PLATINUM UNDERWRITERS HOLDINGS LTD - FORM 8-K - EX-99.2

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8-K - PLATINUM UNDERWRITERS HOLDINGS LTD	secondquarter2011_8k.htm
EX-99.1 - PLATINUM UNDERWRITERS HOLDINGS LTD	pressreleaseq2_2011.htm

Exhibit 99.2

Financial Supplement

Financial Information
as of June 30, 2011
(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 Securities and Exchange Commission by Platinum Underwriters Holdings, Ltd.,
including the Company's Annual Report on Form 10-K.

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

Platinum Underwriters Holdings, Ltd.

Overview

June 30, 2011

Address:

Investor Information:

Platinum Underwriters Holdings, Ltd.

Lily Outerbridge

The Belvedere Building

Vice President, Director of Investor Relations

69 Pitts Bay Road

Tel: (441) 298-0760

Pembroke, HM 08 Bermuda

Fax: (441) 296-0528

Website: www.platinumre.com

Email: louterbridge@platinumre.com

Definitions and presentation:

All financial information contained herein is unaudited except for the information for the fiscal year ended December 31, 2010. Amounts may not reconcile exactly due to rounding differences.

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 (pages 14-18), operating income or loss (page 7), related underwriting ratios (pages 14-18), book value per common share and fully converted book value per common share (page 11), 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. Reconciliations of such measures to the most comparable GAAP figures 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 and Section 21E of the Securities Exchange Act of 1934. 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, the occurrence of severe natural or man-made catastrophic events; the effectiveness of our loss limitation methods and pricing models; the adequacy of our ceding companies’ ability to assess the risks they underwrite; the adequacy of our liability for unpaid losses and loss adjustment expenses; the effects of emerging claim and coverage issues on our business; our ability to maintain our A.M. Best and S&P ratings; our ability to raise capital on acceptable terms if necessary; our exposure to credit loss from counterparties in the normal course of business; our ability to provide reinsurance from Bermuda to insurers domiciled in the United States; the cyclicality of the property and casualty reinsurance business; the highly competitive nature of the property and casualty reinsurance industry; losses that we could face from terrorism, political unrest and war; our dependence on the business provided to us by reinsurance brokers and our exposure to credit risk associated with our brokers during the premium and loss settlement process; the availability of catastrophic loss protection on acceptable terms; foreign currency exchange rate fluctuation; our ability to maintain and enhance effective operating procedures and internal controls over financial reporting; the preparation of our financial statements requires us to make many estimates and judgments; the representations, warranties and covenants in our credit facilities limit our financial and operational flexibility; our ability to retain key executives and attract and retain additional qualified personnel in the future; the performance of our investment portfolio; fluctuations in the mortgage-backed and asset-backed securities markets; the effects of changes in market interest rates on our investment portfolio; the concentration of our investment portfolio in any particular industry, asset class or geographic region; the possibility that we may become subject to taxes in Bermuda after 2016; the effects that the imposition of U.S. corporate income tax would have on Platinum Underwriters Holdings, Ltd. and its non-U.S. subsidiaries; the risk that U.S. persons who hold our shares will be subject to adverse U.S. federal income tax consequences if we are considered to be a passive foreign investment company for U.S. federal income tax purposes; under certain circumstances, our shareholders may be required to pay taxes on their pro rata share of the related person insurance income of Platinum Underwriters Bermuda, Ltd.; U.S. persons who dispose of our shares may be subject to U.S. federal income taxation at the rates applicable to dividends on all or a portion of their gains, if any; holders of 10% or more of our shares may be subject to U.S. income taxation under the “controlled foreign corporation” rules; the effect of changes in U.S. federal income tax law on an investment in our shares; the impact of Bermuda's commitment to the Organization for Economic Cooperation and Development to eliminate harmful tax practices on our tax status in Bermuda is uncertain; the effect of potential changes in the regulatory system under which we operate; the impact of regulatory regimes and changes to accounting rules on our financial results, irrespective of business operations; the impact of the Dodd-Frank Act on our business; the dependence of the cash flows of Platinum Underwriters Holdings, Ltd., a holding company, on dividends, interest and other permissible payments from its subsidiaries; the risk that our shareholders may have greater difficulty in protecting their interests than would shareholders of a U.S. corporation; and limitations on the ownership, transfer and voting rights of our common shares. 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. For a detailed discussion of our risk factors, refer to Item 1A, "Risk Factors," in our Annual Report on Form 10-K for the year ended December 31, 2010.

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Platinum Underwriters Holdings, Ltd.
Table of Contents

Section:	Page:

Financial Highlights:
a. Financial Highlights	3

Balance Sheet:
a. Condensed Consolidated Balance Sheets - by Quarter	4

Statements of Operations:
a. Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)	5
b. Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - by Quarter	6

Other Company Data:
a. Computation of Net Operating Income (Loss) and Net Operating Income (Loss) per Diluted Common Share	7
b. Key Ratios, Share Data, Ratings	8

Earnings (Loss) and Book Value Per Common Share Analysis:
a. Computation of Basic and Diluted Earnings (Loss) Per Common Share	9
b. Computation of Basic and Diluted Earnings (Loss) Per Common Share - by Quarter	10
c. Book Value Per Common Share	11

Statements of Cash Flow:
a. Condensed Consolidated Statements of Cash Flows	12
b. Condensed Consolidated Statements of Cash Flows - by Quarter	13

Segment Data:
a. Segment Reporting - Three Month Summary	14
b. Segment Reporting - Six Month Summary	15
c. Property and Marine Segment - by Quarter	16
d. Casualty Segment - by Quarter	17
e. Finite Risk Segment - by Quarter	18

Net Premiums Written Data:
a. Net Premiums Written - Supplemental Information	19
b. Premiums by Line of Business - Three Month Summary	20
c. Premiums by Line of Business - Six Month Summay	21

Investments:
a. Investment Portfolio	22
b. Available-for-Sale Security Detail	23
c. Corporate Bonds Detail	24
d. Municipal Bonds Detail	25
e. Net Realized Gains (Losses) on Investments and Net Impairment Losses on Investments	26

Loss Reserves:
a. Analysis of Losses and Loss Adjustment Expenses	27
b. Summary of Favorable (Unfavorable) Development of Losses and Related Premiums and Commissions	28

Exposures:
a. Estimated Exposures to Peak Zone Property Catastrophe Losses	29

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Platinum Underwriters Holdings, Ltd.

