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) — February 20, 2007

Platinum Underwriters Holdings, Ltd.

(Exact name of registrant as specified in its charter)

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

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

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

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

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

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

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

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

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

TABLE OF CONTENTS

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

Item 2.02. Results of Operations and Financial Condition.

     On February 20, 2007, the Company issued a press release reporting its financial results as of and for the quarter and year ended December 31, 2006. A copy of the press release, as well as a financial supplement, are furnished herewith as Exhibits 99.1 and 99.2, respectively. The information hereunder is not deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, is not otherwise subject to the liabilities of that section and is not incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit 99.1	Press release dated February 20, 2007
Exhibit 99.2	Financial Supplement

2

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: February 21, 2007

3

Exhibit Index

Exhibit
Number	Description
Exhibit 99.1	Press release dated February 20, 2007
Exhibit 99.2	Financial Supplement

EX-99.1

Exhibit 99.1

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

PLATINUM UNDERWRITERS HOLDINGS, LTD. REPORTS FOURTH QUARTER

AND YEAR ENDED DECEMBER 31, 2006 FINANCIAL RESULTS

HAMILTON, BERMUDA, FEBRUARY 20, 2007 — Platinum Underwriters Holdings, Ltd. (NYSE: PTP) today reported net income of $86.0 million, or $1.28 per diluted common share, for the quarter ended December 31, 2006 and net income of $329.7 million, or $4.96 per diluted common share, for the year ended December 31, 2006. The results for the quarter ended December 31, 2006 include net premiums earned of $315.7 million, a decrease of 28.7% from the same quarter last year, net favorable development of $23.7 million, compared with net favorable development of $12.0 million from the same quarter last year, and net investment income of $50.8 million, an increase of 36.6% from the same quarter last year.

Michael D. Price, Chief Executive Officer, commented, “Overall, 2006 was a successful year for Platinum. Our return on beginning common equity was approximately 23%. For both the quarter and the year, our underwriting results were strong due, in part, to the absence of major catastrophes and favorable prior period development. Investment income grew in the quarter and full year, aided significantly by positive cash flow from operations.”

Mr. Price added, “During an active but orderly January 1 renewal season we expanded our property catastrophe excess-of-loss business where rate adequacy for U.S.-exposed risks improved in line with our expectations. Renewals were mixed in other lines of business with modest additions in some areas and small reductions where rates, terms and conditions did not meet our standards. We believe this marks a strong start for 2007.”

Results for the quarter ended December 31, 2006 were summarized as follows:

• Net income was $86.0 million or $1.28 per diluted common share.

• Net premiums written were $275.6 million and net premiums earned were $315.7 million.

• GAAP combined ratio was 81.3%.

• Net investment income, including interest on funds held, was $50.8 million.

1

Results for the quarter ended December 31, 2006 compared to the quarter ended December 31, 2005 were summarized as follows:

• Net income increased $188.5 million.

• Net premiums written decreased $115.2 million (or 29.5%) and net premiums earned decreased $127.1 million (or 28.7%).

• GAAP combined ratio decreased by 50.6 percentage points.

• Net investment income, which includes interest on funds held, increased $13.6 million (or 36.6%).

Net premiums written for Platinum’s Property and Marine, Casualty and Finite Risk segments for the quarter ended December 31, 2006 were $91.1 million, $173.7 million and $10.8 million, respectively, representing 33.0%, 63.0% and 4.0%, respectively, of the total net premiums written. Combined ratios for these segments were 64.2%, 94.0% and 47.2%, respectively. Compared to the quarter ended December 31, 2005, net premiums written decreased by $30.7 million (or 25.2%), $14.1 million (or 7.5%) and $70.4 million (or 86.7%) respectively.

Results for the year ended December 31, 2006 were summarized as follows:

• Net income was $329.7 million or $4.96 per diluted common share.

• Net premiums written were $1.18 billion and net premiums earned were $1.34 billion.

• GAAP combined ratio was 83.6%.

• Net investment income, including interest on funds held, was $188.0 million.

Results for the year ended December 31, 2006 compared to the year ended December 31, 2005 were summarized as follows:

• Net income increased $467.1 million.

• Net premiums written decreased $541.1 million (or 31.5%) and net premiums earned decreased by $378.0 million (or 22.0%).

• GAAP combined ratio decreased by 30.9 percentage points.

• Net investment income, including interest on funds held, increased $58.5 million (or 45.2%).

2

Net premiums written for Platinum’s Property and Marine and Casualty segments for the year ended December 31, 2006 were $424.9 million and $757.7 million, respectively, representing 36.1% and 64.4%, respectively, of the total net premiums written. Combined ratios for these segments were 57.2% and 96.6%, respectively. Compared to the year ended December 31, 2005, net premiums written decreased $150.1 million (or 26.1%) and $51.4 million (or 6.3%) respectively.

Net premiums written for Platinum’s Finite Risk segment for the year ended December 31, 2006 were ($6.0 million) representing (0.5%) of the total net premiums written. The combined ratio for this segment was 99.4% for the year ended December 31, 2006. Compared to the year ended December 31, 2005, net premiums written decreased $339.6 (or 101.8%) for the Finite Risk segment primarily due to the termination of two quota share contracts. As previously disclosed, one of these contracts was terminated on a cut-off basis which resulted in the return of approximately $56.6 million of previously written but unearned premium.

Total assets were $5.1 billion as of December 31, 2006. Total assets decreased $60.8 million (or 1.2%) from $5.2 billion as of December 31, 2005. Cash, cash equivalents and fixed maturity investments were $4.2 billion as of December 31, 2006, an increase of $398.5 million (or 10.4%) from $3.8 billion as of December 31, 2005.

Shareholders’ equity was $1.9 billion as of December 31, 2006, an increase of $317.8 million (or 20.6%) from $1.5 billion as of December 31, 2005. Book value per common share was $28.33 as of December 31, 2006 based on 59.7 million common shares outstanding, an increase of $5.11 (or 22.0%) from $23.22 based on 59.1 million common shares outstanding as of December 31, 2005.

Financial Supplement

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

Teleconference

Platinum will host a teleconference to discuss its financial results on Tuesday, February 20, 2007 at 11:00 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 participate in 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 2:00 p.m. Eastern time on Tuesday, February 20, 2007 until midnight Eastern time on Tuesday, February 27, 2007. To access the replay by telephone, dial 888-203-1112 (US callers) or 719-457-0820 (international callers) and specify passcode: 2473366. 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.

