EX-99.2

Platinum Underwriters Holdings, Ltd.
Overview
September 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
September 30, 2006


Section:	Page:
Balance Sheet:
a. Condensed Consolidated Balance Sheets		3
Statements of Operations:
a. Consolidated Statements of Operations and Comprehensive Income (Loss) — 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 (Loss) 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 — Nine 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 — Nine 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
September 30, 2006
(amounts in thousands, except per share amounts)


	September 30, 2006		June 30, 2006		March 31, 2006		December 31, 2005		September 30, 2005
Assets
Investments	$	3,367,474		3,224,454		3,234,490		3,000,889	$	2,989,217
Cash, cash equivalents and short term investments		815,825		786,406		650,639		829,539		391,637
Reinsurance premiums receivable		385,052		401,746		517,429		567,449		557,422
Accrued investment income		30,356		32,489		29,581		29,230		31,013
Reinsurance balances (prepaid and recoverable)		79,639		97,823		92,388		76,109		79,021
Deferred acquisition costs		90,195		98,532		105,699		130,800		139,158
Funds held by ceding companies		249,359		250,077		266,541		291,629		250,324
Other assets		48,885		61,354		59,450		228,730		48,293

Total assets	$	5,066,785		4,952,881		4,956,217		5,154,375	$	4,486,085


Liabilities
Unpaid losses and loss adjustment expenses	$	2,358,801		2,343,605		2,371,916		2,323,990	$	2,079,668
Unearned premiums		399,524		449,672		474,433		502,018		558,881
Debt obligations		292,840		292,840		292,840		292,840		387,500
Commissions payable		143,672		141,823		142,826		186,654		176,036
Other liabilities		98,420		86,110		96,364		308,624		56,183

Total liabilities		3,293,257		3,314,050		3,378,379		3,614,126		3,258,268

Total shareholders’ equity		1,773,528		1,638,831		1,577,838		1,540,249		1,227,817


Total liabilities and shareholders’ equity	$	5,066,785		4,952,881		4,956,217		5,154,375	$	4,486,085



Book value per common share	$	26.97		24.75		23.87		23.22	$	24.75

Page 3 of 24

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


	Three Months Ended						Nine Months Ended
	September 30, 2006			September 30, 2005			September 30, 2006			September 30, 2005
Revenue
Net premiums earned	$	339,609			429,388			1,020,975		$	1,271,898
Net investment income		48,302			36,441			137,165			92,250
Net realized gains (losses) on investments		(57	)		(879	)		22			(1,062	)
Other income (expense)		1,714			(433	)		(1,927	)		(201	)

Total revenue		389,568			464,517			1,156,235			1,362,885


Expenses
Losses and loss adjustment expenses		191,428			564,618			585,666			1,043,168
Acquisition expenses		74,994			98,858			220,285			296,035
Other underwriting expenses		20,063			6,050			55,064			41,202
Corporate expenses		5,285			2,030			16,664			10,366
Net foreign currency exchange (gains) losses		228			(88	)		(461	)		1,870
Interest expense		5,452			6,839			16,352			13,186

Total expenses		297,450			678,307			893,570			1,405,827

Income (loss) before income tax expense (benefit)		92,118			(213,790	)		262,665			(42,942	)

Income tax expense (benefit)		7,195			(37,766	)		18,958			(7,991	)

Net income (loss)		84,923			(176,024	)		243,707			(34,951	)

Preferred dividends		2,602			—			7,780			—

Net income (loss) attributable to common shareholders	$	82,321			(176,024	)		235,927		$	(34,951	)


Basic
Weighted average common shares outstanding		59,537			43,785			59,287			43,459
Basic earnings (loss) per common share	$	1.38			(4.02	)		3.98		$	(0.80	)

Diluted
Adjusted weighted average common shares outstanding		66,520			43,785			66,273			43,459
Diluted earnings (loss) per common share	$	1.28			(4.02	)		3.68		$	(0.80	)

Comprehensive income (loss)
Net income (loss)	$	84,923			(176,024	)		243,707		$	(34,951	)
Other comprehensive income (loss), net of deferred taxes		53,941			(36,355	)		(5,779	)		(37,970	)

Comprehensive income (loss)	$	138,864			(212,379	)		237,928		$	(72,921	)