Financial Highlights

June 30, 2011 and 2010

($ and amounts in thousands, except per share data)

	Three Months Ended						Six Months Ended
	June 30,			June 30,			June 30,			June 30,
	2011			2010			2011			2010

Highlights
Net premiums written	$	125,887		$	151,718		$	320,672		$	399,145
Net premiums earned		172,436			191,432			355,317			411,610
Underwriting income (loss)		(33,403	)		62,182			(216,955	)		64,956
Net investment income		33,965			35,372			66,343			72,877
Net operating income (loss) (a)		(15,642	)		83,677			(171,385	)		106,976
Net realized gains (losses) on investments		(4,689	)		49,489			(4,282	)		54,946
Net impairment losses on investments		(1,666	)		(3,410	)		(3,173	)		(21,512	)
Net income (loss)	$	(20,401	)	$	124,139		$	(177,593	)	$	139,560

Total assets	$	4,682,397		$	4,934,749		$	4,682,397		$	4,934,749
Investments and cash		4,256,369			4,528,013			4,256,369			4,528,013
Total shareholders' equity		1,695,710			2,105,435			1,695,710			2,105,435
Unpaid losses and loss adjustment expenses	$	2,472,861		$	2,224,026		$	2,472,861		$	2,224,026

Per share data
Common shares outstanding		37,324			41,095			37,324			41,095
Weighted average common shares outstanding - basic		37,113			43,225			37,155			44,322
Adjusted weighted average common shares outstanding - diluted		37,399			46,249			37,692			47,365
Basic earnings (loss) per common share	$	(0.55	)	$	2.87		$	(4.75	)	$	3.15
Diluted earnings (loss) per common share		(0.55	)		2.68			(4.75	)		2.95
Operating income (loss) per common share - diluted (a)		(0.42	)		1.81			(4.59	)		2.26
Dividends per common share		0.08			0.08			0.16			0.16
Book value per common share (b)	$	45.43		$	51.23		$	45.43		$	51.23

(a) See computation of net operating income (loss) on page 7.

(b) See computation of book value per common share on page 11.

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Platinum Underwriters Holdings, Ltd.
Condensed Consolidated Balance Sheets - by Quarter
($ in thousands, except per share data)

	June 30,		March 31,			December 31,			September 30,		June 30,
	2011		2011			2010			2010		2010

Assets
Investments	$	2,711,289	$	2,978,381		$	3,047,973		$	2,874,351	$	3,335,914
Cash, cash equivalents and short-term investments		1,545,080		1,161,884			1,164,525			1,664,833		1,192,099
Accrued investment income		31,724		33,855			31,288			27,315		28,373
Reinsurance premiums receivable		149,616		208,959			162,682			175,914		160,729
Reinsurance balances (prepaid and recoverable)		64,858		49,992			18,434			24,253		28,036
Funds held by ceding companies		90,507		76,914			84,078			82,428		85,030
Deferred acquisition costs		32,143		36,417			36,584			39,841		38,994
Other assets		57,180		70,372			68,749			47,324		65,574
Total assets	$	4,682,397	$	4,616,774		$	4,614,313		$	4,936,259	$	4,934,749

Liabilities
Unpaid losses and loss adjustment expenses	$	2,472,861	$	2,428,477		$	2,217,378		$	2,194,173	$	2,224,026
Unearned premiums		139,767		167,516			154,975			180,432		168,545
Debt obligations		250,000		250,000			250,000			250,000		250,000
Commissions payable		54,112		64,816			59,388			58,460		57,370
Other liabilities		69,947		40,792			37,117			88,321		129,373
Total liabilities	$	2,986,687	$	2,951,601		$	2,718,858		$	2,771,386	$	2,829,314

Shareholders' Equity
Common shares	$	373	$	373		$	377		$	393	$	411
Additional paid-in capital		372,882		371,493			453,619			619,112		695,967
Accumulated other comprehensive income (loss)		40,034		(12,484	)		(24,488	)		58,595		12,700
Retained earnings		1,282,421		1,305,791			1,465,947			1,486,773		1,396,357
Total shareholders' equity	$	1,695,710	$	1,665,173		$	1,895,455		$	2,164,873	$	2,105,435

Total liabilities and shareholders' equity	$	4,682,397	$	4,616,774		$	4,614,313		$	4,936,259	$	4,934,749


Book value per common share (a)	$	45.43	$	44.68		$	50.20		$	55.13	$	51.23

(a) Book value per common share is a non-GAAP financial measure as defined by Regulation G. See computation of book value per common share on page 11.

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

	Three Months Ended						Six Months Ended
	June 30,			June 30,			June 30,			June 30,
	2011			2010			2011			2010

Revenue
Net premiums earned	$	172,436		$	191,432		$	355,317		$	411,610
Net investment income		33,965			35,372			66,343			72,877
Net realized gains (losses) on investments		(4,689	)		49,489			(4,282	)		54,946
Net impairment losses on investments		(1,666	)		(3,410	)		(3,173	)		(21,512	)
Other income (expense)		(60	)		(144	)		1,036			129
Total revenue		199,986			272,739			415,241			518,050

Expenses
Net losses and loss adjustment expenses		159,357			71,475			478,952			236,043
Net acquisition expenses		34,115			44,088			68,065			81,417
Net changes in fair value of derivatives		4,474			30			748			2,345
Operating expenses		17,105			20,160			34,256			41,901
Net foreign currency exchange losses (gains)		614			(67	)		803			(1,296	)
Interest expense		4,767			4,709			9,533			9,469
Total expenses		220,432			140,395			592,357			369,879

Income (loss) before income taxes		(20,446	)		132,344			(177,116	)		148,171
Income tax expense (benefit)		(45	)		8,205			477			8,611

Net income (loss)	$	(20,401	)	$	124,139		$	(177,593	)	$	139,560

Basic
Weighted average common shares outstanding		37,113			43,225			37,155			44,322
Basic earnings (loss) per common share	$	(0.55	)	$	2.87		$	(4.75	)	$	3.15

Diluted
Adjusted weighted average common shares outstanding		37,399			46,249			37,692			47,365
Diluted earnings (loss) per common share	$	(0.55	)	$	2.68		$	(4.75	)	$	2.95

Comprehensive income (loss)
Net income (loss)	$	(20,401	)	$	124,139		$	(177,593	)	$	139,560
Other comprehensive income, net of deferred taxes		52,518			34,833			64,522			82,705
Comprehensive income (loss)	$	32,117		$	158,972		$	(113,071	)	$	222,265

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Platinum Underwriters Holdings, Ltd.
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - by Quarter
($ and amounts in thousands, except per share data)

	Three Months Ended
	June 30,			March 31,			December 31,			September 30,			June 30,
	2011			2011			2010			2010			2010

Revenue
Net premiums earned	$	172,436		$	182,881		$	184,980		$	183,404		$	191,432
Net investment income		33,965			32,378			30,430			31,078			35,372
Net realized gains (losses) on investments		(4,689	)		407			8,494			44,351			49,489
Net impairment losses on investments		(1,666	)		(1,507	)		(11,050	)		(4,048	)		(3,410	)
Other income (expense)		(60	)		1,096			(165	)		(171	)		(144	)
Total revenue		199,986			215,255			212,689			254,614			272,739

Expenses
Net losses and loss adjustment expenses		159,357			319,595			152,283			79,094			71,475
Net acquisition expenses		34,115			33,950			32,742			32,517			44,088
Net changes in fair value of derivatives		4,474			(3,726	)		3,089			4,154			30
Operating expenses		17,105			17,151			20,731			20,004			20,160
Net foreign currency exchange losses (gains)		614			189			2,446			235			(67	)
Interest expense		4,767			4,766			4,764			4,763			4,709
Total expenses		220,432			371,925			216,055			140,767			140,395

