8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of Earliest Event Reported) – July 28, 2005

Platinum Underwriters Holdings, Ltd.

(Exact name of registrant as specified in its charter)

Bermuda
(State or other jurisdiction of
incorporation or organization) 001-31341
(Commission File Number) 98-0416483
(IRS Employer
Identification No.)

The Belvedere Building
69 Pitts Bay Road
Pembroke, Bermuda
(Address of principal executive offices) HM 08
(Zip Code)

(441) 295-7195
(Registrant’s telephone number, including area code)

N/A
(Former name or address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

TABLE OF CONTENTS

	Item 2.02. Results of Operations and Financial Condition.
	Item 8.01. Other Events.
	Item 9.01. Financial Statements and Exhibits.
SIGNATURE
Exhibit Index
EX-99.1: PRESS RELEASE
EX-99.2: FINANCIAL SUPPLEMENT
EX-99.3: PRESS RELEASE

Item 2.02. Results of Operations and Financial Condition.

     On July 28, 2005 Platinum Underwriters Holdings, Ltd. (the “Company”) issued a press release reporting its financial results as of and for the quarter ended June 30, 2005. A copy of the press release, as well as a financial supplement, are furnished herewith as Exhibits 99.1 and 99.2, respectively. The information hereunder is not deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, is not otherwise subject to the liabilities of that section and is not incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, except as shall be expressly set forth by specific reference in such a filing.

Item 8.01. Other Events.

     On July 28, 2005 the Company issued a press release reporting certain senior management appointments. The press release is attached hereto as Exhibit 99.3.

Item 9.01. Financial Statements and Exhibits.

(c) Exhibits.

Exhibit 99.1 Press release dated July 28, 2005 reporting financial results as of and for the quarter ended June 30, 2005
Exhibit 99.2 Financial Supplement
Exhibit 99.3 Press release dated July 28, 2005 reporting certain senior management appointments

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SIGNATURE

     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

PLATINUM UNDERWRITERS HOLDINGS, LTD.
By:	/s/ Michael E. Lombardozzi
	Michael E. Lombardozzi
	Executive Vice President, General Counsel and Secretary

     Date: July 29, 2005

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Exhibit Index

Exhibit Number	Description
Exhibit 99.1	Press release dated July 28, 2005 reporting financial results as of and for the quarter ended June 30, 2005
Exhibit 99.2	Financial Supplement
Exhibit 99.3	Press release dated July 28, 2005 reporting certain senior management appointments

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EX-99.1

Exhibit 99.1

Contact:	Justin Cressall
	Treasurer
	(441) 298-0753

PLATINUM UNDERWRITERS HOLDINGS, LTD. REPORTS

SECOND QUARTER 2005 FINANCIAL RESULTS

HAMILTON, BERMUDA, JULY 28, 2005 – Platinum Underwriters Holdings, Ltd. (NYSE: PTP) today reported results for the quarter ended June 30, 2005. Highlights for the second quarter of 2005 are as follows:

• Net income was $68.0 million.

• Basic and diluted net income per common share was $1.57 and $1.39, respectively.

• Net premiums written were $423.0 million and net premiums earned were $431.5 million.

• GAAP combined ratio was 84.2%.

• Net investment income, including interest on funds held, was $28.9 million.

Net premiums written for Platinum’s Property and Marine, Casualty and Finite Risk segments for the quarter ended June 30, 2005 were $135.0 million, $188.9 million and $99.1 million, respectively, representing 31.9%, 44.7% and 23.4%, respectively, of the total net premiums written. Combined ratios for these segments were 68.6%, 92.8% and 89.4%, respectively.

As of June 30, 2005 total assets were $4.20 billion. Total assets increased $777.2 million (or 22.7%) from $3.42 billion as of December 31, 2004. Cash and fixed maturity investments were $3.14 billion as of June 30, 2005. Cash and fixed maturity investments increased $681.4 million (or 27.7%) from $2.46 billion as of December 31, 2004, due primarily to strong cash flow from operations and the receipt of the net proceeds from the offering of $250 million aggregate principal amount of Series A 7.50% Notes due 2017.

As of June 30, 2005 shareholders’ equity was $1.27 billion and book value per share was $29.32. Shareholders’ equity increased $139.7 million (or $3.02 per share) from $1.13 billion (or $26.30 per share) as of December 31, 2004.

Steven H. Newman, Chairman of the Board, commented: “We had a very successful second quarter with excellent financial results and other important accomplishments. The completion of our $250 million debt offering and the affirmation of our A.M. Best rating of A (Excellent) provide us with a solid platform for the future.”

Gregory Morrison, Chief Executive Officer, commented: “Our second quarter results were excellent with strong net income and solid growth in book value. Business growth has been good and the reinsurance markets generally remain attractive.”

1

2

The results for the quarter ended June 30, 2005, compared to the quarter ended June 30, 2004, are as follows:

• Net income increased $18.2 million (or 36.5%).

• Basic and diluted net income per common share increased $0.42 (or 36.5%) and $0.38 (or 37.6%), respectively.

• Net premiums written increased $92.4 million (or 28.0%). Net premiums earned rose by $120.6 million (or 38.8%).

• GAAP combined ratio decreased by 1.7 percentage points.

• Net investment income, including interest on funds held, increased $9.5 million (or 49.2%).

Compared to the quarter ended June 30, 2004, net premiums written increased by $33.1 million (or 32.5%) for Platinum’s Property and Marine segment and $76.1 million (or 67.5%) for the Casualty segment. Net premiums written decreased by $16.8 million (or 14.5%) for the Finite Risk segment.

Highlights for the six months ended June 30, 2005 are as follows:

• Net income was $141.1 million.

• Basic and diluted net income per common share was $3.26 and $2.88, respectively.

• Net premiums written were $916.8 million and net premiums earned were $842.5 million.

• GAAP combined ratio was 84.4%.

• Net investment income, including interest on funds held, was $55.8 million.

Net premiums written for Platinum’s Property and Marine, Casualty and Finite Risk segments for the six months ended June 30, 2005 were $320.0 million, $404.6 million and $192.2 million, respectively, representing 34.9%, 44.1% and 21.0%, respectively, of the total net premiums written. Combined ratios for these segments were 69.2%, 92.6% and 89.0%, respectively.

The results for the six months ended June 30, 2005, compared to the six months ended June 30, 2004, are as follows:

• Net income increased $36.5 million (or 34.9%).

• Basic and diluted net income per common share increased $0.84 (or 34.7%) and $0.76 (or 35.8%), respectively.

• Net premiums written increased $106.1 million (or 13.1%). Net premiums earned rose by $210.6 million (or 33.3%).

• GAAP combined ratio decreased by 0.1 percentage points.

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• Net investment income, including interest on funds held, increased $18.9 million (or 51.4%).

Compared to the six months ended June 30, 2004, net premiums written increased by $46.9 million (or 17.2%) for Platinum’s Property and Marine segment and $67.8 million (or 20.1%) for the Casualty segment. Net premiums written decreased by $8.6 million (or 4.3%) for the Finite Risk segment.

2005 Guidance

Based on the results for the six months ended June 30, 2005, Platinum currently estimates that, in the absence of any unusual catastrophe activity, its net premiums written and net premiums earned for 2005 will be approximately $1.6 billion and its GAAP combined ratio will be approximately 90% for the year. Platinum expects its combined portfolio of cash and fixed maturity investments to be approximately $3.5 billion at year-end 2005, including the proceeds from the forward purchase contracts forming a part of the Equity Security Units. On this basis, Platinum now projects that earnings for 2005 will exceed $4.25 per diluted common share based on an estimate of 47 million weighted average diluted common shares outstanding.

