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 18, 2009

_______________

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:

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

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

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

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

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Item 2.02.  Results of Operations and Financial Condition.

On February 18, 2009, the Company issued a press release reporting its financial results as of and for the quarter and year ended December 31, 2008.  A copy of the press release and 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 18, 2009
Exhibit 99.2	Financial Supplement

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, Platinum Underwriters Holdings, Ltd. has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	PLATINUM UNDERWRITERS HOLDINGS, LTD.
	By:	/s/ Michael E. Lombardozzi                           Michael E. Lombardozzi Executive Vice President, General Counsel and Chief Administrative Officer
Date:  February 18, 2009

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Exhibit Index

Exhibit

Number                                           Description

Exhibit 99.1	Press release dated February 18, 2009
Exhibit 99.2	Financial Supplement

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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, 2008 FINANCIAL RESULTS

HAMILTON, BERMUDA, FEBRUARY 18, 2009 – Platinum Underwriters Holdings, Ltd. (NYSE: PTP) today reported net income of $64.1 million, or $1.18 per diluted common share, for the quarter ended December 31, 2008 and net income of $226.2 million, or $3.98 per diluted common share, for the year ended December 31, 2008.

The results for the quarter are consistent with the Company’s previously announced increase in the ultimate loss estimate for Hurricane Ike and reflect net realized gains of approximately $42.9 million associated with the Company’s investment portfolio.  The results for the quarter include net premiums earned of $274.2 million, a decrease of 9.2% from the same quarter last year, net favorable development of $49.3 million, compared to net favorable development of $28.3 million in the same quarter last year, and net investment income of $42.5 million, a decrease of 20.6% from the same quarter last year.

Michael D. Price, Platinum’s Chief Executive Officer, commented, “2008 was a difficult year for our industry.  The underwriting, investment and capital management environments challenged companies’ risk management capabilities.  Platinum performed well and our results reflect our discipline in these areas.  Our book value per share was $34.58 as of December 31, 2008, an increase of 2.8% and 1.6% for the quarter and full year, respectively.”

Mr. Price added, “It has always been our strategy to operate from a position of financial strength and we feel this is especially important in the current environment.  During the January 1, 2009 renewal period, we reduced our peak zone catastrophe exposure to enhance our capital cushion. We continued our approach of underwriting for profitability, not market share, and produced a reinsurance portfolio that is significant and well balanced, though smaller than in prior January 1 renewal periods. We anticipate that the reinsurance market will improve during 2009 and intend to continue our balanced approach to underwriting, investment and capital management.”

Results for the quarter ended December 31, 2008 were summarized as follows:

·   Net income was $64.1 million or $1.18 per diluted common share.

·   Net premiums written were $237.3 million and net premiums earned were $274.2 million.

·   GAAP combined ratio was 97.7%.

·   Net investment income was $42.5 million.

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Results for the quarter ended December 31, 2008 compared to the quarter ended December 31, 2007 were summarized as follows:

·   Net income decreased $38.1 million (or 37.3%).

·   Net premiums written decreased $3.7 million (or 1.6%) and net premiums earned decreased $27.8 million (or 9.2%).

·   GAAP combined ratio increased 22.4 percentage points.

·   Net investment income decreased $11.0 million (or 20.6%).

Net premiums written for Platinum’s Property and Marine, Casualty and Finite Risk segments for the quarter ended December 31, 2008 were $138.5 million, $94.8 million and $4.0 million, respectively, representing 58.4%, 40.0% and 1.6%, respectively, of total net premiums written. Combined ratios for these segments were 97.5%, 99.0% and 58.8%, respectively. Compared to the quarter ended December 31, 2007, net premiums written increased $33.0 million (or 31.2%) in the Property and Marine segment and decreased $33.9 million (or 26.3%) and $2.8 million (or 41.8%) in the Casualty and Finite Risk segments, respectively.

Results for the year ended December 31, 2008 were summarized as follows:

·   Net income was $226.2 million or $3.98 per diluted common share.

·   Net premiums written were $1.04 billion and net premiums earned were $1.11 billion.

·   GAAP combined ratio was 91.9%.

·   Net investment income was $186.6 million.

Results for the year ended December 31, 2008 compared to the year ended December 31, 2007 were summarized as follows:

·   Net income decreased $130.7 million (or 36.6%).

·   Net premiums written decreased $82.2 million (or 7.3%) and net premiums earned decreased $58.3 million (or 5.0%).

·   GAAP combined ratio increased 10.9 percentage points.

·   Net investment income decreased $27.6 million (or 12.9%).

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Net premiums written for Platinum’s Property and Marine, Casualty and Finite Risk segments for the year ended December 31, 2008 were $593.1 million, $430.1 million and $14.4 million, respectively, representing 57.2%, 41.5% and 1.3%, respectively, of total net premiums written.  Combined ratios for these segments were 87.9%, 96.8% and 90.6%, respectively.  Compared to the year ended December 31, 2007, net premiums written increased $88.1 million (or 17.4%) in the Property and Marine segment and decreased $154.5 million (or 26.4%) and $15.8 million (or 52.3%) in the Casualty and Finite Risk segments, respectively.

Total assets were $4.93 billion as of December 31, 2008, a decrease of $151.6 million (or 3.0%) from $5.08 billion as of December 31, 2007.  The decrease in total assets reflects share repurchases, an increase in unrealized losses and positive cash flow from operations. Cash, cash equivalents and fixed maturity investments were $4.26 billion as of December 31, 2008, a decrease of $201.6 million (or 4.5%) from $4.46 billion as of December 31, 2007.

Shareholders’ equity was $1.81 billion as of December 31, 2008, a decrease of $189.0 million (or 9.5%) from $2.00 billion as of December 31, 2007.  Book value per common share was $34.58 as of December 31, 2008 based on 47.5 million common shares outstanding, an increase of $0.54 (or 1.6%) from $34.04 as of December 31, 2007 based on 53.8 million common shares outstanding.  Book value reflects share repurchases during 2008 of $266.3 million at an average price of $34.31 per share.

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 Thursday, February 19, 2009 at 8:00 a.m. Eastern time.  The call can be accessed by dialing 888-240-9345 (US callers) or 913-312-0845 (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 11:00 a.m. Eastern time on Thursday, February 19, 2009 until midnight Eastern time on Thursday, February 26, 2009.  To access the replay by telephone, dial 888-203-1112 (US callers) or 719-457-0820 (international callers) and specify passcode: 1402089.  The teleconference will also be archived on the Investor Relations section of Platinum’s website at www.platinumre.com for the same period of time.

Non-GAAP Financial Measures

In presenting the Company's results, management has included and discussed certain schedules containing financial measures that are not calculated under standards or rules that comprise accounting principles generally accepted in the United States (GAAP). Such measures, including segment underwriting income (or loss) and related underwriting ratios are referred to as non-GAAP. These non-GAAP measures may be defined or calculated differently by other companies. Management believes these measures, which are used to monitor the results of operations, allow for a more complete understanding of the underlying business. These measures should not be viewed as a substitute for those determined in accordance with GAAP. A reconciliation of such measures to the most comparable GAAP figures such as income before income tax expense 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.

