Form 4

FORM 4

[ ]Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Files 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

1. Name and Address of Reporting Person

Alasdair Davis
c/o ESG Re Limited
12/13 Exchange Place
Dublin, 1 IE

2. Issuer Name and Ticker or Trading Symbol

ESG Re Limited (ESREF.PK)

6. Relationship of Reporting Person(s) to Issuer

Director

________________________

3. IRS or Social Security Number of Reporting Person (voluntary)

4. Statement for Month/Day/Year

4/4/2003

7. Individual or Joint/Group Filing

Form filed by One Reporting Person

5. If Amendment, Date of Original (Month/Day/Yr)

Original Date

N/A


Table I-Non-Derivative Securities Acquired,Disposed of, or Beneficially Owned
1. Title of Security	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date if any (Month/Day/Year)	3. Transaction Code		4. Securities Acquired (A) or Disposed of (D)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s)	6. Ownership Form: Direct (D) or Indirect (I)	7. Nature of Indirect Beneficial Ownership
			Code	V	Amount	(A) or (D)	Price
Common Stock	4/4/03		P		101,900	A	$.4043	172,050	D

Table II-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1. Title of Derivative Security

2. Conversion
or Exercise
Price of
Derivative
Security

3. Transaction
Date
(Month/Day/Year)

3A. Deemed
Execution Date
if any
(Month/Day/Year)

4. Transaction Code

5. Number of Derivative
Securities Acquired
(A) or Disposed of (D)

6. Date Exercisable
and Ex-piration Date
(Month/Day/Year)

7. Title and Amount of
Underlying Securities

8. Price of
Derivative
Security

9. Number of
Derivative
Securities
Beneficially
Owned
Following
Reported
Transaction(s)

10. Ownership
Form of
Derivative
Security:
Direct(D)or
Indirect (I)

11. Nature
of Indirect
Beneficial
Ownership

Code

(A)

(D)

Date
Exercisable

Expiration
Date

Title

Amount or
Number of
Shares

Explanation of Responses

**Intentional misstatements or omissions of facts constiute Federal Criminal Violations. See 18 U.S.C. 1001 and 15U.S.C. 78ff(a). 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.
	Signature of Reporting Person: Alasdair P Davis	Date: 4/7/2003

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