formed in Bermuda.

Imagine Reinsurance Holdings Ltd. has been formed by Bermuda businessman Thomas Gleeson and Brad S. Huntington with the financial backing of Canadian financial services company Trilon Financial Corporation.

In addition to Bermuda, Imagine will has an office in Barbados and plans to open an office in Ireland.

According to a statement from the company, Imagine is a second generation finite-risk reinsurance enterprise whose goal is to become the leading provider of structured insurance and reinsurance capital to the global insurance marketplace.

Imagine was founded by Brad S. Huntington and Thomas Gleeson who collectively have more than 20 years experience as senior executives in the finite risk marketplace. Co-CEO Thomas Gleeson commented: "Imagine is in part an organic Bermudian enterprise.

"It represents a new capital market focused reinsurance algorithm designed to alter traditional thinking about organisational process, design and the nature of risk and return. As a Bermudian, I am particularly pleased that we can base Imagine Reinsurance here on the Island, as a tangible demonstration of what our commercial environment and individual determination can create.'' The statement said the common shares of the Imagine Group are ultimately held by Trilon Financial Corporation and management of the Imagine Group. Trilon is a major Canadian financial service company with extensive experience as an owner in the finite reinsurance marketplace.

George Myhal, president and chief executive officer of Trilon Financial stated: "We are excited about being back in the finite risk marketplace and are proud to have associated ourselves with a management team which brings with it tremendous depth and experience in the area''.

The Imagine Group has initial subscribed capital of US$200 million with a stated goal to substantially increase its capital base in the next 24 months to over $1 billion dollars in consolidated shareholders equity.

Brad Huntington, Co-CEO of the Imagine Group stated: "Plans and discussions for the secondary infusion of our equity capital are positively advancing and will allow us to build within a short time frame a world class capital platform without historic business or organisational constraints''.

Imagine's structured insurance and reinsurance products are individually customised, capital intensive contracts typically written over a multi-year period to provide more predictable revenue and claim payment streams. These contracts may cover multiple lines of business.