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Safe Harbor Statement Regarding Forward-Looking Statements:

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934 (the “Exchange Act”).  Forward-looking statements are based on our current plans or expectations that are inherently subject to significant business, economic and competitive uncertainties and contingencies.  These uncertainties and contingencies can affect actual results and could cause actual results to differ materially from those expressed in any forward-looking statements made by, or on behalf of, us.  In particular, statements using words such as “may,” “should,” “estimate,” “expect,” “anticipate,” “intend,” “believe,” “predict,” “potential,” or words of similar import generally involve forward-looking statements.  The inclusion of forward-looking statements in this financial supplement should not be considered as a representation by us or any other person that our current plans or expectations will be achieved.  Numerous factors could cause our actual results to differ materially from those in forward-looking statements, including, but not limited to, severe catastrophic events over which we have no control, the effectiveness of our loss limitation methods and pricing models, the adequacy of our liability for unpaid losses and loss adjustment expenses, our ability to maintain our A.M. Best Company, Inc. rating, the cyclicality of the property and casualty reinsurance business, conducting operations in a competitive environment, our ability to maintain our business relationships with reinsurance brokers, the availability of retrocessional reinsurance on acceptable terms, market volatility and interest rate and currency exchange rate fluctuation, tax, regulatory or legal restrictions or limitations applicable to us or the property and casualty reinsurance business generally, general political and economic conditions, including the effects of civil unrest, acts of terrorism, war or a prolonged United States or global economic downturn or recession; and changes in our plans, strategies, objectives, expectations or intentions, which may happen at any time at our discretion. As a consequence, our future financial condition and results may differ from those expressed in any forward-looking statements made by or on behalf of us.  The foregoing factors should not be construed as exhaustive.  Additionally, forward-looking statements speak only as of the date they are made, and we undertake no obligation to revise or update forward-looking statements to reflect new information or circumstances after the date hereof or to reflect the occurrence of future events.

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Platinum Underwriters Holdings, Ltd.
Condensed Consolidated Balance Sheets
As of December 31, 2008 and December 31, 2007
(amounts in thousands, except per share amounts)
	December 31, 2008		December 31, 2007
	(Unaudited)
Assets
Investments	$	3,371,886	$	3,371,348
Cash, cash equivalents and short-term investments		888,053		1,090,155
Reinsurance premiums receivable		307,539		244,360
Accrued investment income		29,041		34,696
Reinsurance balances (prepaid and recoverable)		23,310		37,348
Deferred acquisition costs		50,719		70,508
Funds held by ceding companies		136,278		165,604
Other assets		120,337		64,731
Total assets	$	4,927,163	$	5,078,750
Liabilities
Unpaid losses and loss adjustment expenses	$	2,463,506	$	2,361,038
Unearned premiums		218,890		298,498
Debt obligations		250,000		250,000
Commissions payable		125,551		100,204
Other liabilities		59,819		70,633
Total liabilities		3,117,766		3,080,373
Total shareholders' equity		1,809,397		1,998,377
Total liabilities and shareholders' equity	$	4,927,163	$	5,078,750
Book value per common share  (a)	$	34.58	$	34.04

(a) Book value per common share is determined by dividing shareholders' equity, excluding capital attributable to preferred shares, by actual common shares outstanding including unvested restricted common shares.  Unvested restricted common shares were as follows: December 31, 2008 - 269,884; December 31, 2007 - 55,910

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Platinum Underwriters Holdings, Ltd.
Consolidated Statements of Operations and Comprehensive Income (Unaudited)
For the Three and Twelve Months Ended December 31, 2008 and 2007
(amounts in thousands, except per share amounts)
	Three Months Ended						Twelve Months Ended
	December 31, 2008			December 31, 2007			December 31, 2008			December 31, 2007
Revenue
Net premiums earned	$	274,238			302,012			1,114,796		$	1,173,088
Net investment income		42,537			53,556			186,574			214,222
Net realized gains (losses) on investments		42,931			1,655			26,568			(1,222	)
Other income (expense)		(195	)		(1,884	)		337			(2,173	)
Total revenue		359,511			355,339			1,328,275			1,383,915
Expenses
Net losses and LAE		193,775			145,220			718,233			655,487
Net acquisition expenses		59,716			63,938			242,715			220,330
Net change in fair value of derivatives		5,700			2,007			14,114			5,007
Other underwriting expenses		14,275			18,159			63,744			74,312
Corporate expenses		5,990			7,959			24,464			29,281
Net foreign currency exchange (gains) losses		3,497			112			6,760			(2,775	)
Interest expense		4,753			5,102			19,006			21,470
Total expenses		287,706			242,497			1,089,036			1,003,112
Income before income tax expense		71,805			112,842			239,239			380,803
Income tax expense		7,753			10,650			12,999			23,825
Net income		64,052			102,192			226,240			356,978
Preferred dividends		2,602			2,602			10,408			10,408
Net income attributable to common shareholders	$	61,450			99,590			215,832		$	346,570
Basic
Weighted average common shares outstanding		47,363			55,838			49,310			58,631
Basic earnings per common share	$	1.30			1.78			4.38		$	5.91
Diluted
Adjusted weighted average common shares outstanding		54,499			63,761			56,855			66,404
Diluted earnings per common share	$	1.18			1.60			3.98		$	5.38
Comprehensive income
Net income	$	64,052			102,192			226,240		$	356,978
Other comprehensive income (loss), net of deferred taxes		(18,730	)		19,772			(164,648	)		19,950
Comprehensive income	$	45,322			121,964			61,592		$	376,928

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Platinum Underwriters Holdings, Ltd.
Segment Reporting
For the Three Months Ended December 31, 2008 and 2007
($ in thousands)
Three Months Ended December 31, 2008 (Unaudited)	Property and Marine			Casualty			Finite Risk			Total
Segment underwriting results
Net premiums written	$	138,546			94,789			3,957		$	237,292
Net premiums earned		152,241			118,241			3,756			274,238
Net losses and LAE		118,035			84,818			(9,078	)		193,775
Net acquisition expenses		21,697			27,041			10,978			59,716
Other underwriting expenses		8,718			5,248			309			14,275
Total underwriting expenses		148,450			117,107			2,209			267,766
Segment underwriting income	$	3,791			1,134			1,547			6,472
Net investment income											42,537
Net realized gains on investments											42,931
Net change in fair value of derivatives											(5,700	)
Net foreign currency exchange losses											(3,497	)
Other expense											(195	)
Corporate expenses not allocated to segments											(5,990	)
Interest expense											(4,753	)
Income before income tax expense										$	71,805
GAAP underwriting ratios:
Loss and LAE		77.5	%		71.7	%		(241.7	%)		70.7	%
Acquisition expense		14.3	%		22.9	%		292.3	%		21.8	%
Other underwriting expense		5.7	%		4.4	%		8.2	%		5.2	%
Combined		97.5	%		99.0	%		58.8	%		97.7	%
Three Months Ended December 31, 2007
Segment underwriting results
Net premiums written	$	105,581			128,660			6,794		$	241,035
Net premiums earned		129,065			166,054			6,893			302,012
Net losses and LAE		46,133			103,961			(4,874	)		145,220
Net acquisition expenses		17,603			40,470			5,865			63,938
Other underwriting expenses		9,726			7,731			702			18,159
Total underwriting expenses		73,462			152,162			1,693			227,317
Segment underwriting income	$	55,603			13,892			5,200			74,695
Net investment income											53,556
Net realized gains on investments											1,655
Net change in fair value of derivatives											(2,007	)
Net foreign currency exchange losses											(112	)
Other expense											(1,884	)
Corporate expenses not allocated to segments											(7,959	)
Interest expense											(5,102	)
Income before income tax expense										$	112,842
GAAP underwriting ratios:
Loss and LAE		35.7	%		62.6	%		(70.7	%)		48.1	%
Acquisition expense		13.6	%		24.4	%		85.1	%		21.2	%
Other underwriting expense		7.5	%		4.7	%		10.2	%		6.0	%
Combined		56.8	%		91.7	%		24.6	%		75.3	%

