Exhibit 12.1

Platinum Underwriters Holdings, Ltd.

Ratio of Earnings to Fixed Charges

										Period from
			Nine Months							April 19,
			Ended			Year Ended		Year Ended		2002 to
			September 30,			December 31,		December 31,		December 31,
			2005			2004		2003		2002
			($ In thousands)
Earnings
	Earnings before income taxes		$	(42,942	)		115,133		193,698	$	11,093
	Add fixed charges			13,186			9,268		9,492		1,444
		Total		(29,756	)		124,401		203,190		12,537
Fixed charges:
	Interest Expense			12,017			7,426		7,563		1,261
	Amortized expenses related to indebtedness			1,169			1,842		1,929		183
		Total fixed charges	$	13,186			9,268		9,492	$	1,444
Ratio of earnings to fixed charges				*			13.4		21.4		8.7

*  Earnings were insufficient to cover fixed charges by $42,942,000 for the nine month period ended September 30, 2005.