3

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 and total shareholders’ equity 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 and the United States. 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.

# # #

4

Platinum Underwriters Holdings, Ltd.
Consolidated Statements of Operations and Comprehensive Income (Loss)
(Three Months Unaudited) For the Three and Twelve Months Ended December 31, 2006 and 2005
($ in thousands, except per share amounts)

	Three Months Ended						Twelve Months Ended
	December 31, 2006			December 31, 2005			December 31, 2006			December 31, 2005
Revenue
Net premiums earned	$	315,726			442,825			1,336,701		$	1,714,723
Net investment income		50,822			37,195			187,987			129,445
Net realized gains (losses) on investments		1,068			(1,984	)		1,090			(3,046	)
Other expense		(945	)		(385	)		(2,872	)		(586	)
Total revenue		366,671			477,651			1,522,906			1,840,536
Expenses
Net losses and LAE		174,936			462,257			760,602			1,505,425
Net acquisition expenses		65,638			107,100			285,923			403,135
Other underwriting expenses		16,232			14,467			71,296			55,669
Corporate expenses		7,530			3,792			24,194			14,158
Net foreign currency exchange (gains) losses		(277	)		241			(738	)		2,111
Interest expense		5,453			6,820			21,805			20,006
Loss on repurchase of debt		—			2,486			—			2,486
Total expenses		269,512			597,163			1,163,082			2,002,990
Income (loss) before income tax expense (benefit)		97,159			(119,512	)		359,824			(162,454	)
Income tax expense (benefit)		11,209			(16,976	)		30,167			(24,967	)
Net income (loss)		85,950			(102,536	)		329,657			(137,487	)
Preferred dividends		2,602			737			10,382			737
Net income (loss) attributable to common shareholders	$	83,348			(103,273	)		319,275		$	(138,224	)
Basic
Weighted average common shares outstanding		59,621			53,339			59,371			45,915
Basic earnings (loss) per common share	$	1.40			(1.94	)		5.38		$	(3.01	)
Diluted
Adjusted weighted average common shares outstanding		67,091			53,339			66,498			45,915
Diluted earnings (loss) per common share	$	1.28			(1.94	)		4.96		$	(3.01	)
Comprehensive income (loss)
Net income (loss)	$	85,950			(102,536	)		329,657		$	(137,487	)
Other comprehensive income (loss), net of deferred taxes		2,208			(15,000	)		(3,571	)		(52,970	)
Comprehensive income (loss)	$	88,158			(117,536	)		326,086		$	(190,457	)

5

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

	December 31, 2006		December 31, 2005
Assets
Investments	$	3,350,162	$	3,000,889
Cash, cash equivalents and short-term investments		878,775		829,539
Reinsurance premiums receivable		377,183		567,449
Accrued investment income		32,682		29,230
Reinsurance balances (prepaid and recoverable)		67,636		76,109
Deferred acquisition costs		82,610		130,800
Funds held by ceding companies		238,499		291,629
Other assets		66,020		228,730
Total assets	$	5,093,567	$	5,154,375
Liabilities
Unpaid losses and loss adjustment expenses	$	2,368,482	$	2,323,990
Unearned premiums		349,792		502,018
Debt obligations		292,840		292,840
Commissions payable		140,835		186,654
Other liabilities		83,557		308,624
Total liabilities		3,235,506		3,614,126
Total shareholders’ equity		1,858,061		1,540,249
Total liabilities and shareholders’ equity	$	5,093,567	$	5,154,375
Book value per common share (a)	$	28.33	$	23.22

(a) Book value per common share is based on shareholders’ equity excluding capital attributable to preferred shares and actual common shares outstanding including unvested restricted common shares. Unvested restricted common shares were as follows: December 31, 2006 — 86,937 and December 31, 2005 - - 97,252.

6

Platinum Underwriters Holdings, Ltd.
Segment Reporting
For the Three Months Ended December 31, 2006 and 2005 (Unaudited)
($ in thousands)

	Property
	and Marine			Casualty			Finite Risk			Total
Three Months Ended December 31, 2006
Segment underwriting results
Net premiums written	$	91,023			173,725			10,825		$	275,573
Net premiums earned		106,637			191,173			17,916			315,726
Net losses and LAE		41,024			128,728			5,184			174,936
Net acquisition expenses		15,122			47,692			2,824			65,638
Other underwriting expenses		12,245			3,535			452			16,232
Total underwriting expenses		68,391			179,955			8,460			256,806
Segment underwriting income (loss)	$	38,246			11,218			9,456			58,920
Net investment income											50,822
Net realized gains (losses) on investments											1,068
Net foreign currency exchange gains (losses)											277
Other expense											(945	)
Corporate expenses not allocated to segments											(7,530	)
Interest expense											(5,453	)
Income (loss) before income tax expense (benefit)										$	97,159
GAAP underwriting ratios:
Loss and LAE		38.5	%		67.3	%		28.9	%		55.4	%
Acquisition expense		14.2	%		24.9	%		15.8	%		20.8	%
Other underwriting expense		11.5	%		1.8	%		2.5	%		5.1	%
Combined		64.2	%		94.0	%		47.2	%		81.3	%
Three Months Ended December 31, 2005
Segment underwriting results
Net premiums written	$	121,703			187,813			81,262		$	390,778
Net premiums earned		154,454			201,088			87,283			442,825
Net losses and LAE		264,442			136,422			61,393			462,257
Net acquisition expenses		24,546			51,135			31,419			107,100
Other underwriting expenses		6,479			6,511			1,477			14,467
Total underwriting expenses		295,467			194,068			94,289			583,824
Segment underwriting income (loss)	$	(141,013	)		7,020			(7,006	)		(140,999	)
Net investment income											37,195
Net realized gains (losses) on investments											(1,984	)
Net foreign currency exchange gains (losses)											(241	)
Other expense											(385	)
Corporate expenses not allocated to segments											(3,792	)
Interest expense											(6,820	)
Loss on repurchase of debt											(2,486	)
Income (loss) before income tax expense (benefit)										$	(119,512	)
GAAP underwriting ratios:
Loss and LAE		171.2	%		67.8	%		70.3	%		104.4	%
Acquisition expense		15.9	%		25.4	%		36.0	%		24.2	%
Other underwriting expense		4.2	%		3.2	%		1.7	%		3.3	%
Combined		191.3	%		96.4	%		108.0	%		131.9	%

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

7

Platinum Underwriters Holdings, Ltd.
Segment Reporting
For the Twelve Months Ended December 31, 2006 and 2005
($ in thousands)