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
	September 30, 2006			June 30, 2006			March 31, 2006			December 31, 2005			September 30, 2005
Revenue
Net premiums earned	$	339,609			337,065			344,301			442,825		$	429,388
Net investment income		48,302			45,348			43,515			37,195			36,441
Net realized gains (losses) on investments		(57	)		14			65			(1,984	)		(879	)
Other income (expense)		1,714			(2,324	)		(1,317	)		(385	)		(433	)

Total revenue		389,568			380,103			386,564			477,651			464,517


Expenses
Losses and loss adjustment expenses		191,428			187,464			206,774			462,257			564,618
Acquisition expenses		74,994			76,052			69,239			107,100			98,858
Other underwriting expenses		20,063			17,713			17,288			14,467			6,050
Corporate expenses		5,285			5,679			5,700			3,792			2,030
Net foreign currency exchange (gains) losses		228			(414	)		(275	)		241			(88	)
Interest expense		5,452			5,450			5,450			6,820			6,839
Loss on repurchase of debt		—			—			—			2,486			—

Total expenses		297,450			291,944			304,176			597,163			678,307

Income (loss) before income tax expense (benefit)		92,118			88,159			82,388			(119,512	)		(213,790	)

Income tax expense (benefit)		7,195			6,411			5,352			(16,976	)		(37,766	)

Net income (loss)		84,923			81,748			77,036			(102,536	)		(176,024	)

Preferred dividends		2,602			2,602			2,576			737			—

Net income (loss) attributable to common shareholders	$	82,321			79,146			74,460			(103,273	)	$	(176,024	)


Basic
Weighted average common shares outstanding		59,537			59,224			59,097			53,339			43,785
Basic earnings (loss) per common share	$	1.38			1.34			1.26			(1.94	)	$	(4.02	)

Diluted
Adjusted weighted average common shares outstanding		66,520			65,725			66,597			53,339			43,785
Diluted earnings (loss) per common share	$	1.28			1.24			1.16			(1.94	)	$	(4.02	)

Comprehensive income (loss)
Net income (loss)	$	84,923			81,748			77,036			(102,536	)	$	(176,024	)
Other comprehensive income (loss), net of deferred taxes		53,941			(24,409	)		(35,311	)		(15,000	)		(36,355	)

Comprehensive income (loss)	$	138,864			57,339			41,725			(117,536	)	$	(212,379	)

Page 5 of 24

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


	Three Months Ended					Nine Months Ended
	September 30, 2006		September 30, 2005			September 30, 2006		September 30, 2005
Earnings:
Basic:
Net income (loss) attributable to common shareholders	$	82,321		(176,024	)		235,927	$	(34,951	)


Diluted:
Net income (loss) attributable to common shareholders		82,321		(176,024	)		235,927		(34,951	)
Effect of dilutive securities:
Preferred share dividends		2,602		—			7,780		—

Adjusted net income (loss) for diluted earnings per share	$	84,923		(176,024	)		243,707	$	(34,951	)


Common Shares:
Basic:
Weighted average common shares outstanding		59,537		43,785			59,287		43,459


Diluted:
Weighted average common shares outstanding		59,537		43,785			59,287		43,459
Effect of dilutive securities:
Conversion of preferred shares		5,750		—			5,750		—
Common share options		1,151		—			1,165		—
Restricted common shares and common share units		82		—			71		—

Adjusted weighted average common shares outstanding		66,520		43,785			66,273		43,459


Earnings (Loss) Per Common Share:
Basic earnings (loss) per common share	$	1.38		(4.02	)		3.98	$	(0.80	)


Diluted earnings (loss) per common share	$	1.28		(4.02	)		3.68	$	(0.80	)

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
	September 30, 2006		June 30, 2006		March 31, 2006		December 31, 2005			September 30, 2005
Earnings:
Basic:
Net income (loss) attributable to common shareholders	$	82,321		79,146		74,460		(103,273	)	$	(176,024	)


Diluted:
Net income (loss) attributable to common shareholders		82,321		79,146		74,460		(103,273	)		(176,024	)
Effect of dilutive securities:
Preferred share dividends		2,602		2,602		2,576		—			—


Adjusted net income (loss) for diluted earnings per share	$	84,923		81,748		77,036		(103,273	)	$	(176,024	)


Common Shares:
Basic:
Weighted average common shares outstanding		59,537		59,224		59,097		53,339			43,785


