8-K

                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 8-K

                                 CURRENT REPORT
                         PURSUANT TO SECTION 13 OR 15(D)
                     OF THE SECURITIES EXCHANGE ACT OF 1934

       Date of Report (Date of earliest event reported): January 31, 2001

                                 ESG RE LIMITED
             (Exact Name of Registrant as Specified in its Charter)

              Bermuda                    000-23481            Not Applicable
(State or Other Jurisdiction     (Commission File Number)      (IRS Employer
        of Incorporation)                                    Identification No.)


              16 Church Street                               Not Applicable
          Hamilton HM11, Bermuda                               (Zip Code)
(Address of Principal Executive Offices)

                                 (441) 295-2185
              (Registrant's telephone number, including area code)

          (Former Name or Former Address, if Changed Since Last Report)


ITEM 5. OTHER EVENTS.

Alasdair Davis is appointed to the Board of Directors effective February 1, 2001
and will assume the role of Chief Executive Officer at the annual general
meeting in May 2001. Mr. Davis is currently Chief Operating Officer of the
Company. John C Head III, currently Chairman and Chief Executive Officer, will
remain as Chairman.

ITEM 7. EXHIBITS. Exhibit 99 Press Release dated January 31, 2001 is attached.

                                   SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.

Dated:  January 31, 2001

                                                 ESG RE LIMITED

                                                 By: s/Margaret L. Webster
                                                     ---------------------------
                                                      Margaret L. Webster

EX-99

                                                                      Exhibit 99


FOR IMMEDIATE RELEASE

                                         Contact:  ESG Re Limited
                                                   Margaret L. Webster
                                                   Chief Administrative Officer
                                                   353 1 675 0201 (Dublin)
                                                   e-mail:peggy.webster@esre.ie



          ALASDAIR DAVIS APPOINTED DIRECTOR AND CHIEF EXECUTIVE OFFICER

HAMILTON, BERMUDA, JANUARY 31, 2001 - ESG Re Limited (Nasdaq: ESREF) announced
that Mr. Alasdair Davis, currently Chief Operating Officer of ESG, has been
appointed to the Board of Directors of the Company. In addition, Mr. John C Head
III, Chairman, announced that Mr. Davis will assume the role of Chief Executive
Officer of the Company at the Company's 2001 Annual Meeting. Mr. Head, currently
Chairman and Chief Executive Officer, will remain as Chairman of the Board.

In addition, Mr. Peter Taylor will join the Company in February as Chief
Reinsurance Officer and will assume responsibility for management of the
Company's underwriting function formerly managed by Mr. Davis. Mr. Taylor has
been in the international life, accident and health business for 15 years in the
UK and overseas. Mr. Taylor was previously Managing Director of PIFC, a UK-based
international employee benefits provider.

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ESG RE LIMITED PROVIDES MEDICAL, PERSONAL ACCIDENT, CREDIT LIFE AND DISABILITY
AND SPECIAL RISKS REINSURANCE TO INSURERS AND SELECTED REINSURERS ON A
WORLD-WIDE BASIS. THE COMPANY DISTINGUISHES ITSELF BY OFFERING "INTELLIGENT
REINSURANCE" PRODUCTS AND SERVICES THAT HELP ITS CEDING CLIENTS TO BETTER MANAGE
THEIR RISKS. THESE INCLUDE SOFTWARE SOLUTIONS TO PARTICULAR UNDERWRITING
PROBLEMS, ACTUARIAL SUPPORT, PRODUCT DESIGN, AND, IN THE FIELD OF MEDICAL
EXPENSE REINSURANCE, LOSS PREVENTION AND DISEASE MANAGEMENT.

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Uncertainties related to forward looking statements: Certain statements in this
Press Release constitute "forward looking statements" within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Such



forward-looking statements involve known and unknown risks, uncertainties and
other factors, which may cause the actual results, performance or achievements
of the company to be materially different from any future results, performance
or achievements expressed or implied by such forward-looking statements. Such
factors include, among other things, the following: The Company's lack of
history as a reinsurer and its increased scope of business: the company's
dependence on key clients; the volatility and unpredictability of the risks the
company insures; the cyclical nature of the reinsurance market; competition and
the company's evaluation by insurance rating agencies; changes in tax laws and
regulations; foreign currency fluctuation; and the adequacy of loss reserves. A
further discussion of factors that could affect the Company's results is
included in reports filed by the Company with the Securities and Exchange
Commission and in the Company's Prospectus dated December 12, 1997.