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

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Platinum Underwriters Holdings, Ltd.
Segment Reporting
For the Twelve Months Ended December 31, 2008 and 2007
($ in thousands)
Twelve Months Ended December 31, 2008 (Unaudited)	Property and Marine			Casualty			Finite Risk			Total
Segment underwriting results
Net premiums written	$	593,087			430,084			14,394		$	1,037,565
Net premiums earned		599,110			503,300			12,386			1,114,796
Net losses and LAE		397,200			337,051			(16,018	)		718,233
Net acquisition expenses		90,816			125,934			25,965			242,715
Other underwriting expenses		38,492			23,982			1,270			63,744
Total underwriting expenses		526,508			486,967			11,217			1,024,692
Segment underwriting income	$	72,602			16,333			1,169			90,104
Net investment income											186,574
Net realized gains on investments											26,568
Net change in fair value of derivatives											(14,114	)
Net foreign currency exchange losses											(6,760	)
Other income											337
Corporate expenses not allocated to segments											(24,464	)
Interest expense											(19,006	)
Income before income tax expense										$	239,239
GAAP underwriting ratios:
Loss and LAE		66.3	%		67.0	%		(129.3	%)		64.4	%
Acquisition expense		15.2	%		25.0	%		209.6	%		21.8	%
Other underwriting expense		6.4	%		4.8	%		10.3	%		5.7	%
Combined		87.9	%		96.8	%		90.6	%		91.9	%
Twelve Months Ended December 31, 2007
Segment underwriting results
Net premiums written	$	505,010			584,605			30,192		$	1,119,807
Net premiums earned		502,291			637,856			32,941			1,173,088
Net losses and LAE		195,398			444,701			15,388			655,487
Net acquisition expenses		68,351			145,969			6,010			220,330
Other underwriting expenses		42,422			29,194			2,696			74,312
Total underwriting expenses		306,171			619,864			24,094			950,129
Segment underwriting income	$	196,120			17,992			8,847			222,959
Net investment income											214,222
Net realized losses on investments											(1,222	)
Net change in fair value of derivatives											(5,007	)
Net foreign currency exchange gains											2,775
Other expense											(2,173	)
Corporate expenses not allocated to segments											(29,281	)
Interest expense											(21,470	)
Income before income tax expense										$	380,803
GAAP underwriting ratios:
Loss and LAE		38.9	%		69.7	%		46.7	%		55.9	%
Acquisition expense		13.6	%		22.9	%		18.2	%		18.8	%
Other underwriting expense		8.4	%		4.6	%		8.2	%		6.3	%
Combined		60.9	%		97.2	%		73.1	%		81.0	%

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

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EX-99.2

Exhibit 99.2

Financial Supplement

Financial Information

as of December 31, 2008

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

Platinum Underwriters Holdings, Ltd.

Overview

December 31, 2008

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)

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 Forward-Looking Statements:

This financial supplement contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934 (the “Exchange Act”).  Forward-looking statements are based on our current plans or expectations that are inherently subject to significant business, economic and competitive uncertainties and contingencies.  These uncertainties and contingencies can affect actual results and could cause actual results to differ materially from those expressed in any forward-looking statements made by, or on behalf of, us.  In particular, statements using words such as “may,” “should,” “estimate,” “expect,” “anticipate,” “intend,” “believe,” “predict,” “potential,” or words of similar import generally involve forward-looking statements.  The inclusion of forward-looking statements in this financial supplement should not be considered as a representation by us or any other person that our current plans or expectations will be achieved.  Numerous factors could cause our actual results to differ materially from those in forward-looking statements, including, but not limited to, severe catastrophic events over which we have no control, the effectiveness of our loss limitation methods and pricing models, the adequacy of our liability for unpaid losses and loss adjustment expenses, our ability to maintain our A.M. Best Company, Inc. rating, the cyclicality of the property and casualty reinsurance business, conducting operations in a competitive environment, our ability to maintain our business relationships with reinsurance brokers, the availability of retrocessional reinsurance on acceptable terms, market volatility and interest rate and currency exchange rate fluctuation, tax, regulatory or legal restrictions or limitations applicable to us or the property and casualty reinsurance business generally, general political and economic conditions, including the effects of civil unrest, acts of terrorism, war or a prolonged United States or global economic downturn or recession; and changes in our plans, strategies, objectives, expectations or intentions, which may happen at any time at our discretion.

As a consequence, our future financial condition and results may differ from those expressed in any forward-looking statements made by or on behalf of us.  The foregoing factors should not be construed as exhaustive.  Additionally, forward-looking statements speak only as of the date they are made, and we undertake no obligation to revise or update forward-looking statements to reflect new information or circumstances after the date hereof or to reflect the occurrence of future events.

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Platinum Underwriters Holdings, Ltd.

Table of Contents

December 31, 2008

Section:	Page:
Balance Sheet:
a. Condensed Consolidated Balance Sheets	3
Statements of Operations:
a. Consolidated Statements of Operations and Comprehensive Income - Summary	4
b. Consolidated Statements of Operations and Comprehensive Income - 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. Available-for-Sale Security Detail	21
c. Corporate Bonds Detail	22
d. Net Realized Investment Gains (Losses)	23
Loss Reserves:
a. Analysis of Losses and LAE	24
b. Summary of Favorable (Unfavorable) Development of Losses and Related Premiums & Commissions	25
Exposures:
a. Estimated Exposures to Peak Zone Property Catastrophe Losses	26

- 2 - -

Platinum Underwriters Holdings, Ltd.

Condensed Consolidated Balance Sheets

December 31, 2008

(amounts in thousands, except per share amounts)

	December 31, 2008		September 30, 2008		June 30, 2008		March 31, 2008		December 31, 2007
Assets
Investments	$	3,371,886		3,562,033		3,425,356		3,215,266	$	3,371,348
Cash, cash equivalents and short-term investments		888,053		696,660		953,059		1,169,762		1,090,155
Reinsurance premiums receivable		307,539		295,914		262,128		304,240		244,360
Accrued investment income		29,041		30,932		34,429		29,097		34,696
Reinsurance balances (prepaid and recoverable)		23,310		27,131		27,650		30,520		37,348
Deferred acquisition costs		50,719		58,731		62,237		68,084		70,508
Funds held by ceding companies		136,278		146,470		157,603		165,023		165,604
Other assets		120,337		87,502		66,342		61,664		64,731
Total assets	$	4,927,163		4,905,373		4,988,804		5,043,656	$	5,078,750
Liabilities
Unpaid losses and loss adjustment expenses	$	2,463,506		2,460,185		2,352,116		2,410,227	$	2,361,038
Unearned premiums		218,890		261,979		263,672		293,148		298,498
Debt obligations		250,000		250,000		250,000		250,000		250,000
Commissions payable		125,551		122,699		110,346		111,908		100,204
Other liabilities		59,819		38,118		44,078		49,265		70,633
Total liabilities		3,117,766		3,132,981		3,020,212		3,114,548		3,080,373
Total shareholders' equity		1,809,397		1,772,392		1,968,592		1,929,108		1,998,377
Total liabilities and shareholders' equity	$	4,927,163		4,905,373		4,988,804		5,043,656	$	5,078,750
Book value per common share  (a)	$	34.58		33.64		36.99		36.01	$	34.04

(a) Book value per common share is determined by dividing shareholders' equity, excluding capital attributable to preferred shares, by actual common shares outstanding including unvested restricted common shares.  Unvested restricted common shares were as follows:

December 31, 2008 - 269,884; September 30, 2008 - 276,026; June 30, 2008 -50,732; March 31, 2008 - 50,732; December 31, 2007 - 55,910

- 3 - -

Platinum Underwriters Holdings, Ltd.

