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 25, 2006

Platinum Underwriters Holdings, Ltd.

(Exact name of registrant as specified in its charter)

Bermuda	001-31341	98-0416483
(State or other jurisdiction of	(Commission File Number)	(IRS Employer Identification No.)
incorporation or organization)
The Belvedere Building		HM 08
69 Pitts Bay Road		(Zip Code)
Pembroke, Bermuda
(Address of principal executive offices)

(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

EX-10.1: SHARE UNIT PLAN FOR NONEMPLOYEE DIRECTORS

EX-10.2: LETTER AGREEMENT

EX-99.1: PRESS RELEASE

EX-99.2: FINANCIAL SUPPLEMENT

Item 1.01. Entry into a Material Definitive Agreement.

     1. On July 25, 2006, the Board of Directors of Platinum Underwriters Holdings, Ltd. (the “Company”) amended the Company’s Share Unit Plan for Nonemployee Directors to provide for the payment of accumulated dividends upon vesting in cash rather than in fractional share units. A copy of the amended Share Unit Plan for Nonemployee Directors is filed herewith as Exhibit 10.1.

     2. On July 25, 2006, Platinum Underwriters Reinsurance, Inc. (“Platinum US”), a subsidiary of the Company, amended and restated its letter agreement with H. Elizabeth Mitchell to reflect Ms. Mitchell’s title as President of Platinum US, a position she has held since August 1, 2005. This letter agreement supersedes the letter agreements between Ms. Mitchell and Platinum US dated October 14, 2002 and June 24, 2004 and is filed herewith as Exhibit 10.2.

     3. On July 25, 2006, the Company’s Board of Directors increased by 60% the housing allowances for eight of the Company’s US expatriate employees working in Bermuda, including Michael D. Price, Michael E. Lombardozzi, Joseph A. Fisher and Robert D. Porter. Such increases are effective January 1, 2006 and were prompted by the passage of new US tax legislation impacting US expatriate employees.

Item 2.02. Results of Operations and Financial Condition.

     On July 25, 2006, the Company issued a press release reporting its financial results as of and for the quarter ended June 30, 2006. A copy of the press release and the financial supplement thereto 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 5.02. Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers.

     (c) On July 25, 2006, the Company’s Board of Directors appointed James A. Krantz as the Company’s Chief Accounting Officer effective August 1, 2006. Mr. Krantz, 46, has served as the Chief Financial Officer of Platinum US since March 2003. From January 2001 to November 2001, Mr. Krantz was the Chief Financial Officer of three primary insurance subsidiaries of Swiss Reinsurance America Corporation.

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Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit 10.1	Share Unit Plan for Nonemployee Directors
Exhibit 10.2	Letter Agreement dated July 25, 2006 between H. Elizabeth Mitchell and Platinum US
Exhibit 99.1	Press release dated July 25, 2006
Exhibit 99.2	Financial Supplement

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SIGNATURE

     Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, Platinum Underwriters Holdings, Ltd. 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 Chief Administrative Officer

Date: July 26, 2006

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Exhibit Index

Exhibit
Number	Description
Exhibit 10.1	Share Unit Plan for Nonemployee Directors
Exhibit 10.2	Letter Agreement dated July 25, 2006 between H. Elizabeth Mitchell and Platinum US
Exhibit 99.1	Press release dated July 25, 2006
Exhibit 99.2	Financial Supplement

EX-10.1

Exhibit 10.1

PLATINUM UNDERWRITERS HOLDINGS, LTD.
SHARE UNIT PLAN
FOR NONEMPLOYEE DIRECTORS
(as amended through July 25, 2006)

1. Introduction

          This Platinum Underwriters Holdings, Ltd. Share Unit Plan for Nonemployee Directors (the “Plan”) is intended to promote the interests of the Company and its shareholders by paying part or all of the compensation of the Company’s nonemployee directors in the form of an economic equivalent of an equity interest in the Company. The Plan provides for the conversion of at least 50 percent and up to 100 percent of the Director Fees for each calendar year into units of measurement relating to the value of the Company’s common shares, and for payment to the director of the value of such units after five calendar years (or upon termination from service on the Board, if earlier), so that a director will normally receive payment under the Plan each successive year in respect of the fees originally converted into units in the year preceding the fifth calendar year prior to the year of payment. The Plan shall become effective with respect to Director Fees earned in 2003. The Plan has been amended by the Board as set forth herein through July 25, 2006.

2. Definitions

          (a) “Board” means the Board of Directors of the Company.

          (b) “Common Shares” means the common shares of the Company, par value $0.01.

          (c) “Company” means Platinum Underwriters Holdings, Ltd., a Bermuda corporation.

          (d) “Director Fees” means the annual retainer fee, meeting fees and committee fees earned by the Participant for his service on the Board.

          (e) “Dividend Equivalent Amount” means, as of any date that a cash dividend is paid with respect to the Common Shares, an amount equal to the cash dividend per Common Share multiplied by the number of Share Units credited to a Participant’s Share Unit Account as of such date and with respect to which a benefit payment has not been made.

          (f) “Fair Market Value” of Common Shares as of a given date means the closing sales price of Common Shares on the New York Stock Exchange or other exchange or securities market as reflected on the composite index on the trading day immediately preceding the date as of which Fair Market Value is to be determined, or in the absence of any reported sales of Common Shares on such date, on the first preceding date on which any such sale shall have been reported. If the Common Shares are not listed on the New York Stock Exchange or other exchange or securities market on the date as of which Fair Market Value is to be determined, the Board shall determine in good faith the Fair Market Value in whatever manner it considers appropriate.

          (g) “Mandatory Conversion” means the required conversion of 50 percent of a Participant’s Director Fees into a Share Unit Award pursuant to Section 5 hereof.

          (h) “Participant” means a member of the Board who is not an employee of the Company or any of its affiliates.

          (i) “Realization Date” means, with respect to each Share Unit allocated to a Participant’s Share Unit Account, the first business day following the earlier of (i) the date that is five years following the end of the calendar year that includes the calendar quarter for which such Share Unit is awarded to the Participant, or (ii) the date the Participant ceases to be a member of the Board.

          (j) “Share Unit” means a non-voting unit of measurement based on the value of a Common Share, which entitles a participant to receive payment in accordance with the terms of the Plan.

          (k) “Share Unit Account” means a book account maintained by the Company reflecting the Share Units allocated to a Participant pursuant to Section 5 hereof as a result of the Participant’s Mandatory Conversions and Voluntary Conversions and such Dividend Equivalent Amounts as shall be credited thereto.

          (l) “Share Unit Award” means an Award under Section 5 hereof of Share Units.

          (m) “Voluntary Conversion” means the conversion based on the election of the Participant of all or part of a Participant’s Director Fees otherwise payable to the Participant in cash into a Share Unit Award pursuant to Section 5 hereof.

3. Common Shares Subject to the Plan

          (a) Number of Shares

          Subject to the following provisions of this Section 3, the aggregate number of Common Shares that may be issued under the Plan is 150,000 Common Shares. The Common Shares to be delivered under the Plan will be made available from authorized but unissued Common Shares or from reacquired shares. To the extent that any Share Unit Award is forfeited or terminated for any reason or is not paid in Common Shares, the number of Common Shares covered thereby shall not be charged against the foregoing maximum share limitation.

          (b) Adjustments

          If there shall occur any recapitalization, reclassification, share dividend, share split, reverse share split, or other distribution with respect to the Common Shares, or other change in corporate structure affecting the Common Shares, the Board may, in the manner and to the extent that it deems appropriate and equitable and consistent with the terms of this Plan, cause an

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adjustment to be made in (i) the maximum number and kind of shares provided in Section 3(a) hereof and (ii) the Share Units allocated to Participants’ Share Unit Accounts in accordance with Section 5(e) hereof.

4. Administration

          The Plan shall be administered by the Board. The Board shall have full authority to administer the Plan, including the discretionary authority to interpret and construe all provisions of the Plan, to resolve all questions of fact arising under the Plan, and to adopt such rules and regulations for administering the Plan as it may deem necessary or appropriate. Decisions of the Board shall be final and binding on all parties. The Board may delegate administrative responsibilities under the Plan to appropriate officers or employees of the Company. All expenses of the Plan shall be borne by the Company.

5. Crediting of Share Units and Dividend Equivalent Amounts

          (a) Mandatory Conversions

          For each calendar quarter in which the Plan is in effect, 50 percent of the aggregate dollar amount of a Participant’s Director Fees payable for such quarter shall be converted into a Share Unit Award pursuant to Section 5(c) hereof.

          (b) Voluntary Conversions

          For each calendar quarter in which the Plan is in effect, a Participant may elect to convert all or any portion of his Director Fees payable for such quarter (in addition to those required to be converted under Section 5(a) hereof) into a Share Unit Award pursuant to Section 5(c) hereof. Each Voluntary Conversion shall be made on the basis of a Participant’s written election stating the amount by which such Director Fees shall be converted to a Share Unit Award. Each such election shall be made in the form required by the Board, shall be delivered to the Company no later than December 31 of the calendar year immediately preceding the calendar year for which the election is made, and shall be effective for each calendar quarter of such calendar year. In the case of a member of the Board who first becomes a Participant in middle of a calendar year, such election for such year must be made within 30 days following such member becoming a Participant, and shall apply only to calendar quarters that begin following the date such election is made.