Financial Supplement

Platinum has posted a financial supplement on the Financial Reports page of the Investor Relations section of its website (Financial Supplement). The financial supplement provides additional detail regarding the financial performance of Platinum and its business segments.

Teleconference

Platinum will host a teleconference to discuss its financial results on Friday, July 29, 2005 at 8:00 am Eastern Time. The call can be accessed by dialing 877-502-9276 (US callers) or 913-981-5591 (international callers) or in a listen-only mode via the Investor Relations section of Platinum’s website at www.platinumre.com. Those who intend to access the teleconference should register at least ten minutes in advance to ensure access to the call.

The teleconference will be recorded and a replay will be available from 11:00 am Eastern Time on Friday, July 29, 2005 until midnight Eastern Time on Friday, August 5, 2005. To access the replay by telephone, dial 888-203-1112 (US callers) or 719-457-0820 (international callers) and specify passcode 4202335. The teleconference will also be archived on the Investor Relations section of Platinum’s website at www.platinumre.com for the same period of time .

Non-GAAP Financial Measures

In presenting the Company’s results, management has included and discussed certain non-GAAP financial measures including segment underwriting income (or loss) and related underwriting ratios. Management believes these measures, which are used to monitor the results of operations, allow for a more complete understanding of the underlying business. These measures should not be viewed as a substitute for those determined in accordance with generally accepted accounting principles (GAAP). A reconciliation of such measures to the most comparable GAAP figures (income before income tax expense) in accordance with Regulation G is presented in the attached segment financial information.

About Platinum

Platinum Underwriters Holdings, Ltd. (NYSE: PTP) is a leading provider of property, casualty and finite risk reinsurance coverages, through reinsurance intermediaries, to a diverse clientele on a worldwide basis. Platinum operates through its principal subsidiaries in Bermuda, the United States

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and the United Kingdom. The Company has a financial strength rating of A (Excellent) from A.M. Best Company, Inc. For further information, please visit Platinum’s website at www.platinumre.com.

Safe Harbor Statement Regarding Forwarding-Looking Statements

Management believes certain statements in this press release may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements include all statements that do not relate solely to historical or current facts, and can be identified by the use of words such as “may,” “should,” “estimate,” “expect,” “anticipate,” “intend,” “believe,” “predict,” “potential,” or words of similar import. Forward-looking statements are necessarily based on estimates and assumptions that are inherently subject to significant business, economic and competitive uncertainties and risks, many of which are subject to change. These uncertainties and risks include, but are not limited to, conducting operations in a competitive environment; our ability to maintain our A.M. Best Company rating; significant weather-related or other natural or man-made disasters over which the Company has no control; the effectiveness of our loss limitation methods and pricing models; the adequacy of the Company’s liability for unpaid losses and loss adjustment expenses; the availability of retrocessional reinsurance on acceptable terms; our ability to maintain our business relationships with reinsurance brokers; general political and economic conditions, including the effects of civil unrest, war or a prolonged U.S. or global economic downturn or recession; the cyclicality of the property and casualty reinsurance business; market volatility and interest rate and currency exchange rate fluctuation; tax, regulatory or legal restrictions or limitations applicable to the Company or the property and casualty reinsurance business generally; and changes in the Company’s plans, strategies, objectives, expectations or intentions, which may happen at any time at the Company’s discretion. As a consequence, current plans, anticipated actions and future financial condition and results may differ from those expressed in any forward-looking statements made by or on behalf of the Company. Additionally, forward-looking statements speak only as of the date they are made, and we undertake no obligation to release publicly the results of any future revisions or updates we may make to forward-looking statements to reflect new information or circumstances after the date hereof or to reflect the occurrence of future events.

# # #

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Platinum Underwriters Holdings, Ltd.

Consolidated Statements of Income and Comprehensive Income
For The Three and Six Months Ended June 30, 2005 and 2004 (Unaudited)
($ in thousands, except per share amounts)

	Three Months Ended						Six Months Ended
	June 30, 2005			June 30, 2004			June 30, 2005			June 30, 2004
Revenues
Net premiums earned	$	431,470		$	310,867		$	842,510		$	631,909
Net investment income		28,904			19,377			55,809			36,861
Net realized capital losses		(555	)		(1,279	)		(183	)		(827	)
Other income		588			605			232			1,116
Total revenues		460,407			329,570			898,368			669,059
Expenses
Losses and loss adjustment expenses		240,852			189,466			478,550			351,435
Acquisition expenses		103,928			62,694			197,177			151,615
Other underwriting expenses		18,545			15,045			35,152			30,850
Corporate expenses		4,935			4,217			8,336			7,186
Net foreign currency exchange losses		160			1,168			1,958			302
Interest expense		4,174			2,324			6,347			4,630
Total expenses		372,594			274,914			727,520			546,018
Income before income tax expense		87,813			54,656			170,848			123,041
Income tax expense		19,828			4,857			29,775			18,428
Net income	$	67,985		$	49,799		$	141,073		$	104,613
Basic
Weighted average shares outstanding		43,293			43,290			43,224			43,216
Basic earnings per share	$	1.57		$	1.15		$	3.26		$	2.42
Diluted
Weighted average shares outstanding		50,009			50,788			50,040			50,788
Diluted earnings per share	$	1.39		$	1.01		$	2.88		$	2.12
Comprehensive income (loss)
Net income	$	67,985		$	49,799		$	141,073		$	104,613
Other comprehensive income (loss), net of tax		33,005			(52,479	)		(1,615	)		(33,335	)
Comprehensive income (loss)	$	100,990		$	(2,680	)	$	139,458		$	71,278

 6

Platinum Underwriters Holdings, Ltd.

Condensed Consolidated Balance Sheets
As of June 30, 2005 and December 31, 2004
($ in thousands, except per share data)

	June 30, 2005		December 31, 2004
	(Unaudited)
Assets
Investments and cash and cash equivalents	$	3,138,231	$	2,456,868
Receivables		576,457		580,048
Accrued investment income		28,316		23,663
Reinsurance balances (prepaid and recoverable)		16,688		4,892
Deferred acquisition costs		144,844		136,038
Funds held		271,795		198,048
Other assets		22,905		22,438
Total assets	$	4,199,236	$	3,421,995
Liabilities
Unpaid losses and loss adjustment expenses	$	1,559,092	$	1,380,955
Unearned premiums		575,727		502,423
Debt obligations		387,500		137,500
Commissions payable		216,459		181,925
Other liabilities		187,730		86,189
Total liabilities		2,926,508		2,288,992
Total shareholders’ equity		1,272,728		1,133,003
Total liabilities and shareholders’ equity	$	4,199,236	$	3,421,995
Book value per share	$	29.32	$	26.30

 7

Platinum Underwriters Holdings, Ltd.

