ESG Re Limited Special Shareholders Meeting Results.

HAMILTON, Bermuda -- ESG Re Limited (PINK SHEETS:ESREF) announced the results of the special shareholders meeting held on Tuesday, March 7 in New York.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.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 shared but did not attend the meeting to present their proposals.

All of the proposals were defeated. Head affiliated persons and entities hold approximately 42% of all outstanding shares of ESG but are subject to restrictions limiting their vote to 25%. Shares in excess of this limitation are proportionally reallocated to all other shareholders. Other than the Head group shares, and before the reallocation, no more than 367,587 shares voted in favor of any of the proposals and at least 3,482,696 shares voted against all of the proposals, a margin of almost nine and one-half to one.

The annual general meeting of shareholders is expected to be held at the Company's office in Dublin, Ireland on Monday, May 15, 2006.

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. The company distinguishes itself from its competition by offering re-insurance products and services that help its ceding clients to manage their risks more effectively. ESG provides solutions to specific underwriting problems, actuarial support, product design and loss prevention. ESG is building on its reinsurance expertise by developing its direct marketing business. ESG will deliver innovative business opportunities and client focused solutions to its affinity partners using distribution methods such as direct mail, telemarketing and bancassurance.