to the ESG Re's Board of Directors.