	Property
	and Marine			Casualty			Finite Risk			Total
Twelve Months Ended December 31, 2006
Segment underwriting results
Net premiums written	$	424,929			757,675			(5,991	)	$	1,176,613
Net premiums earned		448,959			764,341			123,401			1,336,701
Net losses and LAE		145,900			522,815			91,887			760,602
Net acquisition expenses		70,905			188,717			26,301			285,923
Other underwriting expenses		39,887			27,022			4,387			71,296
Total underwriting expenses		256,692			738,554			122,575			1,117,821
Segment underwriting income (loss)	$	192,267			25,787			826			218,880
Net investment income											187,987
Net realized gains (losses) on investments											1,090
Net foreign currency exchange gains (losses)											738
Other expense											(2,872	)
Corporate expenses not allocated to segments											(24,194	)
Interest expense											(21,805	)
Income (loss) before income tax expense (benefit)										$	359,824
GAAP underwriting ratios:
Loss and LAE		32.5	%		68.4	%		74.5	%		56.9	%
Acquisition expense		15.8	%		24.7	%		21.3	%		21.4	%
Other underwriting expense		8.9	%		3.5	%		3.6	%		5.3	%
Combined		57.2	%		96.6	%		99.4	%		83.6	%
Twelve Months Ended December 31, 2005
Segment underwriting results
Net premiums written	$	575,055			809,031			333,636		$	1,717,722
Net premiums earned		569,173			789,629			355,921			1,714,723
Net losses and LAE		756,742			511,609			237,074			1,505,425
Net acquisition expenses		93,983			194,397			114,755			403,135
Other underwriting expenses		26,074			24,690			4,905			55,669
Total underwriting expenses		876,799			730,696			356,734			1,964,229
Segment underwriting income (loss)	$	(307,626	)		58,933			(813	)		(249,506	)
Net investment income											129,445
Net realized gains (losses) on investments											(3,046	)
Net foreign currency exchange gains (losses)											(2,111	)
Other expense											(586	)
Corporate expenses not allocated to segments											(14,158	)
Interest expense											(20,006	)
Loss on repurchase of debt											(2,486	)
Income (loss) before income tax expense (benefit)										$	(162,454	)
GAAP underwriting ratios:
Loss and LAE		133.0	%		64.8	%		66.6	%		87.8	%
Acquisition expense		16.5	%		24.6	%		32.2	%		23.5	%
Other underwriting expense		4.6	%		3.1	%		1.4	%		3.2	%
Combined		154.1	%		92.5	%		100.2	%		114.5	%

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 December 31, 2006

(UNAUDITED)

The following supplement of information is provided to assist in your understanding of
Platinum Underwriters Holdings, Ltd.

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

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

Platinum Underwriters Holdings, Ltd.
Overview
December 31, 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 per common share, 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, assist in understanding the Company. These measures should not be viewed as a substitute for those determined in accordance with GAAP. Reconciliations of such measures to the most comparable GAAP figures such as income or loss before income tax expense or benefit and total shareholders’ equity are included within this financial supplement 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
December 31, 2006

	Page:
Section:
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 — Twelve 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 — Twelve 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. Analysis of Losses and LAE	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
December 31, 2006
(amounts in thousands, except per share amounts)

	December 31, 2006		September 30, 2006		June 30, 2006		March 31, 2006		December 31, 2005
Assets
Investments	$	3,350,162		3,367,474		3,224,454		3,234,490	$	3,000,889
Cash, cash equivalents and short-term investments		878,775		815,825		786,406		650,639		829,539
Reinsurance premiums receivable		377,183		385,052		401,746		517,429		567,449
Accrued investment income		32,682		30,356		32,489		29,581		29,230
Reinsurance balances (prepaid and recoverable)		67,636		79,639		97,823		92,388		76,109
Deferred acquisition costs		82,610		90,195		98,532		105,699		130,800
Funds held by ceding companies		238,499		249,359		250,077		266,541		291,629
Other assets		66,020		48,885		61,354		59,450		228,730
Total assets	$	5,093,567		5,066,785		4,952,881		4,956,217	$	5,154,375
Liabilities
Unpaid losses and loss adjustment expenses	$	2,368,482		2,358,801		2,343,605		2,371,916	$	2,323,990
Unearned premiums		349,792		399,524		449,672		474,433		502,018
Debt obligations		292,840		292,840		292,840		292,840		292,840
Commissions payable		140,835		143,672		141,823		142,826		186,654
Other liabilities		83,557		98,420		86,110		96,364		308,624
Total liabilities		3,235,506		3,293,257		3,314,050		3,378,379		3,614,126
Total shareholders’ equity		1,858,061		1,773,528		1,638,831		1,577,838		1,540,249
Total liabilities and shareholders’ equity	$	5,093,567		5,066,785		4,952,881		4,956,217	$	5,154,375
Book value per common share (a)	$	28.33		26.93		24.71		23.83	$	23.22

(a) Book value per common share is based on shareholders’ equity excluding capital attributable to preferred shares and actual common shares outstanding including unvested restricted common shares. Unvested restricted common shares were as follows:
December 31, 2006 — 86,937; September 30, 2006 — 93,080; June 30, 2006, March 31, 2006 and December 31, 2005 — 97,252.

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						Twelve Months Ended
	December 31, 2006			December 31, 2005			December 31, 2006			December 31, 2005
Revenue
Net premiums earned	$	315,726			442,825			1,336,701		$	1,714,723
Net investment income		50,822			37,195			187,987			129,445
Net realized gains (losses) on investments		1,068			(1,984	)		1,090			(3,046	)
Other expense		(945	)		(385	)		(2,872	)		(586	)
Total revenue		366,671			477,651			1,522,906			1,840,536
Expenses
Net losses and LAE		174,936			462,257			760,602			1,505,425
Net acquisition expenses		65,638			107,100			285,923			403,135
Other underwriting expenses		16,232			14,467			71,296			55,669
Corporate expenses		7,530			3,792			24,194			14,158
Net foreign currency exchange (gains) losses		(277	)		241			(738	)		2,111
Interest expense		5,453			6,820			21,805			20,006
Loss on repurchase of debt		—			2,486			—			2,486
Total expenses		269,512			597,163			1,163,082			2,002,990
Income (loss) before income tax expense (benefit)		97,159			(119,512	)		359,824			(162,454	)
Income tax expense (benefit)		11,209			(16,976	)		30,167			(24,967	)
Net income (loss)		85,950			(102,536	)		329,657			(137,487	)
Preferred dividends		2,602			737			10,382			737
Net income (loss) attributable to common shareholders	$	83,348			(103,273	)		319,275		$	(138,224	)
Basic
Weighted average common shares outstanding		59,621			53,339			59,371			45,915
Basic earnings (loss) per common share	$	1.40			(1.94	)		5.38		$	(3.01	)
Diluted
Adjusted weighted average common shares outstanding		67,091			53,339			66,498			45,915
Diluted earnings (loss) per common share	$	1.28			(1.94	)		4.96		$	(3.01	)
Comprehensive income (loss)
Net income (loss)	$	85,950			(102,536	)		329,657		$	(137,487	)
Other comprehensive income (loss), net of deferred taxes		2,208			(15,000	)		(3,571	)		(52,970	)
Comprehensive income (loss)	$	88,158			(117,536	)		326,086		$	(190,457	)