Income (loss) before income taxes		(20,446	)		(156,670	)		(3,366	)		113,847			132,344
Income tax expense (benefit)		(45	)		522			14,358			20,185			8,205

Net income (loss)	$	(20,401	)	$	(157,192	)	$	(17,724	)	$	93,662		$	124,139

Basic
Weighted average common shares outstanding		37,113			37,199			38,670			40,485			43,225
Basic earnings (loss) per common share	$	(0.55	)	$	(4.20	)	$	(0.46	)	$	2.31		$	2.87

Diluted
Adjusted weighted average common shares outstanding		37,399			38,022			40,953			44,044			46,249
Diluted earnings (loss) per common share	$	(0.55	)	$	(4.20	)	$	(0.46	)	$	2.13		$	2.68

Comprehensive income (loss)
Net income (loss)	$	(20,401	)	$	(157,192	)	$	(17,724	)	$	93,662		$	124,139
Other comprehensive income (loss), net of deferred taxes		52,518			12,004			(83,083	)		45,895			34,833
Comprehensive income (loss)	$	32,117		$	(145,188	)	$	(100,807	)	$	139,557		$	158,972

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Platinum Underwriters Holdings, Ltd.
Computation of Net Operating Income (Loss) and Net Operating Income (Loss) per Diluted Common Share
($ and amounts in thousands, except per share data)

	Three Months Ended						Six Months Ended
	June 30,			June 30,			June 30,			June 30,
	2011			2010			2011			2010

Net income (loss)	$	(20,401	)	$	124,139		$	(177,593	)	$	139,560

Adjustments for:
Net realized (gains) losses on investments, net of tax		2,527			(43,382	)		2,349			(48,541	)
Net impairment losses on investments, net of tax		1,632			2,966			3,094			17,227
Net foreign currency exchange losses (gains), net of tax		600			(46	)		765			(1,270	)
Net operating income (loss) (a)	$	(15,642	)	$	83,677		$	(171,385	)	$	106,976

Per diluted common share:
Net income (loss)	$	(0.55	)	$	2.68		$	(4.75	)	$	2.95
Adjustments for:
Net realized (gains) losses on investments		0.07			(0.94	)		0.06			(1.02	)
Net impairment losses on investments		0.04			0.06			0.08			0.36
Net foreign currency exchange losses (gains)		0.02			-			0.02			(0.03	)
Net operating income (loss) (b)	$	(0.42	)	$	1.81		$	(4.59	)	$	2.26

Adjusted weighted average common shares outstanding - diluted (c)		37,113			46,249			37,155			47,365

(a) Net operating income (loss) is a non-GAAP measure as defined by Regulation G and represents net income (loss) after taxes excluding net realized gains and losses on investments, net impairment losses on investments and net foreign exchange gains and losses.

(b) Net operating income (loss) per diluted common share is also a non-GAAP measure and is calculated by dividing net operating income (loss) by diluted weighted average shares outstanding for the period.

(c) The adjusted weighted average common shares outstanding - diluted for the three and six months ended June 30, 2011 was 37,399 and 37,692. During a period of loss, the basic weighted average common shares outstanding is used in the denominator of the diluted loss per common share computation as the effect of including potential dilutive shares would be anti-dilutive.

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Platinum Underwriters Holdings, Ltd.

Key Ratios, Share Data, Ratings

	As of and for the Three Months Ended
	June 30,			March 31,			December 31,			September 30,			June 30,
	2011			2011			2010			2010			2010

Key Ratios

Combined ratio (%)		119.4	%		200.4	%		107.8	%		68.1	%		67.4	%

Investable assets to shareholders' equity ratio	2.51:1			2.49:1			2.22:1			2.10:1			2.15:1

Debt to total capital (%)		12.8	%		13.1	%		11.7	%		10.4	%		10.6	%

Net premiums written (annualized) to shareholders' equity		0.30			0.47			0.34			0.37			0.29


Share Data

Book value per common share (a)	$	45.43		$	44.68		$	50.20		$	55.13		$	51.23

Common shares outstanding (000's)		37,324			37,270			37,758			39,266			41,095

Market Price Per Common Share
High	$	38.67		$	46.42		$	45.80		$	44.04		$	39.28
Low		32.18			34.70			42.10			35.63			35.06
Close	$	33.24		$	38.09		$	44.97		$	43.52		$	36.29

Industry Ratings

Financial Strength Ratings:
A.M. Best Company, Inc.		A			A			A			A			A
Standard & Poor's Ratings Services		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		132			144			144			145			145

(a) See computation of book value per common share on page 11.

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

	Three Months Ended					Six Months Ended
	June 30,			June 30,		June 30,			June 30,
	2011			2010		2011			2010

Earnings (Loss)
Basic and diluted
Net income (loss) available to common shareholders	$	(20,401	)	$	124,139	$	(177,593	)	$	139,560
Net income (loss) allocated to participating common shareholders (a)		(137	)		-		(1,069	)		-
Net income (loss) allocated to common shareholders	$	(20,264	)	$	124,139	$	(176,524	)	$	139,560

Common Shares
Basic
Weighted average common shares outstanding		37,113			43,225		37,155			44,322

Diluted
Weighted average common shares outstanding		37,113			43,225		37,155			44,322
Effect of dilutive securities:
Common share options		127			2,583		268			2,562
Restricted share units		159			441		269			481
Adjusted weighted average common shares outstanding		37,399			46,249		37,692			47,365


Earnings (Loss) Per Common Share
Basic earnings (loss) per common share	$	(0.55	)	$	2.87	$	(4.75	)	$	3.15

Diluted earnings (loss) per common share (b)	$	(0.55	)	$	2.68	$	(4.75	)	$	2.95

(a) Represents earnings attributable to holders of unvested restricted shares issued under the Company's share incentive plans that are considered to be participating securities.

(b) During a period of loss, the basic weighted average common shares outstanding is used in the denominator of the diluted loss per common share computation as the effect of including potential dilutive shares would be anti-dilutive.

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Platinum Underwriters Holdings, Ltd.
Computation of Basic and Diluted Earnings (Loss) Per Common Share - by Quarter
($ and amounts in thousands, except per share data)

	Three Months Ended
	June 30,			March 31,			December 31,			September 30,		June 30,
	2011			2011			2010			2010		2010

Earnings (Loss)
Basic and diluted
Net income (loss) available to common shareholders	$	(20,401	)	$	(157,192	)	$	(17,724	)	$	93,662	$	124,139
Net income (loss) allocated to participating common shareholders (a)		(137	)		(932	)		-			-		-
Net income (loss) allocated to common shareholders	$	(20,264	)	$	(156,260	)	$	(17,724	)	$	93,662	$	124,139

Common Shares
Basic
Weighted average common shares outstanding		37,113			37,199			38,670			40,485		43,225

Diluted
Weighted average common shares outstanding		37,113			37,199			38,670			40,485		43,225
Effect of dilutive securities:
Common share options		127			438			1,703			3,064		2,583
Restricted share units		159			385			580			495		441
Adjusted weighted average common shares outstanding		37,399			38,022			40,953			44,044		46,249


Earnings (Loss) Per Common Share
Basic earnings (loss) per common share	$	(0.55	)	$	(4.20	)	$	(0.46	)	$	2.31	$	2.87

Diluted earnings (loss) per common share (b)	$	(0.55	)	$	(4.20	)	$	(0.46	)	$	2.13	$	2.68

(a) Represents earnings attributable to holders of unvested restricted shares issued under the Company's share incentive plans that are considered to be participating securities.