Diluted:
Weighted average common shares outstanding		59,537		59,224		59,097		53,339			43,785
Effect of dilutive securities:
Conversion of preferred shares		5,750		5,750		5,690		—			—
Common share options		1,151		692		1,741		—			—
Restricted common shares and common share units		82		59		69		—			—

Adjusted weighted average common shares outstanding		66,520		65,725		66,597		53,339			43,785


Earnings (Loss) Per Common Share:
Basic earnings (loss) per common share	$	1.38		1.34		1.26		(1.94	)	$	(4.02	)


Diluted earnings (loss) per common share	$	1.28		1.24		1.16		(1.94	)	$	(4.02	)

Page 7 of 24

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


	Conversion			Conversion
	Multiple /			Amount			Shares			Book Value Per
	Strike Price			($000)			(000)			Common Share
Total shareholders’ equity as of September 30, 2006				$	1,773,528
Equity from issuance of preferred shares					(167,509	)

Book value per common share				$	1,606,019			59,546	(a)	$	26.97


Preferred shares:
Conversion of preferred shares to common shares		0.997			167,509			5,730	(b)		0.19

Common share options:
St. Paul Travelers		27.00			—			745			(0.29	)
RenaissanceRe		27.00			—			310			(0.12	)

Management and directors’ options		24.01	(c)		82,542			3,438	(d)		(0.15	)

Directors’ and officers’ restricted common shares and common share units					—			232			(0.09	)


Fully converted book value per common share as of September 30, 2006				$	1,856,070			70,001		$	26.51


(a)		As of September 30, 2006 there were 59,638,834 common shares issued and outstanding. Included in this number were 93,080 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 September 30, 2006. However, 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 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 $30.83, the closing share price at September 30, 2006.

(d)		Excludes 70,000 options with a weighted average strike price greater than $32.67

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

Page 8 of 24

Platinum Underwriters Holdings, Ltd.
Segment Reporting — Three Month Summary
($ in thousands)


	Three Months Ended September 30, 2006												Three Months Ended September 30, 2005
	Property and												Property and
	Marine			Casualty			Finite Risk			Total			Marine			Casualty			Finite Risk			Total
Net premiums written	$	83,018			202,302			12,680		$	298,000		$	133,350			216,659			60,177		$	410,186

Net premiums earned		97,686			214,427			27,496			339,609			145,853			205,050			78,485			429,388


Losses and loss adjustment expenses		17,181			149,698			24,549			191,428			373,761			129,218			61,639			564,618
Acquisition expenses		14,895			54,503			5,596			74,994			17,753			50,097			31,008			98,858
Other underwriting expenses		8,608			9,464			1,991			20,063			3,632			1,894			524			6,050

Total underwriting expenses		40,684			213,665			32,136			286,485			395,146			181,209			93,171			669,526


Segment underwriting income (loss)	$	57,002			762			(4,640	)		53,124		$	(249,293	)		23,841			(14,686	)		(240,138	)


Net investment income											48,302												36,441
Net realized losses on investments											(57	)											(879	)
Net foreign currency exchange gains (losses)											(228	)											88
Other income (expense)											1,714												(433	)
Corporate expenses not allocated to segments											(5,285	)											(2,030	)
Interest expense											(5,452	)											(6,839	)

Income (loss) before income tax expense (benefit)										$	92,118											$	(213,790	)


GAAP underwriting ratios:
Loss and LAE		17.6	%		69.8	%		89.3	%		56.4	%		256.3	%		63.0	%		78.5	%		131.5	%
Acquisition expense		15.2	%		25.4	%		20.4	%		22.1	%		12.2	%		24.4	%		39.5	%		23.0	%
Other underwriting expense		8.8	%		4.4	%		7.2	%		5.9	%		2.5	%		0.9	%		0.7	%		1.4	%

Combined		41.6	%		99.6	%		116.9	%		84.4	%		271.0	%		88.3	%		118.7	%		155.9	%


Statutory underwriting ratios:
Loss and LAE		17.6	%		69.8	%		89.3	%		56.4	%		256.3	%		63.0	%		78.5	%		131.5	%
Acquisition expense		15.9	%		25.7	%		11.7	%		22.4	%		10.7	%		24.1	%		45.1	%		22.8	%
Other underwriting expense		10.4	%		4.7	%		15.7	%		6.7	%		2.7	%		0.9	%		0.9	%		1.5	%