Segment Reporting
For the Three Months Ended June 30, 2005 and 2004 (Unaudited)
($ in thousands)

	Property
	and Marine			Casualty			Finite Risk			Total
Three Months Ended June 30, 2005
Segment underwrting results
Net premiums written	$	134,953			188,890			99,116		$	422,959
Net premiums earned		140,669			198,723			92,078			431,470
Losses and loss adjustment expenses		58,499			127,531			54,822			240,852
Acquisition expenses		29,695			47,963			26,270			103,928
Other underwriting expenses		8,240			8,972			1,333			18,545
Total underwriting expenses		96,434			184,466			82,425			363,325
Segment underwriting income	$	44,235			14,257			9,653			68,145
Net investment income											28,904
Net realized capital losses											(555	)
Net foreign currency exchange losses											(160	)
Other income											588
Corporate expenses											(4,935	)
Interest expense											(4,174	)
Income before income tax expense										$	87,813
GAAP underwriting ratios:
Loss and loss adjustment expense		41.6	%		64.2	%		59.5	%		55.8	%
Acquisition expense		21.1	%		24.1	%		28.5	%		24.1	%
Other underwriting expense		5.9	%		4.5	%		1.4	%		4.3	%
Combined		68.6	%		92.8	%		89.4	%		84.2	%
Three Months Ended June 30, 2004
Segment underwrting results
Net premiums written	$	101,841			112,761			115,925		$	330,527
Net premiums earned		99,928			132,230			78,709			310,867
Losses and loss adjustment expenses		40,974			93,391			55,101			189,466
Acquisition expenses		14,905			31,994			15,795			62,694
Other underwriting expenses		7,174			5,305			2,567			15,046
Total underwriting expenses		63,053			130,690			73,463			267,206
Segment underwriting income	$	36,875			1,540			5,246			43,661
Net investment income											19,377
Net realized capital losses											(1,279	)
Net foreign currency exchange losses											(1,168	)
Other income											605
Corporate expenses											(4,216	)
Interest expense											(2,324	)
Income before income tax expense										$	54,656
GAAP underwriting ratios:
Loss and loss adjustment expense		41.0	%		70.6	%		70.0	%		60.9	%
Acquisition expense		14.9	%		24.2	%		20.1	%		20.2	%
Other underwriting expense		7.2	%		4.0	%		3.3	%		4.8	%
Combined		63.1	%		98.8	%		93.4	%		85.9	%

The GAAP underwriting ratios are calculated by dividing each item above by net premiums earned.

 8

Platinum Underwriters Holdings, Ltd.

Segment Reporting
For the Six Months Ended June 30, 2005 and 2004 (Unaudited)
($ in thousands)

	Property
	and Marine			Casualty			Finite Risk			Total
Six Months Ended June 30, 2005
Segment underwrting results
Net premiums written	$	320,002			404,559			192,197		$	916,758
Net premiums earned		268,866			383,491			190,153			842,510
Losses and loss adjustment expenses		118,539			245,969			114,042			478,550
Acquisition expenses		51,684			93,165			52,328			197,177
Other underwriting expenses		15,963			16,285			2,904			35,152
Total underwriting expenses		186,186			355,419			169,274			710,879
Segment underwriting income	$	82,680			28,072			20,879			131,631
Net investment income											55,809
Net realized capital losses											(183	)
Net foreign currency exchange losses											(1,958	)
Other income											232
Corporate expenses											(8,336	)
Interest expense											(6,347	)
Income before income tax expense										$	170,848
GAAP underwriting ratios:
Loss and loss adjustment expense		44.1	%		64.1	%		60.0	%		56.8	%
Acquisition expense		19.2	%		24.3	%		27.5	%		23.4	%
Other underwriting expense		5.9	%		4.2	%		1.5	%		4.2	%
Combined		69.2	%		92.6	%		89.0	%		84.4	%
Six Months Ended June 30, 2004
Segment underwrting results
Net premiums written	$	273,135			336,726			200,772		$	810,633
Net premiums earned		217,993			268,452			145,464			631,909
Losses and loss adjustment expenses		89,552			188,175			73,708			351,435
Acquisition expenses		36,657			66,830			48,128			151,615
Other underwriting expenses		15,324			10,362			5,164			30,850
Total underwriting expenses		141,533			265,367			127,000			533,900
Segment underwriting income	$	76,460			3,085			18,464			98,009
Net investment income											36,861
Net realized capital losses											(827	)
Net foreign currency exchange losses											(302	)
Other income											1,116
Corporate expenses											(7,186	)
Interest expense											(4,630	)
Income before income tax expense										$	123,041
GAAP underwriting ratios:
Loss and loss adjustment expense		41.1	%		70.1	%		50.7	%		55.6	%
Acquisition expense		16.8	%		24.9	%		33.1	%		24.0	%
Other underwriting expense		7.0	%		3.9	%		3.6	%		4.9	%
Combined		64.9	%		98.9	%		87.4	%		84.5	%

The GAAP underwriting ratios are calculated by dividing each item above by net premiums earned.

EX-99.2

Exhibit 99.2

Financial Supplement

Financial Information
as of June 30, 2005

(UNAUDITED)

To assist in your understanding of the Company, the following supplement of information
concerning Platinum Underwriters Holdings, Ltd. is provided.

This report is for informational purposes only. It should be read in conjunction with
documents filed by Platinum Underwriters Holdings, Ltd. with the SEC, including
the Company’s Annual Report on Form 10-K and Quarterly Report on Form 10-Q.

Our Investors Relations Department can be reached at (441) 298-0753.

Platinum Underwriters Holdings, Ltd.

Overview
June 30, 2005

Address:

Platinum Underwriters Holdings, Ltd.
The Belvedere Building
69 Pitts Bay Road
Pembroke HM 08
Bermuda

Investor Information:

Justin Cressall
Senior Vice President and Treasurer
Tel: (441) 298-0753
Fax: (441) 296-0528

Website:

www.platinumre.com

Publicly Traded Securities:

Common Shares (NYSE: PTP)

Equity Security Units (NYSE: PTP Pr M)

Page 1 of 22

Platinum Underwriters Holdings, Ltd.

Table of Contents
June 30, 2005

Section:	Page:
Balance Sheet:
a. Condensed Consolidated Balance Sheets		3
Income Statement:
a. Consolidated Statements of Income and Comprehensive Income — Summary		4
b. Consolidated Statements of Income and Comprehensive Income — by Quarter		5
Earnings and Book Value Per Share Analysis:
a. Computation of Basic and Diluted Earnings Per Share — Summary		6
b. Computation of Basic and Diluted Earnings Per Share — by Quarter		7
c. Fully Converted Book Value Per Share		8
Cash Flow Statement:
a. Condensed Statements of Cash Flows — Summary		9
b. Condensed Statements of Cash Flows — by Quarter		10
Segment Data:
a. Segment Reporting — Three Month Summary		11
b. Segment Reporting — Six Month Summary		12
c. Property and Marine Segment — by Quarter		13
d. Casualty Segment — by Quarter		14
e. Finite Risk Segment — by Quarter		15
Net Premiums Written Data:
a. Net Premiums Written — Supplemental Information		16
b. Premiums by Line of Business — Three Month Summary		17
c. Premiums by Line of Business — Six Month Summary		18
Other Company Data:
a. Company Ratios, Share Data, Ratings		19
Investments:
a. Investment Portfolio		20
b. Investment Portfolio — Net Realized Capital Gains (Losses)		21
Loss Reserves:
a. Loss Analysis		22

Page 2 of 22

Platinum Underwriters Holdings, Ltd.