- 10 -

Platinum Underwriters Holdings, Ltd.
Book Value Per Common Share
($ and amounts in thousands, except per share data)

	June 30,		March 31,		December 31,		September 30,		June 30,
	2011		2011		2010		2010		2010

Price per share at period end	$	33.24	$	38.09	$	44.97	$	43.52	$	36.29

Shareholders' equity	$	1,695,710	$	1,665,173	$	1,895,455	$	2,164,873	$	2,105,435

Add: Assumed exercise of share options		10,543		33,488		34,213		39,511		50,396

Shareholders' equity - diluted	$	1,706,253	$	1,698,661	$	1,929,668	$	2,204,384	$	2,155,831

Basic common shares outstanding		37,324		37,270		37,758		39,266		41,095

Add: Common share options (a)		-		-		1,010		3,173		2,282

Add: Management and directors' options (b)		379		1,054		1,081		1,264		1,689

Add: Directors' and officers' restricted share units (c)		413		505		790		847		856

Diluted common shares outstanding		38,116		38,829		40,639		44,550		45,922


Book Value Per Common Share*
Basic book value per common share	$	45.43	$	44.68	$	50.20	$	55.13	$	51.23

Fully converted book value per common share	$	44.76	$	43.75	$	47.48	$	49.48	$	46.95


* Book value per common share and fully converted book value per common share are non-GAAP financial measures as defined by Regulation G.

(a) Options with a price of $27.00.

(b) Options with a price below $33.24, the closing share price at June 30, 2011.

(c) As of June 30, 2011 there were 37,324 common shares issued and outstanding. Included in this number were 218 restricted shares issued but unvested.

- 11 -

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

	Three Months Ended						Six Months Ended
	June 30,			June 30,			June 30,			June 30,
	2011			2010			2011			2010

Net cash provided by (used in) operating activities	$	38,516		$	(12,897	)	$	33,288		$	21,527

Net cash provided by (used in) investing activities		205,333			728,210			368,492			607,150

Net cash provided by (used in) financing activities		(2,562	)		(140,564	)		(86,608	)		(200,627	)

Effect of foreign currency exchange rate changes on cash		12,755			(5,517	)		15,724			(8,560	)

Net increase (decrease) in cash and cash equivalents	$	254,042		$	569,232		$	330,896		$	419,490

- 12 -

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

	Three Months Ended
	June 30,			March 31,			December 31,			September 30,			June 30,
	2011			2011			2010			2010			2010

Net cash provided by (used in) operating activities	$	38,516		$	(5,228	)	$	(38,042	)	$	41,244		$	(12,897	)

Net cash provided by (used in) investing activities		205,333			163,159			(301,531	)		432,699			728,210

Net cash provided by (used in) financing activities		(2,562	)		(84,046	)		(171,626	)		(84,720	)		(140,564	)

Effect of foreign currency exchange rate changes on cash		12,755			2,969			450			7,129			(5,517	)

Net increase (decrease) in cash and cash equivalents	$	254,042		$	76,854		$	(510,749	)	$	396,352		$	569,232

- 13 -

Platinum Underwriters Holdings, Ltd.

Segment Reporting - Three Month Summary

($ in thousands)

	Three Months Ended June 30, 2011												Three Months Ended June 30, 2010
	Property and Marine			Casualty			Finite Risk			Total			Property and Marine			Casualty			Finite Risk			Total

Net premiums written	$	54,411		$	69,234		$	2,242		$	125,887		$	74,105		$	72,628		$	4,985		$	151,718

Net premiums earned		91,852			77,104			3,480			172,436			100,550			85,166			5,716			191,432
Net losses and loss adjustment expenses		116,543			43,868			(1,054	)		159,357			35,010			40,058			(3,593	)		71,475
Net acquisition expenses		12,009			18,144			3,962			34,115			17,218			18,752			8,118			44,088
Other underwriting expenses		7,274			4,829			264			12,367			7,720			5,654			313			13,687
Segment underwriting income (loss)*	$	(43,974	)	$	10,263		$	308			(33,403	)	$	40,602		$	20,702		$	878			62,182

Net investment income											33,965												35,372
Net realized gains (losses) on investments											(4,689	)											49,489
Net impairment losses on investments											(1,666	)											(3,410	)
Other income (expense)											(60	)											(144	)
Net changes in fair value of derivatives											(4,474	)											(30	)
Corporate expenses not allocated to segments											(4,738	)											(6,473	)
Net foreign currency exchange (losses) gains											(614	)											67
Interest expense											(4,767	)											(4,709	)
Income (loss) before income taxes										$	(20,446	)										$	132,344

Underwriting ratios*:
Net loss and loss adjustment expense		126.9	%		56.9	%		(30.3	%)		92.4	%		34.8	%		47.0	%		(62.9	%)		37.3	%
Net acquisition expense		13.1	%		23.5	%		113.9	%		19.8	%		17.1	%		22.0	%		142.0	%		23.0	%
Other underwriting expense		7.9	%		6.3	%		7.6	%		7.2	%		7.7	%		6.6	%		5.5	%		7.1	%
Combined		147.9	%		86.7	%		91.2	%		119.4	%		59.6	%		75.6	%		84.6	%		67.4	%

Statutory underwriting ratios*:
Net loss and loss adjustment expense		126.9	%		56.9	%		(30.3	%)		92.4	%		34.8	%		47.0	%		(62.9	%)		37.3	%
Net acquisition expense		19.8	%		22.3	%		148.3	%		23.5	%		20.3	%		23.3	%		159.0	%		26.3	%
Other underwriting expense		13.4	%		7.0	%		11.8	%		9.8	%		10.4	%		7.8	%		6.3	%		9.0	%
Combined		160.1	%		86.2	%		129.8	%		125.7	%		65.5	%		78.1	%		102.4	%		72.6	%


* Segment underwriting income or loss and underwriting ratios are non-GAAP financial measures as defined by Regulation G.

