Prospectuses issued for Palladium Insurance

Prospectuses have been sent out in an attempt to raise $30 million through the private placement of preference shares for an innovative new Bermudian catastrophe reinsurer – Palladium Insurance – which intends to securitise insurance products for trading purposes.Palladium Insurance, which has been formed in Bermuda, is being sponsored by Powerscourt Group Ltd., of Bermuda, and The Chicago Corporation, of the United States.