more than it is listed as.

A group including New York-based investment firm SC Fundamental Value Fund L.P. believes that shares of ESG RE Ltd are currently undervalued by the market.

According to a filing on Monday with the Securities and Exchange Commission, the group maintains that the value of the Bermuda-based specialty reinsurer is being decreased by "continued operations'' and that the company should pursue a sale of its business or an orderly liquidation.

Pending such sale or liquidation, the group said, the company should engage in substantial share repurchases.

The group may communicate with ESG's management, directors, other shareholders and interested parties concerning such possible actions or other matters relating to the business and affairs of the company, the filing stated.

After buying 23,300 common shares between August 9 and August 16 at prices ranging from $2.88 to $2.96, the group has a 5.22 percent stake, representing 616,700 of ESG's shares. Shares of ESG finished Monday's session unchanged at $3.38.