The 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.
Segment Reporting - Six Month Summary
($ in thousands)

	Six Months Ended June 30, 2011												Six Months Ended June 30, 2010
	Property and Marine			Casualty			Finite Risk			Total			Property and Marine			Casualty			Finite Risk			Total

Net premiums written	$	166,213		$	149,753		$	4,706		$	320,672		$	220,890		$	166,379		$	11,876		$	399,145

Net premiums earned		189,757			157,928			7,632			355,317			228,356			173,068			10,186			411,610
Net losses and loss adjustment expenses		394,873			83,487			592			478,952			161,637			71,588			2,818			236,043
Net acquisition expenses		25,635			36,707			5,723			68,065			33,449			36,479			11,489			81,417
Other underwriting expenses		14,595			10,161			499			25,255			16,419			12,124			651			29,194
Segment underwriting income (loss)*	$	(245,346	)	$	27,573		$	818			(216,955	)	$	16,851		$	52,877		$	(4,772	)		64,956

Net investment income											66,343												72,877
Net realized gains (losses) on investments											(4,282	)											54,946
Net impairment losses on investments											(3,173	)											(21,512	)
Other income (expense)											1,036												129
Net changes in fair value of derivatives											(748	)											(2,345	)
Corporate expenses not allocated to segments											(9,001	)											(12,707	)
Net foreign currency exchange (losses) gains											(803	)											1,296
Interest expense											(9,533	)											(9,469	)
Income (loss) before income taxes										$	(177,116	)										$	148,171

Underwriting ratios*:
Net loss and loss adjustment expense		208.1	%		52.9	%		7.8	%		134.8	%		70.8	%		41.4	%		27.7	%		57.3	%
Net acquisition expense		13.5	%		23.2	%		75.0	%		19.2	%		14.6	%		21.1	%		112.8	%		19.8	%
Other underwriting expense		7.7	%		6.4	%		6.5	%		7.1	%		7.2	%		7.0	%		6.4	%		7.1	%
Combined		229.3	%		82.5	%		89.3	%		161.1	%		92.6	%		69.5	%		146.9	%		84.2	%

Statutory underwriting ratios*:
Net loss and loss adjustment expense		208.1	%		52.9	%		7.8	%		134.8	%		70.8	%		41.4	%		27.7	%		57.3	%
Net acquisition expense		14.7	%		22.7	%		108.1	%		19.8	%		15.1	%		21.1	%		99.6	%		20.1	%
Other underwriting expense		8.8	%		6.8	%		10.6	%		7.9	%		7.4	%		7.3	%		5.5	%		7.3	%
Combined		231.6	%		82.4	%		126.5	%		162.5	%		93.3	%		69.8	%		132.8	%		84.7	%

* Segment underwriting income or loss and underwriting ratios are non-GAAP financial measures as defined by Regulation G.

The 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.
Property and Marine Segment - by Quarter
($ in thousands)

	Three Months Ended
	June 30,			March 31,			December 31,			September 30,			June 30,
	2011			2011			2010			2010			2010

Net premiums written	$	54,411		$	111,802		$	76,900		$	114,885		$	74,105

Net premiums earned		91,852			97,905			92,065			98,342			100,550
Net losses and loss adjustment expenses		116,543			278,330			111,215			70,657			35,010
Net acquisition expenses		12,009			13,626			12,635			14,140			17,218
Other underwriting expenses		7,274			7,321			8,354			7,905			7,720
Segment underwriting income (loss)*	$	(43,974	)	$	(201,372	)	$	(40,139	)	$	5,640		$	40,602


Underwriting ratios*:
Net loss and loss adjustment expense		126.9	%		284.3	%		120.8	%		71.8	%		34.8	%
Net acquisition expense		13.1	%		13.9	%		13.7	%		14.4	%		17.1	%
Other underwriting expense		7.9	%		7.5	%		9.1	%		8.0	%		7.7	%
Combined		147.9	%		305.7	%		143.6	%		94.2	%		59.6	%

Statutory underwriting ratios*:
Net loss and loss adjustment expense		126.9	%		284.3	%		120.8	%		71.8	%		34.8	%
Net acquisition expense		19.8	%		13.4	%		14.6	%		13.1	%		20.3	%
Other underwriting expense		13.4	%		6.5	%		10.9	%		6.9	%		10.4	%
Combined		160.1	%		304.2	%		146.3	%		91.8	%		65.5	%


* Segment underwriting income or loss and underwriting ratios are non-GAAP financial measures as defined by Regulation G.

The 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.

- 16 -

Platinum Underwriters Holdings, Ltd.

Casualty Segment - by Quarter

($ in thousands)

	Three Months Ended
	June 30,			March 31,			December 31,			September 30,			June 30,
	2011			2011			2010			2010			2010

Net premiums written	$	69,234		$	80,519		$	82,656		$	80,362		$	72,628

Net premiums earned		77,104			80,824			90,307			80,437			85,166
Net losses and loss adjustment expenses		43,868			39,619			39,935			8,156			40,058
Net acquisition expenses		18,144			18,563			18,600			16,395			18,752
Other underwriting expenses		4,829			5,332			5,796			5,171			5,654
Segment underwriting income*	$	10,263		$	17,310		$	25,976		$	50,715		$	20,702


Underwriting ratios*:
Net loss and loss adjustment expense		56.9	%		49.0	%		44.2	%		10.1	%		47.0	%
Net acquisition expense		23.5	%		23.0	%		20.6	%		20.4	%		22.0	%
Other underwriting expense		6.3	%		6.6	%		6.4	%		6.4	%		6.6	%
Combined		86.7	%		78.6	%		71.2	%		36.9	%		75.6	%

Statutory underwriting ratios*:
Net loss and loss adjustment expense		56.9	%		49.0	%		44.2	%		10.1	%		47.0	%
Net acquisition expense		22.3	%		21.6	%		20.3	%		20.2	%		23.3	%
Other underwriting expense		7.0	%		6.6	%		7.0	%		6.4	%		7.8	%
Combined		86.2	%		77.2	%		71.5	%		36.7	%		78.1	%


* Segment underwriting income or loss and underwriting ratios are non-GAAP financial measures as defined by Regulation G.

The 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.

- 17 -

Platinum Underwriters Holdings, Ltd.

Finite Risk Segment - by Quarter

($ in thousands)

	Three Months Ended
	June 30,			March 31,			December 31,			September 30,			June 30,
	2011			2011			2010			2010			2010

Net premiums written	$	2,242		$	2,464		$	2,461		$	4,180		$	4,985

Net premiums earned		3,480			4,152			2,608			4,625			5,716
Net losses and loss adjustment expenses		(1,054	)		1,646			1,133			281			(3,593	)
Net acquisition expenses		3,962			1,761			1,507			1,982			8,118
Other underwriting expenses		264			235			302			307			313
Segment underwriting income (loss)*	$	308		$	510		$	(334	)	$	2,055		$	878


Underwriting ratios*:
Net loss and loss adjustment expense		(30.3	%)		39.6	%		43.4	%		6.1	%		(62.9	%)
Net acquisition expense		113.9	%		42.4	%		57.8	%		42.9	%		142.0	%
Other underwriting expense		7.6	%		5.7	%		11.6	%		6.6	%		5.5	%
Combined		91.2	%		87.7	%		112.8	%		55.6	%		84.6	%

Statutory underwriting ratios*:
Net loss and loss adjustment expense		(30.3	%)		39.6	%		43.4	%		6.1	%		(62.9	%)
Net acquisition expense		148.3	%		56.5	%		60.2	%		44.7	%		159.0	%
Other underwriting expense		11.8	%		9.5	%		12.3	%		7.3	%		6.3	%
Combined		129.8	%		105.6	%		115.9	%		58.1	%		102.4	%


* Segment underwriting income or loss and underwriting ratios are non-GAAP financial measures as defined by Regulation G.