          (c) Share Unit Awards

          A Participant shall receive a Share Unit Award for each calendar quarter in respect of his Mandatory Conversion and any Voluntary Conversion applicable to such quarter. Such Share Unit Award shall equal the number of the Share Units determined by dividing (A) the aggregate dollar amount of the Participant’s Director Fees that are to be converted into a Share Unit Award for the quarter, including the Mandatory Conversion and any Voluntary Conversion, by (B) the Fair Market Value of the Common Shares on the last business day of such calendar quarter. Each Share Unit Award shall be credited to the Participant’s Share Unit Account as of the first day following the end of the calendar quarter for which such Share Unit Award is granted.

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          (d) Dividend Equivalent Amounts

          As of any date that a cash dividend is paid with respect to the Common Shares, each Participant’s Share Unit Account shall be credited with a Dividend Equivalent Amount. Such Dividend Equivalent Amounts shall accumulate as dollar amounts (and not as additional Share Units), and shall not accrue interest. Such Dividend Equivalent Amounts shall be treated as part of Participant’s Share Unit Account for purposes of the Plan and shall be distributed in accordance with Section 6 hereof.

          (e) Certain Adjustments

          If there shall occur any recapitalization, reclassification, share dividend, share split, reverse share split, or other distribution with respect to the Common Shares, or other change in corporate structure affecting the Common Shares, the Board may, in the manner and to the extent that it deems appropriate and equitable to the Participants and consistent with the terms of this Plan, cause an adjustment to be made in the Participants’ Share Unit Accounts. It is intended that in making such adjustments, the Board will seek to treat each Participant as if he were a shareholder of the Common Shares of the number of Share Units credited to his Share Unit Account (but without duplication of any benefits that may be provided under Section 4(d) hereof). Except as is expressly provided in this Section, Participants shall have no rights as a result of any such change in the Common Shares or other event.

6. Distributions of Benefits

          (a) Valuation and Payment of Share Units

          Subject to Section 7 hereof, a Participant shall be entitled to a benefit payment under the Plan with respect to each Share Unit Award upon the Realization Date for such Share Unit Award. Such benefit payment shall be equal to the amount determined by multiplying (A) the number of Share Units credited to the Participant’s Share Unit Account in respect of the Share Unit Award for which the Realization Date has occurred by (B) the Fair Market Value of the Common Shares on the Realization Date. Each such benefit payment shall be made within 30 days after the applicable Realization Date, at the discretion of the Board, in cash or in Common Shares, or in some combination thereof.

          (b) Payment of Dividend Equivalent Amounts

          Subject to Section 7 hereof, any Dividend Equivalent Amounts credited to a Participant’s Share Unit Account pursuant to Section 5(d) hereof shall be paid to the Participant in cash at the same time as payment is made under Section 6(a) hereof of the Participant’s Share Units in respect of which such Dividend Equivalent Amounts were credited (including with respect to any dividends that may be declared on the underlying Common Shares after the Realization Date).

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          (c) Payment of Nonconverted Fees

          Subject to Section 7 hereof, in the event that a Participant ceases to be a member of the Board prior to the time that Share Units are credited to his Share Unit Account pursuant to Section 5(c) hereof in respect of his Mandatory Conversion or Voluntary Conversion for a calendar quarter, the amount of all Director Fees earned by the Participant during such quarter shall be paid to the Participant in cash within 30 days after his termination of service as a director.

7. Forfeiture of Benefits

          Each Participant’s benefits hereunder shall be nonforfeitable, except that a Participant shall forfeit all rights to all benefits hereunder in respect of Mandatory Conversions, Voluntary Conversions, Share Units and Dividend Equivalent Amounts credited to the Participant’s Share Unit Account if the Participant’s status as a director of the Company is terminated for “Cause,” as determined by the Board in its sole discretion.

8. Beneficiaries

          Any payment required to be made to a Participant hereunder that cannot be made to the Participant because of his death shall be made to the Participant’s beneficiary or beneficiaries, subject to applicable law. Each Participant shall have the right to designate in writing from time to time a beneficiary or beneficiaries by filing a written notice of such designation with the Board. In the event a beneficiary designated by the Participant does not survive the Participant and no successor beneficiary is selected, or in the event no valid designation has been made, such Participant’s beneficiary shall be such Participant’s estate.

9. Unfunded Status

          The Plan shall be unfunded, and Mandatory Conversions, Voluntary Conversions, Share Units and Dividend Equivalent Amounts credited to each Participant’s Share Unit Account and all benefits payable to Participants under the Plan represent merely unfunded, unsecured promises of the Company to pay a sum of money to the Participant in the future.

10. Transfers Prohibited

          No transfer (other than pursuant to Section 8 hereof) by a Participant of any right to any payment hereunder, whether voluntary or involuntary, by operation of law or otherwise, and whether by means of alienation by anticipation, sale, transfer, assignment, bankruptcy, pledge, attachment, charge, or encumbrance of any kind, shall vest the transferee with any interest or right, and any attempt to so alienate, sell, transfer, assign, pledge, attach, charge, or otherwise encumber any such amount, whether presently or thereafter payable, shall be void and of no force or effect.

11. Limitation of Rights

          Nothing contained in the Plan shall confer upon any Participant any right (i) as a shareholder of the Company or (ii) with respect to the continuation of the Participant’s status as a director of the Company.

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12. Termination and Amendment

          The Plan may be terminated at any time by the Board. The Plan may be amended by the Board from time to time in any respect; provided, however, that no such termination or amendment may reduce the number or the value of Share Units or any Dividend Equivalent Amounts theretofore credited or creditable to a Participant’s Share Unit Account without the affected Participant’s prior written consent.

13. Choice of Law

          The Plan and all rights hereunder shall be subject to and interpreted in accordance with the laws of the State of New York, without reference to the principles of conflicts of laws, and to applicable federal securities laws.

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EX-10.2

Exhibit 10.2

Two World Financial Center
225 Liberty Street, 23rd Floor
New York, New York 10281

July 25, 2006

Ms. H. Elizabeth Mitchell
107 West 89^th Street
Apartment 2-B
New York, NY 10024

Dear Liz:

Reference is made to (i) the letter agreement dated October 14, 2002, from St. Paul Re., Inc. to you (the “First Letter Agreement”), which has been assigned to Platinum Underwriters Reinsurance, Inc., a Maryland corporation (“Platinum”) and (ii) the supplemental letter agreement dated June 24, 2004 (the “Supplemental Letter Agreement”). I am writing this letter (the “Letter Agreement”) to restate the terms of your employment with Platinum given your election as President effective August 1, 2005. This Letter Agreement is intended to amend and restate the First Letter Agreement and the Supplemental Letter Agreement.

1. Termination of Employment.

(a) Termination for Good Reason or Without Cause. If you terminate your employment for “Good Reason” (as defined below) or if your employment is terminated by Platinum without “Cause,” (as defined below) you will receive, immediately upon the effectiveness of any such termination, a lump sum cash payment equal to the sum of (i) one year’s Base Salary and Target Bonus, and (ii) any earned but unpaid Base Salary or other amounts (including reimbursable expenses and any vested amounts or benefits under Platinum’s otherwise applicable employee benefit plans or programs) accrued or owing through the date of termination. The foregoing payment will be conditioned upon you executing and honoring a standard waiver and release of claims in favor of Platinum in a form determined by Platinum.

(b) Termination Other than for Good Reason: Termination for Cause. If you terminate your employment during the Term other than for Good Reason, or, if your employment is terminated by Platinum for Cause, you will receive no further payments, compensation or benefits under this Letter Agreement, except you will be eligible to receive, upon the effectiveness of such termination, amounts (including

July 25, 2006
Page 2 of 4

reimbursable expenses and any vested amounts or benefits under Platinum’s employee benefit plans or programs) accrued or owing prior to the effectiveness of such termination.

(c) Death or Disability. Upon the termination of your employment on account of your death or Disability, you or your beneficiaries will receive (i) any unpaid Base Salary through the date of termination plus a pro-rata portion through the date of termination of your Target Bonus for the year of termination, and (ii) all other unpaid amounts (including reimbursable expenses and any vested amounts or benefits under Platinum’s employee benefit plans or programs) accrued or owing prior to the effectiveness of such termination.

(d) Definitions.

(i)	Cause. For purposes of this Letter Agreement, “Cause” means (i) your willful and continued failure to substantially perform your duties as President; (ii) your conviction of, or plea of guilty or nolo contendere to, a felony or other crime involving moral turpitude; or (iii) your engagement in any malfeasance or fraud or dishonesty of a substantial nature in connection with your position with Platinum or its subsidiaries.
(ii)	Good Reason. For purposes of this Letter Agreement, “Good Reason” means (i) Platinum reduces your Base Salary or your Target Bonus without your express written consent; (ii) Platinum reduces the scope of your duties, responsibilities or authority without your express written consent; (iii) Platinum requires you to report to anyone other than Michael Price (or his successor) as the Chief Executive Officer of Platinum Underwriters Holdings, Ltd. and Chairman of the Board of Platinum; (iv) Platinum requires you to be principally based other than in Platinum’s offices in New York; or (v) Platinum breaches any other material provision of this Letter Agreement; provided, however, that if you voluntarily consent to any reduction or change described above in lieu of exercising your right to resign for Good Reason and deliver such consent to Platinum in writing, then such reduction, transfer or change shall not constitute “Good Reason” hereunder, but you shall have the right to resign for Good Reason under this Letter Agreement as a result of any subsequent reduction described above.
(iii)	Disability. For purposes of this Letter Agreement, “Disability” means a termination of your employment by Platinum if you have been rendered incapable of performing your duties to Platinum by reason of any medically determined physical or mental impairment that can be expected to last for a period of either (i) six or more consecutive months from the first date of your absence due to the disability or (ii) nine or more months during any twelve-month period.

