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%).

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.

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.

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.

# # #

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

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

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.

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.