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
	December 31, 2006			September 30, 2006			June 30, 2006			March 31, 2006			December 31, 2005
Revenue
Net premiums earned	$	315,726			339,609			337,065			344,301		$	442,825
Net investment income		50,822			48,302			45,348			43,515			37,195
Net realized gains (losses) on investments		1,068			(57	)		14			65			(1,984	)
Other income (expense)		(945	)		1,714			(2,324	)		(1,317	)		(385	)
Total revenue		366,671			389,568			380,103			386,564			477,651
Expenses
Net losses and LAE		174,936			191,428			187,464			206,774			462,257
Net acquisition expenses		65,638			74,994			76,052			69,239			107,100
Other underwriting expenses		16,232			20,063			17,713			17,288			14,467
Corporate expenses		7,530			5,285			5,679			5,700			3,792
Net foreign currency exchange (gains) losses		(277	)		228			(414	)		(275	)		241
Interest expense		5,453			5,452			5,450			5,450			6,820
Loss on repurchase of debt		—			—			—			—			2,486
Total expenses		269,512			297,450			291,944			304,176			597,163
Income (loss) before income tax expense (benefit)		97,159			92,118			88,159			82,388			(119,512	)
Income tax expense (benefit)		11,209			7,195			6,411			5,352			(16,976	)
Net income (loss)		85,950			84,923			81,748			77,036			(102,536	)
Preferred dividends		2,602			2,602			2,602			2,576			737
Net income (loss) attributable to common shareholders	$	83,348			82,321			79,146			74,460		$	(103,273	)
Basic
Weighted average common shares outstanding		59,621			59,537			59,224			59,097			53,339
Basic earnings (loss) per common share	$	1.40			1.38			1.34			1.26		$	(1.94	)
Diluted
Adjusted weighted average common shares outstanding		67,091			66,520			65,725			66,597			53,339
Diluted earnings (loss) per common share	$	1.28			1.28			1.24			1.16		$	(1.94	)
Comprehensive income (loss)
Net income (loss)	$	85,950			84,923			81,748			77,036		$	(102,536	)
Other comprehensive income (loss), net of deferred taxes		2,208			53,941			(24,409	)		(35,311	)		(15,000	)
Comprehensive income (loss)	$	88,158			138,864			57,339			41,725		$	(117,536	)

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					Twelve Months Ended
	December 31,		December 31,			December 31,		December 31,
	2006		2005			2006		2005
Earnings
Basic
Net income (loss) attributable to common shareholders	$	83,348		(103,273	)		319,275	$	(138,224	)
Diluted
Net income (loss) attributable to common shareholders		83,348		(103,273	)		319,275		(138,224	)
Effect of dilutive securities:
Preferred share dividends		2,602		—			10,382		—
Adjusted net income (loss) for diluted earnings per share	$	85,950		(103,273	)		329,657	$	(138,224	)
Common Shares
Basic
Weighted average common shares outstanding		59,621		53,339			59,371		45,915
Diluted
Weighted average common shares outstanding		59,621		53,339			59,371		45,915
Effect of dilutive securities:
Conversion of preferred shares		5,673		—			5,750		—
Common share options		1,666		—			1,300		—
Restricted common shares and common share units		131		—			77		—
Adjusted weighted average common shares outstanding		67,091		53,339			66,498		45,915
Earnings (Loss) Per Common Share
Basic earnings (loss) per common share	$	1.40		(1.94	)		5.38	$	(3.01	)
Diluted earnings (loss) per common share	$	1.28		(1.94	)		4.96	$	(3.01	)

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
	December 31, 2006		September 30, 2006		June 30, 2006		March 31, 2006		December 31, 2005
Earnings
Basic
Net income (loss) attributable to common shareholders	$	83,348		82,321		79,146		74,460	$	(103,273	)
Diluted
Net income (loss) attributable to common shareholders		83,348		82,321		79,146		74,460		(103,273	)
Effect of dilutive securities:
Preferred share dividends		2,602		2,602		2,602		2,576		—
Adjusted net income (loss) for diluted earnings per share	$	85,950		84,923		81,748		77,036	$	(103,273	)
Common Shares
Basic
Weighted average common shares outstanding		59,621		59,537		59,224		59,097		53,339
Diluted
Weighted average common shares outstanding		59,621		59,537		59,224		59,097		53,339
Effect of dilutive securities:
Conversion of preferred shares		5,673		5,750		5,750		5,690		—
Common share options		1,666		1,151		692		1,741		—
Restricted common shares and common share units		131		82		59		69		—
Adjusted weighted average common shares outstanding		67,091		66,520		65,725		66,597		53,339
Earnings (Loss) Per Common Share
Basic earnings (loss) per common share	$	1.40		1.38		1.34		1.26	$	(1.94	)
Diluted earnings (loss) per common share	$	1.28		1.28		1.24		1.16	$	(1.94	)

Page 7 of 24

Platinum Underwriters Holdings, Ltd.
Fully Converted Book Value Per Common Share
December 31, 2006

	Conversion			Conversion
	Multiple /			Amount			Shares			Book Value Per
	Strike Price			($000)			(000)			Common Share
Total shareholders’ equity as of December 31, 2006				$	1,858,061
Equity from issuance of preferred shares					(167,509	)
Book value per common share				$	1,690,552			59,672	(a)	$	28.33
Preferred shares:
Conversion of preferred shares to common shares		0.982			167,509			5,645	(b)		0.11
Common share options:
St. Paul Travelers		27.00			—			757			(0.31	)
RenaissanceRe		27.00			—			316			(0.13	)
Management and directors’ options		24.02	(c)		81,590			3,396	(d)		(0.20	)
Directors’ and officers’ restricted common share units					—			375			(0.15	)
Fully converted book value per common share as of December 31, 2006				$	1,939,651			70,161		$	27.65

(a)	As of December 31, 2006 there were 59,671,959 common shares issued and outstanding. Included in this number were 86,937 of restricted common shares issued but unvested.
(b)	On February 15, 2009, the mandatory conversion date of the preferred shares, 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 December 31, 2006. However, if any preferred shares are actually 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 $30.94, the closing share price at December 31, 2006.
(d)	Excludes 70,000 options with a weighted average strike price greater than $32.67.