July 25, 2006
Page 3 of 4

2. Miscellaneous Provisions.

(a) This Letter Agreement may not be amended or terminated without the prior written consent of you and Platinum. This Letter Agreement will be binding on and inure to the benefit of our respective successors, and, in your case, your heirs and other legal representatives. Other than as provided herein, the rights and obligations described in this Letter Agreement may not be assigned by either party without the prior written consent of the other party.

(b) This Letter Agreement will be governed by and construed and enforced in accordance with the laws of the State of New York without reference to rules relating to conflict of laws. All disputes arising under or related to this Letter Agreement will be settled by arbitration under the Commercial Arbitration Rules of the American Arbitration Association then in effect as the sole and exclusive remedy of either party. Such arbitration shall be held in New York City. Any judgment on the award rendered by such arbitration may be entered in any court having jurisdiction over such matters. Each party’s costs and expenses of such arbitration, including reasonable attorney fees and expenses, shall be borne by such party, unless you are the prevailing party in the award entered in such arbitration, in which case, all such costs and expenses shall be borne by Platinum.

(c) This Letter agreement supercedes any inconsistent provisions of any plan or arrangement regarding severance payments that would otherwise be applicable to you to the extent such provisions would limit any rights granted to you hereunder or expand any restrictions imposed on you hereby.

This letter agreement is intended to be a binding obligation upon Platinum and yourself. If this Letter Agreement correctly reflects your understanding, please sign and return one copy to me for Platinum’s records.

PLATINUM UNDERWRITERS REINSURANCE, INC.
By:	/s/ Michael D. Price Michael D. Price
	Chairman of the Board

July 25, 2006
Page 4 of 4

The above Letter Agreement correctly reflects our understanding, and I hereby confirm my agreement to the same.

/s/ H. Elizabeth Mitchell H. Elizabeth Mitchell

Dated as of July 25, 2006

EX-99.1

Exhibit 99.1

Contact:	Lily Outerbridge
	Investor Relations
	(441) 298-0760

PLATINUM UNDERWRITERS HOLDINGS, LTD. REPORTS

SECOND QUARTER 2006 FINANCIAL RESULTS AND QUARTERLY DIVIDEND

HAMILTON, BERMUDA, July 25, 2006 – Platinum Underwriters Holdings, Ltd. (NYSE: PTP) today reported net income of $81.7 million, or $1.24 per diluted common share, for the quarter ended June 30, 2006. The results for the quarter include net premiums earned of $337.1 million, a decrease of 21.9% from the same quarter last year, net favorable development of $13.3 million, compared with net favorable development of $15.2 million from the same quarter last year, and net investment income of $45.3 million, an increase of 56.9% from the same quarter last year.

Michael D. Price, Chief Executive Officer, commented: “Significant underwriting profits and growing investment income contributed to our strong results this quarter. Our focus on underwriting profitability and emphasis on excess of loss business has resulted in less premium written and earned in the current period.”

Mr. Price added: “We believe that market conditions are mixed. While there are excellent opportunities for certain catastrophe exposed business, we are finding increasingly challenging rates, terms, and conditions in other areas. Nevertheless, we believe we will have ample opportunity to underwrite a significant, profitable, and diverse portfolio of treaty reinsurance.”

Results for the quarter ended June 30, 2006 were summarized as follows:

• Net income was $81.7 million or $1.24 per diluted common share.

• Net premiums written were $309.8 million and net premiums earned were $337.1 million.

• GAAP combined ratio was 83.5%.

• Net investment income, including interest on funds held, was $45.3 million.

Results for the quarter ended June 30, 2006 compared to the quarter ended June 30, 2005 were summarized as follows:

• Net income increased $13.8 million or 20.2%.

• Net premiums written decreased $113.2 million (or 26.8%) and net premiums earned decreased $94.4 million (or 21.9%).

• GAAP combined ratio decreased 0.7 percentage points.

• Net investment income, including interest on funds held, increased $16.4 million (or 56.9%).

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Net premiums written for Platinum’s Property and Marine, Casualty and Finite Risk segments for the quarter ended June 30, 2006 were $85.6 million, $199.3 million and $24.8 million, respectively, representing 27.7%, 64.3% and 8.0%, respectively, of the total net premiums written. Combined ratios for these segments were 51.4%, 97.7% and 109.1%, respectively. Compared to the quarter ended June 30, 2005, net premiums written decreased $49.3 million (or 36.6%) for Platinum’s Property and Marine segment, increased $10.4 million (or 5.5%) for the Casualty segment, and decreased $74.3 million (or 74.9%) for the Finite Risk segment.

Results for the six months ended June 30, 2006 were summarized as follows:

• Net income was $158.8 million or $2.40 per diluted common share.

• Net premiums written were $603.0 million and net premiums earned were $681.4 million.

• GAAP combined ratio was 84.3%.

• Net investment income, including interest on funds held, was $88.9 million.

Results for the six months ended June 30, 2006 compared to the six months ended June 30, 2005 were summarized as follows:

• Net income increased $17.7 million or 12.6%.

• Net premiums written decreased $313.7 million (or 34.2%) and net premiums earned decreased $161.1 million (or 19.1%).

• GAAP combined ratio decreased 0.1 percentage points.

• Net investment income, including interest on funds held, increased $33.1 million (or 59.2%).

Net premiums written for Platinum’s Property and Marine and Casualty segments for the six months ended June 30, 2006 were $250.9 million and $381.6 million, respectively, representing 41.6% and 63.3%, respectively, of the total net premiums written. Combined ratios for these segments were 60.3% and 96.1%, respectively. Compared to the six months ended June 30, 2005, net premiums written decreased $69.1 million (or 21.6%) for the Property and Marine segment and $22.9 million (or 5.7%) for the Casualty segment.

Net premiums written for Platinum’s Finite Risk segment for the six months ended June 30, 2006 were ($29.5 million) representing (4.9%) of the total net premiums written. The combined ratio for this segment was 105.1% for the six months ended June 30, 2006. Compared to the six months ended June 30, 2005, net premiums written decreased $221.7 million (or 115.3%) for the Finite segment primarily due to the termination of two quota share contracts previously disclosed.

Total assets were $5.0 billion as of June 30, 2006. Total assets decreased $201.5 million (or 3.9%) from $5.2 billion as of December 31, 2005. Cash and fixed maturity investments were $4.0 billion as of June 30, 2006, an increase of $180.4 million (or 4.7%) from $3.8 billion as of December 31, 2005.

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Shareholders’ equity was $1.6 billion as of June 30, 2006, an increase of $98.6 million (or 6.4%) from $1.5 billion as of December 31, 2005. Book value per share was $24.75 as of June 30, 2006 based on 59.4 million common shares outstanding, an increase of $1.53 (or 6.6%) from $23.22 based on 59.1 million common shares outstanding as of December 31, 2005.

Quarterly Dividend

Platinum also announced that its Board of Directors has declared a quarterly dividend of $0.08 per common share. The dividend is payable on September 29, 2006 to shareholders of record on September 1, 2006.

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 information concerning Platinum and its business segments.

Teleconference

Platinum will host a teleconference to discuss its financial results on Wednesday, July 26, 2006 at 8:00 a.m. Eastern time. The call can be accessed by dialing 800-810-0924 (US callers) or 913-981-4900 (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 a.m. Eastern time on Wednesday, July 26, 2006 until midnight Eastern time on Wednesday, August 2, 2006. To access the replay by telephone, dial 888-203-1112 (US callers) or 719-457-0820 (international callers) and specify passcode 1341086. 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 schedules containing financial measures that are not calculated under standards or rules that comprise accounting principles generally accepted in the United States (GAAP). Such measures, including segment underwriting income (or loss) and related underwriting ratios are referred to as non-GAAP. These non-GAAP measures may be defined or calculated differently by other companies. 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 GAAP. A reconciliation of such measures to the most comparable GAAP figures such as income before income tax expense is presented in the attached financial information in accordance with Regulation G.

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.

3

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, Inc. 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, acts of terrorism, 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.

