The 15,000-run mailer opens with a picture of a gymnast rubbing chalk into his hands, and above are the words Prepare yourself.
The catapult mechanism inside then flings eight die-cut flying gymnasts into the air.
The piece was printed on a six-colour Heidelberg CD and die-cut on an Iberica.
Karran Group managing director Sue Whitmore said: Because it was so targeted at personal finance advisors Winterthur decided to spend more per unit than usual.
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"Gosh! That’s a huge debt - especially HMRC! It’s a shock that HMRC allowed such an amount to be accumulated."
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