Consolidated Statements of Operations and Comprehensive Income - Summary

(amounts in thousands, except per share amounts)

	Three Months Ended						Twelve Months Ended
	December 31, 2008			December 31, 2007			December 31, 2008			December 31, 2007
Revenue
Net premiums earned	$	274,238			302,012			1,114,796		$	1,173,088
Net investment income		42,537			53,556			186,574			214,222
Net realized gains (losses) on investments		42,931			1,655			26,568			(1,222	)
Other income (expense)		(195	)		(1,884	)		337			(2,173	)
Total revenue		359,511			355,339			1,328,275			1,383,915
Expenses
Net losses and LAE		193,775			145,220			718,233			655,487
Net acquisition expenses		59,716			63,938			242,715			220,330
Net change in fair value of derivatives		5,700			2,007			14,114			5,007
Other underwriting expenses		14,275			18,159			63,744			74,312
Corporate expenses		5,990			7,959			24,464			29,281
Net foreign currency exchange (gains) losses		3,497			112			6,760			(2,775	)
Interest expense		4,753			5,102			19,006			21,470
Total expenses		287,706			242,497			1,089,036			1,003,112
Income before income tax expense		71,805			112,842			239,239			380,803
Income tax expense		7,753			10,650			12,999			23,825
Net income		64,052			102,192			226,240			356,978
Preferred dividends		2,602			2,602			10,408			10,408
Net income attributable to common shareholders	$	61,450			99,590			215,832		$	346,570
Basic
Weighted average common shares outstanding		47,363			55,838			49,310			58,631
Basic earnings per common share	$	1.30			1.78			4.38		$	5.91
Diluted
Adjusted weighted average common shares outstanding		54,499			63,761			56,855			66,404
Diluted earnings per common share	$	1.18			1.60			3.98		$	5.38
Comprehensive income
Net income	$	64,052			102,192			226,240		$	356,978
Other comprehensive income (loss), net of deferred taxes		(18,730	)		19,772			(164,648	)		19,950
Comprehensive income	$	45,322			121,964			61,592		$	376,928

- 4 - -

Platinum Underwriters Holdings, Ltd.

Consolidated Statements of Operations and Comprehensive Income - by Quarter

(amounts in thousands, except per share amounts)

	Three Months Ended
	December 31, 2008			September 30, 2008			June 30, 2008			March 31, 2008			December 31, 2007
Revenue
Net premiums earned	$	274,238			280,725			257,982			301,851		$	302,012
Net investment income		42,537			48,043			46,932			49,062			53,556
Net realized gains (losses) on investments		42,931			(18,214	)		(184	)		45			1,655
Other income (expense)		(195	)		4,959			(5,268	)		2,831			(1,884	)
Total revenue		359,511			315,513			299,462			353,789			355,339
Expenses
Net losses and LAE		193,775			270,863			93,392			160,203			145,220
Net acquisition expenses		59,716			56,320			66,137			60,542			63,938
Net change in fair value of derivatives		5,700			6,645			959			810			2,007
Other underwriting expenses		14,275			16,777			16,991			15,701			18,159
Corporate expenses		5,990			4,376			8,109			5,989			7,959
Net foreign currency exchange (gains) losses		3,497			6,134			1,998			(4,869	)		112
Interest expense		4,753			4,752			4,751			4,750			5,102
Total expenses		287,706			365,867			192,337			243,126			242,497
Income (loss) before income tax expense (benefit)		71,805			(50,354	)		107,125			110,663			112,842
Income tax expense (benefit)		7,753			(5,014	)		4,768			5,492			10,650
Net income (loss)		64,052			(45,340	)		102,357			105,171			102,192
Preferred dividends		2,602			2,602			2,602			2,602			2,602
Net income (loss) attributable to common shareholders	$	61,450			(47,942	)		99,755			102,569		$	99,590
Basic
Weighted average common shares outstanding		47,363			48,260			48,468			52,104			55,838
Basic earnings (loss) per common share	$	1.30			(0.99	)		2.06			1.97		$	1.78
Diluted
Adjusted weighted average common shares outstanding		54,499			48,260			56,097			59,874			63,761
Diluted earnings (loss) per common share	$	1.18			(0.99	)		1.82			1.76		$	1.60
Comprehensive income (loss)
Net income (loss)	$	64,052			(45,340	)		102,357			105,171		$	102,192
Other comprehensive income (loss), net of deferred taxes		(18,730	)		(102,921	)		(38,876	)		(4,121	)		19,772
Comprehensive income (loss)	$	45,322			(148,261	)		63,481			101,050		$	121,964

- 5 - -

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, 2008		December 31, 2007		December 31, 2008		December 31, 2007
Earnings
Basic
Net income attributable to common shareholders	$	61,450		99,590		215,832	$	346,570
Diluted
Net income attributable to common shareholders		61,450		99,590		215,832		346,570
Effect of dilutive securities:
Preferred share dividends		2,602		2,602		10,408		10,408
Adjusted net income for diluted earnings per share	$	64,052		102,192		226,240	$	356,978
Common Shares
Basic
Weighted average common shares outstanding		47,363		55,838		49,310		58,631
Diluted
Weighted average common shares outstanding		47,363		55,838		49,310		58,631
Effect of dilutive securities:
Conversion of preferred shares		5,750		4,825		5,177		5,117
Common share options		994		2,817		2,017		2,439
Restricted common shares and common share units		392		281		351		217
Adjusted weighted average common shares outstanding		54,499		63,761		56,855		66,404
Earnings Per Common Share
Basic earnings per common share	$	1.30		1.78		4.38	$	5.91
Diluted earnings per common share	$	1.18		1.60		3.98	$	5.38

- 6 - -

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, 2008		September 30, 2008			June 30, 2008		March 31, 2008		December 31, 2007
Earnings
Basic
Net income (loss) attributable to common shareholders	$	61,450		(47,942	)		99,755		102,569	$	99,590
Diluted
Net income (loss) attributable to common shareholders		61,450		(47,942	)		99,755		102,569		99,590
Effect of dilutive securities:
Preferred share dividends		2,602		-			2,602		2,602		2,602
Adjusted net income (loss) for diluted earnings per share	$	64,052		(47,942	)		102,357		105,171	$	102,192
Common Shares
Basic
Weighted average common shares outstanding		47,363		48,260			48,468		52,104		55,838
Diluted
Weighted average common shares outstanding		47,363		48,260			48,468		52,104		55,838
Effect of dilutive securities:
Conversion of preferred shares		5,750		-			4,953		5,108		4,825
Common share options		994		-			2,351		2,364		2,817
Restricted common shares and common share units		392		-			325		298		281
Adjusted weighted average common shares outstanding		54,499		48,260			56,097		59,874		63,761
Earnings (Loss) Per Common Share
Basic earnings (loss) per common share	$	1.30		(0.99	)		2.06		1.97	$	1.78
Diluted earnings (loss) per common share	$	1.18		(0.99	)		1.82		1.76	$	1.60

- 7 - -

Platinum Underwriters Holdings, Ltd.

Fully Converted Book Value Per Common Share

December 31, 2008

	Conversion		Conversion
	Multiple /		Amount	Shares		Book Value Per
	Strike Price		($000)	(000)		Common Share
Total shareholders' equity as of December 31, 2008			$   1,809,397
Equity from issuance of preferred shares			(167,509)
Book value per common share			$   1,641,888	47,482	(a)	$   34.58
Preferred shares:
Conversion of preferred shares to common shares	1.00		167,509	5,750	(b)	(0.54)
Common share options:
The Travelers Companies, Inc.	27.00		-	1,348		(0.80)
Renaissance Re Holdings, Ltd.	27.00		-	561		(0.33)
Management and directors' options	30.48	(c)	78,464	2,574		(0.18)
Directors' and officers' restricted common share units			-	784		(0.46)
Fully converted book value per common share as of December 31, 2008			$   1,887,861	58,499		$   32.27

(a) As of December 31, 2008 there were 47,482,161 common shares issued and outstanding.  Included in this number were 269,884 of restricted common shares issued but unvested.

(b) On February 17, 2009, our 5,750,000 outstanding 6% Series A Mandatory Convertible Preferred Shares automatically converted into 5,750,000 common shares at a ratio of 1 to 1 which was based on the volume weighted average price of our common shares from January 14, 2009 through February 11, 2009.

(c) Weighted average strike price of options with a price below $ 36.08, the closing share price at December 31, 2008.

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

- 8 - -

Platinum Underwriters Holdings, Ltd.

