ESG Re Appoints Collery as Director

March 7, 2003

Bermuda-based ESG Re Limited appointed Peter Collery to the Board of Directors of the company as a non-executive Director.

Collery is currently the president of SC Fundamental LLC, which manages the SC Fundamental Value Fund, L.P. The SC Fundamental Value Fund and its affiliated entities own 10.6 percent of the company’s outstanding Common shares. Collery was co-founder of the investment firm of Siegler, Collery & Co. in 1989 and previously was a vice president of the investment banking firm of Dillon, Read & Co. Inc. in New York City.

ESG Re Ltd provides medical, personal accident, credit life, disability and special risks re-insurance to insurers and selected re-insurers on a worldwide basis.

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