The 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.

- 18 -

Platinum Underwriters Holdings, Ltd.
Net Premiums Written - Supplemental Information
($ in thousands)

	Three Months Ended				Six Months Ended
	June 30,		June 30,		June 30,		June 30,
	2011		2010		2011		2010

Property and Marine
Excess-of-loss	$	39,954	$	54,290	$	133,959	$	176,812
Proportional		14,457		19,815		32,254		44,078
Subtotal Property and Marine		54,411		74,105		166,213		220,890
Casualty
Excess-of-loss		56,049		70,183		119,748		150,014
Proportional		13,185		2,445		30,005		16,365
Subtotal Casualty		69,234		72,628		149,753		166,379
Finite Risk
Excess-of-loss		-		-		-		-
Proportional		2,242		4,985		4,706		11,876
Subtotal Finite Risk		2,242		4,985		4,706		11,876
Combined Segments
Excess-of-loss		96,003		124,473		253,707		326,826
Proportional		29,884		27,245		66,965		72,319
Total	$	125,887	$	151,718	$	320,672	$	399,145

	Three Months Ended				Six Months Ended
	June 30,		June 30,		June 30,		June 30,
	2011		2010		2011		2010
Property and Marine
United States	$	37,595	$	39,994	$	88,672	$	121,682
International		16,816		34,111		77,541		99,208
Subtotal Property and Marine		54,411		74,105		166,213		220,890
Casualty
United States		60,174		60,367		131,768		142,748
International		9,060		12,261		17,985		23,631
Subtotal Casualty		69,234		72,628		149,753		166,379
Finite Risk
United States		2,242		4,985		4,706		11,876
International		-		-		-		-
Subtotal Finite Risk		2,242		4,985		4,706		11,876
Combined Segments
United States		100,011		105,346		225,146		276,306
International		25,876		46,372		95,526		122,839
Total	$	125,887	$	151,718	$	320,672	$	399,145

- 19 -

Platinum Underwriters Holdings, Ltd.

Premiums by Line of Business - Three Month Summary

($ in thousands)

	Three Months Ended June 30, 2011						Three Months Ended June 30, 2010
	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	$	554	$	554	$	1,961	$	1,980		$	1,980		$	2,217
North American Property Catastrophe		23,840		14,928		26,666		25,689			15,466			30,235
North American Property Risk		9,040		9,071		11,152		10,398			10,763			13,577
Other Property		13,894		13,894		13,985		12,561			12,561			12,388
Marine / Aviation Proportional		746		746		1,020		1,837			1,837			2,190
Marine / Aviation Excess		1,138		1,138		1,697		2,734			2,745			2,898
International Property Proportional		4,055		4,055		3,946		4,367			4,367			4,135
International Property Catastrophe		21,024		7,674		29,080		21,949			21,934			29,944
International Property Risk		2,351		2,351		2,345		2,452			2,452			2,966
Subtotal		76,642		54,411		91,852		83,967			74,105			100,550

Casualty
Clash		2,599		2,599		2,577		3,874			3,874			3,751
1st Dollar GL		4,473		4,473		4,668		2,884			2,884			2,740
1st Dollar Other		1,763		1,763		1,940		1,353			1,353			843
Casualty Excess		42,041		42,041		45,118		50,683			50,683			53,985
Accident & Health		7,608		7,608		9,572		5,732			5,732			9,568
International Casualty		4,692		4,692		6,259		7,716			7,716			6,002
International Motor		854		854		976		783			783			889
Financial Lines		5,204		5,204		5,994		(397	)		(397	)		7,388
Subtotal		69,234		69,234		77,104		72,628			72,628			85,166

Finite Risk
Finite Casualty		2,242		2,242		3,480		4,985			4,985			5,716
Subtotal		2,242		2,242		3,480		4,985			4,985			5,716

Total	$	148,118	$	125,887	$	172,436	$	161,580		$	151,718		$	191,432

- 20 -

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

	Six Months Ended June 30, 2011						Six Months Ended June 30, 2010
	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	$	2,318	$	2,318	$	3,665	$	4,019	$	4,019	$	3,390
North American Property Catastrophe		57,244		42,145		50,238		68,034		57,809		68,125
North American Property Risk		18,913		19,182		21,852		29,348		27,494		30,921
Other Property		26,884		26,884		26,741		33,999		33,999		33,759
Marine / Aviation Proportional		2,589		2,589		2,830		3,016		3,016		3,830
Marine / Aviation Excess		3,209		3,209		4,456		6,458		6,469		6,735
International Property Proportional		8,338		8,338		7,869		8,169		8,169		7,494
International Property Catastrophe		76,025		56,612		67,184		78,081		74,527		68,855
International Property Risk		4,936		4,936		4,922		5,388		5,388		5,247
Subtotal		200,456		166,213		189,757		236,512		220,890		228,356

Casualty
Clash		5,359		5,359		5,172		7,766		7,766		7,583
1st Dollar GL		11,473		11,473		9,864		5,478		5,478		5,445
1st Dollar Other		3,891		3,891		4,243		2,630		2,630		1,937
Casualty Excess		86,161		86,161		91,828		106,262		106,262		112,707
Accident & Health		21,517		21,517		17,791		20,826		20,826		18,317
International Casualty		8,605		8,605		11,600		13,042		13,042		12,856
International Motor		2,013		2,013		2,009		1,847		1,847		1,829
Financial Lines		10,734		10,734		15,421		8,528		8,528		12,394
Subtotal		149,753		149,753		157,928		166,379		166,379		173,068

Finite Risk
Finite Casualty		4,706		4,706		7,632		11,876		11,876		10,186
Subtotal		4,706		4,706		7,632		11,876		11,876		10,186

Total	$	354,915	$	320,672	$	355,317	$	414,767	$	399,145	$	411,610

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Platinum Underwriters Holdings, Ltd.