Condensed Consolidated Balance Sheets
June 30, 2005
(amounts in thousands, except per share amounts)

	June 30, 2005		March 31, 2005		December 31, 2004		September 30, 2004		June 30, 2004
Assets
Investments and cash and cash equivalents	$	3,138,231		2,584,928		2,456,868		2,374,310	$	2,154,389
Receivables		576,457		638,283		580,048		638,463		549,732
Accrued investment income		28,316		27,127		23,663		26,613		20,707
Reinsurance balances (prepaid and recoverable)		16,688		15,783		4,892		5,176		10,739
Deferred acquisition costs		144,844		149,555		136,038		142,000		122,146
Funds held		271,795		222,791		198,048		85,780		81,262
Other assets		22,905		26,049		22,438		21,971		19,055
Total assets	$	4,199,236		3,664,516		3,421,995		3,294,313	$	2,958,030
Liabilities
Unpaid losses and loss adjustment expenses	$	1,559,092		1,507,158		1,380,955		1,222,364	$	896,449
Unearned premiums		575,727		589,795		502,423		537,251		483,773
Debt obligations		387,500		137,500		137,500		137,500		137,500
Commissions payable		216,459		172,224		181,925		220,902		207,306
Other liabilities		187,730		84,763		86,189		87,767		95,310
Total liabilities		2,926,508		2,491,440		2,288,992		2,205,784		1,820,338
Total shareholders’ equity		1,272,728		1,173,076		1,133,003		1,088,529		1,137,692
Total liabilities and shareholders’ equity	$	4,199,236		3,664,516		3,421,995		3,294,313	$	2,958,030
Book value per share	$	29.32		27.12		26.30		25.30	$	26.29

Page 3 of 22

Platinum Underwriters Holdings, Ltd.

Consolidated Statements of Income and Comprehensive Income — Summary
(amounts in thousands, except per share amounts)

	Three Months Ended						Six Months Ended
	June 30, 2005			June 30, 2004			June 30, 2005			June 30, 2004
Revenues
Net premiums earned	$	431,470		$	310,867		$	842,510		$	631,909
Net investment income		28,904			19,377			55,809			36,861
Net realized capital losses		(555	)		(1,279	)		(183	)		(827	)
Other income		588			605			232			1,116
Total revenues		460,407			329,570			898,368			669,059
Expenses
Losses and loss adjustment expenses		240,852			189,466			478,550			351,435
Acquisition expenses		103,928			62,694			197,177			151,615
Other underwriting expenses		18,545			15,045			35,152			30,850
Corporate expenses		4,935			4,217			8,336			7,186
Net foreign currency exchange losses		160			1,168			1,958			302
Interest expense		4,174			2,324			6,347			4,630
Total expenses		372,594			274,914			727,520			546,018
Income before income tax expense		87,813			54,656			170,848			123,041
Income tax expense		19,828			4,857			29,775			18,428
Net income	$	67,985		$	49,799		$	141,073		$	104,613
Basic
Weighted average shares outstanding		43,293			43,290			43,224			43,216
Basic earnings per share	$	1.57		$	1.15		$	3.26		$	2.42
Diluted
Weighted average shares outstanding		50,009			50,788			50,040			50,788
Diluted earnings per share	$	1.39		$	1.01		$	2.88		$	2.12
Comprehensive income (loss)
Net income	$	67,985		$	49,799		$	141,073		$	104,613
Other comprehensive income (loss), net of tax		33,005			(52,479	)		(1,615	)		(33,335	)
Comprehensive income (loss)	$	100,990		$	(2,680	)	$	139,458		$	71,278

Page 4 of 22

Platinum Underwriters Holdings, Ltd.

Consolidated Statements of Income and Comprehensive Income — by Quarter
(amounts in thousands, except per share amounts)

	Three Months Ended
	June 30, 2005			March 31, 2005			December 31, 2004			September 30, 2004			June 30, 2004
Revenues
Net premiums earned	$	431,470			411,040			432,936			383,090		$	310,867
Net investment income		28,904			26,905			26,242			21,429			19,377
Net realized capital gains (losses)		(555	)		372			520			2,262			(1,279	)
Other income (loss)		588			(356	)		1,074			1,021			605
Total revenues		460,407			437,961			460,772			407,802			329,570
Expenses
Losses and loss adjustment expenses		240,852			237,698			283,645			384,724			189,466
Acquisition expenses		103,928			93,249			94,935			81,271			62,694
Other underwriting expenses		18,545			16,607			10,053			12,234			15,045
Corporate expenses		4,935			3,401			2,844			3,166			4,217
Net foreign currency exchange losses (gains)		160			1,798			(399	)		(628	)		1,168
Interest expense		4,174			2,173			2,316			2,322			2,324
Total expenses		372,594			354,926			393,394			483,089			274,914
Income (loss) before income tax expense (benefit)		87,813			83,035			67,378			(75,287	)		54,656
Income tax expense (benefit)		19,828			9,947			17,456			(5,535	)		4,857
Net income (loss)	$	67,985			73,088			49,922			(69,752	)	$	49,799
Basic
Weighted average shares outstanding		43,293			43,163			43,073			43,127			43,290
Basic earnings per share	$	1.57			1.69			1.16			(1.62	)	$	1.15
Diluted
Weighted average shares outstanding		50,009			50,032			49,819			43,127			50,788
Diluted earnings per share	$	1.39			1.49			1.03			(1.62	)	$	1.01
Comprehensive income (loss)
Net income (loss)	$	67,985			73,088			49,922			(69,752	)	$	49,799
Other comprehensive income (loss), net of tax		33,005			(34,620	)		(4,193	)		31,007			(52,479	)
Comprehensive income (loss)	$	100,990			38,468			45,729			(38,745	)	$	(2,680	)

Page 5 of 22

Platinum Underwriters Holdings, Ltd.

Computation of Basic and Diluted Earnings Per Share — Summary
(amounts in thousands, except per share amounts)

	Three Months Ended				Six Months Ended
	June 30, 2005		June 30, 2004		June 30, 2005		June 30, 2004
Earnings:
Basic:
Net income	$	67,985	$	49,799	$	141,073	$	104,613
Net income available to common shareholders		67,985		49,799		141,073		104,613
Diluted:
Net income		67,985		49,799		141,073		104,613
Effect of dilutive securities:
Equity security units		1,506		1,530		2,929		3,052
Net income available to common shareholders	$	69,491	$	51,329	$	144,002	$	107,665
Common Shares:
Basic:
Weighted average shares outstanding		43,293		43,290		43,224		43,216
Diluted:
Weighted average shares outstanding		43,293		43,290		43,224		43,216
Effect of dilutive securities:
Share options		1,644		2,416		1,755		2,575
Equity security units		5,009		5,009		5,009		5,009
Restricted stock units		63		73		52		41
Weighted average, as adjusted		50,009		50,788		50,040		50,841
Earnings Per Share:
Basic	$	1.57	$	1.15	$	3.26	$	2.42
Diluted	$	1.39	$	1.01	$	2.88	$	2.12

Page 6 of 22

Platinum Underwriters Holdings, Ltd.

Computation of Basic and Diluted Earnings Per Share — by Quarter
(amounts in thousands, except per share amounts)

	Three Months Ended
	June 30, 2005		March 31, 2005		December 31, 2004		September 30, 2004			June 30, 2004
Earnings:
Basic:
Net income (loss)	$	67,985		73,088		49,922		(69,752	)	$	49,799
Net income (loss) available to common shareholders		67,985		73,088		49,922		(69,752	)		49,799
Diluted:
Net income (loss)		67,985		73,088		49,922		(69,752	)		49,799
Effect of dilutive securities:
Equity security units		1,506		1,423		1,519		—			1,530
Net income (loss) available to common shareholders	$	69,491		74,511		51,441		(69,752	)	$	51,329
Common Shares:
Basic:
Weighted average shares outstanding		43,293		43,163		43,073		43,127			43,290
Diluted:
Weighted average shares outstanding		43,293		43,163		43,073		43,127			43,290
Effect of dilutive securities:
Share options		1,644		1,838		1,721		—			2,416
Equity security units		5,009		5,009		5,009		—			5,009
Restricted stock units		63		22		16		—			73
Weighted average, as adjusted		50,009		50,032		49,819		43,127			50,788
Earnings Per Share:
Basic	$	1.57		1.69		1.16		(1.62	)	$	1.15
Diluted	$	1.39		1.49		1.03		(1.62	)	$	1.01

Page 7 of 22

Platinum Underwriters Holdings, Ltd.

