Bermuda-registered ESG Re Ltd. announced yesterday that will deregister its common stock in the wake of being delisted from the Nasdaq Stock Exchange.

ESG Re was delisted from Nasdaq on February 4 after it failed to file its audited financial statements and after its stock price sank below $1 per share.

The company said deregistering its stock with the Securities and Exchange Commission would also enable it to save about $1 million a year.

In addition, it said that low volumes of trading in the company, which has about 300 shareholders, contributed to the decision.

ESG said it will publish its audited 2002 and 2001 financial statements on or about March 31, 2003. and will also file its quarterly report for the quarter ended September 30, 2002 with the Securities and Exchange Commission at about the same time.

"In the future, ESG intends to make available to its shareholders quarterly and annual financial information in substantially the same form as presently made available," the company said

"ESG also intends to generally comply with the corporate governance regulations and guidelines that would be applicable if its shares were still registered with the SEC and listed on Nasdaq."