Combined		43.9	%		100.2	%		116.7	%		85.5	%		269.7	%		88.0	%		124.5	%		155.8	%

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) Loss & 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 — Nine Month Summary
($ in thousands)


	Nine Months Ended September 30, 2006												Nine Months Ended September 30, 2005
	Property and												Property and
	Marine			Casualty			Finite Risk			Total			Marine			Casualty			Finite Risk			Total
Net premiums written	$	333,906			583,950			(16,816	)	$	901,040		$	453,352			621,218			252,374		$	1,326,944

Net premiums earned		342,322			573,168			105,485			1,020,975			414,719			588,541			268,638			1,271,898


Losses and loss adjustment expenses		104,876			394,087			86,703			585,666			492,300			375,187			175,681			1,043,168
Acquisition expenses		55,783			141,025			23,477			220,285			69,437			143,262			83,336			296,035
Other underwriting expenses		27,642			23,487			3,935			55,064			19,595			18,179			3,428			41,202

Total underwriting expenses		188,301			558,599			114,115			861,015			581,332			536,628			262,445			1,380,405


Segment underwriting income (loss)	$	154,021			14,569			(8,630	)		159,960		$	(166,613	)		51,913			6,193			(108,507	)


Net investment income											137,165												92,250
Net realized gains (losses) on investments											22												(1,062	)
Net foreign currency exchange gains (losses)											461												(1,870	)
Other expense											(1,927	)											(201	)
Corporate expenses not allocated to segments											(16,664	)											(10,366	)
Interest expense											(16,352	)											(13,186	)

Income (loss) before income tax expense (benefit)										$	262,665											$	(42,942	)


GAAP underwriting ratios:
Loss and LAE		30.6	%		68.8	%		82.2	%		57.4	%		118.7	%		63.7	%		65.4	%		82.0	%
Acquisition expense		16.3	%		24.6	%		22.3	%		21.6	%		16.7	%		24.3	%		31.0	%		23.3	%
Other underwriting expense		8.1	%		4.1	%		3.7	%		5.4	%		4.7	%		3.1	%		1.3	%		3.2	%

Combined		55.0	%		97.5	%		108.2	%		84.4	%		140.1	%		91.1	%		97.7	%		108.5	%


Statutory underwriting ratios:
Loss and LAE		30.6	%		68.8	%		82.2	%		57.4	%		118.7	%		63.7	%		65.4	%		82.0	%
Acquisition expense		16.1	%		24.5	%		106.6	%		19.9	%		16.5	%		23.7	%		31.0	%		22.6	%
Other underwriting expense		8.3	%		4.0	%		(23.4	%)		6.1	%		4.3	%		2.9	%		1.4	%		3.1	%

Combined		55.0	%		97.3	%		165.4	%		83.4	%		139.5	%		90.3	%		97.8	%		107.7	%

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) Loss & 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
	September 30, 2006			June 30, 2006			March 31, 2006			December 31, 2005			September 30, 2005
Net premiums written	$	83,018			85,624			165,264			121,703		$	133,350

Net premiums earned		97,686			113,092			131,544			154,454			145,853


Losses and loss adjustment expenses		17,181			27,867			59,828			264,442			373,761
Acquisition expenses		14,895			21,239			19,649			24,546			17,753
Other underwriting expenses		8,608			9,006			10,028			6,479			3,632

Total underwriting expenses		40,684			58,112			89,505			295,467			395,146


Segment underwriting income (loss)	$	57,002			54,980			42,039			(141,013	)	$	(249,293	)


GAAP underwriting ratios:
Loss and LAE		17.6	%		24.6	%		45.5	%		171.2	%		256.3	%
Acquisition expense		15.2	%		18.8	%		14.9	%		15.9	%		12.2	%
Other underwriting expense		8.8	%		8.0	%		7.6	%		4.2	%		2.5	%

Combined		41.6	%		51.4	%		68.0	%		191.3	%		271.0	%


Statutory underwriting ratios:
Loss and LAE		17.6	%		24.6	%		45.5	%		171.2	%		256.3	%
Acquisition expense		15.9	%		19.5	%		14.4	%		15.2	%		10.7	%
Other underwriting expense		10.4	%		10.5	%		6.1	%		5.3	%		2.7	%