Condensed Statements of Cash Flows - Summary

($ in thousands)

	Three Months Ended						Twelve Months Ended
	December 31, 2008			December 31, 2007			December 31, 2008			December 31, 2007
Net cash provided by (used in) operating activities	$	(135,345	)		99,811			128,899		$	441,555
Net cash provided by (used in) investing activities		364,255			377,730			(117,268	)		70,182
Net cash used in financing activities		(12,517	)		(172,728	)		(266,798	)		(289,117	)
Effect of exchange rate changes on foreign currency cash		(4,057	)		(64	)		(8,095	)		2,007
Net increase (decrease) in cash and cash equivalents	$	212,336			304,749			(263,262	)	$	224,627

- 9 - -

Platinum Underwriters Holdings, Ltd.

Condensed Statements of Cash Flows - by Quarter

($ in thousands)

	Three Months Ended
	December 31, 2008			September 30, 2008			June 30, 2008			March 31, 2008			December 31, 2007
Net cash provided by (used in) operating activities	$	(135,345	)		56,707			104,842			102,695		$	99,811
Net cash provided by (used in) investing activities		364,255			(224,035	)		(285,416	)		27,928			377,730
Net cash used in financing activities		(12,517	)		(51,453	)		(28,131	)		(174,697	)		(172,728	)
Effect of exchange rate changes on foreign currency cash		(4,057	)		(5,646	)		(531	)		2,139			(64	)
Net increase (decrease) in cash and cash equivalents	$	212,336			(224,427	)		(209,236	)		(41,935	)	$	304,749

- 10 - -

Platinum Underwriters Holdings, Ltd.

Segment Reporting - Three Month Summary

($ in thousands)

	Three Months Ended December 31, 2008												Three Months Ended December 31, 2007
	Property and Marine			Casualty			Finite Risk			Total			Property and Marine			Casualty			Finite Risk			Total
Net premiums written	$	138,546			94,789			3,957		$	237,292		$	105,581			128,660			6,794		$	241,035
Net premiums earned		152,241			118,241			3,756			274,238			129,065			166,054			6,893			302,012
Net losses and LAE		118,035			84,818			(9,078	)		193,775			46,133			103,961			(4,874	)		145,220
Net acquisition expenses		21,697			27,041			10,978			59,716			17,603			40,470			5,865			63,938
Other underwriting expenses		8,718			5,248			309			14,275			9,726			7,731			702			18,159
Total underwriting expenses		148,450			117,107			2,209			267,766			73,462			152,162			1,693			227,317
Segment underwriting income	$	3,791			1,134			1,547			6,472		$	55,603			13,892			5,200			74,695
Net investment income											42,537												53,556
Net realized gains on investments											42,931												1,655
Net change in fair value of derivatives											(5,700	)											(2,007	)
Net foreign currency exchange losses											(3,497	)											(112	)
Other expense											(195	)											(1,884	)
Corporate expenses not allocated to segments											(5,990	)											(7,959	)
Interest expense											(4,753	)											(5,102	)
Income before income tax expense										$	71,805											$	112,842
GAAP underwriting ratios:
Loss and LAE		77.5	%		71.7	%		(241.7	%)		70.7	%		35.7	%		62.6	%		(70.7	%)		48.1	%
Acquisition expense		14.3	%		22.9	%		292.3	%		21.8	%		13.6	%		24.4	%		85.1	%		21.2	%
Other underwriting expense		5.7	%		4.4	%		8.2	%		5.2	%		7.5	%		4.7	%		10.2	%		6.0	%
Combined		97.5	%		99.0	%		58.8	%		97.7	%		56.8	%		91.7	%		24.6	%		75.3	%
Statutory underwriting ratios:
Loss and LAE		77.5	%		71.7	%		(241.7	%)		70.7	%		35.7	%		62.6	%		(70.7	%)		48.1	%
Acquisition expense		14.3	%		22.2	%		278.8	%		21.9	%		13.4	%		24.7	%		86.0	%		21.5	%
Other underwriting expense		6.3	%		5.5	%		7.8	%		6.0	%		9.2	%		6.0	%		10.3	%		7.5	%
Combined		98.1	%		99.4	%		44.9	%		98.6	%		58.3	%		93.3	%		25.6	%		77.1	%
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.

- 11 - -

Platinum Underwriters Holdings, Ltd.

Segment Reporting - Twelve Month Summary

($ in thousands)

	Twelve Months Ended December 31, 2008												Twelve Months Ended December 31, 2007
	Property and Marine			Casualty			Finite Risk			Total			Property and Marine			Casualty			Finite Risk			Total
Net premiums written	$	593,087			430,084			14,394		$	1,037,565		$	505,010			584,605			30,192		$	1,119,807
Net premiums earned		599,110			503,300			12,386			1,114,796			502,291			637,856			32,941			1,173,088
Net losses and LAE		397,200			337,051			(16,018	)		718,233			195,398			444,701			15,388			655,487
Net acquisition expenses		90,816			125,934			25,965			242,715			68,351			145,969			6,010			220,330
Other underwriting expenses		38,492			23,982			1,270			63,744			42,422			29,194			2,696			74,312
Total underwriting expenses		526,508			486,967			11,217			1,024,692			306,171			619,864			24,094			950,129
Segment underwriting income	$	72,602			16,333			1,169			90,104		$	196,120			17,992			8,847			222,959
Net investment income											186,574												214,222
Net realized gains (losses) on investments											26,568												(1,222	)
Net change in fair value of derivatives											(14,114	)											(5,007	)
Net foreign currency exchange gains (losses)											(6,760	)											2,775
Other income (expense)											337												(2,173	)
Corporate expenses not allocated to segments											(24,464	)											(29,281	)
Interest expense											(19,006	)											(21,470	)
Income before income tax expense										$	239,239											$	380,803
GAAP underwriting ratios:
Loss and LAE		66.3	%		67.0	%		(129.3	%)		64.4	%		38.9	%		69.7	%		46.7	%		55.9	%
Acquisition expense		15.2	%		25.0	%		209.6	%		21.8	%		13.6	%		22.9	%		18.2	%		18.8	%
Other underwriting expense		6.4	%		4.8	%		10.3	%		5.7	%		8.4	%		4.6	%		8.2	%		6.3	%
Combined		87.9	%		96.8	%		90.6	%		91.9	%		60.9	%		97.2	%		73.1	%		81.0	%
Statutory underwriting ratios:
Loss and LAE		66.3	%		67.0	%		(129.3	%)		64.4	%		38.9	%		69.7	%		46.7	%		55.9	%
Acquisition expense		15.0	%		25.1	%		184.3	%		21.5	%		13.7	%		22.7	%		21.0	%		18.6	%
Other underwriting expense		6.5	%		5.6	%		8.8	%		6.1	%		8.4	%		5.0	%		8.9	%		6.6	%
Combined		87.8	%		97.7	%		63.8	%		92.0	%		61.0	%		97.4	%		76.6	%		81.1	%
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.

- 12 - -

Platinum Underwriters Holdings, Ltd.

Property and Marine Segment - by Quarter

($ in thousands)

	Three Months Ended
	December 31, 2008			September 30, 2008			June 30, 2008			March 31, 2008			December 31, 2007
Net premiums written	$	138,546			167,136			118,588			168,817		$	105,581
Net premiums earned		152,241			151,763			141,716			153,390			129,065
Net losses and LAE		118,035			183,759			33,367			62,039			46,133
Net acquisition expenses		21,697			23,691			24,774			20,654			17,603
Other underwriting expenses		8,718			11,543			9,635			8,596			9,726
Total underwriting expenses		148,450			218,993			67,776			91,289			73,462
Segment underwriting income (loss)	$	3,791			(67,230	)		73,940			62,101		$	55,603
GAAP underwriting ratios:
Loss and LAE		77.5	%		121.1	%		23.5	%		40.4	%		35.7	%
Acquisition expense		14.3	%		15.6	%		17.5	%		13.5	%		13.6	%
Other underwriting expense		5.7	%		7.6	%		6.8	%		5.6	%		7.5	%
Combined		97.5	%		144.3	%		47.8	%		59.5	%		56.8	%
Statutory underwriting ratios:
Loss and LAE		77.5	%		121.1	%		23.5	%		40.4	%		35.7	%
Acquisition expense		14.3	%		14.7	%		18.7	%		13.2	%		13.4	%
Other underwriting expense		6.3	%		6.9	%		8.1	%		5.1	%		9.2	%
Combined		98.1	%		142.7	%		50.3	%		58.7	%		58.3	%
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.