Fully Converted Book Value per Share
June 30, 2005

	Conversion			Conversion
	Multiple /			Amount		Shares		Book Value
	Strike Price			($000)		(000)		Per Share
Book value as of June 30, 2005				$	1,272,728		43,407	$	29.32
Equity Security Units:
Ratio of conversion to common shares when common share market value is greater than $27.45 per share		0.9107			137,500		5,009		(0.17	)
Share options:
Shareholder share options:
St. Paul Travelers		27.00			—		899		(0.49	)
RenaissanceRe		27.00			—		375		(0.20	)
Management and directors’ options (a)		23.59	(b)		101,465		4,301		(0.45	)
Directors’ and officers’ restricted shares and share units					—		139		(0.08	)
Fully converted book value as of June 30, 2005				$	1,511,693		54,130	$	27.93

(a)	Excludes 87,500 options with a weighted average strike price of $32.70
(b)	Weighted average strike price of options with a price below $31.82, the closing share price at June 30, 2005.

Page 8 of 22

Platinum Underwriters Holdings, Ltd.

Condensed Statements of Cash Flows — Summary
($ in thousands)

	Three Months Ended						Six Months Ended
	June 30, 2005			June 30, 2004			June 30, 2005			June 30, 2004
Net cash provided by operations	$	196,754		$	216,227		$	376,402		$	436,942
Net cash used in investing activities		(331,898	)		(240,295	)		(421,736	)		(368,300	)
Net cash provided by (used in) financing activities		244,663			(3,228	)		244,973			(1,876	)
Net increase in cash and cash equivalents	$	109,519		$	(27,296	)	$	199,639		$	66,766

Page 9 of 22

Platinum Underwriters Holdings, Ltd.

Condensed Statements of Cash Flows — by Quarter
($ in thousands)

	Three Months Ended
	June 30, 2005			March 31, 2005			December 31, 2004			September 30, 2004			June 30, 2004
Net cash provided by operations	$	196,754			179,648			91,563			186,228		$	216,227
Net cash used in investing activities		(331,898	)		(89,838	)		(103,703	)		(123,475	)		(240,295	)
Net cash provided by (used in) financing activities		244,663			310			(310	)		(12,633	)		(3,228	)
Net increase (decrease) in cash and cash equivalents	$	109,519			90,120			(12,450	)		50,120		$	(27,296	)

Page 10 of 22

Platinum Underwriters Holdings, Ltd.

Segment Reporting
($ in thousands)

	Three Months Ended June 30, 2005												Three Months Ended June 30, 2004
	Property and												Property and
	Marine			Casualty			Finite Risk			Total			Marine			Casualty			Finite Risk			Total
Net premiums written	$	134,953			188,890			99,116		$	422,959		$	101,841			112,761			115,925		$	330,527
Net premiums earned		140,669			198,723			92,078			431,470			99,928			132,230			78,709			310,867
Losses and loss adjustment expenses		58,499			127,531			54,822			240,852			40,974			93,391			55,101			189,466
Acquisition expenses		29,695			47,963			26,270			103,928			14,905			31,994			15,795			62,694
Other underwriting expenses		8,240			8,972			1,333			18,545			7,174			5,305			2,567			15,046
Total underwriting expenses		96,434			184,466			82,425			363,325			63,053			130,690			73,463			267,206
Segment underwriting income	$	44,235			14,257			9,653			68,145		$	36,875			1,540			5,246			43,661
Net investment income											28,904												19,377
Net realized capital losses											(555	)											(1,279	)
Net foreign currency exchange losses											(160	)											(1,168	)
Other income											588												605
Corporate expenses not allocated to segments											(4,935	)											(4,216	)
Interest expense											(4,174	)											(2,324	)
Income before income tax expense										$	87,813											$	54,656
GAAP underwriting ratios:
Loss and loss adjustment expense		41.6	%		64.2	%		59.5	%		55.8	%		41.0	%		70.6	%		70.0	%		60.9	%
Acquisition expense		21.1	%		24.1	%		28.5	%		24.1	%		14.9	%		24.2	%		20.1	%		20.2	%
Other underwriting expense		5.9	%		4.5	%		1.4	%		4.3	%		7.2	%		4.0	%		3.3	%		4.8	%
Combined		68.6	%		92.8	%		89.4	%		84.2	%		63.1	%		98.8	%		93.4	%		85.9	%
Statutory underwriting ratios:
Loss and loss adjustment expense		41.6	%		64.2	%		59.5	%		55.8	%		41.0	%		70.6	%		70.0	%		60.9	%
Acquisition expense		22.7	%		23.5	%		25.2	%		23.6	%		16.2	%		23.0	%		23.1	%		20.9	%
Other underwriting expense		6.1	%		4.7	%		1.3	%		4.4	%		7.0	%		4.7	%		2.2	%		4.6	%
Combined		70.4	%		92.4	%		86.0	%		83.8	%		64.2	%		98.3	%		95.3	%		86.4	%

The GAAP underwriting ratios are calculated by dividing each item above by net premiums earned.

The Statutory Underwriting ratios are based on statutory accounting principles and are calculated as follows:

(1)	Losses & loss adjustment expenses are divided by net premiums earned;
(2)	Acquisition expenses are divided by net premiums written and exclude changes in deferred acquisition costs; and
(3)	Other underwriting expenses are divided by net premiums written.

Page 11 of 22

Platinum Underwriters Holdings, Ltd.

Segment Reporting
($ in thousands)

	Six Months Ended June 30, 2005												Six Months Ended June 30, 2004
	Property and												Property and
	Marine			Casualty			Finite Risk			Total			Marine			Casualty			Finite Risk			Total
Net premiums written	$	320,002			404,559			192,197		$	916,758		$	273,135			336,726			200,772		$	810,633
Net premiums earned		268,866			383,491			190,153			842,510			217,993			268,452			145,464			631,909
Losses and loss adjustment expenses		118,539			245,969			114,042			478,550			89,552			188,175			73,708			351,435
Acquisition expenses		51,684			93,165			52,328			197,177			36,657			66,830			48,128			151,615
Other underwriting expenses		15,963			16,285			2,904			35,152			15,324			10,362			5,164			30,850
Total underwriting expenses		186,186			355,419			169,274			710,879			141,533			265,367			127,000			533,900
Segment underwriting income	$	82,680			28,072			20,879			131,631		$	76,460			3,085			18,464			98,009
Net investment income											55,809												36,861
Net realized capital losses											(183	)											(827	)
Net foreign currency exchange losses											(1,958	)											(302	)
Other income											232												1,116
Corporate expenses not allocated to segments											(8,336	)											(7,186	)
Interest expense											(6,347	)											(4,630	)
Income before income tax expense										$	170,848											$	123,041
GAAP underwriting ratios:
Loss and loss adjustment expense		44.1	%		64.1	%		60.0	%		56.8	%		41.1	%		70.1	%		50.7	%		55.6	%
Acquisition expense		19.2	%		24.3	%		27.5	%		23.4	%		16.8	%		24.9	%		33.1	%		24.0	%
Other underwriting expense		5.9	%		4.2	%		1.5	%		4.2	%		7.0	%		3.9	%		3.6	%		4.9	%
Combined		69.2	%		92.6	%		89.0	%		84.4	%		64.9	%		98.9	%		87.4	%		84.5	%
Statutory underwriting ratios:
Loss and loss adjustment expense		44.1	%		64.1	%		60.0	%		56.8	%		41.1	%		70.1	%		50.7	%		55.6	%
Acquisition expense		18.9	%		23.6	%		26.6	%		22.6	%		16.9	%		24.7	%		32.5	%		24.0	%
Other underwriting expense		5.0	%		4.0	%		1.5	%		3.8	%		5.6	%		3.1	%		2.6	%		3.8	%
Combined		68.0	%		91.7	%		88.1	%		83.2	%		63.6	%		97.9	%		85.8	%		83.4	%

The GAAP underwriting ratios are calculated by dividing each item above by net premiums earned.
The Statutory Underwriting ratios are based on statutory accounting principles and are calculated as follows:
(1)	Losses & loss adjustment expenses are divided by net premiums earned;
(2)	Acquisition expenses are divided by net premiums written and exclude changes in deferred acquisition costs; and
(3)	Other underwriting expenses are divided by net premiums written.

