Exhibit 12.1

Platinum Underwriters Holdings, Ltd.

Ratio of Earnings to Fixed Charges

($ in Thousands)

	Three Months		Year Ended		Year Ended		Period from
	Ended March 31,		December 31,		December 31,		April 19, 2002 to
	2005		2004		2003		December 31, 2002
Earnings
Earnings before income taxes	$	83,036		115,133		193,698	$	11,093
Add fixed charges		2,173		9,268		9,492		1,444
Total		85,209		124,401		203,190		12,537
Fixed charges:
Interest Expense		1,835		7,426		7,563		1,261
Amortized expenses related to indebtedness		337		1,842		1,929		183
Total fixed charges	$	2,172		9,268		9,492	$	1,444
Ratio of earnings to fixed charges		39.2		13.4		21.4		8.7