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

Page 8 of 24

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

	Three Months Ended					Twelve Months Ended
	December 31, 2006			December 31, 2005		December 31, 2006			December 31, 2005
Net cash provided by operating activities	$	66,803			38,654		526,801		$	597,674
Net cash provided by (used in) investing activities		18,157			58,146		(480,023	)		(730,568	)
Net cash provided by (used in) financing activities		(6,631	)		332,309		(15,872	)		743,743
Net increase in cash and cash equivalents	$	78,329			429,109		30,906		$	610,849

Page 9 of 24

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

	Three Months Ended
	December			September			June			March			December
	31, 2006			30, 2006			30, 2006			31, 2006			31, 2005
Net cash provided by operating activities	$	66,803			122,893			150,149			186,956		$	38,654
Net cash provided by (used in) investing activities		18,157			(54,769	)		(11,048	)		(432,363	)		58,146
Net cash provided by (used in) financing activities		(6,631	)		(5,631	)		1,699			(5,309	)		332,309
Net increase (decrease) in cash and cash equivalents	$	78,329			62,493			140,800			(250,716	)	$	429,109

Page 10 of 24

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

	Three Months Ended December 31, 2006												Three Months Ended December 31, 2005
	Property and												Property and
	Marine			Casualty			Finite Risk			Total			Marine			Casualty			Finite Risk			Total
Net premiums written	$	91,023			173,725			10,825		$	275,573		$	121,703			187,813			81,262		$	390,778
Net premiums earned		106,637			191,173			17,916			315,726			154,454			201,088			87,283			442,825
Net losses and LAE		41,024			128,728			5,184			174,936			264,442			136,422			61,393			462,257
Net acquisition expenses		15,122			47,692			2,824			65,638			24,546			51,135			31,419			107,100
Other underwriting expenses		12,245			3,535			452			16,232			6,479			6,511			1,477			14,467
Total underwriting expenses		68,391			179,955			8,460			256,806			295,467			194,068			94,289			583,824
Segment underwriting income (loss)	$	38,246			11,218			9,456			58,920		$	(141,013	)		7,020			(7,006	)		(140,999	)
Net investment income											50,822												37,195
Net realized gains (losses) on investments											1,068												(1,984	)
Net foreign currency exchange gains (losses)											277												(241	)
Other expense											(945	)											(385	)
Corporate expenses not allocated to segments											(7,530	)											(3,792	)
Interest expense											(5,453	)											(6,820	)
Loss on repurchase of debt											—												(2,486	)
Income (loss) before income tax expense (benefit)										$	97,159											$	(119,512	)
GAAP underwriting ratios:
Loss and LAE		38.5	%		67.3	%		28.9	%		55.4	%		171.2	%		67.8	%		70.3	%		104.4	%
Acquisition expense		14.2	%		24.9	%		15.8	%		20.8	%		15.9	%		25.4	%		36.0	%		24.2	%
Other underwriting expense		11.5	%		1.8	%		2.5	%		5.1	%		4.2	%		3.2	%		1.7	%		3.3	%
Combined		64.2	%		94.0	%		47.2	%		81.3	%		191.3	%		96.4	%		108.0	%		131.9	%
Statutory underwriting ratios:
Loss and LAE		38.5	%		67.3	%		28.9	%		55.4	%		171.2	%		67.8	%		70.3	%		104.4	%
Acquisition expense		13.7	%		25.3	%		13.0	%		21.0	%		15.2	%		26.1	%		38.8	%		25.4	%
Other underwriting expense		13.5	%		2.0	%		4.2	%		5.9	%		5.3	%		3.5	%		1.8	%		3.7	%
Combined		65.7	%		94.6	%		46.1	%		82.3	%		191.7	%		97.4	%		110.9	%		133.5	%

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

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)	Net losses & LAE are divided by net premiums earned;
(2)	Net 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 — Twelve Month Summary
($ in thousands)

	Twelve Months Ended December 31, 2006												Twelve Months Ended December 31, 2005
	Property and												Property and
	Marine			Casualty			Finite Risk			Total			Marine			Casualty			Finite Risk			Total
Net premiums written	$	424,929			757,675			(5,991	)	$	1,176,613		$	575,055			809,031			333,636		$	1,717,722
Net premiums earned		448,959			764,341			123,401			1,336,701			569,173			789,629			355,921			1,714,723
Net losses and LAE		145,900			522,815			91,887			760,602			756,742			511,609			237,074			1,505,425
Net acquisition expenses		70,905			188,717			26,301			285,923			93,983			194,397			114,755			403,135
Other underwriting expenses		39,887			27,022			4,387			71,296			26,074			24,690			4,905			55,669
Total underwriting expenses		256,692			738,554			122,575			1,117,821			876,799			730,696			356,734			1,964,229
Segment underwriting income (loss)	$	192,267			25,787			826			218,880		$	(307,626	)		58,933			(813	)		(249,506	)
Net investment income											187,987												129,445
Net realized gains (losses) on investments											1,090												(3,046	)
Net foreign currency exchange gains (losses)											738												(2,111	)
Other expense											(2,872	)											(586	)
Corporate expenses not allocated to segments											(24,194	)											(14,158	)
Interest expense											(21,805	)											(20,006	)
Loss on repurchase of debt											—												(2,486	)
Income (loss) before income tax expense (benefit)										$	359,824											$	(162,454	)
GAAP underwriting ratios:
Loss and LAE		32.5	%		68.4	%		74.5	%		56.9	%		133.0	%		64.8	%		66.6	%		87.8	%
Acquisition expense		15.8	%		24.7	%		21.3	%		21.4	%		16.5	%		24.6	%		32.2	%		23.5	%
Other underwriting expense		8.9	%		3.5	%		3.6	%		5.3	%		4.6	%		3.1	%		1.4	%		3.2	%
Combined		57.2	%		96.6	%		99.4	%		83.6	%		154.1	%		92.5	%		100.2	%		114.5	%
Statutory underwriting ratios:
Loss and LAE		32.5	%		68.4	%		74.5	%		56.9	%		133.0	%		64.8	%		66.6	%		87.8	%
Acquisition expense		15.6	%		24.7	%		275.7	%		20.1	%		16.2	%		24.3	%		32.9	%		23.3	%
Other underwriting expense		9.4	%		3.6	%		(73.2	%)		6.1	%		4.5	%		3.1	%		1.5	%		3.2	%
Combined		57.5	%		96.7	%		277.0	%		83.1	%		153.7	%		92.2	%		101.0	%		114.3	%