Combined		43.9	%		54.6	%		66.0	%		191.7	%		269.7	%

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) Loss & 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
	September 30, 2006			June 30, 2006			March 31, 2006			December 31, 2005			September 30, 2005
Net premiums written	$	202,302			199,298			182,350			187,813		$	216,659

Net premiums earned		214,427			185,073			173,668			201,088			205,050


Losses and loss adjustment expenses		149,698			127,824			116,565			136,422			129,218
Acquisition expenses		54,503			45,168			41,354			51,135			50,097
Other underwriting expenses		9,464			7,688			6,335			6,511			1,894

Total underwriting expenses		213,665			180,680			164,254			194,068			181,209


Segment underwriting income	$	762			4,393			9,414			7,020		$	23,841


GAAP underwriting ratios:
Loss and LAE		69.8	%		69.1	%		67.1	%		67.8	%		63.0	%
Acquisition expense		25.4	%		24.4	%		23.8	%		25.4	%		24.4	%
Other underwriting expense		4.4	%		4.2	%		3.6	%		3.2	%		0.9	%

Combined		99.6	%		97.7	%		94.5	%		96.4	%		88.3	%


Statutory underwriting ratios:
Loss and LAE		69.8	%		69.1	%		67.1	%		67.8	%		63.0	%
Acquisition expense		25.7	%		24.4	%		23.4	%		26.1	%		24.1	%
Other underwriting expense		4.7	%		3.9	%		3.5	%		3.5	%		0.9	%

Combined		100.2	%		97.4	%		94.0	%		97.4	%		88.0	%

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 14 of 24

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


	Three Months Ended
	September 30, 2006			June 30, 2006			March 31, 2006			December 31, 2005			September 30, 2005
Net premiums written	$	12,680			24,840			(54,336	)		81,262		$	60,177

Net premiums earned		27,496			38,900			39,089			87,283			78,485


Losses and loss adjustment expenses		24,549			31,773			30,381			61,393			61,639
Acquisition expenses		5,596			9,645			8,236			31,419			31,008
Other underwriting expenses		1,991			1,019			925			1,477			524

Total underwriting expenses		32,136			42,437			39,542			94,289			93,171


Segment underwriting income (loss)	$	(4,640	)		(3,537	)		(453	)		(7,006	)	$	(14,686	)


GAAP underwriting ratios:
Loss and LAE		89.3	%		81.7	%		77.7	%		70.3	%		78.5	%
Acquisition expense		20.4	%		24.8	%		21.1	%		36.0	%		39.5	%
Other underwriting expense		7.2	%		2.6	%		2.4	%		1.7	%		0.7	%

Combined		116.9	%		109.1	%		101.2	%		108.0	%		118.7	%


Statutory underwriting ratios:
Loss and LAE		89.3	%		81.7	%		77.7	%		70.3	%		78.5	%
Acquisition expense		11.7	%		11.8	%		41.1	%		38.8	%		45.1	%
Other underwriting expense		15.7	%		4.1	%		(1.7	%)		1.8	%		0.9	%

Combined		116.7	%		97.6	%		117.1	%		110.9	%		124.5	%

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				Nine Months Ended
	September 30, 2006		September 30, 2005		September 30, 2006			September 30, 2005
Property and Marine:
Excess-of-loss	$	65,828		86,346		242,654		$	300,394
Proportional		17,190		47,004		91,252			152,958

Subtotal Property and Marine		83,018		133,350		333,906			453,352

Casualty:
Excess-of-loss		180,723		174,247		508,213			511,280
Proportional		21,579		42,412		75,737			109,938

Subtotal Casualty		202,302		216,659		583,950			621,218

Finite Risk:
Excess-of-loss		9,953		8,274		40,846			51,511
Proportional		2,727		51,903		(57,662	)		200,863

Subtotal Finite Risk		12,680		60,177		(16,816	)		252,374

Combined Segments:
Excess-of-loss		256,504		268,867		791,713			863,185
Proportional		41,496		141,319		109,327			463,759

Total	$	298,000		410,186		901,040		$	1,326,944


	Three Months Ended					Nine Months Ended
	September 30, 2006		September 30, 2005			September 30, 2006			September 30, 2005
Property and Marine:
United States	$	63,821		109,501			210,381		$	305,763
International		19,197		23,849			123,525			147,589

