Madie Ivy

After running the specialist reinsurer into the ground, John C. Head III has resigned as chairman, director and employee of Bermuda-domiciled ESG Re.His departure was announced in ESG Re's latest earnings release in which it reported a net loss of $12.4 million for the 12 months ended December 31, 2004, compared with a loss of $11.8 million in 2003.

Bermuda registered ESG Re is now pursuing a professional negligence claim against its former auditor, Deloitte and Touche, in Ireland after a United States court rejected jurisdiction.Defendants in a new action filed at the High Court (Commercial Division) in Dublin

John Head's ESG Re announced in December that Deloitte & Touche had resigned as its auditor and withdrawn its audit for fiscal 2001 and review reports for three quarters, including the first half of 2002.