Investment Portfolio

($ in thousands)

	June 30, 2011								December 31, 2010
			Weighted Average			Weighted Average					Weighted Average			Weighted Average
	Fair Value		Book Yield			Market Yield			Fair Value		Book Yield			Market Yield

Available-for-sale securities
U.S. Government	$	113,981		0.1	%		(0.6	%)	$	391,303		1.9	%		2.4	%
U.S. Government agencies		100,420		0.6	%		0.2	%		100,547		0.7	%		0.3	%
Municipal bonds		1,575,686		4.7	%		3.9	%		1,537,432		4.7	%		4.4	%
Non-U.S. governments		61,568		2.8	%		1.8	%		76,306		2.9	%		1.9	%
Corporate bonds		336,714		4.9	%		2.9	%		366,900		4.9	%		3.2	%
Commercial mortgage-backed securities		202,359		5.6	%		4.0	%		203,313		5.4	%		4.5	%
Residential mortgage-backed securities		130,538		4.4	%		6.2	%		166,458		4.9	%		6.0	%
Asset-backed securities		22,418		0.0	%		6.7	%		23,568		3.6	%		7.6	%
Total fixed maturity available-for-sale securities	$	2,543,684		4.3	%		3.5	%	$	2,865,827		4.2	%		3.9	%

Trading securities
Non-U.S. dollar denominated securities:
Non-U.S. governments	$	146,478		3.6	%		2.2	%	$	140,089		3.6	%		2.2	%
U.S. Government agencies		16,189		1.9	%		0.8	%		15,903		1.9	%		1.1	%
Corporate bonds		-		-			-			68		4.5	%		2.3	%
Insurance-linked securities		4,938		9.6	%		17.6	%		26,086		10.7	%		6.5	%
Total fixed maturity trading securities	$	167,605		3.6	%		2.5	%	$	182,146		4.5	%		2.7	%


	June 30, 2011								December 31, 2010
	Amount		% of Total						Amount		% of Total
Credit quality of investment portfolio*
Aaa	$	916,447		33.8	%				$	1,219,482		40.0	%
Aa		987,870		36.4	%					1,033,067		33.9	%
A		533,692		19.7	%					470,525		15.4	%
Baa		201,418		7.4	%					225,928		7.4	%
Below investment grade		71,862		2.7	%					98,971		3.3	%
Total	$	2,711,289		100.0	%				$	3,047,973		100.0	%


Credit quality
Weighted average credit quality	Aa3								Aa2

* Rated using external rating agencies (primarily Moody's).
(Aaa-Best Quality; Aa-High Quality; A-Upper to Medium Quality, Baa - Investment Grade)

- 22 -

Platinum Underwriters Holdings, Ltd.

Available-for-Sale Security Detail

($ in thousands)

	June 30, 2011
			Unrealized			Credit				Weighted
	Fair Value		Gain (Loss)			Quality		Duration		Average Life

Available-for-sale securities
U.S. Government	$	113,981	$	2,677		Aaa			1.5

U.S. Government agencies		100,420		420		Aaa			0.3

Municipal bonds:
State general obligation bonds		825,880		22,373		Aa2			7.2
Essential service bonds*		403,246		13,546		Aa3			7.5
State income tax and sales tax bonds		168,104		7,448		Aa1			7.7
Other municipal bonds		135,587		4,487		Aa2			6.4
Pre-refunded bonds		42,869		2,475		Aa2			2.8
Subtotal		1,575,686		50,329		Aa2			7.2

Non-U.S governments		61,568		1,601		Aa1			2.3

Corporate bonds:
Industrial		212,334		11,100			A3		3.8
Utilities		66,635		2,817			A3		5.0
Insurance		50,418		2,550			A3		3.7
Finance		7,327		47		Baa1			6.3
Subtotal		336,714		16,514			A3		4.1

Commercial mortgage-backed securities		202,359		10,372		Aa2			3.7		4.3

Residential mortgage-backed securities:
U.S. Government agency residential mortgage-backed securities		74,290		3,009		Aaa			1.4		3.0
Non-agency residential mortgage-backed securities		50,102		(24,634	)		B3		0.4		3.3
Alt-A residential mortgage-backed securities		6,146		(2,608	)	Caa2			-		5.0
Subtotal		130,538		(24,233	)	Baa1			0.9		3.2

Asset-backed securities:
Asset-backed securities		13,346		(254	)	Aaa			-		7.9
Sub-prime asset-backed securities		9,072		(4,139	)	Caa2			-		9.4
Subtotal		22,418		(4,393	)	Baa1			-		8.5

Total	$	2,543,684	$	53,287		Aa3			5.5

* Essential service bonds include bonds issued for education, transportation and utilities.

- 23 -

Platinum Underwriters Holdings, Ltd.

Corporate Bonds Detail

($ in thousands)

	June 30, 2011
					Unrealized			Credit
	Par Value		Fair Value		Gain (Loss)			Quality

Top 20 Holdings by Issuer
Philip Morris International Inc.	$	14,000	$	15,758	$	1,284			A2
MetLife, Inc.		14,922		15,136		177			A3
American Electric Power Company, Inc.		13,500		14,107		551		Baa1
Hewlett-Packard Company		10,000		10,960		599			A2
HCC Insurance Holdings, Inc.		10,000		10,768		696		Baa1
Anglo American plc		8,000		10,202		450		Baa1
AT&T Inc.		9,250		10,077		771			A2
Mattel, Inc.		10,000		9,993		(144	)	Baa1
Consolidated Edison, Inc.		9,400		9,829		414			A3
Diageo plc		7,750		8,344		519			A3
Snap-On Incorporated		7,000		7,599		566		Baa1
EOG Resources, Inc.		6,660		6,965		208			A3
Wal-Mart Stores, Inc.		5,461		6,759		(228	)	Aa2
CNA Financial Corporation		6,000		6,753		740		Baa3
Rio Tinto plc		5,000		6,620		408			A3
ArcelorMittal		5,000		6,366		12		Baa3
Hess Corporation		5,000		6,321		280		Baa2
NextEra Energy, Inc.		5,750		6,012		255		Aa3
The Clorox Company		5,500		5,991		484		Baa1
CMS Energy Corporation	$	5,000	$	5,972	$	310			A3

- 24 -

Platinum Underwriters Holdings, Ltd.

Municipal Bonds Detail

($ in thousands)

	June 30, 2011
						Unrealized			Credit
	Par Value		Fair Value			Gain (Loss)			Quality*

Top 10 Exposures by Jurisdiction
Illinois	$	164,680	$	167,497		$	1,686			A1
Pennsylvania		115,700		118,549			1,812		Aa1
New York		110,070		116,827			6,392		Aa2
Connecticut		106,000		108,528			491		Aa2
California		97,655		109,429			9,115			A1
Massachusetts		85,655		91,187			3,640		Aa1
District of Columbia		78,695		82,888			4,108		Aa2
New Jersey		75,250		77,013			1,338			A1
Texas		68,565		68,079			(869	)	Aa1
Ohio	$	53,795	$	54,437		$	473		Aa1


Top 10 Holdings by Issuer
State of Illinois	$	120,000	$	121,439		$	588			A1
State of California		92,665		104,384			9,194			A1
State of Connecticut		89,000		91,708			671		Aa2
State of Pennsylvania		76,700		79,289			1,891		Aa1
New York State Urban Development Corporation		47,000		48,812			1,812		Aaa
State of Mississippi		46,060		47,831			695		Aa2
State of Ohio		37,550		37,868			318		Aa1
State of Texas		39,900		37,470			(2,600	)	Aaa
State of Massachusetts		34,635		37,124			596		Aa1
State of Michigan	$	36,500	$	36,843		$	80		Aa2



	June 30, 2011
	Amount		% of Total

Credit quality of municipal bond portfolio*
Aaa	$	264,344		16.8	%
Aa		910,004		57.8	%
A		392,457		24.8	%
Baa		8,881		0.6	%
Total	$	1,575,686		100.0	%