Subtotal Property and Marine		83,018		133,350			333,906			453,352

Casualty:
United States		187,012		198,574			525,651			540,221
International		15,290		18,085			58,299			80,997

Subtotal Casualty		202,302		216,659			583,950			621,218

Finite Risk:
United States		10,687		63,421			(28,759	)		251,463
International		1,993		(3,244	)		11,943			911

Subtotal Finite Risk		12,680		60,177			(16,816	)		252,374

Combined Segments:
United States		261,520		371,496			707,273			1,097,447
International		36,480		38,690			193,767			229,497

Total	$	298,000		410,186			901,040		$	1,326,944

Page 16 of 24

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


	Three Months Ended September 30, 2006									Three Months Ended September 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	$	8,696			8,696			10,148			30,408			30,408		$	26,244
North American Property Catastrophe		36,613			26,025			18,858			37,293			30,454			26,378
North American Property Risk		27,762			24,402			21,042			29,177			26,599			26,043
Other Property		7,085			4,699			7,292			22,188			22,040			24,259
Marine / Aviation Proportional		832			(33	)		1,257			5,939			5,939			3,576
Marine / Aviation Excess		7,102			8,005			8,202			12,401			9,652			12,503
International Property Proportional		2,709			2,709			7,227			(510	)		(510	)		3,855
International Property Catastrophe		7,278			6,210			18,540			6,978			6,969			18,678
International Property Risk		2,305			2,305			5,120			1,799			1,799			4,317

Subtotal		100,382			83,018			97,686			145,673			133,350			145,853


Casualty:
Clash		6,244			6,244			6,373			8,843			8,843			10,531
1st Dollar GL		9,398			9,398			13,785			16,417			16,417			12,917
1st Dollar Other		1,401			1,401			1,132			1,058			1,058			867
Casualty Excess		156,098			156,098			156,691			130,495			130,495			126,977
Accident & Health		9,682			9,589			12,786			37,314			37,264			26,570
International Casualty		8,637			8,637			11,529			13,551			13,551			13,158
International Motor		941			941			959			775			842			1,990
Financial Lines		9,994			9,994			11,172			8,190			8,189			12,040

Subtotal		202,395			202,302			214,427			216,643			216,659			205,050


Finite Risk:
Finite Property		7,090			2,922			3,115			2,665			12			417
Finite Casualty		9,858			9,858			24,481			58,183			58,183			73,710
Finite Accident & Health		(100	)		(100	)		(100	)		1,982			1,982			4,358

Subtotal		16,848			12,680			27,496			62,830			60,177			78,485


Total	$	319,625			298,000			339,609			425,146			410,186		$	429,388

Page 17 of 24

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


	Nine Months Ended September 30, 2006								Nine Months Ended September 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	$	50,559			50,559			59,027		79,578		79,578	$	72,497
North American Property Catastrophe		100,039			59,741			64,374		71,964		65,121		60,470
North American Property Risk		82,425			69,401			70,689		84,621		78,703		73,957
Other Property		33,067			30,681			33,041		82,656		82,361		82,318
Marine / Aviation Proportional		(631	)		(631	)		4,657		10,188		10,188		8,052
Marine / Aviation Excess		24,732			24,732			23,349		33,851		29,188		30,319
International Property Proportional		24,724			24,724			18,131		21,820		21,820		16,234
International Property Catastrophe		77,952			58,005			54,770		68,029		66,607		54,690
International Property Risk		16,694			16,694			14,284		19,786		19,786		16,182

Subtotal		409,561			333,906			342,322		472,493		453,352		414,719


Casualty:
Clash		19,906			19,906			19,694		26,830		26,830		26,446
1st Dollar GL		33,364			33,364			35,957		37,833		37,833		32,046
1st Dollar Other		2,920			2,920			2,830		3,054		3,054		2,304
Casualty Excess		417,232			417,232			395,868		382,396		382,396		379,289
Accident & Health		34,943			34,850			48,836		78,410		78,260		70,746
International Casualty		35,203			35,203			32,486		44,348		44,348		35,152
International Motor		2,847			2,864			2,695		3,257		3,324		9,640
Financial Lines		37,611			37,611			34,802		45,174		45,173		32,918

