The study, the first of its kind to assess the principal
investigator landscape , also found that turnover rates among principal
investigators in the U.
"The capacity of the market to conduct clinical trials for
industry sponsors is eroding and efforts to establish a well trained ,
experienced pool of clinical investigators may become more difficult. I would like to thank the shareholders
for their loyalty during the process of identifying and closing an acquisition
that will bring lasting value.

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48 Par-la-Ville Road, Hamilton HM 11, Bermuda.6% decline in clinical trials has
led to an 11.
Mark Buck, Director of PGMI, said, "The new management team brings their
decades of pachinko industry experience to this project and we are all looking
forward to their continued success.

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Commenting on the significance of the study's findings, Tufts CSDD
Director Kenneth I Kaitin said, "As the time, cost, and risk of new
product development increases, pharmaceutical and biotech companies
are looking to identify bottlenecks and improve efficiency of every
facet of drug development.tufts. This replaces the old trading symbol of
HAPS.pgmi-inc.

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S. increased by 8%.

Investor Relations: Toll free: (888) 918-8847
e-mail: ddfox@sisna .

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Through its operating
subsidiaries, Endurance currently writes property per risk treaty
reinsurance , property catastrophe reinsurance, casualty treaty
reinsurance, property individual risks, casualty individual risks, and
other specialty lines.

Only 3% of all board certified physicians are principal
investigators, and a growing percentage of principal
investigators are migrating to the South region of the U.

HAPS USA Inc. Announces New Name and Symbol

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A live webcast of the presentation may be accessed from the
Investors section of Endurance's website at http://www .

Number of Principal Investigators in the U.S. is Declining According to Tufts Center for the Study of Drug Development; Continuation of the Trend Could ''Pose


The drop in principal investigators has been spurred by a similar
decline in the number of active clinical trials, the study found.

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M. 784 ,
No. Future
events and actual results could differ materially from those set forth in,
contemplated by, or underlying the forward-looking statements.com
web: http://www.

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Endurance 's operating subsidiaries have been
assigned a group rating of A (Excellent) from A.

By 2000 , half of all principal investigators in the U. The future of PGMI should hold many exciting
opportunities for the investment community.

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S. is steadily declining and is significantly below the
overall ratio of female-to-male board certified physicians.


masculine assigned

4% drop in total principal investigators in the U.S.S.

assigned ftms



Business Editors/Insurance Writers

PEMBROKE, Bermuda----Endurance
Specialty Holdings Ltd. (NYSE:ENH), a global provider of property and
casualty insurance and reinsurance, announced today that Kenneth J., Suite No.bm


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bm

About Endurance Specialty Holdings

Endurance Specialty Holdings Ltd. Endurance's headquarters are located at
Wellesley House, 90 Pitts Bay Road , Pembroke HM 08, Bermuda and its
mailing address is Endurance Specialty Holdings Ltd.

About the Tufts Center for the Study of Drug Development

The Tufts Center for the Study of Drug Development
(http://csdd.

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Food and
Drug Administration to conduct clinical trials of investigational
drugs between 1977 and 2004."

This press release may contain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are inherently subject to risks and
uncertainties, some of which cannot be predicted, or quantified .

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endurance. have nearly doubled since 2001, while
regional and gender disparities among principal investigators have
grown."
The Tufts Center's analysis, summarized in the just-published
May /June Tufts CSDD Impact Report, also found that:

While the total number of principal investigators in the U.

encouraged feels

S.

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"The decline in the number of principal investigators and the high
turnover rate pose several threats to research sponsors," noted Ken
Getz, research fellow at Tufts CSDD and author of the study. chose
never to conduct another clinical trial -- nearly double the
turnover rate observed 10 years before.
The company undertakes no obligation to publicly update or revise any forward-
looking statements, whether because of new information, future events, or
otherwise .

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The presentation will take place on
Thursday, March 10th, 2005 at 9:30 AM ET.

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Endurance CEO to Speak at the Goldman Sachs Small Cap Growth Conference in New York

endurance. The words
"estimate, " "possible" and "seeking" and similar expressions identify forward-
looking statements, which speak only as to the date the statement was made.

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between 2001 and 2003. HONOLULU, HAPS
(OTC Bulletin Board: PGMI) announces that the Company has effected its name
change to "PGMI, Inc.

sw assigned

is a global provider of property
and casualty insurance and reinsurance. We believe this study will help them assess
and improve their management of investigative sites.S. After completing the shareholder mailing of its information statement
(14c), the Company is proceeding with all of the actions covered.

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" and has been assigned a new trading symbol of "PGMI" on
the OTCBB effective March 16, 2006.

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Best, A2 by Moody 's
and A- from Standard + Poor's.
Tufts CSDD conducted extensive analyses of a database of more than
100,000 principal investigators who registered with the U.
decreased from 2001 to 2003, their counterparts outside the
U.

The proportion of female-to-male principal investigators in
the U.

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S. "This, in turn, could make it more difficult to recruit
representative patient populations," said Getz. The risks and
uncertainties to which forward-looking statements are subject include, but are
not limited to the effect of government regulation, competition and other
material risks.com


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LeStrange, Chief Executive Officer, is scheduled to speak at the
Goldman Sachs Small Cap Growth Conference at the Goldman Sachs
Training Center in New York . For more
information about Endurance, please visit http://www.
According to Tufts CSDD, a 10 ."
In addition, he said, growing gender and regional disparities
among principal investigators will limit professional opportunities
and potentially diminish scientific and economic benefits to declining
regions. The Tufts Center, based in Boston, conducts a
wide range of in-depth analyses on pharmaceutical issues and hosts
symposia, workshops, and public forums on related topics, and
publishes the Tufts CSDD Impact Report, a bi-monthly newsletter
providing analysis and insight into critical drug development issues.

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Business Editors/Healthcare Editors

BOSTON----Following steady growth
through the 1990s, the number of principal investigators conducting
industry-sponsored clinical studies in the United States has declined
11% since 2001, according to a study recently completed by the Tufts
Center for the Study of Drug Development.S.edu) at Tufts University provides strategic
information to help drug developers, regulators, and policy makers
improve the quality and efficiency of pharmaceutical development,
review, and utilization.

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