- 13 - -

Platinum Underwriters Holdings, Ltd.

Casualty Segment - by Quarter

($ in thousands)

	Three Months Ended
	December 31, 2008			September 30, 2008			June 30, 2008			March 31, 2008			December 31, 2007
Net premiums written	$	94,789			106,826			102,893			125,576		$	128,660
Net premiums earned		118,241			124,319			113,245			147,495			166,054
Net losses and LAE		84,818			86,057			66,783			99,393			103,961
Net acquisition expenses		27,041			29,191			32,214			37,488			40,470
Other underwriting expenses		5,248			4,948			6,991			6,795			7,731
Total underwriting expenses		117,107			120,196			105,988			143,676			152,162
Segment underwriting income	$	1,134			4,123			7,257			3,819		$	13,892
GAAP underwriting ratios:
Loss and LAE		71.7	%		69.2	%		59.0	%		67.4	%		62.6	%
Acquisition expense		22.9	%		23.5	%		28.4	%		25.4	%		24.4	%
Other underwriting expense		4.4	%		4.0	%		6.2	%		4.6	%		4.7	%
Combined		99.0	%		96.7	%		93.6	%		97.4	%		91.7	%
Statutory underwriting ratios:
Loss and LAE		71.7	%		69.2	%		59.0	%		67.4	%		62.6	%
Acquisition expense		22.2	%		23.4	%		28.0	%		26.2	%		24.7	%
Other underwriting expense		5.5	%		4.6	%		6.8	%		5.4	%		6.0	%
Combined		99.4	%		97.2	%		93.8	%		99.0	%		93.3	%
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.

- 14 - -

Platinum Underwriters Holdings, Ltd.

Finite Risk Segment - by Quarter

($ in thousands)

	Three Months Ended
	December 31, 2008			September 30, 2008			June 30, 2008			March 31, 2008			December 31, 2007
Net premiums written	$	3,957			5,180			3,379			1,878		$	6,794
Net premiums earned		3,756			4,643			3,021			966			6,893
Net losses and LAE		(9,078	)		1,047			(6,758	)		(1,229	)		(4,874	)
Net acquisition expenses		10,978			3,438			9,149			2,400			5,865
Other underwriting expenses		309			286			365			310			702
Total underwriting expenses		2,209			4,771			2,756			1,481			1,693
Segment underwriting income (loss)	$	1,547			(128	)		265			(515	)	$	5,200
GAAP underwriting ratios:
Loss and LAE		(241.7	%)		22.6	%		(223.7	%)		(127.2	%)		(70.7	%)
Acquisition expense		292.3	%		74.0	%		302.8	%		248.4	%		85.1	%
Other underwriting expense		8.2	%		6.2	%		12.1	%		32.1	%		10.2	%
Combined		58.8	%		102.8	%		91.2	%		153.3	%		24.6	%
Statutory underwriting ratios:
Loss and LAE		(241.7	%)		22.6	%		(223.7	%)		(127.2	%)		(70.7	%)
Acquisition expense		278.8	%		69.2	%		274.1	%		140.7	%		86.0	%
Other underwriting expense		7.8	%		5.5	%		10.8	%		16.5	%		10.3	%
Combined		44.9	%		97.3	%		61.2	%		30.0	%		25.6	%
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.

- 15 - -

Platinum Underwriters Holdings, Ltd.

Net Premiums Written - Supplemental Information

($ in thousands)

	Three Months Ended					Twelve Months Ended
	December 31, 2008		December 31, 2007			December 31, 2008		December 31, 2007
Property and Marine
Excess-of-loss	$	100,348		85,737			436,951	$	427,230
Proportional		38,198		19,844			156,136		77,780
Subtotal Property and Marine		138,546		105,581			593,087		505,010
Casualty
Excess-of-loss		77,931		116,867			373,307		522,812
Proportional		16,858		11,793			56,777		61,793
Subtotal Casualty		94,789		128,660			430,084		584,605
Finite Risk
Excess-of-loss		2,304		6,865			3,277		26,140
Proportional		1,653		(71	)		11,117		4,052
Subtotal Finite Risk		3,957		6,794			14,394		30,192
Combined Segments
Excess-of-loss		180,583		209,469			813,535		976,182
Proportional		56,709		31,566			224,030		143,625
Total	$	237,292		241,035			1,037,565	$	1,119,807
	Three Months Ended					Twelve Months Ended
	December 31, 2008		December 31, 2007			December 31, 2008		December 31, 2007
Property and Marine
United States	$	95,484		66,868			377,328	$	294,975
International		43,062		38,713			215,759		210,035
Subtotal Property and Marine		138,546		105,581			593,087		505,010
Casualty
United States		77,921		114,912			366,444		510,552
International		16,868		13,748			63,640		74,053
Subtotal Casualty		94,789		128,660			430,084		584,605
Finite Risk
United States		3,957		6,794			13,161		29,932
International		-		-			1,233		260
Subtotal Finite Risk		3,957		6,794			14,394		30,192
Combined Segments
United States		177,362		188,574			756,933		835,459
International		59,930		52,461			280,632		284,348
Total	$	237,292		241,035			1,037,565	$	1,119,807

- 16 - -

Platinum Underwriters Holdings, Ltd.

Premiums by Line of Business - Three Month Summary

($ in thousands)

	Three Months Ended December 31, 2008						Three Months Ended December 31, 2007
	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	$	1,648		1,648		4,380	$	2,168			2,168			5,597
North American Property Catastrophe		41,752		41,290		43,402		31,573			29,954			35,544
North American Property Risk		27,606		22,981		21,720		24,128			20,823			21,636
Other Property		29,818		29,818		29,728		14,328			14,328			14,658
Marine / Aviation Proportional		2,397		2,397		2,446		1,483			1,483			1,933
Marine / Aviation Excess		9,636		9,568		10,030		7,918			7,916			8,465
International Property Proportional		12,428		12,428		12,424		7,517			7,517			8,243
International Property Catastrophe		14,326		13,455		22,038		17,875			17,916			28,526
International Property Risk		4,961		4,961		6,073		3,476			3,476			4,463
Subtotal		144,572		138,546		152,241		110,466			105,581			129,065
Casualty
Clash		4,978		4,978		4,952		4,579			4,579			4,799
1st Dollar GL		6,081		6,081		6,252		7,322			7,322			7,918
1st Dollar Other		2,160		2,160		1,916		357			357			659
Casualty Excess		60,382		60,382		74,523		92,919			92,919			115,924
Accident & Health		2,511		2,511		4,562		6,282			6,008			9,592
International Casualty		9,479		9,479		10,723		8,125			8,125			10,318
International Motor		534		534		644		962			981			1,115
Financial Lines		8,664		8,664		14,669		8,369			8,369			15,729
Subtotal		94,789		94,789		118,241		128,915			128,660			166,054
Finite Risk
Finite Property		-		-		-		(118	)		(118	)		(118	)
Finite Casualty		3,957		3,957		3,756		6,913			6,912			7,011
Finite Accident & Health		-		-		-		-			-			-
Subtotal		3,957		3,957		3,756		6,795			6,794			6,893
Total	$	243,318		237,292		274,238	$	246,176			241,035			302,012

- 17 - -

Platinum Underwriters Holdings, Ltd.