Subtotal		584,026			583,950			573,168		621,302		621,218		588,541


Finite Risk:
Finite Property		17,611			9,585			9,151		29,771		9,293		13,839
Finite Casualty		(26,792	)		(26,792	)		95,943		241,343		241,343		239,355
Finite Accident & Health		391			391			391		1,738		1,738		15,444

Subtotal		(8,790	)		(16,816	)		105,485		272,852		252,374		268,638


Total	$	984,797			901,040			1,020,975		1,366,647		1,326,944	$	1,271,898

Page 18 of 24

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


	As of and for the Three Months Ended
	September 30, 2006			June 30, 2006			March 31, 2006			December 31, 2005			September 30, 2005
Key Ratios:
Combined ratio (%)		84.4	%		83.5	%		85.2	%		131.9	%		155.9	%
Invested assets to shareholders’ equity (%)		2.36:1			2.45:1			2.46:1			2.49:1			2.75:1
Debt to total capital (%)		14.2	%		15.2	%		15.7	%		16.0	%		24.0	%
Net premiums written (annualized) to shareholders’ equity		0.67			0.76			0.74			1.01			1.34

Share Data:
Book value per common share	$	26.97		$	24.75		$	23.87		$	23.22		$	24.75
Common shares outstanding (000’s)		59,639			59,546			59,190			59,127			49,605
Market Price Per Common Share:
High	$	31.11		$	30.00		$	32.30		$	31.70		$	35.21
Low		27.34			26.14			28.00			27.10			27.45
Close	$	30.83		$	27.98		$	29.10		$	31.07		$	29.89

Industry Ratings:
Financial Strength Rating
A.M. Best Company, Inc.		A			A			A			A			A
Counterparty Credit Ratings (senior unsecured)
A.M. Best Company, Inc.		bbb			bbb			bbb			bbb			bbb
Standard & Poor’s Ratings Services		BBB			BBB			BBB			BBB			BBB

Supplemental Data:
Total employees		155			153			159			163			159

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
	September 30, 2006		Book Yield			December 31, 2005		Book Yield
Securities:
U.S. Government	$	154,054		4.4	%	$	139,585		4.1	%
Corporate bonds		1,506,030		4.5	%		1,386,157		4.4	%
Mortgage-backed and asset-backed securities		1,363,257		5.1	%		1,141,931		4.8	%
Municipal bonds		198,799		3.0	%		212,361		3.0	%
Foreign governments and states		132,012		3.8	%		107,669		3.6	%

Total Fixed Maturities		3,354,152		4.6	%		2,987,703		4.4	%
Preferred Stock		8,322		6.6	%		8,186		6.6	%

Total	$	3,362,474		4.6	%	$	2,995,889		4.4	%


	September 30, 2006					December 31, 2005
	Amount		% of Total			Amount		% of Total
Credit Quality of Investment Grades:*
Aaa	$	1,932,555		57.5	%	$	1,600,733		53.4	%
Aa		563,178		16.7	%		521,148		17.4	%
A		745,682		22.2	%		757,452		25.3	%
Baa		121,059		3.6	%		116,556		3.9	%

Total	$	3,362,474		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.
Loss and Loss Adjustment Expenses Analysis
($ in thousands)


	Analysis of Losses and Loss Adjustment Expenses Incurred
	Nine Months Ended September 30, 2006 ^(a)										Year Ended December 31, 2005 ^(b)
								Paid to									Paid to
	Gross		Ceded			Net		Incurred %			Gross		Ceded		Net		Incurred %
Paid	$	576,394		15,076		$	561,318		95.8	%	$	636,640		35,736	$	600,904		39.9	%
Change in unpaid losses and loss adjustment expenses		23,459		(889	)		24,348					958,128		53,607		904,521

Losses and loss adjustment expenses incurred	$	599,853		14,187		$	585,666				$	1,594,768		89,343	$	1,505,425


	Analysis of Unpaid Losses and Loss Adjustment Expenses
	As of September 30, 2006									As of December 31, 2005
	Gross		Ceded		Net		%			Gross		Ceded		Net		%
Outstanding losses and loss adjustment expenses	$	741,896		13,195	$	728,701		31.6	%	$	511,745		13,576	$	498,169		22.0	%
Incurred but not reported		1,616,905		41,302		1,575,603		68.4	%		1,812,245		41,759		1,770,486		78.0	%