Page 12 of 22

Platinum Underwriters Holdings, Ltd.

Property and Marine Segment — by Quarter
($ in thousands)

	Three Months Ended
	June 30, 2005			March 31, 2005			December 31, 2004			September 30, 2004			June 30, 2004
Net premiums written	$	134,953			185,049			110,675			120,629		$	101,841
Net premiums earned		140,669			128,197			131,712			135,430			99,928
Losses and loss adjustment expenses		58,499			60,040			64,510			195,495			40,974
Acquisition expenses		29,695			21,989			18,869			20,834			14,905
Other underwriting expenses		8,240			7,723			6,547			5,956			7,174
Total underwriting expenses		96,434			89,752			89,926			222,285			63,053
Segment underwriting income (loss)	$	44,235			38,445			41,786			(86,855	)	$	36,875
GAAP underwriting ratios:
Loss and loss adjustment expense		41.6	%		46.8	%		49.0	%		144.4	%		41.0	%
Acquisition expense		21.1	%		17.2	%		14.3	%		15.4	%		14.9	%
Other underwriting expense		5.9	%		6.0	%		5.0	%		4.4	%		7.2	%
Combined		68.6	%		70.0	%		68.3	%		164.2	%		63.1	%
Statutory underwriting ratios:
Loss and loss adjustment expense		41.6	%		46.8	%		49.0	%		144.4	%		41.0	%
Acquisition expense		22.7	%		16.1	%		15.9	%		15.0	%		16.2	%
Other underwriting expense		6.1	%		4.2	%		5.9	%		4.9	%		7.0	%
Combined		70.4	%		67.1	%		70.8	%		164.3	%		64.2	%

The GAAP underwriting ratios are calculated by dividing each item above by net premiums earned.
The Statutory Underwriting ratios are based on statutory accounting principles and are calculated as follows:
(1)	Losses & loss adjustment expenses are divided by net premiums earned;
(2)	Acquisition expenses are divided by net premiums written and exclude changes in deferred acquisition costs; and
(3)	Other underwriting expenses are divided by net premiums written.

Page 13 of 22

Platinum Underwriters Holdings, Ltd.

Casualty Segment — by Quarter
($ in thousands)

	Three Months Ended
	June 30, 2005			March 31, 2005			December 31, 2004			September 30, 2004			June 30, 2004
Net premiums written	$	188,890			215,669			168,706			171,967		$	112,761
Net premiums earned		198,723			184,768			186,929			156,512			132,230
Losses and loss adjustment expenses		127,531			118,438			124,621			105,559			93,391
Acquisition expenses		47,963			45,202			45,884			38,935			31,994
Other underwriting expenses		8,972			7,313			3,107			5,617			5,305
Total underwriting expenses		184,466			170,953			173,612			150,111			130,690
Segment underwriting income	$	14,257			13,815			13,317			6,401		$	1,540
GAAP underwriting ratios:
Loss and loss adjustment expense		64.2	%		64.1	%		66.7	%		67.4	%		70.6	%
Acquisition expense		24.1	%		24.5	%		24.5	%		24.9	%		24.2	%
Other underwriting expense		4.5	%		4.0	%		1.7	%		3.6	%		4.0	%
Combined		92.8	%		92.6	%		92.9	%		95.9	%		98.8	%
Statutory underwriting ratios:
Loss and loss adjustment expense		64.2	%		64.1	%		66.7	%		67.4	%		70.6	%
Acquisition expense		23.5	%		23.6	%		23.7	%		24.7	%		23.0	%
Other underwriting expense		4.7	%		3.4	%		1.8	%		3.3	%		4.7	%
Combined		92.4	%		91.1	%		92.2	%		95.4	%		98.3	%

The GAAP underwriting ratios are calculated by dividing each item above by net premiums earned.
The Statutory Underwriting ratios are based on statutory accounting principles and are calculated as follows:
(1)	Losses & loss adjustment expenses are divided by net premiums earned;
(2)	Acquisition expenses are divided by net premiums written and exclude changes in deferred acquisition costs; and
(3)	Other underwriting expenses are divided by net premiums written.

Page 14 of 22

Platinum Underwriters Holdings, Ltd.

Finite Risk Segment — by Quarter
($ in thousands)

	Three Months Ended
	June 30, 2005			March 31, 2005			December 31, 2004			September 30, 2004			June 30, 2004
Net premiums written	$	99,116			93,081			115,504			147,899		$	115,925
Net premiums earned		92,078			98,075			114,295			91,148			78,709
Losses and loss adjustment expenses		54,822			59,220			94,514			83,670			55,101
Acquisition expenses		26,270			26,058			30,182			21,502			15,795
Other underwriting expenses		1,333			1,571			399			661			2,567
Total underwriting expenses		82,425			86,849			125,095			105,833			73,463
Segment underwriting income (loss)	$	9,653			11,226			(10,800	)		(14,685	)	$	5,246
GAAP underwriting ratios:
Loss and loss adjustment expense		59.5	%		60.4	%		82.7	%		91.8	%		70.0	%
Acquisition expense		28.5	%		26.6	%		26.4	%		23.6	%		20.1	%
Other underwriting expense		1.4	%		1.6	%		0.3	%		0.7	%		3.3	%
Combined		89.4	%		88.6	%		109.4	%		116.1	%		93.4	%
Statutory underwriting ratios:
Loss and loss adjustment expense		59.5	%		60.4	%		82.7	%		91.8	%		70.0	%
Acquisition expense		25.2	%		28.0	%		27.0	%		27.3	%		23.1	%
Other underwriting expense		1.3	%		1.7	%		0.3	%		0.4	%		2.2	%
Combined		86.0	%		90.1	%		110.0	%		119.5	%		95.3	%

The GAAP underwriting ratios are calculated by dividing each item above by net premiums earned.
The Statutory Underwriting ratios are based on statutory accounting principles and are calculated as follows:
(1)	Losses & loss adjustment expenses are divided by net premiums earned;
(2)	Acquisition expenses are divided by net premiums written and exclude changes in deferred acquisition costs; and
(3)	Other underwriting expenses are divided by net premiums written.

Page 15 of 22

Platinum Underwriters Holdings, Ltd.