#   #   #

4

Platinum Underwriters Holdings, Ltd.
Consolidated Statements of Operations and Comprehensive Income (Unaudited)
For the Three and Six Months Ended June 30, 2006 and 2005
($ in thousands, except per share amounts)

	Three Months Ended						Six Months Ended
	June 30, 2006			June 30, 2005			June 30, 2006			June 30, 2005
Revenue
Net premiums earned	$	337,065			431,470			681,366		$	842,510
Net investment income		45,348			28,904			88,863			55,809
Net realized gains (losses) on investments		14			(555	)		79			(183	)
Other income (expense)		(2,324	)		588			(3,641	)		232
Total revenue		380,103			460,407			766,667			898,368
Expenses
Losses and loss adjustment expenses		187,464			240,852			394,238			478,550
Acquisition expenses		76,052			103,928			145,291			197,177
Other underwriting expenses		17,713			18,545			35,001			35,152
Corporate expenses		5,679			4,935			11,379			8,336
Net foreign currency exchange (gains) losses		(414	)		160			(689	)		1,958
Interest expense		5,450			4,174			10,900			6,347
Total expenses		291,944			372,594			596,120			727,520
Income before income tax expense		88,159			87,813			170,547			170,848
Income tax expense		6,411			19,828			11,763			29,775
Net income		81,748			67,985			158,784			141,073
Preferred dividends		2,602			—			5,178			—
Net income available to common shareholders	$	79,146			67,985			153,606		$	141,073
Basic
Weighted average common shares outstanding		59,224			43,293			59,161			43,224
Basic earnings per common share	$	1.34			1.57			2.60		$	3.26
Diluted
Adjusted weighted average common shares outstanding		65,725			50,009			66,223			50,040
Diluted earnings per common share	$	1.24			1.39			2.40		$	2.88
Comprehensive income
Net income	$	81,748			67,985			158,784		$	141,073
Other comprehensive income (loss), net of deferred tax		(24,409	)		33,005			(59,720	)		(1,615	)
Comprehensive income	$	57,339			100,990			99,064		$	139,458

5

PlatinumUnderwriters Holdings, Ltd.
Condensed Consolidated Balance Sheets
As of June 30, 2006 and December 31, 2005
($ in thousands, except per share data)

	June 30, 2006		December 31, 2005
	(Unaudited)
Assets
Investments	$	3,224,454	$	3,000,889
Cash, cash equivalents and short term investments		786,406		829,539
Reinsurance premiums receivable		401,746		567,449
Accrued investment income		32,489		29,230
Reinsurance balances (prepaid and recoverable)		97,823		76,109
Deferred acquisition costs		98,532		130,800
Funds held by ceding companies		250,077		291,629
Other assets		61,354		228,730
Total assets	$	4,952,881	$	5,154,375
Liabilities
Unpaid losses and loss adjustment expenses	$	2,343,605	$	2,323,990
Unearned premiums		449,672		502,018
Debt obligations		292,840		292,840
Commissions payable		141,823		186,654
Other liabilities		86,110		308,624
Total liabilities		3,314,050		3,614,126
Total shareholders’ equity		1,638,831		1,540,249
Total liabilities and shareholders’ equity	$	4,952,881	$	5,154,375
Book value per common share	$	24.75	$	23.22

6

Platinum Underwriters Holdings, Ltd.
Segment Reporting
For the Three Months Ended June 30, 2006 and 2005
($ in thousands)

	Property
	and Marine			Casualty			Finite Risk			Total
Three Months Ended June 30, 2006 (Unaudited)
Segment underwriting results
Net premiums written	$	85,624			199,298			24,840		$	309,762
Net premiums earned		113,092			185,073			38,900			337,065
Losses and loss adjustment expenses		27,867			127,824			31,773			187,464
Acquisition expenses		21,239			45,168			9,645			76,052
Other underwriting expenses		9,006			7,688			1,019			17,713
Total underwriting expenses		58,112			180,680			42,437			281,229
Segment underwriting income (loss)	$	54,980			4,393			(3,537	)		55,836
Net investment income											45,348
Net realized gains on investments											14
Net foreign currency exchange gains											414
Other expense											(2,324	)
Corporate expenses not allocated to segments											(5,679	)
Interest expense											(5,450	)
Income before income tax expense										$	88,159
GAAP underwriting ratios:
Losses and LAE		24.6	%		69.1	%		81.7	%		55.6	%
Acquisition expense		18.8	%		24.4	%		24.8	%		22.6	%
Other underwriting expense		8.0	%		4.2	%		2.6	%		5.3	%
Combined		51.4	%		97.7	%		109.1	%		83.5	%
Three Months Ended June 30, 2005 (Unaudited)
Segment underwriting 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 on investments											(555	)
Net foreign currency exchange losses											(160	)
Other income											588
Corporate expenses not allocated to segments											(4,935	)
Interest expense											(4,174	)
Income before income tax expense										$	87,813
GAAP underwriting ratios:
Losses and LAE		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	%

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

7

Platinum Underwriters Holdings, Ltd.
Segment Reporting
For the Six Months Ended June 30, 2006 and 2005
($ in thousands)

	Property
	and Marine			Casualty			Finite Risk			Total
Six Months Ended June 30, 2006 (Unaudited)
Segment underwriting results
Net premiums written	$	250,888			381,648			(29,496	)	$	603,040
Net premiums earned		244,636			358,741			77,989			681,366
Losses and loss adjustment expenses		87,695			244,389			62,154			394,238
Acquisition expenses		40,888			86,522			17,881			145,291
Other underwriting expenses		19,034			14,023			1,944			35,001
Total underwriting expenses		147,617			344,934			81,979			574,530
Segment underwriting income (loss)	$	97,019			13,807			(3,990	)		106,836
Net investment income											88,863
Net realized gains on investments											79
Net foreign currency exchange gains											689
Other expense											(3,641	)
Corporate expenses not allocated to segments											(11,379	)
Interest expense											(10,900	)
Income before income tax expense										$	170,547
GAAP underwriting ratios:
Losses and LAE		35.8	%		68.1	%		79.7	%		57.9	%
Acquisition expense		16.7	%		24.1	%		22.9	%		21.3	%
Other underwriting expense		7.8	%		3.9	%		2.5	%		5.1	%
Combined		60.3	%		96.1	%		105.1	%		84.3	%
Six Months Ended June 30, 2005 (Unaudited)
Segment underwriting 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 losses on investments											(183	)
Net foreign currency exchange losses											(1,958	)
Other income											232
Corporate expenses not allocated to segments											(8,336	)
Interest expense											(6,347	)
Income before income tax expense										$	170,848
GAAP underwriting ratios:
Losses and LAE		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	%
		69.2	%		92.6	%		89.0	%		84.4	%

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

8

EX-99.2

Exhibit 99.2

Financial Supplement

Financial Information

as of June 30, 2006

(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 Forms 10-K and Quarterly Reports on Forms 10-Q.

Our Investors Relations Department can be reached at (441) 298-0760.

Platinum Underwriters Holdings, Ltd.
Overview
June 30, 2006

Address:

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

Investor Information:

Lily Outerbridge
Vice President, Director of Investor Relations
Tel: (441) 298-0760
Fax: (441) 296-0528
Email: louterbridge@platinumre.com

Website:

www.platinumre.com

Publicly Traded Equity Securities:

Common Shares (NYSE: PTP)

Preferred Shares (NYSE: PTP.A)

Note on Non-GAAP Financial Measures:

In presenting the Company’s results, management has included certain schedules containing financial measures that are not calculated under standards or rules that comprise accounting principles generally accepted in the United States (GAAP). Such measures, including segment underwriting income (or loss), related underwriting ratios and fully converted book value, are referred to as non-GAAP. These non-GAAP measures may be defined or calculated differently by other companies. 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 GAAP. A reconciliation of such measures to the most comparable GAAP figures such as income before income tax expense and total shareholders’ equity is presented in the attached financial information in accordance with Regulation G.

Safe Harbor Statement Regarding Forwarding-Looking Statements:

Management believes certain statements in this financial supplement 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, Inc. 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, acts of terrorism, 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.

Page 1 of 24

Platinum Underwriters Holdings, Ltd.
Table of Contents
June 30, 2006

Section:	Page:
Balance Sheet:
a. Condensed Consolidated Balance Sheets		3
Statements of Operations:
a. Consolidated Statements of Operations and Comprehensive Income — Summary		4
b. Consolidated Statements of Operations and Comprehensive Income (Loss) — by Quarter		5
Earnings and Book Value Per Common Share Analysis:
a. Computation of Basic and Diluted Earnings Per Common Share — Summary		6
b. Computation of Basic and Diluted Earnings (Loss) Per Common Share — by Quarter		7
c. Fully Converted Book Value Per Common 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. Key Ratios, Share Data, Ratings		19
Investments:
a. Investment Portfolio		20
b. Net Realized Gains (Losses) on Investments — by Country		21
Loss Reserves:
a. Loss and Loss Adjustment Expenses Analysis		22
b. Summary of Favorable (Unfavorable) Development of Losses and Related Premiums & Commissions		23
Exposures:
a. Estimated Exposures to Peak Zone Property Catastrophe Losses		24

Page 2 of 24

Platinum Underwriters Holdings, Ltd.
Condensed Consolidated Balance Sheets
June 30, 2006
(amounts in thousands, except per share amounts)

	June 30, 2006		March 31, 2006		December 31, 2005		September 30, 2005		June 30, 2005
Assets
Investments	$	3,224,454		3,234,490		3,000,889		2,989,217	$	2,728,692
Cash, cash equivalents and short term investments		786,406		650,639		829,539		391,637		409,539
Reinsurance premiums receivable		401,746		517,429		567,449		557,422		576,457
Accrued investment income		32,489		29,581		29,230		31,013		28,316
Reinsurance balances (prepaid and recoverable)		97,823		92,388		76,109		79,021		16,688
Deferred acquisition costs		98,532		105,699		130,800		139,158		144,844
Funds held by ceding companies		250,077		266,541		291,629		250,324		271,795
Other assets		61,354		59,450		228,730		48,293		22,905
Total assets	$	4,952,881		4,956,217		5,154,375		4,486,085	$	4,199,236
Liabilities
Unpaid losses and loss adjustment expenses	$	2,343,605		2,371,916		2,323,990		2,079,668	$	1,559,092
Unearned premiums		449,672		474,433		502,018		558,881		575,727
Debt obligations		292,840		292,840		292,840		387,500		387,500
Commissions payable		141,823		142,826		186,654		176,036		216,459
Other liabilities		86,110		96,364		308,624		56,183		187,730
Total liabilities		3,314,050		3,378,379		3,614,126		3,258,268		2,926,508
Total shareholders’ equity		1,638,831		1,577,838		1,540,249		1,227,817		1,272,728
Total liabilities and shareholders’ equity	$	4,952,881		4,956,217		5,154,375		4,486,085	$	4,199,236
Book value per common share	$	24.75		23.87		23.22		24.75	$	29.32