Unpaid losses and loss adjustment expenses	$	2,358,801		54,497	$	2,304,304		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 $11,352 and $51, 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 September 30, 2006												Three Months Ended September 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	$	13,277			(582	)		55			12,750			19,495			5,546			5,579		$	30,620
Net premium adjustments related to loss development		—			—			—			—			—			—			—			—
Net commission adjustments related to loss development		(1,436	)		291			122			(1,023	)		2,513			(221	)		(6,715	)		(4,423	)

Net favorable (unfavorable) development		11,841			(291	)		177			11,727			22,008			5,325			(1,136	)		26,197


Catastrophe Favorable (Unfavorable) Development:
Net loss development related to prior years		12,902			—			(4,000	)		8,902			(1,054	)		—			12,500			11,446
Net premium adjustments related to loss development		(649	)		—			—			(649	)		62			—			(6,125	)		(6,063	)
Net commission adjustments related to loss development		—			—			—			—			—			—			—			—

Net favorable (unfavorable) development		12,253			—			(4,000	)		8,253			(992	)		—			6,375			5,383


Total net favorable (unfavorable) development	$	24,094			(291	)		(3,823	)		19,980			21,016			5,325			5,239		$	31,580


	Nine Months Ended September 30, 2006											Nine Months Ended September 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	$	43,723			312		(5,920	)		38,115			46,063			17,355			11,496		$	74,914
Net premium adjustments related to loss development		—			—		—			—			—			—			—			—
Net commission adjustments related to loss development		(2,460	)		1,725		447			(288	)		72			(221	)		(4,489	)		(4,638	)

Net favorable (unfavorable) development		41,263			2,037		(5,473	)		37,827			46,135			17,134			7,007			70,276


Catastrophe Favorable (Unfavorable) Development:
Net loss development related to prior years		(152	)		—		(4,380	)		(4,532	)		(18,536	)		—			18,806			270
Net premium adjustments related to loss development		(1,341	)		—		124			(1,217	)		2,744			—			(6,078	)		(3,334	)
Net commission adjustments related to loss development		—			—		—			—			—			—			—			—

Net favorable (unfavorable) development		(1,493	)		—		(4,256	)		(5,749	)		(15,792	)		—			12,728			(3,064	)


Total net favorable (unfavorable) development	$	39,770			2,037		(9,729	)		32,078			30,343			17,134			19,735		$	67,212

Page 23 of 24

Platinum Underwriters Holdings, Ltd.
Estimated Exposures to Peak Zone Property Catastrophe Losses
As of October 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	$	204		132		402		246		442	$	289
United States	Earthquake		112		61		354		235		440		308
Pan-European	Windstorm		128		103		252		203		303		244
Japan	Earthquake		17		17		110		108		317		309
Japan	Typhoon	$	10		10		105		104		150	$	148

Indicative Catastrophe Scenarios:


	Estimated Company Net
Catastrophe Scenarios	Loss Interquartile Range
Category 3 U.S. / Caribbean Hurricane	$	7 - 24
Category 4 U.S. / Caribbean Hurricane		14 - 61
Magnitude 6.9 California Earthquake		0 - 13
Magnitude 7.5 California Earthquake	$	3 - 73

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


	Three Months Ended						Nine Months Ended
	September 30, 2006			September 30, 2005			September 30, 2006			September 30, 2005
Net cash provided by operating activities	$	122,893			182,618			459,998		$	559,020

Net cash used in investing activities		(54,769	)		(366,978	)		(498,180	)		(788,714	)

Net cash provided by (used in) financing activities		(5,631	)		166,461			(9,241	)		411,434


Net increase (decrease) in cash and cash equivalents	$	62,493			(17,899	)		(47,423	)	$	181,740


	Three Months Ended
	September 30, 2006			June 30, 2006			March 31, 2006			December 31, 2005		September 30, 2005
Net cash provided by operating activities	$	122,893			150,149			186,956			38,654	$	182,618

Net cash provided by (used in) investing activities		(54,769	)		(11,048	)		(432,363	)		58,146		(366,978	)

Net cash provided by (used in) financing activities		(5,631	)		1,699			(5,309	)		332,309		166,461


Net increase (decrease) in cash and cash equivalents	$	62,493			140,800			(250,716	)		429,109	$	(17,899	)