SEC 1473
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FORM 3	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C.  20549 INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940	OMB APPROVAL
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(Print or Type Responses)

 1. Name and Address of Reporting Person*

The St. Paul Companies, Inc. (Last)            (First)            (Middle)

385 Washington Street (Street)

St. Paul, Minnesota   55102 (City)      (State)          (Zip)

 2. Date of Event
    Requiring Statement
    (Month/Day/Year)
November 1, 2002

 3. I.R.S. Identification
    Number of Reporting
    Person, if an entity
    (voluntary)
 4. Issuer Name and Ticker
    or Trading Symbol
 Platinum Underwriters Holdings, Ltd.  (“PTP”)  5. Relationship of Reporting Person(s) to Issuer   (Check all applicable)

  Director

  X  10% Owner

  Officer (give title below)

  Other (specify below)

 6. If Amendment,
    Date of Original
    (Month/Day/Year)

 /  /
 7. Individual or Joint/Group     Filing (Check Applicable Line)   X  Form filed by One Reporting Person  Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned

1. Title of Security     (Instr. 4)	2.  Amount of     Securities     Beneficially     Owned     (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I)     (Instr. 5)	4. Nature of Indirect Beneficial Ownership     (Instr. 5)
Common Shares	5,724,490	I	By St. Paul Fire and Marine Insurance Company, a wholly owned subsidiary of Reporting Person
Common Shares	275,510	I	By United States Fidelity and Guaranty Company, a wholly owned subsidiary of Reporting Person

Table II - Derivative Securities Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of     Derivative     Security     (Instr. 4)	2.  Date Exercisable and     Expiration Date     (Month/Day/Year)		3. Title and Amount of     Securities Underlying Derivative     Security (Instr. 4)		4. Conversion or     Exercise Price of     Derivative     Security	5. Ownership     Form of Derivative     Securities: Direct (D)     or Indirect (I) (Instr. 5)	6. Nature of Indirect     Beneficial     Ownership     (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Option to Purchase Common Shares	11/1/02	11/1/12	Common Shares	5,105,740	$27.00	D
Option to Purchase Common Shares	11/1/02	11/1/12	Common Shares	894,260	$27.00	I	By St. Paul Reinsurance Company Limited, a wholly owned subsidiary of Reporting Person

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

Explanation of Responses:

/s/ Bruce A. Backberg	November 5, 2002
Bruce A. Backberg, Secretary, on behalf of The St. Paul Companies, Inc.	Date
** Signature of Reporting Person

*	If the form is filed by more than one reporting person, see Instruction 5(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations.  See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note:	File three copies of this Form, one of which must be manually signed. If space is insufficient,
	See Instruction 6 for procedure.

http://www.sec.gov/divisions/corpfin/forms/form3.htm

Last update: 09/03/2002