Premiums by Line of Business - Twelve Month Summary

($ in thousands)

	Twelve Months Ended December 31, 2008						Twelve Months Ended December 31, 2007
	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	$	14,122		14,122		18,958	$	23,915			23,915		26,994
North American Property Catastrophe		177,825		163,474		160,884		155,578			142,946		141,236
North American Property Risk		94,520		82,945		84,471		92,961			84,466		82,029
Other Property		118,119		118,119		117,782		45,179			45,179		43,960
Marine / Aviation Proportional		11,262		11,262		11,573		9,627			9,627		5,885
Marine / Aviation Excess		36,617		36,536		37,804		33,346			33,221		33,640
International Property Proportional		42,909		42,909		42,586		36,997			36,997		39,876
International Property Catastrophe		106,947		103,870		105,187		109,863			108,983		108,722
International Property Risk		19,850		19,850		19,865		19,676			19,676		19,949
Subtotal		622,171		593,087		599,110		527,142			505,010		502,291
Casualty
Clash		21,230		21,230		21,405		23,282			23,282		23,524
1st Dollar GL		20,241		20,241		22,871		21,373			21,373		28,828
1st Dollar Other		5,739		5,739		5,261		2,305			2,305		3,833
Casualty Excess		289,575		289,575		345,104		408,373			408,373		443,938
Accident & Health		21,769		21,769		25,696		44,555			44,227		45,462
International Casualty		39,633		39,633		40,328		42,862			42,862		46,008
International Motor		3,192		3,225		3,214		4,162			4,184		4,239
Financial Lines		28,672		28,672		39,421		37,999			37,999		42,024
Subtotal		430,051		430,084		503,300		584,911			584,605		637,856
Finite Risk
Finite Property		931		931		931		(1,860	)		83		83
Finite Casualty		13,463		13,463		11,455		30,110			30,109		32,858
Finite Accident & Health		-		-		-		-			-		-
Subtotal		14,394		14,394		12,386		28,250			30,192		32,941
Total	$	1,066,616		1,037,565		1,114,796	$	1,140,303			1,119,807		1,173,088

- 18 - -

Platinum Underwriters Holdings, Ltd.

Key Ratios, Share Data, Ratings

	As of and for the Three Months Ended
	December 31, 2008			September 30, 2008			June 30, 2008			March 31, 2008			December 31, 2007
Key Ratios
Combined ratio (%)		97.7	%		122.6	%		68.4	%		78.4	%		75.3	%
Invested assets to shareholders' equity ratio	2.35:1			2.40:1			2.22:1			2.27:1			2.23:1
Debt to total capital (%)		12.1	%		12.4	%		11.3	%		11.5	%		11.1	%
Net premiums written (annualized) to shareholders' equity		0.52			0.63			0.46			0.61			0.48
Share Data
Book value per common share (a)	$	34.58		$	33.64		$	36.99		$	36.01		$	34.04
Common shares outstanding (000's)		47,482			47,707			48,689			48,924			53,780
Market Price Per Common Share
High	$	36.16		$	38.76		$	37.00		$	36.60		$	38.07
Low		21.38			31.02			32.58			31.70			33.90
Close	$	36.08		$	35.48		$	32.61		$	32.46		$	35.56
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		153			151			150			155			154
See Note on Non-GAAP Financial Measures on page 1.

(a) Book value per common share is determined by dividing shareholders' equity, excluding capital attributable to preferred shares, by actual common shares outstanding including unvested restricted common shares.  Unvested restricted common shares were as follows:

December 31, 2008 - 269,884; September 30, 2008 - 276,026; June 30, 2008 -50,732; March 31, 2008 - 50,732; December 31, 2007 - 55,910

- 19 - -

Platinum Underwriters Holdings, Ltd.

Investment Portfolio

($ in thousands)

	December 31, 2008								December 31, 2007
						Weighted Average								Weighted Average
			Weighted Average			Market Yield					Weighted Average			Market Yield
	Fair Value		Book Yield			to Maturity			Fair Value		Book Yield			to Maturity
Available-for-sale securities
U.S. Government	$	4,641		4.4	%		1.2	%	$	96,753		4.6	%		3.7	%
U.S. Government agencies		811,489		3.1	%		1.9	%		579,765		5.1	%		4.5	%
Corporate bonds		690,528		5.0	%		6.0	%		802,386		4.6	%		5.1	%
Mortgage-backed and asset-backed securities		1,084,958		5.6	%		8.6	%		1,388,242		5.2	%		5.3	%
Municipal bonds		393,484		3.7	%		3.0	%		282,961		3.3	%		3.4	%
Foreign governments and states		78,704		4.2	%		4.0	%		41,816		4.1	%		4.2	%
Total Fixed Maturities		3,063,804		4.6	%		5.4	%		3,191,923		4.8	%		4.9	%
Preferred Stocks		2,845		18.1	%		19.7	%		9,607		6.8	%		8.7	%
Total	$	3,066,649		4.6	%		5.4	%	$	3,201,530		4.8	%		4.9	%
Trading securities
U.S. Government	$	196,383		3.6	%		3.4	%	$	-		-			-
Corporate bonds		4,125		4.4	%		9.6	%		19,349		4.5	%		11.1	%
Foreign governments and states		104,729		4.0	%		2.7	%		150,469		4.2	%		7.1	%
Total	$	305,237		3.6	%		3.2	%	$	169,818		4.3	%		7.5	%
	December 31, 2008								December 31, 2007
	Amount		% of Total						Amount		% of Total
Credit quality of investment portfolio*
Aaa	$	2,299,184		68.2	%				$	2,347,539		69.7	%
Aa		486,582		14.4	%					503,698		14.9	%
A		439,255		13.0	%					393,104		11.7	%
Baa		143,518		4.3	%					126,149		3.7	%
Below investment grade		3,347		0.1	%					858		-
Total	$	3,371,886		100.0	%				$	3,371,348		100.0	%
Credit quality
Weighted average credit quality	Aa1								Aa1

* Rated using external rating agencies (primarily Moody's).

   (Aaa-Best Quality; Aa-High Quality; A-Upper to Medium Quality, Baa - Investment Grade)

- 20 - -

Platinum Underwriters Holdings, Ltd.

Available-for-Sale Security Detail

($ in thousands)

	December 31, 2008
			Unrealized			Credit				Weighted
	Fair Value		Gain (Loss)			Quality		Duration		Average Life
Available-for-sale securities
U.S. Government	$	4,641		545		Aaa			4.3
U.S. Government agencies*
Temporary Liquidity Guarantee Program		678,646		22,752		Aaa			2.6
Agencies		132,843		1,889		Aaa			1.1
Subtotal		811,489		24,641		Aaa			2.3
Corporate bonds
Industrial		387,646		(9,038	)		A2		3.0
Finance		171,101		(9,431	)		A1		4.0
Utilities		48,500		(1,810	)		A2		4.0
Insurance		47,859		(3,017	)	Aa3			3.1
Preferreds with maturity date		25,054		(7,789	)	Aa3			8.7
Hybrid trust preferreds		10,368		(7,179	)		A1		3.9
Subtotal		690,528		(38,264	)		A1		3.5
Mortgage-backed and asset-backed securities
U.S. Government agency residential mortgage-backed securities		474,424		9,420		Aaa			2.7		2.2
Commercial mortgage-backed securities		372,806		(105,482	)	Aaa			3.8		4.8
Asset-backed securities		119,655		(10,215	)	Aaa			0.6		3.2
Non-agency residential mortgage-backed securities		93,907		(54,947	)	Aa1			0.2		4.4
Sub-prime asset-backed securities		14,590		(25,914	)		A1		-		6.1
Alt-A residential mortgage-backed securities		9,576		(6,132	)		A1		-		5.0
Subtotal		1,084,958		(193,270	)	Aaa			2.6		3.5
Municipal bonds		393,484		3,142		Aa2			6.2
Foreign governments and states		78,704		(561	)	Aa2			2.1
Preferred Stocks		2,845		(242	)		A1		5.4
Total	$	3,066,649		(204,009	)	Aa1			3.2

*   U.S. Government agencies include securities issued by financial institutions under the Temporary Liquidity Guarantee Program guaranteed by the Federal Deposit Insurance Corporation, the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation and other U.S. Government agencies.

- 21 - -

Platinum Underwriters Holdings, Ltd.