Page 3 of 24

Platinum Underwriters Holdings, Ltd.
Consolidated Statements of Operations and Comprehensive Income — Summary
(amounts in thousands, except per share amounts)

	Three Months Ended						Six Months Ended
	June 30, 2006			June 30, 2005			June 30, 2006			June 30, 2005
Revenue
Net premiums earned	$	337,065			431,470			681,366		$	842,510
Net investment income		45,348			28,904			88,863			55,809
Net realized gains (losses) on investments		14			(555	)		79			(183	)
Other income (expense)		(2,324	)		588			(3,641	)		232
Total revenue		380,103			460,407			766,667			898,368
Expenses
Losses and loss adjustment expenses		187,464			240,852			394,238			478,550
Acquisition expenses		76,052			103,928			145,291			197,177
Other underwriting expenses		17,713			18,545			35,001			35,152
Corporate expenses		5,679			4,935			11,379			8,336
Net foreign currency exchange (gains) losses		(414	)		160			(689	)		1,958
Interest expense		5,450			4,174			10,900			6,347
Total expenses		291,944			372,594			596,120			727,520
Income before income tax expense		88,159			87,813			170,547			170,848
Income tax expense		6,411			19,828			11,763			29,775
Net income		81,748			67,985			158,784			141,073
Preferred dividends		2,602			—			5,178			—
Net income available to common shareholders	$	79,146			67,985			153,606		$	141,073
Basic
Weighted average common shares outstanding		59,224			43,293			59,161			43,224
Basic earnings per common share	$	1.34			1.57			2.60		$	3.26
Diluted
Adjusted weighted average common shares outstanding		65,725			50,009			66,223			50,040
Diluted earnings per common share	$	1.24			1.39			2.40		$	2.88
Comprehensive income
Net income	$	81,748			67,985			158,784		$	141,073
Other comprehensive income (loss), net of deferred tax		(24,409	)		33,005			(59,720	)		(1,615	)
Comprehensive income	$	57,339			100,990			99,064		$	139,458

Page 4 of 24

Platinum Underwriters Holdings, Ltd.
Consolidated Statements of Operations and Comprehensive Income (Loss) — by Quarter
(amounts in thousands, except per share amounts)

	Three Months Ended
	June 30, 2006			March 31, 2006			December 31, 2005			September 30, 2005			June 30, 2005
Revenue
Net premiums earned	$	337,065			344,301			442,825			429,388		$	431,470
Net investment income		45,348			43,515			37,195			36,441			28,904
Net realized gains (losses) on investments		14			65			(1,984	)		(879	)		(555	)
Other income (expense)		(2,324	)		(1,317	)		(385	)		(433	)		588
Total revenue		380,103			386,564			477,651			464,517			460,407
Expenses
Losses and loss adjustment expenses		187,464			206,774			462,257			564,618			240,852
Acquisition expenses		76,052			69,239			107,100			98,858			103,928
Other underwriting expenses		17,713			17,288			14,467			6,050			18,545
Corporate expenses		5,679			5,700			3,792			2,030			4,935
Net foreign currency exchange (gains) losses		(414	)		(275	)		241			(88	)		160
Interest expense		5,450			5,450			6,820			6,839			4,174
Loss on repurchase of debt		—			—			2,486			—			—
Total expenses		291,944			304,176			597,163			678,307			372,594
Income (loss) before income tax expense (benefit)		88,159			82,388			(119,512	)		(213,790	)		87,813
Income tax expense (benefit)		6,411			5,352			(16,976	)		(37,766	)		19,828
Net income (loss)		81,748			77,036			(102,536	)		(176,024	)		67,985
Preferred dividends		2,602			2,576			737			—			—
Net income (loss) available to common shareholders	$	79,146			74,460			(103,273	)		(176,024	)	$	67,985
Basic
Weighted average common shares outstanding		59,224			59,097			53,339			43,785			43,293
Basic earnings (loss) per common share	$	1.34			1.26			(1.94	)		(4.02	)	$	1.57
Diluted
Adjusted weighted average common shares outstanding		65,725			66,597			53,339			43,785			50,009
Diluted earnings (loss) per common share	$	1.24			1.16			(1.94	)		(4.02	)	$	1.39
Comprehensive income (loss)
Net income (loss)	$	81,748			77,036			(102,536	)		(176,024	)	$	67,985
Other comprehensive income (loss), net of deferred tax		(24,409	)		(35,311	)		(15,000	)		(36,355	)		33,005
Comprehensive income (loss)	$	57,339			41,725			(117,536	)		(212,379	)	$	100,990

Page 5 of 24

Platinum Underwriters Holdings, Ltd.
Computation of Basic and Diluted Earnings Per Common Share — Summary
(amounts in thousands, except per share amounts)

	Three Months Ended				Six Months Ended
	June 30, 2006		June 30, 2005		June 30, 2006		June 30, 2005
Earnings:
Basic:
Net income available to common shareholders	$	79,146		67,985		153,606	$	141,073
Diluted:
Net income available to common shareholders		79,146		67,985		153,606		141,073
Effect of dilutive securities:
Preferred share dividends		2,602				5,178		—
Interest on equity security units, net of tax		—		1,506		—		2,929
Adjusted net income for diluted earnings per share	$	81,748		69,491		158,784	$	144,002
Common Shares:
Basic:
Weighted average common shares outstanding		59,224		43,293		59,161		43,224
Diluted:
Weighted average common shares outstanding		59,224		43,293		59,161		43,224
Effect of dilutive securities:
Conversion of preferred shares		5,750		—		5,750		—
Common share options		692		1,644		1,245		1,755
Converison of equity security units		—		5,009		—		5,009
Restricted common shares and common share units		59		63		67		52
Adjusted weighted average common shares outstanding		65,725		50,009		66,223		50,040
Earnings Per Common Share:
Basic earnings per common share	$	1.34		1.57		2.60	$	3.26
Diluted earnings per common share	$	1.24		1.39		2.40	$	2.88

Page 6 of 24

Platinum Underwriters Holdings, Ltd.
Computation of Basic and Diluted Earnings (Loss) Per Common Share — by Quarter
(amounts in thousands, except per share amounts)

	Three Months Ended
	June 30, 2006		March 31, 2006		December 31, 2005			September 30, 2005			June 30, 2005
Earnings:
Basic:
Net income (loss) available to common shareholders	$	79,146		74,460		(103,273	)		(176,024	)	$	67,985
Diluted:
Net income (loss) available to common shareholders		79,146		74,460		(103,273	)		(176,024	)		67,985
Effect of dilutive securities:
Preferred share dividends		2,602		2,576		—			—			—
Interest on equity security units, net of tax		—		—		—			—			1,506
Adjusted net income (loss) for diluted earnings per share	$	81,748		77,036		(103,273	)		(176,024	)	$	69,491
Common Shares:
Basic:
Weighted average common shares outstanding		59,224		59,097		53,339			43,785			43,293
Diluted:
Weighted average common shares outstanding		59,224		59,097		53,339			43,785			43,293
Effect of dilutive securities:
Conversion of preferred shares		5,750		5,690		—			—			—
Common share options		692		1,741		—			—			1,644
Converison of equity security units		—		—		—			—			5,009
Restricted common shares and common share units		59		69		—			—			63
Adjusted weighted average common shares outstanding		65,725		66,597		53,339			43,785			50,009
Earnings (Loss) Per Common Share:
Basic earnings (loss) per common share	$	1.34		1.26		(1.94	)		(4.02	)	$	1.57
Diluted earnings (loss) per common share	$	1.24		1.16		(1.94	)		(4.02	)	$	1.39

Page 7 of 24

Platinum Underwriters Holdings, Ltd.
Fully Converted Book Value Per Common Share
June 30, 2006

	Conversion			Conversion
	Multiple /			Amount			Shares			Book Value Per
	Strike Price			($000)			(000)			Common Share
Total equity as of June 30, 2006				$	1,638,831
Equity from issuance of preferred shares					(167,509	)
Book value per common share				$	1,471,322			59,449	(a)	$	24.75
Preferred shares:
Conversion of preferred shares to common shares		1.000			167,509			5,750	(b)		0.37
Share options:
Shareholder share options:
St. Paul Travelers		27.00			—			177			(0.07	)
RenaissanceRe		27.00			—			74			(0.03	)
Management and directors’ options		23.10	(c)		76,384			3,307	(d)		(0.07	)
Directors’ and officers’ restricted shares and share units					—			161			(0.06	)
Fully converted book value per common share as of June 30, 2006				$	1,715,215			68,918		$	24.89

(a)	As of June 30, 2006 there were 59,546,050 common shares issued and outstanding. Included in this number were 97,252 of restricted common shares issued but unvested.
(b)	On February 15, 2009, the mandatory conversion date, each preferred share will automatically convert into a number of common shares based on the volume-weighted average price per common share for the 20 consecutive trading days ending on the third trading day prior to February 15, 2009. The fully converted book value above has been calculated on this basis assuming a conversion date of June 30, 2006. If any preferred shares are tendered for conversion prior to the mandatory conversion date, such shares will convert to common shares at a rate of 0.7874. If the mandatory conversion rate of 0.7874 had been used above, the number of common shares issued in conversion would be 4,528,000.
(c)	Weighted average strike price of options with a price below $27.98, the closing share price at June 30, 2006.
(d)	Excludes 651,989 options with a weighted average strike price of $30.58

See page 1, Note on Non-GAAP Financial Measures.