Net Premiums Written — Supplemental Information
($ in thousands)

	Three Months Ended					Six Months Ended
	June 30, 2005		June 30, 2004			June 30, 2005		June 30, 2004
Property and Marine:
Excess-of-loss	$	80,393	$	77,716		$	214,048	$	205,854
Proportional		54,560		24,125			105,954		67,281
Subtotal Property and Marine		134,953		101,841			320,002		273,135
Casualty:
Excess-of-loss		168,486		120,029			337,033		291,779
Proportional		20,404		(7,268	)		67,526		44,947
Subtotal Casualty		188,890		112,761			404,559		336,726
Finite Risk:
Excess-of-loss		35,946		42,504			43,237		75,176
Proportional		63,170		73,421			148,960		125,596
Subtotal Finite Risk		99,116		115,925			192,197		200,772
Total:
Excess-of-loss		284,825		240,249			594,318		572,809
Proportional		138,134		90,278			322,440		237,824
Total	$	422,959	$	330,527		$	916,758	$	810,633

	Three Months Ended				Six Months Ended
	June 30, 2005		June 30, 2004		June 30, 2005		June 30, 2004
Property and Marine:
United States	$	99,151	$	68,381	$	196,262	$	143,204
International		35,802		33,460		123,740		129,931
Subtotal Property and Marine		134,953		101,841		320,002		273,135
Casualty:
United States		175,251		98,515		341,647		282,435
International		13,639		14,246		62,912		54,291
Subtotal Casualty		188,890		112,761		404,559		336,726
Finite Risk:
United States		97,087		110,931		188,042		189,900
International		2,029		4,994		4,155		10,872
Subtotal Finite Risk		99,116		115,925		192,197		200,772
Total:
United States		371,489		277,827		725,951		615,539
International		51,470		52,700		190,807		195,094
Total	$	422,959	$	330,527	$	916,758	$	810,633

Page 16 of 22

Platinum Underwriters Holdings, Ltd.

Premiums by Line of Business
($ in thousands)

	Three Months Ended June 30, 2005								Three Months Ended June 30, 2004
	Gross			Net			Net		Gross		Net		Net
	Premiums			Premiums			Premiums		Premiums		Premiums		Premiums
	Written			Written			Earned		Written		Written		Earned
Property and Marine:
North American Property Proportional	$	29,925			29,925		$	29,043	$	13,499		13,499	$	12,577
North American Property Catastrophe		15,987			15,853			16,083		13,211		10,783		10,648
North American Property Risk		30,939			29,235			26,265		21,529		21,529		14,467
Other Property		24,285			24,138			26,126		22,570		22,570		26,623
Marine / Aviation Proportional		2,018			2,018			2,209		2,712		2,712		1,801
Marine / Aviation Excess		5,708			5,706			9,063		7,231		9,151		7,611
International Property Proportional		12,424			12,424			6,679		5,492		5,492		3,236
International Property Catastrophe		12,755			12,762			20,381		13,866		14,084		19,181
International Property Risk		2,892			2,892			4,820		2,021		2,021		3,784
Subtotal		136,933			134,953			140,669		102,131		101,841		99,928
Casualty:
Clash		6,857			6,857			8,716		6,148		6,148		6,223
1st $ GL		13,289			13,289			10,521		2,804		2,804		5,001
1st $ Other		1,358			1,358			787		808		808		573
Casualty Excess		138,361			138,361			134,064		83,748		83,748		85,754
Accident & Health		12,705			12,605			19,272		202		202		16,339
International Casualty		10,962			10,962			13,123		11,495		11,495		6,456
International Motor		414			414			2,781		1,283		1,374		5,994
Financial Lines		5,044			5,044			9,459		6,182		6,182		5,890
Subtotal		188,990			188,890			198,723		112,670		112,761		132,230
Finite Risk:
Finite Property		8,368			4,521			5,924		10,451		10,451		16,014
Finite Casualty		94,753			94,753			81,436		58,073		58,073		22,304
Finite Accident & Health		(158	)		(158	)		4,718		47,401		47,401		40,391
Subtotal		102,963			99,116			92,078		115,925		115,925		78,709
Total	$	428,886			422,959		$	431,470	$	330,726		330,527	$	310,867

Page 17 of 22

Platinum Underwriters Holdings, Ltd.

Premiums by Line of Business
($ in thousands)

	Six Months Ended June 30, 2005								Six Months Ended June 30, 2004
	Gross			Net			Net		Gross		Net		Net
	Premiums			Premiums			Premiums		Premiums		Premiums		Premiums
	Written			Written			Earned		Written		Written		Earned
Property and Marine:
North American Property Proportional	$	49,170			49,170		$	46,253	$	29,083		29,083	$	26,898
North American Property Catastrophe		34,671			34,667			34,092		27,984		23,695		24,064
North American Property Risk		55,444			52,104			47,914		44,960		44,960		36,606
Other Property		60,468			60,321			58,059		45,466		45,466		46,619
Marine / Aviation Proportional		4,249			4,249			4,476		5,028		5,028		3,496
Marine / Aviation Excess		21,450			19,536			17,816		31,489		31,958		23,095
International Property Proportional		22,330			22,330			12,379		13,696		13,696		8,572
International Property Catastrophe		61,051			59,638			36,012		72,359		65,620		39,509
International Property Risk		17,987			17,987			11,865		13,629		13,629		9,134
Subtotal		326,820			320,002			268,866		283,694		273,135		217,993
Casualty:
Clash		17,987			17,987			15,915		12,979		12,979		13,649
1st $ GL		21,416			21,416			19,129		10,667		10,667		11,552
1st $ Other		1,996			1,996			1,437		1,398		1,398		997
Casualty Excess		251,901			251,901			252,312		200,156		200,156		168,518
Accident & Health		41,096			40,996			44,176		48,029		48,029		39,009
International Casualty		30,797			30,797			21,994		20,969		20,969		11,437
International Motor		2,482			2,482			7,650		17,104		16,276		11,970
Financial Lines		36,984			36,984			20,878		26,252		26,252		11,320
Subtotal		404,659			404,559			383,491		337,554		336,726		268,452
Finite Risk:
Finite Property		27,106			9,281			13,422		26,374		26,374		37,508
Finite Casualty		183,160			183,160			165,645		111,940		111,940		37,756
Finite Accident & Health		(244	)		(244	)		11,086		62,458		62,458		70,200
Subtotal		210,022			192,197			190,153		200,772		200,772		145,464
Total	$	941,501			916,758		$	842,510	$	822,020		810,633	$	631,909

Page 18 of 22

Platinum Underwriters Holdings, Ltd.

Company Ratios, Share Data, Ratings

	As of and for the Three Months Ended
	June 30, 2005			March 31, 2005			December 31, 2004			September 30, 2004			June 30, 2004
GAAP Basis Ratios %:
Combined (%)		84.2	%		84.5	%		89.7	%		124.8	%		85.9	%
Debt to Total Capital (%)		23.3	%		10.5	%		10.8	%		11.2	%		10.8	%
Net Premiums Written (Annualized) to Shareholders’ Equity		1.33			1.68			1.39			1.62			1.16
Share Data:
Book Value Per Share	$	29.32		$	27.12		$	26.30		$	25.30		$	26.29
Common Shares Outstanding (000’s)		43,407			43,254			43,087			43,018			43,279
Market Price Per Share:*
High	$	31.90		$	31.92		$	31.10		$	30.90		$	33.50
Low		26.57			29.18			27.30			27.70			30.20
Close	$	31.82		$	29.70		$	31.10		$	29.28		$	30.43
Industry Ratings:
A.M. Best (Financial Strength Rating)		A			A			A			A			A
Supplemental Data:
Total Employees		157			159			159			164			158

Page 19 of 22

Platinum Underwriters Holdings, Ltd.

