Nasdaq De-lists ESG Re for Late 10-Q Filing

ESG Re Limited announced that the Company has been informed by the Nasdaq Listing Qualifications Panel that its securities will be de-listed from The Nasdaq Stock Market effective with the opening of business on Tuesday, February 4, 2003.

“The reason given for this decision is the Company’s failure to timely file its quarterly report on Form 10-Q for the quarter ended September 30, 2002. In addition, the Panel cited as a reason for its delisting decision, the Company’s failure to file any of the amendments to previously filed reports under the Securities Exchange Act of 1934, as amended, for any of the anticipated restatements of certain information in its financial statements,” said the announcement.

ESG Re has been in the process of restating earnings for the third quarter. Its efforts to prepare the required information were delayed further when Deloitte & Touche withdrew its audit reports in a dispute over the treatment of a 50 percent co-reinsurance agreement it signed with ACE Limited.

The company said it was continuing to work with its new auditors, BDO International, “to complete and file the quarterly report on Form 10-Q and any required restatements to its previously filed reports.”