Page 8 of 24

Platinum Underwriters Holdings, Ltd.
Condensed Statements of Cash Flows — Summary
($ in thousands)

	Three Months Ended						Six Months Ended
	June 30, 2006			June 30, 2005			June 30, 2006			June 30, 2005
Net cash provided by operating activities	$	150,149			196,754			337,105		$	376,402
Net cash used in investing activities		(11,048	)		(331,898	)		(443,411	)		(421,736	)
Net cash provided by (used in) financing activities		1,699			244,663			(3,610	)		244,973
Net increase (decrease) in cash and cash equivalents	$	140,800			109,519			(109,916	)	$	199,639

Page 9 of 24

Platinum Underwriters Holdings, Ltd.
Condensed Statements of Cash Flows — by Quarter
($ in thousands)

	Three Months Ended
	June 30, 2006			March 31, 2006			December 31, 2005		September 30, 2005			June 30, 2005
Net cash provided by operating activities	$	150,149			186,956			38,654		182,618		$	196,754
Net cash (used in) provided by investing activities		(11,048	)		(432,363	)		58,146		(366,978	)		(331,898	)
Net cash provided by (used in) financing activities		1,699			(5,309	)		332,309		166,461			244,663
Net increase (decrease) in cash and cash equivalents	$	140,800			(250,716	)		429,109		(17,899	)	$	109,519

Page 10 of 24

Platinum Underwriters Holdings, Ltd.
Segment Reporting
($ in thousands)

	Three Months Ended June 30, 2006												Three Months Ended June 30, 2005
	Property and												Property and
	Marine			Casualty			Finite Risk			Total			Marine			Casualty			Finite Risk			Total
Net premiums written	$	85,624			199,298			24,840		$	309,762		$	134,953			188,890			99,116		$	422,959
Net premiums earned		113,092			185,073			38,900			337,065			140,669			198,723			92,078			431,470
Losses and loss adjustment expenses		27,867			127,824			31,773			187,464			58,499			127,531			54,822			240,852
Acquisition expenses		21,239			45,168			9,645			76,052			29,695			47,963			26,270			103,928
Other underwriting expenses		9,006			7,688			1,019			17,713			8,240			8,972			1,333			18,545
Total underwriting expenses		58,112			180,680			42,437			281,229			96,434			184,466			82,425			363,325
Segment underwriting income (loss)	$	54,980			4,393			(3,537	)		55,836		$	44,235			14,257			9,653			68,145
Net investment income											45,348												28,904
Net realized gains (losses) on investments											14												(555	)
Net foreign currency exchange gains (losses)											414												(160	)
Other income (expense)											(2,324	)											588
Corporate expenses not allocated to segments											(5,679	)											(4,935	)
Interest expense											(5,450	)											(4,174	)
Income before income tax expense										$	88,159											$	87,813
GAAP underwriting ratios:
Losses and LAE		24.6	%		69.1	%		81.7	%		55.6	%		41.6	%		64.2	%		59.5	%		55.8	%
Acquisition expense		18.8	%		24.4	%		24.8	%		22.6	%		21.1	%		24.1	%		28.5	%		24.1	%
Other underwriting expense		8.0	%		4.2	%		2.6	%		5.3	%		5.9	%		4.5	%		1.4	%		4.3	%
Combined		51.4	%		97.7	%		109.1	%		83.5	%		68.6	%		92.8	%		89.4	%		84.2	%
Statutory underwriting ratios:
Losses and LAE		24.6	%		69.1	%		81.7	%		55.6	%		41.6	%		64.2	%		59.5	%		55.8	%
Acquisition expense		19.5	%		24.4	%		11.8	%		22.1	%		22.7	%		23.5	%		25.2	%		23.6	%
Other underwriting expense		10.5	%		3.9	%		4.1	%		5.7	%		6.1	%		4.7	%		1.3	%		4.4	%
Combined		54.6	%		97.4	%		97.6	%		83.4	%		70.4	%		92.4	%		86.0	%		83.8	%

See page 1, Note on Non-GAAP Financial Measures.

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 24

Platinum Underwriters Holdings, Ltd.
Segment Reporting
($ in thousands)

	Six Months Ended June 30, 2006												Six Months Ended June 30, 2005
	Property and												Property and
	Marine			Casualty			Finite Risk			Total			Marine			Casualty			Finite Risk			Total
Net premiums written	$	250,888			381,648			(29,496	)	$	603,040		$	320,002			404,559			192,197		$	916,758
Net premiums earned		244,636			358,741			77,989			681,366			268,866			383,491			190,153			842,510
Losses and loss adjustment expenses		87,695			244,389			62,154			394,238			118,539			245,969			114,042			478,550
Acquisition expenses		40,888			86,522			17,881			145,291			51,684			93,165			52,328			197,177
Other underwriting expenses		19,034			14,023			1,944			35,001			15,963			16,285			2,904			35,152
Total underwriting expenses		147,617			344,934			81,979			574,530			186,186			355,419			169,274			710,879
Segment underwriting income (loss)	$	97,019			13,807			(3,990	)		106,836		$	82,680			28,072			20,879			131,631
Net investment income											88,863												55,809
Net realized gains (losses) on investments											79												(183	)
Net foreign currency exchange gains (losses)											689												(1,958	)
Other income (expense)											(3,641	)											232
Corporate expenses not allocated to segments											(11,379	)											(8,336	)
Interest expense											(10,900	)											(6,347	)
Income before income tax expense										$	170,547											$	170,848
GAAP underwriting ratios:
Losses and LAE		35.8	%		68.1	%		79.7	%		57.9	%		44.1	%		64.1	%		60.0	%		56.8	%
Acquisition expense		16.7	%		24.1	%		22.9	%		21.3	%		19.2	%		24.3	%		27.5	%		23.4	%
Other underwriting expense		7.8	%		3.9	%		2.5	%		5.1	%		5.9	%		4.2	%		1.5	%		4.2	%
Combined		60.3	%		96.1	%		105.1	%		84.3	%		69.2	%		92.6	%		89.0	%		84.4	%
Statutory underwriting ratios:
Losses and LAE		35.8	%		68.1	%		79.7	%		57.9	%		44.1	%		64.1	%		60.0	%		56.8	%
Acquisition expense		16.1	%		23.9	%		65.8	%		18.6	%		18.9	%		23.6	%		26.6	%		22.6	%
Other underwriting expense		7.6	%		3.7	%		(6.6	%)		5.8	%		5.0	%		4.0	%		1.5	%		3.8	%
Combined		59.5	%		95.7	%		138.9	%		82.3	%		68.0	%		91.7	%		88.1	%		83.2	%

See page 1, Note on Non-GAAP Financial Measures.

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 24

Platinum Underwriters Holdings, Ltd.
Property and Marine Segment — by Quarter
($ in thousands)

	Three Months Ended
	June 30, 2006			March 31, 2006			December 31, 2005			September 30, 2005			June 30, 2005
Net premiums written	$	85,624			165,264			121,703			133,350		$	134,953
Net premiums earned		113,092			131,544			154,454			145,853			140,669
Losses and loss adjustment expenses		27,867			59,828			264,442			373,761			58,499
Acquisition expenses		21,239			19,649			24,546			17,753			29,695
Other underwriting expenses		9,006			10,028			6,479			3,632			8,240
Total underwriting expenses		58,112			89,505			295,467			395,146			96,434
Segment underwriting income (loss)	$	54,980			42,039			(141,013	)		(249,293	)	$	44,235
GAAP underwriting ratios:
Losses and LAE		24.6	%		45.5	%		171.2	%		256.3	%		41.6	%
Acquisition expense		18.8	%		14.9	%		15.9	%		12.2	%		21.1	%
Other underwriting expense		8.0	%		7.6	%		4.2	%		2.5	%		5.9	%
Combined		51.4	%		68.0	%		191.3	%		271.0	%		68.6	%
Statutory underwriting ratios:
Losses and LAE		24.6	%		45.5	%		171.2	%		256.3	%		41.6	%
Acquisition expense		19.5	%		14.4	%		15.2	%		10.7	%		22.7	%
Other underwriting expense		10.5	%		6.1	%		5.3	%		2.7	%		6.1	%
Combined		54.6	%		66.0	%		191.7	%		269.7	%		70.4	%

See page 1, Note on Non-GAAP Financial Measures.

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 24

Platinum Underwriters Holdings, Ltd.
Casualty Segment — by Quarter
($ in thousands)

	Three Months Ended
	June 30, 2006			March 31, 2006			December 31, 2005			September 30, 2005			June 30, 2005
Net premiums written	$	199,298			182,350			187,813			216,659		$	188,890
Net premiums earned		185,073			173,668			201,088			205,050			198,723
Losses and loss adjustment expenses		127,824			116,565			136,422			129,218			127,531
Acquisition expenses		45,168			41,354			51,135			50,097			47,963
Other underwriting expenses		7,688			6,335			6,511			1,894			8,972
Total underwriting expenses		180,680			164,254			194,068			181,209			184,466
Segment underwriting income	$	4,393			9,414			7,020			23,841		$	14,257
GAAP underwriting ratios:
Losses and LAE		69.1	%		67.1	%		67.8	%		63.0	%		64.2	%
Acquisition expense		24.4	%		23.8	%		25.4	%		24.4	%		24.1	%
Other underwriting expense		4.2	%		3.6	%		3.2	%		0.9	%		4.5	%
Combined		97.7	%		94.5	%		96.4	%		88.3	%		92.8	%
Statutory underwriting ratios:
Losses and LAE		69.1	%		67.1	%		67.8	%		63.0	%		64.2	%
Acquisition expense		24.4	%		23.4	%		26.1	%		24.1	%		23.5	%
Other underwriting expense		3.9	%		3.5	%		3.5	%		0.9	%		4.7	%
Combined		97.4	%		94.0	%		97.4	%		88.0	%		92.4	%

See page 1, Note on Non-GAAP Financial Measures.