Corporate Bonds Detail

($ in thousands)

	December 31, 2008
					Unrealized			Credit
	Par Value		Fair Value		Gain (Loss)			Quality
Largest Holdings by Issuer
Wells Fargo & Company	$	29,696		33,037		(1,298	)	Aa3
Bank of America Corporation		28,055		22,570		(5,393	)	Aa3
Wal-Mart Stores, Inc.		19,875		22,163		273		Aa2
General Electric Company		19,375		19,225		(426	)	Aaa
AT&T Inc.		19,095		19,221		(257	)		A2
Vodafone Group Plc		18,850		18,907		(465	)	Baa1
MetLife, Inc.		17,897		16,834		(927	)	Aa3
Unilever Group		15,750		16,746		279			A1
International Business Machines Corporation		15,115		15,698		633			A1
United Technologies Corporation		14,000		14,032		40			A2
Morgan Stanley		15,350		13,902		(1,419	)		A2
The Pepsi Bottling Group, Inc.		13,750		13,819		40		Aa2
Diageo plc		14,000		13,639		(469	)		A3
Honda Motor Co., Inc.		12,900		12,927		29		Aa3
Conoco Inc.		12,000		12,451		145			A1
The Boeing Company		12,000		12,233		16			A2
JPMorgan Chase & Co.		12,300		11,827		(337	)	Aa3
Merck & Co., Inc.		11,500		11,745		317		Aa3
Credit Suisse Group AG		11,310		11,601		(321	)	Aa1
American Express Company	$	11,025		10,573		(532	)		A1

- 22 - -

Platinum Underwriters Holdings, Ltd.

Net Realized Investment Gains (Losses)

($ in thousands)

	Three Months Ended						Twelve Months Ended
	December 31, 2008			December 31, 2007			December 31, 2008			December 31, 2007
Net realized investment gains (losses)
Subsidiary domiciled in Bermuda	$	26,849			1,437			14,877		$	(1,032	)
Subsidiaries domiciled in the United States		15,990			193			11,601			140
Subsidiary domiciled in the United Kingdom		92			25			90			(330	)
Total	$	42,931			1,655			26,568		$	(1,222	)
Net realized gains (losses) on investments
Sale of securities	$	52,830			(94	)		47,573		$	(1,806	)
Mark-to-market adjustment on trading securities		7,691			1,749			9,681			1,393
Other-than-temporary impairment charges		(17,590	)		-			(30,686	)		(809	)
Total	$	42,931			1,655			26,568		$	(1,222	)
Other-than-temporary impairment charges
Corporate bonds	$	(187	)		-			(7,636	)	$	(809	)
Mortgage-backed and asset-backed securities		(17,403	)		-			(17,403	)		-
Preferred stocks		-			-			(5,647	)		-
Total	$	(17,590	)		-			(30,686	)	$	(809	)

- 23 - -

Platinum Underwriters Holdings, Ltd.

Analysis of Losses and LAE

($ in thousands)

	Analysis of Losses and LAE
	Twelve Months Ended December 31, 2008 (a)										Twelve Months Ended December 31, 2007 (b)
	Gross		Ceded			Net		Paid to Incurred %			Gross			Ceded			Net		Paid to Incurred %
Paid losses and LAE	$	595,323		13,007		$	582,316		81.1	%	$	667,180			15,167		$	652,013		99.5	%
Change in unpaid losses and LAE		128,552		(7,365	)		135,917					(20,188	)		(23,662	)		3,474
Losses and LAE incurred	$	723,875		5,642		$	718,233				$	646,992			(8,495	)	$	655,487
	Analysis of Unpaid Losses and LAE
	As of December 31, 2008										As of December 31, 2007
	Gross		Ceded			Net		%			Gross			Ceded			Net		%
Outstanding losses and LAE	$	706,618		8,158		$	698,460		28.5	%	$	660,584			13,745		$	646,839		27.6	%
Incurred but not reported		1,756,888		3,303			1,753,585		71.5	%		1,700,454			5,108			1,695,346		72.4	%
Unpaid losses and LAE	$	2,463,506		11,461		$	2,452,045		100.0	%	$	2,361,038			18,853		$	2,342,185		100.0	%

(a) Gross and ceded losses and LAE incurred includes effects of foreign currency exchange rate (gains) losses of ($26,087) and $30, respectively

(b) Gross and ceded losses and LAE incurred includes effects of foreign currency exchange rate (gains) losses of $12,743 and ($259), respectively

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Platinum Underwriters Holdings, Ltd.

Summary of Favorable (Unfavorable) Development of Losses and Related Premiums & Commissions

($ in thousands)

	Three Months Ended December 31, 2008												Three Months Ended December 31, 2007
	Property and Marine			Casualty			Finite Risk			Total			Property and Marine			Casualty			Finite Risk			Total
Non-Catastrophe Favorable (Unfavorable) Development
Net loss development related to prior years	$	7,749			33,143			8,262			49,154			7,545			17,003			8,837		$	33,385
Net premium adjustments related to prior years' losses		3,320			135			-			3,455			-			-			-			-
Net commission adjustments related to prior years' losses		20			(28	)		(9,647	)		(9,655	)		(602	)		361			(5,278	)		(5,519	)
Net favorable (unfavorable) development		11,089			33,250			(1,385	)		42,954			6,943			17,364			3,559			27,866
Catastrophe Favorable (Unfavorable) Development
Net loss development related to prior years		3,233			(25	)		2,565			5,773			115			(5	)		-			110
Net premium adjustments related to prior years' losses		590			-			-			590			326			-			-			326
Net commission adjustments related to prior years' losses		-			-			-			-			-			-			-			-
Net favorable (unfavorable) development		3,823			(25	)		2,565			6,363			441			(5	)		-			436
Total net favorable (unfavorable) development	$	14,912			33,225			1,180			49,317			7,384			17,359			3,559		$	28,302
	Twelve Months Ended December 31, 2008												Twelve Months Ended December 31, 2007
	Property and Marine			Casualty			Finite Risk			Total			Property and Marine			Casualty			Finite Risk			Total
Non-Catastrophe Favorable (Unfavorable) Development
Net loss development related to prior years	$	52,387			73,429			20,220			146,036			31,344			19,514			11,599		$	62,457
Net premium adjustments related to prior years' losses		12,432			1,117			6			13,555			-			-			-			-
Net commission adjustments related to prior years' losses		(5,079	)		(4,770	)		(22,372	)		(32,221	)		(1,677	)		4,912			(6,526	)		(3,291	)
Net favorable (unfavorable) development		59,740			69,776			(2,146	)		127,370			29,667			24,426			5,073			59,166
Catastrophe Favorable (Unfavorable) Development
Net loss development related to prior years		18,833			(187	)		2,565			21,211			17,164			(40	)		1,585			18,709
Net premium adjustments related to prior years' losses		(952	)		-			-			(952	)		(178	)		-			109			(69	)
Net commission adjustments related to prior years' losses		-			-			-			-			-			-			-			-
Net favorable (unfavorable) development		17,881			(187	)		2,565			20,259			16,986			(40	)		1,694			18,640
Total net favorable (unfavorable) development	$	77,621			69,589			419			147,629			46,653			24,386			6,767		$	77,806

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Platinum Underwriters Holdings, Ltd.

Estimated Exposures to Peak Zone Property Catastrophe Losses

As of January 1, 2009

($ 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	$	181			157		305		257		344	$	293
United States	Earthquake		40			36		212		182		268		250
Pan-European	Windstorm		139			129		283		215		340		269
Japan	Earthquake		16			16		125		125		269		269
Japan	Typhoon	$	5			5		73		73		112	$	112
Indicative Catastrophe Scenarios
Catastrophe Scenarios		Estimated Company Net Loss Interquartile Range
Category 3 U.S. / Caribbean Hurricane		$	14	-		41
Category 4 U.S. / Caribbean Hurricane			22	-		96
Magnitude 6.9 California Earthquake			0	-		6
Magnitude 7.5 California Earthquake		$	2	-		37

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.

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