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

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)	Net losses & LAE are divided by net premiums earned;
(2)	Net 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
	December 31, 2006			September 30, 2006			June 30, 2006			March 31, 2006			December 31, 2005
Net premiums written	$	91,023			83,018			85,624			165,264		$	121,703
Net premiums earned		106,637			97,686			113,092			131,544			154,454
Net losses and LAE		41,024			17,181			27,867			59,828			264,442
Net acquisition expenses		15,122			14,895			21,239			19,649			24,546
Other underwriting expenses		12,245			8,608			9,006			10,028			6,479
Total underwriting expenses		68,391			40,684			58,112			89,505			295,467
Segment underwriting income (loss)	$	38,246			57,002			54,980			42,039		$	(141,013	)
GAAP underwriting ratios:
Loss and LAE		38.5	%		17.6	%		24.6	%		45.5	%		171.2	%
Acquisition expense		14.2	%		15.2	%		18.8	%		14.9	%		15.9	%
Other underwriting expense		11.5	%		8.8	%		8.0	%		7.6	%		4.2	%
Combined		64.2	%		41.6	%		51.4	%		68.0	%		191.3	%
Statutory underwriting ratios
Loss and LAE		38.5	%		17.6	%		24.6	%		45.5	%		171.2	%
Acquisition expense		13.7	%		15.9	%		19.5	%		14.4	%		15.2	%
Other underwriting expense		13.5	%		10.4	%		10.5	%		6.1	%		5.3	%
Combined		65.7	%		43.9	%		54.6	%		66.0	%		191.7	%

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

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)	Net losses & LAE are divided by net premiums earned;
(2)	Net 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
	December 31, 2006			September 30, 2006			June 30, 2006			March 31, 2006			December 31, 2005
Net premiums written	$	173,725			202,302			199,298			182,350		$	187,813
Net premiums earned		191,173			214,427			185,073			173,668			201,088
Net losses and LAE		128,728			149,698			127,824			116,565			136,422
Net acquisition expenses		47,692			54,503			45,168			41,354			51,135
Other underwriting expenses		3,535			9,464			7,688			6,335			6,511
Total underwriting expenses		179,955			213,665			180,680			164,254			194,068
Segment underwriting income	$	11,218			762			4,393			9,414		$	7,020
GAAP underwriting ratios:
Loss and LAE		67.3	%		69.8	%		69.1	%		67.1	%		67.8	%
Acquisition expense		24.9	%		25.4	%		24.4	%		23.8	%		25.4	%
Other underwriting expense		1.8	%		4.4	%		4.2	%		3.6	%		3.2	%
Combined		94.0	%		99.6	%		97.7	%		94.5	%		96.4	%
Statutory underwriting ratios:
Loss and LAE		67.3	%		69.8	%		69.1	%		67.1	%		67.8	%
Acquisition expense		25.3	%		25.7	%		24.4	%		23.4	%		26.1	%
Other underwriting expense		2.0	%		4.7	%		3.9	%		3.5	%		3.5	%
Combined		94.6	%		100.2	%		97.4	%		94.0	%		97.4	%

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

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)	Net losses & LAE are divided by net premiums earned;
(2)	Net 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
	December 31, 2006			September 30, 2006			June 30, 2006			March 31, 2006			December 31, 2005
Net premiums written	$	10,825			12,680			24,840			(54,336	)	$	81,262
Net premiums earned		17,916			27,496			38,900			39,089			87,283
Net losses and LAE		5,184			24,549			31,773			30,381			61,393
Net acquisition expenses		2,824			5,596			9,645			8,236			31,419
Other underwriting expenses		452			1,991			1,019			925			1,477
Total underwriting expenses		8,460			32,136			42,437			39,542			94,289
Segment underwriting income (loss)	$	9,456			(4,640	)		(3,537	)		(453	)	$	(7,006	)
GAAP underwriting ratios:
Loss and LAE		28.9	%		89.3	%		81.7	%		77.7	%		70.3	%
Acquisition expense		15.8	%		20.4	%		24.8	%		21.1	%		36.0	%
Other underwriting expense		2.5	%		7.2	%		2.6	%		2.4	%		1.7	%
Combined		47.2	%		116.9	%		109.1	%		101.2	%		108.0	%
Statutory underwriting ratios:
Loss and LAE		28.9	%		89.3	%		81.7	%		77.7	%		70.3	%
Acquisition expense		13.0	%		11.7	%		11.8	%		41.1	%		38.8	%
Other underwriting expense		4.2	%		15.7	%		4.1	%		(1.7	%)		1.8	%
Combined		46.1	%		116.7	%		97.6	%		117.1	%		110.9	%

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

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)	Net losses & LAE are divided by net premiums earned;
(2)	Net 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				Twelve Months Ended
	December 31, 2006		December 31, 2005		December 31, 2006			December 31, 2005
Property and Marine
Excess-of-loss	$	75,606		112,387		318,260		$	412,781
Proportional		15,417		9,316		106,669			162,274
Subtotal Property and Marine		91,023		121,703		424,929			575,055
Casualty
Excess-of-loss		155,125		164,996		663,338			676,276
Proportional		18,600		22,817		94,337			132,755
Subtotal Casualty		173,725		187,813		757,675			809,031
Finite Risk
Excess-of-loss		9,374		12,117		50,220			63,628
Proportional		1,451		69,145		(56,211	)		270,008
Subtotal Finite Risk		10,825		81,262		(5,991	)		333,636
Combined Segments
Excess-of-loss		240,105		289,500		1,031,818			1,152,685
Proportional		35,468		101,278		144,795			565,037
Total	$	275,573		390,778		1,176,613		$	1,717,722