Investment Portfolio
($ in thousands)

			Weighted					Weighted
			Average					Average
	June 30, 2005		Book Yield			December 31, 2004		Book Yield
Fixed Maturities:
US Government and US Government agencies	$	145,920		3.6	%	$	4,203		2.3	%
Tax exempt municipal bonds		216,582		3.0	%		215,251		3.0	%
Corporate bonds		1,246,370		4.2	%		1,158,797		4.2	%
Mortgage and asset-backed securities		784,159		4.6	%		511,069		4.9	%
Foreign governments and foreign corporate bonds		320,837		4.7	%		347,206		4.7	%
Total Bonds		2,713,868		4.3	%		2,236,526		4.3	%
Redeemable Preferred Stock		8,824		5.9	%		3,676		5.8	%
Total Fixed Maturities	$	2,722,692		4.3	%	$	2,240,202		4.3	%

	June 30, 2005					December 31, 2004
	Amount		% of Total			Amount		% of Total
Credit Quality of Investment Grades:*
Aaa	$	1,218,903		44.8	%	$	764,002		34.1	%
Aa		498,111		18.3	%		447,071		20.0	%
A		879,159		32.3	%		909,403		40.6	%
Baa		126,519		4.6	%		119,726		5.3	%
Total	$	2,722,692		100.0	%	$	2,240,202		100.0	%
Credit Quality:
Weighted average credit quality	Aa2					Aa3

*	Rated using external rating agencies (Moody’s).
	(Aaa-Best Quality; Aa-High Quality; A-Upper to Medium Quality, Baa — Investment Grade)

Page 20 of 22

Platinum Underwriters Holdings, Ltd.

Investment Portfolio — Net Realized Capital Gains (Losses)
($ in thousands)

	Three Months Ended						Six Months Ended
	June 30, 2005			June 30, 2004			June 30, 2005			June 30, 2004
Net realized capital gains (losses):
United States	$	36		$	(605	)	$	189		$	(529	)
United Kingdom		(42	)		14			(80	)		11
Bermuda		(549	)		(688	)		(292	)		(309	)
Total	$	(555	)	$	(1,279	)	$	(183	)	$	(827	)

Page 21 of 22

Platinum Underwriters Holdings, Ltd.

Loss Analysis
($ in thousands)

	Analysis of Losses and Loss Expenses Incurred
	Six Months Ended June 30, 2005									Twelve Months Ended December 31, 2004
							Paid to										Paid to
	Gross		Ceded		Net		Incurred %			Gross		Ceded			Net		Incurred %
Paid	$	303,328		154	$	303,174		63.4	%	$	381,402		643		$	380,759		37.3	%
Change in unpaid losses and loss expenses		183,941		8,565		175,376					635,756		(3,289	)		639,045
Losses and loss expenses incurred	$	487,269		8,719	$	478,550				$	1,017,158		(2,646	)	$	1,019,804

	Analysis of Unpaid Losses and Loss Adjustment Expenses
	Six Months Ended June 30, 2005									Twelve Months Ended December 31, 2004
	Gross*		Ceded		Net*		%			Gross		Ceded		Net		%
Outstanding losses and loss expenses	$	277,170		260	$	276,910		17.9	%	$	229,454		449	$	229,005		16.6	%
Incurred but not reported		1,281,922		10,033		1,271,889		82.1	%		1,151,501		1,279		1,150,222		83.4	%
Unpaid losses and loss expenses	$	1,559,092		10,293	$	1,548,799		100.0	%	$	1,380,955		1,728	$	1,379,227		100.0	%

* Includes effects of foreign currency exchange rate movements of $5,804

Page 22 of 22

EX-99.3

Exhibit 99.3

Contact:	Justin Cressall
	Treasurer
	(441) 298-0753

PLATINUM UNDERWRITERS HOLDINGS, LTD. ANNOUNCES SENIOR MANAGEMENT APPOINTMENTS

HAMILTON, BERMUDA, JULY 28, 2005 — Platinum Underwriters Holdings, Ltd. (NYSE: PTP) today announced that it has appointed Michael D. Price to serve as its Chief Operating Officer, subject to the approval of the Bermuda Department of Immigration. In this capacity, Mr. Price will be responsible for supervising the group’s underwriting and investment management functions. H. Elizabeth Mitchell has been named to succeed Mr. Price as President of Platinum Underwriters Reinsurance, Inc. (“Platinum US”), the US operating subsidiary of Platinum.

“We are very excited to have Michael join our holding company executive team,” said Gregory E.A. Morrison, President and Chief Executive Officer of Platinum. “Our organization has greatly benefited from his leadership and will continue to do so,” he said. Mr. Morrison also commented, “Liz is an outstanding reinsurance underwriter and executive and I am confident she will continue to build on the success of Platinum US.”

Mr. Price has been President and Chief Underwriting Officer of Platinum US since Platinum’s initial public offering in November 2002. Mr. Price will relocate to Platinum’s headquarters in Bermuda in connection with this appointment.

Ms. Mitchell has been Executive Vice President of Platinum US since November 2002 and Chief Operating Officer of Platinum US since September 2003. Prior to Platinum’s initial public offering, she was Executive Vice President — North American Casualty of St. Paul Re, the predecessor company to Platinum US.

Platinum also announced today that Michael E. Lombardozzi has been named its Executive Vice President — General Counsel and Chief Administrative Officer, subject to the approval of the Bermuda Department of Immigration. In this capacity, Mr. Lombardozzi will be responsible for the group’s legal, compliance, human resources and corporate communications functions, as well as other matters pertaining to corporate development.

“We are very pleased to appoint Mike to this expanded role,” said Mr. Morrison, “Mike is a proven leader within our organization and we will benefit from his exceptional management and communication skills.”

Mr. Lombardozzi has been Executive Vice President, General Counsel and Secretary of Platinum since November 2002. Prior to joining Platinum, he was Senior Vice President — Planning and Operations of W.R. Berkley Corporation.

About Platinum

Platinum Underwriters Holdings, Ltd. (NYSE: PTP) is a leading provider of property, casualty and finite risk reinsurance coverages, through reinsurance intermediaries, to a diverse clientele on a worldwide basis. Platinum operates through its principal subsidiaries in Bermuda, the United States and the United Kingdom. The Company has a financial strength rating of A (Excellent) from A.M. Best Company, Inc. For further information, please visit Platinum’s website at www.platinumre.com.

Safe Harbor Statement Regarding Forwarding-Looking Statements

Management believes certain statements in this press release may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements include all statements that do not relate solely to historical or current facts, and can be identified by the use of words such as “may,” “should,” “estimate,” “expect,” “anticipate,” “intend,” “believe,” “predict,” “potential,” or words of similar import. Forward-looking statements are necessarily based on estimates and assumptions that are inherently subject to significant business, economic and competitive uncertainties and risks, many of which are subject to change. These uncertainties and risks include, but are not limited to, conducting operations in a competitive environment; our ability to maintain our A.M. Best Company rating; significant weather-related or other natural or man-made disasters over which the Company has no control; the effectiveness of our loss limitation methods and pricing models; the adequacy of the Company’s liability for unpaid losses and loss adjustment expenses; the availability of retrocessional reinsurance on acceptable terms; our ability to maintain our business relationships with reinsurance brokers; general political and economic conditions, including the effects of civil unrest, war or a prolonged U.S. or global economic downturn or recession; the cyclicality of the property and casualty reinsurance business; market volatility and interest rate and currency exchange rate fluctuation; tax, regulatory or legal restrictions or limitations applicable to the Company or the property and casualty reinsurance business generally; and changes in the Company’s plans, strategies, objectives, expectations or intentions, which may happen at any time at the Company’s discretion. As a consequence, current plans, anticipated actions and future financial condition and results may differ from those expressed in any forward-looking statements made by or on behalf of the Company. Additionally, forward-looking statements speak only as of the date they are made, and we undertake no obligation to release publicly the results of any future revisions or updates we may make to forward-looking statements to reflect new information or circumstances after the date hereof or to reflect the occurrence of future events

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