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 24

Platinum Underwriters Holdings, Ltd.
Finite Risk Segment — by Quarter
($ in thousands)

	Three Months Ended
	June 30, 2006			March 31, 2006			December 31, 2005			September 30, 2005			June 30, 2005
Net premiums written	$	24,840			(54,336	)		81,262			60,177		$	99,116
Net premiums earned		38,900			39,089			87,283			78,485			92,078
Losses and loss adjustment expenses		31,773			30,381			61,393			61,639			54,822
Acquisition expenses		9,645			8,236			31,419			31,008			26,270
Other underwriting expenses		1,019			925			1,477			524			1,333
Total underwriting expenses		42,437			39,542			94,289			93,171			82,425
Segment underwriting income (loss)	$	(3,537	)		(453	)		(7,006	)		(14,686	)	$	9,653
GAAP underwriting ratios:
Losses and LAE		81.7	%		77.7	%		70.3	%		78.5	%		59.5	%
Acquisition expense		24.8	%		21.1	%		36.0	%		39.5	%		28.5	%
Other underwriting expense		2.6	%		2.4	%		1.7	%		0.7	%		1.4	%
Combined		109.1	%		101.2	%		108.0	%		118.7	%		89.4	%
Statutory underwriting ratios:
Losses and LAE		81.7	%		77.7	%		70.3	%		78.5	%		59.5	%
Acquisition expense		11.8	%		41.1	%		38.8	%		45.1	%		25.2	%
Other underwriting expense		4.1	%		(1.7	%)		1.8	%		0.9	%		1.3	%
Combined		97.6	%		117.1	%		110.9	%		124.5	%		86.0	%

See page 1, Note on Non-GAAP Financial Measures.

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 24

Platinum Underwriters Holdings, Ltd.
Net Premiums Written — Supplemental Information
($ in thousands)

	Three Months Ended				Six Months Ended
	June 30, 2006		June 30, 2005		June 30, 2006			June 30, 2005
Property and Marine:
Excess-of-loss	$	59,532		80,393		176,826		$	214,048
Proportional		26,092		54,560		74,062			105,954
Subtotal Property and Marine		85,624		134,953		250,888			320,002
Casualty:
Excess-of-loss		171,749		168,486		327,490			337,033
Proportional		27,549		20,404		54,158			67,526
Subtotal Casualty		199,298		188,890		381,648			404,559
Finite Risk:
Excess-of-loss		19,467		35,946		30,893			43,237
Proportional		5,373		63,170		(60,389	)		148,960
Subtotal Finite Risk		24,840		99,116		(29,496	)		192,197
Total:
Excess-of-loss		250,748		284,825		535,209			594,318
Proportional		59,014		138,134		67,831			322,440
Total	$	309,762		422,959		603,040		$	916,758

	Three Months Ended				Six Months Ended
	June 30, 2006		June 30, 2005		June 30, 2006			June 30, 2005
Property and Marine:
United States	$	66,654		99,151		146,560		$	196,262
International		18,970		35,802		104,328			123,740
Subtotal Property and Marine		85,624		134,953		250,888			320,002
Casualty:
United States		186,984		175,251		338,639			341,647
International		12,314		13,639		43,009			62,912
Subtotal Casualty		199,298		188,890		381,648			404,559
Finite Risk:
United States		18,369		97,087		(39,446	)		188,042
International		6,471		2,029		9,950			4,155
Subtotal Finite Risk		24,840		99,116		(29,496	)		192,197
Total:
United States		272,007		371,489		445,753			725,951
International		37,755		51,470		157,287			190,807
Total	$	309,762		422,959		603,040		$	916,758

Page 16 of 24

Platinum Underwriters Holdings, Ltd.
Premiums by Line of Business
($ in thousands)

	Three Months Ended June 30, 2006								Three Months Ended June 30, 2005
	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	$	16,642			16,642			20,365		29,925			29,925		$	29,043
North American Property Catastrophe		30,006			17,633			22,172		15,987			15,853			16,083
North American Property Risk		26,963			23,220			25,049		30,939			29,235			26,265
Other Property		9,160			9,159			9,505		24,285			24,138			26,126
Marine / Aviation Proportional		(3,496	)		(2,610	)		762		2,018			2,018			2,209
Marine / Aviation Excess		7,897			6,969			7,936		5,708			5,706			9,063
International Property Proportional		9,814			9,813			5,984		12,424			12,424			6,679
International Property Catastrophe		3,047			2,643			16,729		12,755			12,762			20,381
International Property Risk		2,155			2,155			4,590		2,892			2,892			4,820
Subtotal		102,188			85,624			113,092		136,933			134,953			140,669
Casualty:
Clash		5,819			5,819			6,359		6,857			6,857			8,716
1st Dollar GL		10,333			10,333			11,004		13,289			13,289			10,521
1st Dollar Other		504			504			672		1,358			1,358			787
Casualty Excess		149,560			149,560			126,557		138,361			138,361			134,064
Accident & Health		12,302			12,302			18,651		12,705			12,605			19,272
International Casualty		5,570			5,570			9,661		10,962			10,962			13,123
International Motor		520			519			838		414			414			2,781
Financial Lines		14,691			14,691			11,331		5,044			5,044			9,459
Subtotal		199,299			199,298			185,073		188,990			188,890			198,723
Finite Risk:
Finite Property		6,016			2,298			2,989		8,368			4,521			5,924
Finite Casualty		22,534			22,534			35,903		94,753			94,753			81,436
Finite Accident & Health		8			8			8		(158	)		(158	)		4,718
Subtotal		28,558			24,840			38,900		102,963			99,116			92,078
Total	$	330,045			309,762			337,065		428,886			422,959		$	431,470

Page 17 of 24

Platinum Underwriters Holdings, Ltd.
Premiums by Line of Business
($ in thousands)

	Six Months Ended June 30, 2006								Six Months Ended June 30, 2005
	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	$	41,863			41,863			48,879		49,170			49,170		$	46,253
North American Property Catastrophe		63,426			33,716			45,516		34,671			34,667			34,092
North American Property Risk		54,663			44,999			49,647		55,444			52,104			47,914
Other Property		25,982			25,982			25,749		60,468			60,321			58,059
Marine / Aviation Proportional		(1,463	)		(598	)		3,400		4,249			4,249			4,476
Marine / Aviation Excess		17,630			16,727			15,147		21,450			19,536			17,816
International Property Proportional		22,015			22,015			10,904		22,330			22,330			12,379
International Property Catastrophe		70,674			51,795			36,230		61,051			59,638			36,012
International Property Risk		14,389			14,389			9,164		17,987			17,987			11,865
Subtotal		309,179			250,888			244,636		326,820			320,002			268,866
Casualty:
Clash		13,662			13,662			13,321		17,987			17,987			15,915
1st Dollar GL		23,966			23,966			22,172		21,416			21,416			19,129
1st Dollar Other		1,519			1,519			1,698		1,996			1,996			1,437
Casualty Excess		261,134			261,134			239,177		251,901			251,901			252,312
Accident & Health		25,261			25,261			36,050		41,096			40,996			44,176
International Casualty		26,566			26,566			20,957		30,797			30,797			21,994
International Motor		1,906			1,923			1,736		2,482			2,482			7,650
Financial Lines		27,617			27,617			23,630		36,984			36,984			20,878
Subtotal		381,631			381,648			358,741		404,659			404,559			383,491
Finite Risk:
Finite Property		10,521			6,663			6,036		27,106			9,281			13,422
Finite Casualty		(36,650	)		(36,650	)		71,462		183,160			183,160			165,645
Finite Accident & Health		491			491			491		(244	)		(244	)		11,086
Subtotal		(25,638	)		(29,496	)		77,989		210,022			192,197			190,153
Total	$	665,172			603,040			681,366		941,501			916,758		$	842,510

Page 18 of 24

Platinum Underwriters Holdings, Ltd.
Key Ratios, Share Data, Ratings

	As of and for the Three Months Ended
	June 30, 2006			March 31, 2006			December 31, 2005			September 30, 2005			June 30, 2005
Key Ratios:
Combined ratio (%)		83.5	%		85.2	%		131.9	%		155.9	%		84.2	%
Invested assets to shareholders’ equity (%)		244.7	%		246.2	%		248.7	%		275.4	%		246.6	%
Debt to total capital (%)		15.2	%		15.7	%		16.0	%		24.0	%		23.3	%
Net premiums written (annualized) to shareholders’ equity		0.76			0.74			1.01			1.34			1.33
Share Data:
Book value per common share	$	24.75		$	23.87		$	23.22		$	24.75		$	29.32
Common shares outstanding (000’s)		59,449			59,093			59,127			49,605			43,407
Market Price Per Common Share:
High	$	30.00		$	32.30		$	31.70		$	35.21		$	32.15
Low		26.14			28.00			27.10			27.45			26.43
Close	$	27.98		$	29.10		$	31.07		$	29.89		$	31.82
Industry Ratings:
Financial Strength Rating
A.M. Best		A			A			A			A			A
Counterparty Credit Ratings (senior unsecured)
A.M. Best		bbb			bbb			bbb			bbb			bbb
Standard & Poors		BBB			BBB			BBB			BBB			BBB
Supplemental Data:
Total employees		153			159			163			159			157

See page 1, Note on Non-GAAP Financial Measures.