	Three Months Ended					Twelve Months Ended
	December 31, 2006			December 31, 2005		December 31, 2006			December 31, 2005
Property and Marine
United States	$	65,489			95,507		275,870		$	401,270
International		25,534			26,196		149,059			173,785
Subtotal Property and Marine		91,023			121,703		424,929			575,055
Casualty
United States		160,627			177,882		686,278			718,103
International		13,098			9,931		71,397			90,928
Subtotal Casualty		173,725			187,813		757,675			809,031
Finite Risk
United States		16,133			78,380		(12,626	)		329,843
International		(5,308	)		2,882		6,635			3,793
Subtotal Finite Risk		10,825			81,262		(5,991	)		333,636
Combined Segments
United States		242,249			351,769		949,522			1,449,216
International		33,324			39,009		227,091			268,506
Total	$	275,573			390,778		1,176,613		$	1,717,722

Page 16 of 24

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

	Three Months Ended December 31, 2006									Three Months Ended December 31, 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	$	13,431			13,431			11,310			21,270		21,270	$	28,950
North American Property Catastrophe		34,515			25,549			23,319			28,847		29,804		33,305
North American Property Risk		23,174			19,665			22,096			21,127		21,987		22,706
Other Property		6,843			6,843			5,859			24,197		22,447		23,378
Marine / Aviation Proportional		480			480			1,508			2,107		2,107		2,211
Marine / Aviation Excess		8,536			8,531			9,402			8,567		7,076		9,678
International Property Proportional		3,297			3,297			8,801			2,609		2,609		6,586
International Property Catastrophe		12,434			11,182			19,249			12,366		11,410		21,580
International Property Risk		2,045			2,045			5,093			2,993		2,993		6,060
Subtotal		104,755			91,023			106,637			124,083		121,703		154,454
Casualty
Clash		6,170			6,170			6,806			7,419		7,419		7,891
1st Dollar GL		9,115			9,115			9,566			11,131		11,131		10,135
1st Dollar Other		1,258			1,258			1,165			1,236		1,236		995
Casualty Excess		129,711			129,711			139,164			140,823		140,824		135,192
Accident & Health		11,661			11,663			13,431			7,772		7,722		22,459
International Casualty		7,880			7,880			12,868			6,768		6,768		11,594
International Motor		(981	)		(981	)		(786	)		990		990		1,456
Financial Lines		8,909			8,909			8,959			11,722		11,723		11,366
Subtotal		173,723			173,725			191,173			187,861		187,813		201,088
Finite Risk
Finite Property		3,371			2,271			2,868			12,076		6,774		7,341
Finite Casualty		8,554			8,554			15,048			73,073		73,073		78,527
Finite Accident & Health		—			—			—			1,415		1,415		1,415
Subtotal		11,925			10,825			17,916			86,564		81,262		87,283
Total	$	290,403			275,573			315,726			398,508		390,778	$	442,825

Page 17 of 24

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

	Twelve Months Ended December 31, 2006								Twelve Months Ended December 31, 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	$	63,990			63,990			70,337		100,848		100,848	$	101,447
North American Property Catastrophe		134,554			85,290			87,693		100,811		94,925		93,775
North American Property Risk		105,599			89,066			92,785		105,748		100,690		96,663
Other Property		39,910			37,524			38,900		106,853		104,808		105,696
Marine / Aviation Proportional		(151	)		(151	)		6,165		12,295		12,295		10,263
Marine / Aviation Excess		33,268			33,263			32,751		42,418		36,264		39,997
International Property Proportional		28,021			28,021			26,932		24,429		24,429		22,820
International Property Catastrophe		90,386			69,187			74,019		80,395		78,017		76,270
International Property Risk		18,739			18,739			19,377		22,779		22,779		22,242
Subtotal		514,316			424,929			448,959		596,576		575,055		569,173
Casualty
Clash		26,076			26,076			26,500		34,249		34,249		34,337
1st Dollar GL		42,479			42,479			45,523		48,964		48,964		42,181
1st Dollar Other		4,178			4,178			3,995		4,290		4,290		3,299
Casualty Excess		546,943			546,943			535,032		523,220		523,220		514,481
Accident & Health		46,604			46,513			62,267		86,182		85,982		93,205
International Casualty		43,083			43,083			45,354		51,116		51,116		46,746
International Motor		1,866			1,883			1,909		4,247		4,314		11,096
Financial Lines		46,520			46,520			43,761		56,896		56,896		44,284
Subtotal		757,749			757,675			764,341		809,164		809,031		789,629
Finite Risk
Finite Property		20,982			11,856			12,019		41,847		16,067		21,180
Finite Casualty		(18,238	)		(18,238	)		110,991		314,415		314,416		317,882
Finite Accident & Health		391			391			391		3,153		3,153		16,859
Subtotal		3,135			(5,991	)		123,401		359,415		333,636		355,921
Total	$	1,275,200			1,176,613			1,336,701		1,765,155		1,717,722	$	1,714,723

Page 18 of 24

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

	As of and for the Three Months Ended
	December 31, 2006			September 30, 2006			June 30, 2006			March 31, 2006			December 31, 2005
Key Ratios
Combined ratio (%)		81.3	%		84.4	%		83.5	%		85.2	%		131.9	%
Invested assets to shareholders’ equity ratio		2.28:1			2.36:1			2.45:1			2.46:1			2.49:1
Debt to total capital (%)		13.6	%		14.2	%		15.2	%		15.7	%		16.0	%
Net premiums written (annualized) to shareholders’ equity		0.59			0.67			0.76			0.74			1.01
Share Data
Book value per common share (a)	$	28.33		$	26.93		$	24.71		$	23.83		$	23.22
Common shares outstanding (000’s)		59,672			59,639			59,546			59,190			59,127
Market Price Per Common Share
High	$	31.41		$	31.11		$	30.00		$	32.30		$	31.70
Low		29.51			27.34			26.14			28.00			27.10
Close	$	30.94		$	30.83		$	27.98		$	29.10		$	31.07
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		160			155			153			159			163

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

(a)	Book value per common share is based on shareholders’ equity excluding capital attributable to preferred shares and actual common shares outstanding including unvested restricted common shares. Unvested restricted common shares were as follows:
	December 31, 2006 — 86,937; September 30, 2006 — 93,080; June 30, 2006 and March 31, 2006 — 97,252.