* Rated using external rating agencies (primarily Moody's) excluding credit enhancements from insurance entities.
(Aaa-Best Quality; Aa-High Quality; A-Upper to Medium Quality, Baa - Investment Grade)

- 25 -

Platinum Underwriters Holdings, Ltd.
Net Realized Gains (Losses) on Investments and Net Impairment Losses on Investments
($ in thousands)

	Three Months Ended					Six Months Ended
	June 30,			June 30,		June 30,			June 30,
	2011			2010		2011			2010

Net realized gains (losses) on investments by entity:
Subsidiary domiciled in Bermuda	$	1,488		$	32,041	$	1,241		$	36,646
Subsidiaries domiciled in the United States		(6,177	)		17,448		(5,523	)		18,300
Total	$	(4,689	)	$	49,489	$	(4,282	)	$	54,946


Net realized gains (losses) on investments by type:
Sale of securities	$	(6,417	)	$	47,891	$	(2,476	)	$	52,602
Mark-to-market on trading securities		1,728			1,598		(1,806	)		2,344
Total	$	(4,689	)	$	49,489	$	(4,282	)	$	54,946


Net impairment losses on investments by entity:
Subsidiary domiciled in Bermuda	$	1,569		$	2,142	$	2,946		$	9,269
Subsidiaries domiciled in the United States		97			1,268		227			12,243
Total	$	1,666		$	3,410	$	3,173		$	21,512


Net impairment losses on investments by type of security:
Commercial mortgage-backed securities	$	-		$	-	$	-		$	7,731
Residential mortgage-backed securities		1,454			1,792		2,387			2,740
Asset-backed securities		212			1,618		786			11,041
Total	$	1,666		$	3,410	$	3,173		$	21,512

- 26 -

Platinum Underwriters Holdings, Ltd.
Analysis of Losses and Loss Adjustment Expenses
($ in thousands)

	Analysis of Losses and Loss Adjustment Expenses
	Six Months Ended June 30, 2011 (a)									Twelve Months Ended December 31, 2010 (b)
	Gross		Ceded		Net		Paid to Incurred %			Gross			Ceded			Net			Paid to Incurred %

Paid losses and loss adjustment expenses	$	290,239	$	3,314	$	286,925		59.9	%	$	604,260		$	10,047		$	594,213			127.1	%
Change in unpaid losses and loss adjustment expenses		223,033		31,006		192,027					(132,171	)		(5,378	)		(126,793	)
Losses and loss adjustment expenses incurred	$	513,272	$	34,320	$	478,952				$	472,089		$	4,669		$	467,420




	Analysis of Unpaid Losses and Loss Adjustment Expenses
	As of June 30, 2011									As of December 31, 2010
	Gross		Ceded		Net		%			Gross			Ceded			Net			%

Outstanding losses and loss adjustment expenses	$	899,697	$	4,517	$	895,180		36.8	%	$	671,846		$	8,149		$	663,697			30.1	%
Incurred but not reported		1,573,164		35,417		1,537,747		63.2	%		1,545,532			763			1,544,769			69.9	%
Unpaid losses and loss adjustment expenses	$	2,472,861	$	39,934	$	2,432,927		100.0	%	$	2,217,378		$	8,912		$	2,208,466			100.0	%


(a) Gross and ceded losses and loss adjustment expenses incurred includes effects of foreign currency exchange rate losses of $32,449 and gains of $16, respectively.

(b) Gross and ceded losses and loss adjustment expenses incurred includes effects of foreign currency exchange rate losses of $213 and $38, respectively.

- 27 -

Platinum Underwriters Holdings, Ltd.
Summary of Favorable (Unfavorable) Development of Losses and Related Premiums and Commissions
($ in thousands)

	Three Months Ended June 30, 2011												Three Months Ended June 30, 2010
	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	$	4,935		$	11,286		$	3,306		$	19,527		$	20,468		$	22,616	$	7,809		$	50,893
Net premium adjustments related to prior years' losses		(821	)		891			-			70			546			136		-			682
Net commission adjustments related to prior years' losses		212			(478	)		(3,217	)		(3,483	)		(2,999	)		648		(6,586	)		(8,937	)
Net favorable (unfavorable) development		4,326			11,699			89			16,114			18,015			23,400		1,223			42,638

Catastrophe Favorable (Unfavorable) Development
Net loss development related to prior years		239			(32	)		371			578			(691	)		2		-			(689	)
Net premium adjustments related to prior years' losses		(308	)		-			-			(308	)		(1,874	)		-		-			(1,874	)
Net commission adjustments related to prior years' losses		(3	)		-			-			(3	)		-			-		-			-
Net favorable (unfavorable) development		(72	)		(32	)		371			267			(2,565	)		2		-			(2,563	)

Total net favorable (unfavorable) development	$	4,254		$	11,667		$	460		$	16,381		$	15,450		$	23,402	$	1,223		$	40,075




	Six Months Ended June 30, 2011												Six Months Ended June 30, 2010
	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	$	2,987		$	30,841		$	4,781		$	38,609		$	39,113		$	55,955	$	4,692		$	99,760
Net premium adjustments related to prior years' losses		(70	)		482			-			412			989			430		-			1,419
Net commission adjustments related to prior years' losses		4			98			(4,071	)		(3,969	)		(3,854	)		3,566		(9,176	)		(9,464	)
Net favorable (unfavorable) development		2,921			31,421			710			35,052			36,248			59,951		(4,484	)		91,715

Catastrophe Favorable (Unfavorable) Development
Net loss development related to prior years		14,421			(32	)		371			14,760			(691	)		5		-			(686	)
Net premium adjustments related to prior years' losses		(327	)		-			-			(327	)		(1,466	)		-		-			(1,466	)
Net commission adjustments related to prior years' losses		(8	)		-			-			(8	)		-			-		-			-
Net favorable (unfavorable) development		14,086			(32	)		371			14,425			(2,157	)		5		-			(2,152	)

Total net favorable (unfavorable) development	$	17,007		$	31,389		$	1,081		$	49,477		$	34,091		$	59,956	$	(4,484	)	$	89,563

- 28 -

Platinum Underwriters Holdings, Ltd.
Estimated Exposures to Peak Zone Property Catastrophe Losses
As of July 1, 2011
($ 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	$	148	$	114	$	294	$	234	$	366	$	301
United States	Earthquake		12		12		192		192		248		248
Pan-European	Windstorm		136		74		279		157		337		212
Japan	Earthquake		11		11		129		109		241		221
Japan	Typhoon		5		5		52		52		69		69
Canada	Earthquake	$	-	$	-	$	57	$	49	$	176	$	126

The Company has developed the estimates of losses expected from certain catastrophes for its portfolio of property, marine, workers’ compensation, personal accident contracts and catastrophe contributions from insurance-linked securities 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.

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.

*Calculated excluding any benefit from Topiary Capital derivative which expires on July 31, 2011.

- 29 -

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