FORM 5  Check box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).  Form 3 Holdings Reported       Form 4 Transactions Reported	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C.  20549 ANNUAL 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(h) of the Investment Company Act of 1940	OMB APPROVAL
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1. Name and Address of Reporting Person Newkirk, David L. (Last)            (First)              (Middle) 2nd Floor, 12/13 Exchange Place (Street) Dublin 1 Ireland Ireland (City)       (State)          (Zip)	2. Issuer Name and Ticker     or Trading Symbol ESG Re Limited (ESREF)  3. I.R.S. Identification     Number of Reporting     Person, if an entity     (voluntary)	4. Statement for Month/Year 2002  5. If Amendment, Date of     Original (Month/Year)	6. Relationship of Reporting Person(s) to Issuer     (Check all applicable)
			X  Director      Officer (give title below)	10% Owner      Other (specify below)
			7. Individual or Joint/Group Reporting     (check applicable line)   X  Form Filed by One Reporting Person       Form Filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1. Title of     Security     (Instr. 3)	2. Transaction     Date     (Month/Day/     Year)	2A. Deemed       Execution Date,       if any       (Month/Day/Year)	3. Transaction     Code     (Instr. 8)	4. Securities Acquired (A)     or Disposed of (D)     (Instr. 3, 4, and 5)			5. Amount of     Securities     Beneficially     Owned at the     end of Issuer's     Fiscal Year     (Instr. 3 and 4)	6. Owner-     ship     Form:     Direct(D)     or     Indirect (I)     (Instr. 4)	7.  Nature of      Indirect      Beneficial      Ownership      (Instr. 4)
				Amount	(A) or (D)	Price

* If the form is filed by more than one reporting person, see instruction 4(b)(v).

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 3)

2. Conver sion or Exercise Price of Derivative Security

3. Transaction Date (Month/ Day/Year)

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

4. Transaction Code (Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)

6. Date Exercisable and Expiration Date (Month/Day/Year)

7. Title and Amount of Underlying Securities (Instr. 3 and 4)

8. Price of Derivative Security (Instr. 5)

9. Number of Derivative Securities Beneficially Owned at End of Year (Instr. 4)

10.Ownership of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)

11. Nature of Indirect Beneficial Ownership (Instr. 4)

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Stock Options (Right to buy)

$2.25

05/08/2001

A

40000

05/08/2001

05/08/2011

Common Stock

40000

$0.0000

D

Stock Options (Right to buy)

$2.25

05/08/2001

A

5000

05/08/2001

05/08/2011

Common Stock

5000

$0.0000

45000

D

Stock Options (Right to buy)

$3.153

05/07/2002

A

40000

05/07/2002

05/07/2012

Common Stock

40000

$0.0000

D

Stock Options (Right to buy)

$3.153

05/07/2002

A

5000

05/07/2002

05/07/2012

Common Stock

5000

$0.0000

45000

D

Explanation of Responses:

Option granted under Non-Management Directors Compensation + Option Plan

/s/ David L. Newkirk ** Signature of Reporting Person 02/13/2003 Date

**         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 provided is insufficient, see Instruction 6 for procedure.

http://www.sec.gov/divisions/corpfin/forms/form5.htm

Last update: 09/03/2002