Page 19 of 24

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

	December 31, 2006					December 31, 2005
	Fair Market		Weighted Average			Fair Market		Weighted Average
	Value		Book Yield			Value		Book Yield
Securities
U.S. Government	$	153,794		4.4	%	$	139,585		4.1	%
Corporate bonds		1,527,211		4.5	%		1,386,157		4.4	%
Mortgage-backed and asset-backed securities		1,328,967		5.1	%		1,141,931		4.8	%
Municipal bonds		197,598		3.0	%		212,361		3.0	%
Foreign governments and states		127,075		3.9	%		107,669		3.6	%
Total Fixed Maturities		3,334,645		4.6	%		2,987,703		4.4	%
Preferred Stocks		10,772		5.1	%		8,186		6.6	%
Total	$	3,345,417		4.6	%	$	2,995,889		4.4	%

	December 31, 2006					December 31, 2005
	Amount		% of Total			Amount		% of Total
Credit Quality of Investment Grades*
Aaa	$	2,068,357		61.8	%	$	1,600,733		53.4	%
Aa		512,978		15.3	%		521,148		17.4	%
A		670,974		20.1	%		757,452		25.3	%
Baa		93,108		2.8	%		116,556		3.9	%
Total	$	3,345,417		100.0	%	$	2,995,889		100.0	%
Credit Quality
Weighted average credit quality	Aa2					Aa2

* Rated using external rating agencies (primarily 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						Twelve Months Ended
	December 31, 2006			December 31, 2005			December 31, 2006			December 31, 2005
Net Realized Capital Gains (Losses)
United States	$	56			7			76		$	69
United Kingdom		(14	)		309			(16	)		153
Bermuda		1,026			(2,300	)		1,030			(3,268	)
Total	$	1,068			(1,984	)		1,090		$	(3,046	)

Page 21 of 24

Platinum Underwriters Holdings, Ltd.
Analysis of Losses and LAE
($ in thousands)

	Analysis of Losses and LAE
	Year Ended December 31, 2006 (a)										Year Ended December 31, 2005 (b)
								Paid to									Paid to
	Gross		Ceded			Net		Incurred %			Gross		Ceded		Net		Incurred %
Paid losses and LAE	$	752,093		31,504		$	720,589		94.7	%	$	636,640		35,736	$	600,904		39.9	%
Change in unpaid losses and LAE		26,743		(13,270	)		40,013					958,128		53,607		904,521
Losses and LAE incurred	$	778,836		18,234		$	760,602				$	1,594,768		89,343	$	1,505,425

	Analysis of Unpaid Losses and LAE
	As of December 31, 2006									As of December 31, 2005
	Gross		Ceded		Net		%			Gross		Ceded		Net		%
Outstanding losses and LAE	$	719,847		21,597	$	698,250		30.0	%	$	511,745		13,576	$	498,169		22.0	%
Incurred but not reported		1,648,635		20,658		1,627,977		70.0	%		1,812,245		41,759		1,770,486		78.0	%
Unpaid losses and LAE	$	2,368,482		42,255	$	2,326,227		100.0	%	$	2,323,990		55,335	$	2,268,655		100.0	%

(a)	Gross and ceded losses and LAE incurred includes effects of foreign currency exchange rate movements of $17,749 and $190, respectively
(b)	Gross losses and LAE 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 December 31, 2006												Three Months Ended December 31, 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	$	7,146			9,112			1,741			17,999			16,957			(1,442	)		4,801		$	20,316
Net premium adjustments related to loss development		—			—			—			—			—			—			—			—
Net commission adjustments related to loss development		(607	)		(1,407	)		17			(1,997	)		(6,561	)		(164	)		(4,427	)		(11,152	)
Net favorable (unfavorable) development		6,539			7,705			1,758			16,002			10,396			(1,606	)		374			9,164
Catastrophe Favorable (Unfavorable) Development
Net loss development related to prior years		3,600			—			5,564			9,164			6,814			—			(5,000	)		1,814
Net premium adjustments related to loss development		35			—			(1,511	)		(1,476	)		(59	)		—			1,125			1,066
Net commission adjustments related to loss development		—			—			—			—			—			—			—			—
Net favorable (unfavorable) development		3,635			—			4,053			7,688			6,755			—			(3,875	)		2,880
Total net favorable (unfavorable) development	$	10,174			7,705			5,811			23,690			17,151			(1,606	)		(3,501	)	$	12,044

	Twelve Months Ended December 31, 2006											Twelve Months Ended December 31, 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	$	50,869			9,424		(4,179	)		56,114			63,020			15,913			16,297		$	95,230
Net premium adjustments related to loss development		—			—		—			—			—			—			—			—
Net commission adjustments related to loss development		(3,067	)		318		464			(2,285	)		(6,489	)		(385	)		(8,916	)		(15,790	)
Net favorable (unfavorable) development		47,802			9,742		(3,715	)		53,829			56,531			15,528			7,381			79,440
Catastrophe Favorable (Unfavorable) Development
Net loss development related to prior years		3,448			—		1,184			4,632			(11,722	)		—			13,806			2,084
Net premium adjustments related to loss development		(1,306	)		—		(1,387	)		(2,693	)		2,685			—			(4,953	)		(2,268	)
Net commission adjustments related to loss development		—			—		—			—			—			—			—			—
Net favorable (unfavorable) development		2,142			—		(203	)		1,939			(9,037	)		—			8,853			(184	)
Total net favorable (unfavorable) development	$	49,944			9,742		(3,918	)		55,768			47,494			15,528			16,234		$	79,256

Page 23 of 24

Platinum Underwriters Holdings, Ltd.

Estimated Exposures to Peak Zone Property Catastrophe Losses
As of January 1, 2007
($ in millions)

Estimated Probable Maximum Losses by Zone and Peril

		20 Year Return Period				100 Year Return Period				250 Year Return Period
Zones	Perils	Estimated Gross Loss		Estimated Net Loss		Estimated Gross Loss		Estimated Net Loss		Estimated Gross Loss		Estimated Net Loss
United States / Caribbean	Hurricane	$	155		123		360		266		458	$	346
United States	Earthquake		105		95		339		267		422		347
Pan-European	Windstorm		156		156		323		323		374		374
Japan	Earthquake		15		15		114		114		287		287
Japan	Typhoon	$	8		8		92		79		133	$	113

Indicative Catastrophe Scenarios

	Estimated Company Net
Catastrophe Scenarios	Loss Interquartile Range
Category 3 U.S. / Caribbean Hurricane	$	8-29
Category 4 U.S. / Caribbean Hurricane		15-66
Magnitude 6.9 California Earthquake		0-15
Magnitude 7.5 California Earthquake	$	4-88

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