Page 19 of 24

Platinum Underwriters Holdings, Ltd.
Investment Portfolio
($ in thousands)

			Weighted					Weighted
			Average					Average
	June 30, 2006		Book Yield			December 31, 2005		Book Yield
Securities:
U.S. Government	$	179,012		4.3	%	$	139,585		4.1	%
Corporate bonds		1,440,634		4.5	%		1,386,158		4.4	%
Mortgage-backed and asset-backed securities		1,271,379		5.0	%		1,141,931		4.8	%
Municipal bonds		197,157		3.0	%		212,361		3.0	%
Foreign governments and states		123,573		3.7	%		107,669		3.6	%
Total Fixed Maturities		3,211,755		4.6	%		2,987,703		4.4	%
Preferred Stock		7,699		6.6	%		8,186		6.6	%
Total	$	3,219,454		4.6	%	$	2,995,889		4.4	%

	June 30, 2006					December 31, 2005
	Amount		% of Total			Amount		% of Total
Credit Quality of Investment Grades:*
Aaa	$	1,820,775		56.6	%	$	1,600,733		53.4	%
Aa		541,918		16.8	%		521,148		17.4	%
A		737,653		22.9	%		757,452		25.3	%
Baa		119,108		3.7	%		116,556		3.9	%
Total	$	3,219,454		100.0	%	$	2,995,889		100.0	%
Credit Quality:
Weighted average credit quality	Aa2					Aa2

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

Page 20 of 24

Platinum Underwriters Holdings, Ltd.
Net Realized Gains (Losses) on Investments — by Country
($ in thousands)

	Three Months Ended						Six Months Ended
	June 30, 2006			June 30, 2005			June 30, 2006			June 30, 2005
Net Realized Capital Gains (Losses):
United States	$	15			36			79		$	189
United Kingdom		—			(42	)		(2	)		(80	)
Bermuda		(1	)		(549	)		2			(292	)
Total	$	14			(555	)		79		$	(183	)

Page 21 of 24

Platinum Underwriters Holdings, Ltd.
Loss and Loss Adjustment Expenses Analysis
($ in thousands)

	Analysis of Losses and Loss Adjustment Expenses Incurred
	Six Months Ended June 30, 2006 (a)										Year Ended December 31, 2005 (b)
								Paid to									Paid to
	Gross		Ceded			Net		Incurred %			Gross		Ceded		Net		Incurred %
Paid	$	398,750		13,403			385,347		97.7	%		636,640		35,736	$	600,904		39.9	%
Change in unpaid losses and loss adjustment expenses		8,180		(711	)		8,891					958,128		53,607		904,521
Losses and loss adjustment expenses incurred	$	406,930		12,692			394,238					1,594,768		89,343	$	1,505,425

	Analysis of Unpaid Losses and Loss Adjustment Expenses
	As of June 30, 2006									As of December 31, 2005
	Gross		Ceded		Net		%			Gross		Ceded		Net		%
Outstanding losses and loss adjustment expenses	$	707,099		13,113		693,986		30.3	%		511,745		13,576	$	498,169		22.0	%
Incurred but not reported		1,636,506		41,575		1,594,931		69.7	%		1,812,245		41,759		1,770,486		78.0	%
Unpaid losses and loss adjustment expenses	$	2,343,605		54,688		2,288,917		100.0	%		2,323,990		55,335	$	2,268,655		100.0	%

(a)	Gross and ceded losses incurred includes effects of foreign currency exchange rate movements of $11,435 and $64, respectively
(b)	Gross losses incurred includes effects of foreign currency exchange rate movements of $15,093.

Page 22 of 24

Platinum Underwriters Holdings, Ltd.
Summary of Favorable (Unfavorable) Development of Losses and Related Premiums & Commissions
($ in thousands)

	Three Months Ended June 30, 2006												Three Months Ended June 30, 2005
	Property and													Property and
	Marine			Casualty			Finite Risk			Total				Marine			Casualty		Finite Risk			Total
Non-Catastrophe Favorable (Unfavorable) Development:
Net loss development related to prior years	$	21,276			(8	)		(3,710	)		17,558				15,340			4,935		785		$	21,060
Net premium adjustments related to loss development		—			—			—			—				—			—		—			—
Net commission adjustments related to loss development		(682	)		—			(134	)		(816	)			(2,441	)				(852	)		(3,293	)
Net favorable (unfavorable) development	$	20,594			(8	)		(3,844	)		16,742				12,899			4,935		(67	)	$	17,767
Catastrophe Favorable (Unfavorable) Development:
Net loss development related to prior years	$	(1,268	)		—			—			(1,268	)			(10,103	)		—		6,299		$	(3,804	)
Net premium adjustments related to loss development		(2,131	)		—			—			(2,131	)			1,147			—		47			1,194
Net commission adjustments related to loss development		—			—			—			—				—			—		—			—
Net favorable (unfavorable) development	$	(3,399	)		—			—			(3,399	)			(8,956	)		—		6,346		$	(2,610	)
Total net favorable (unfavorable) development	$	17,195			(8	)		(3,844	)		13,343				3,943			4,935		6,279		$	15,157
	Six Months Ended June 30, 2006													Six Months Ended June 30, 2005
	Property and													Property and
	Marine			Casualty			Finite Risk			Total				Marine			Casualty		Finite Risk			Total
Non-Catastrophe Favorable (Unfavorable) Development:
Net loss development related to prior years	$	30,446			894			(5,975	)		25,365				26,568			11,809		5,924		$	44,301
Net premium adjustments related to loss development		—			—			—			—				—			—		—			—
Net commission adjustments related to loss development		(1,024	)		1,434			325			735				(2,441	)		—		2,226			(215	)
Net favorable (unfavorable) development	$	29,422			2,328			(5,650	)		26,100				24,127			11,809		8,150		$	44,086
Catastrophe Favorable (Unfavorable) Development:
Net loss development related to prior years	$	(13,054	)		—			(380	)		(13,434	)			(17,482	)		—		6,299		$	(11,183	)
Net premium adjustments related to loss development		(692	)		—			124			(568	)			2,683			—		47			2,730
Net commission adjustments related to loss development		—			—			—			—				—			—		—			—
Net favorable (unfavorable) development	$	(13,746	)		—			(256	)		(14,002	)			(14,799	)		—		6,346		$	(8,453	)
Total net favorable (unfavorable) development	$	15,676			2,328			(5,906	)		12,098				9,328			11,809		14,496		$	35,633

Page 23 of 24

Platinum Underwriters Holdings, Ltd.
Estimated Exposures to Peak Zone Property Catastrophe Losses
As of July 1, 2006
($ in millions)

Estimated Probable Maximum Losses by Zone and Peril:

		20 Year Return Period				100 Year Return Period				250 Year Return Period
		Estimated		Estimated		Estimated		Estimated		Estimated		Estimated
Zones	Perils	Gross Loss		Net Loss		Gross Loss		Net Loss		Gross Loss		Net Loss
United States / Caribbean	Hurricane	$	223		133		437		247		497	$	311
United States	Earthquake		124		65		373		253		463		329
Pan-European	Windstorm		126		102		250		202		299		243
Japan	Earthquake		19		19		136		135		319		312
Japan	Typhoon	$	20		20		133		133		158	$	156

Indicative Catastrophe Scenarios:

	Estimated Company Net Loss
Catastrophe Scenarios	Interquartile Range
Category 3 U.S. / Caribbean Hurricane	$	5 - 25
Category 4 U.S. / Caribbean Hurricane		20 - 70
Magnitude 6.9 California Earthquake		1 - 17
Magnitude 7.5 California Earthquake	$	2 - 77

The Company has developed the estimates of losses expected from certain catastrophes for its portfolio of property, marine, workers’ compensation, and personal accident contracts using commercially available catastrophe models, which are applied and adjusted by the Company. These estimates include assumptions regarding the location, size and magnitude of an event, the frequency of events, the construction type and damageability of property in a zone, and the cost of rebuilding property in a zone, among other assumptions. These estimates do not include any losses that may be expected to arise from the Company’s casualty portfolio as a result of such catastrophes. Return period refers to the frequency with which losses of a given amount or greater are expected to occur.

Gross loss estimates are before income tax and net of reinstatement premiums. Net loss estimates are before income tax, net of reinstatement premiums, and net of retrocessional recoveries. Ranges shown for indicative catastrophe scenarios are interquartile reflecting the middle 50% of indications. That is, 25% of indications fall below the low end of a given range and 25% of indications fall above the high end of that range. Thus, an actual event may produce losses that fall materially outside the indicated ranges.

The estimates set forth above are based on assumptions that are inherently subject to significant uncertainties and contingencies. These uncertainties and contingencies can affect actual losses and could cause actual losses to differ materially from those expressed above. In particular, modeled loss estimates do not necessarily accurately predict actual losses, and may significantly misestimate actual losses. Such estimates, therefore, should not be considered as a representation of actual losses. Investors should not rely on the foregoing information when considering investment in the Company. The Company undertakes no duty to update or revise such information to reflect the occurrence of future events.

Page 24 of 24