EXHIBIT 24.2


                                POWER OF ATTORNEY

     KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature
appears below constitutes and appoints Jerome T. Fadden, William A. Robbie,
Michael E. Lombardozzi , and each of them severally, his true and lawful
attorney-in-fact with power of substitution and resubstitution to sign in his
name, place and stead, in any and all capacities, to do any and all things and
execute any and all instruments that such attorney may deem necessary or
advisable under the Securities Act of 1933 (the "Securities Act"), and any
rules, regulations and requirements of the Securities and Exchange Commission in
connection with the registration under the Securities Act of [ ]% Adjustable
Conversion-Rate Equity Security Units of Platinum Underwriters Holdings, Ltd.
consisting of (i) purchase contracts of Platinum Underwriters Holdings, Ltd. and
(ii) guaranteed senior notes of Platinum Underwriters Finance, Inc. (the
"Units"), including specifically, but without limiting the generality of the
foregoing, the power and authority to sign his name in his respective capacity
as a member of the Board of Directors or officer of Platinum Underwriters
Finance, Inc., to a Registration Statement on Form S-1 and/or such other form or
forms as may be appropriate to be filed with the Commission as any of them may
deem appropriate in respect of the Units, to any and all amendments thereto
(including post-effective amendments), to any related Rule 462(b) registration
statement and to any other documents filed with the Securities and Exchange
Commission, as fully for all intents and purposes as he might or could do in
person, and hereby ratifies and confirms all said attorneys-in-fact and agents,
each acting alone, and his substitute or substitutes, may lawfully do or cause
to be done by virtue hereof.

     Pursuant to the requirements of the Securities Act of 1933, as amended,
this Registration Statement has been signed by the following persons in the
capacities and on the dates indicated.



                NAME                                TITLE                              DATE
                ----                                -----                              ----
                                                                                 
/s/ Steven H. Newman                  Chairman of the Board of
-------------------------------          Directors
Steven H. Newman

/s/ Jerome T. Fadden                  President, Chief Executive
-------------------------------          Officer, Principal Accounting
Jerome T. Fadden                         Officer and Director


/s/ William A. Robbie                 Treasurer, Executive Vice
-------------------------------          President, Chief Financial
William A. Robbie                        Officer, and Director