PLATINUM UNDERWRITERS HOLDINGS LTD - FORM 8-K/A - EX-99.1

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8-K/A - PLATINUM UNDERWRITERS HOLDINGS LTD	thirdquarter2011_8ka.htm

Exhibit 99.1

Financial Supplement

Financial Information

as of September 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

September 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 measures. 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 – by Quarter	11

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

		Segment Data:
		a. Segment Reporting - Three Month Summary	14
		b. Segment Reporting - Nine 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 - Nine Month Summary	21

		Investments:
		a. Investments	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

September 30, 2011 and 2010

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

	Three Months Ended						Nine Months Ended
	September 30,			September 30,			September 30,			September 30,
	2011			2010			2011			2010

Highlights
Net premiums written	$	177,124		$	199,427		$	497,796		$	598,572
Net premiums earned		166,813			183,404			522,130			595,014
Underwriting income (loss)		(76,052	)		58,410			(293,007	)		123,366
Net investment income		29,762			31,078			96,105			103,955
Net operating income (loss) (1)		(56,700	)		61,263			(228,085	)		168,288
Net realized gains (losses) on investments		7,498			44,351			3,216			99,297
Net impairment losses on investments		(4,451	)		(4,048	)		(7,624	)		(25,560	)
Net income (loss)	$	(53,535	)	$	93,662		$	(231,128	)	$	233,222

Total assets	$	4,747,995		$	4,936,259		$	4,747,995		$	4,936,259
Investments and cash		4,323,517			4,539,184			4,323,517			4,539,184
Total shareholders' equity		1,726,912			2,164,873			1,726,912			2,164,873
Unpaid losses and loss adjustment expenses	$	2,468,987		$	2,194,173		$	2,468,987		$	2,194,173

Per share data
Common shares outstanding		37,330			39,266			37,330			39,266
Weighted average common shares outstanding - basic		37,183			40,485			37,165			43,029
Adjusted weighted average common shares outstanding - diluted		37,360			44,044			37,578			46,263
Basic earnings (loss) per common share	$	(1.43	)	$	2.31		$	(6.18	)	$	5.42
Diluted earnings (loss) per common share		(1.43	)		2.13			(6.18	)		5.04
Operating income (loss) per common share - diluted (1)		(1.52	)		1.39			(6.10	)		3.64
Dividends per common share		0.08			0.08			0.24			0.24
Basic book value per common share (2)	$	46.26		$	55.13		$	46.26		$	55.13

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

(2) 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)

	September 30,		June 30,		March 31,			December 31,			September 30,
	2011		2011		2011			2010			2010
Assets
Investments:
Fixed maturity securities	$	2,657,325	$	2,711,289	$	2,978,381		$	3,047,973		$	2,874,351
Short-term investments		538,887		226,307		97,153			176,648			166,207
Cash and cash equivalents		1,127,305		1,318,773		1,064,731			987,877			1,498,626
Accrued investment income		32,682		31,724		33,855			31,288			27,315
Reinsurance premiums receivable		152,633		149,616		208,959			162,682			175,914
Reinsurance balances (prepaid and recoverable)		57,025		64,858		49,992			18,434			24,253
Funds held by ceding companies		91,886		90,507		76,914			84,078			82,428
Deferred acquisition costs		31,417		32,143		36,417			36,584			39,841
Other assets		58,835		57,180		70,372			68,749			47,324
Total assets	$	4,747,995	$	4,682,397	$	4,616,774		$	4,614,313		$	4,936,259

Liabilities
Unpaid losses and loss adjustment expenses	$	2,468,987	$	2,472,861	$	2,428,477		$	2,217,378		$	2,194,173
Unearned premiums		141,814		139,767		167,516			154,975			180,432
Debt obligations		250,000		250,000		250,000			250,000			250,000
Commissions payable		56,413		54,112		64,816			59,388			58,460
Other liabilities		103,869		69,947		40,792			37,117			88,321
Total liabilities	$	3,021,083	$	2,986,687	$	2,951,601		$	2,718,858		$	2,771,386

Shareholders' Equity
Common shares	$	373	$	373	$	373		$	377		$	393
Additional paid-in capital		373,790		372,882		371,493			453,619			619,112
Accumulated other comprehensive income (loss)		126,838		40,034		(12,484	)		(24,488	)		58,595
Retained earnings		1,225,911		1,282,421		1,305,791			1,465,947			1,486,773
Total shareholders' equity	$	1,726,912	$	1,695,710	$	1,665,173		$	1,895,455		$	2,164,873

Total liabilities and shareholders' equity	$	4,747,995	$	4,682,397	$	4,616,774		$	4,614,313		$	4,936,259


Book value per common share (1)	$	46.26	$	45.43	$	44.68		$	50.20		$	55.13


(1) 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						Nine Months Ended
	September 30,			September 30,			September 30,			September 30,
	2011			2010			2011			2010
Revenue
Net premiums earned	$	166,813		$	183,404		$	522,130		$	595,014
Net investment income		29,762			31,078			96,105			103,955
Net realized gains (losses) on investments		7,498			44,351			3,216			99,297
Net impairment losses on investments		(4,451	)		(4,048	)		(7,624	)		(25,560	)
Other income (expense)		(198	)		(171	)		838			(42	)
Total revenue		199,424			254,614			614,665			772,664

Expenses
Net losses and loss adjustment expenses		201,453			79,094			680,405			315,137
Net acquisition expenses		30,208			32,517			98,273			113,934
Net changes in fair value of derivatives		4,546			4,154			5,294			6,499
Operating expenses		14,755			20,004			49,011			61,905
Net foreign currency exchange losses (gains)		(982	)		235			(179	)		(1,061	)
Interest expense		4,769			4,763			14,302			14,232
Total expenses		254,749			140,767			847,106			510,646
Income (loss) before income taxes		(55,325	)		113,847			(232,441	)		262,018
Income tax expense (benefit)		(1,790	)		20,185			(1,313	)		28,796
Net income (loss)	$	(53,535	)	$	93,662		$	(231,128	)	$	233,222


Basic
Weighted average common shares outstanding		37,183			40,485			37,165			43,029
Basic earnings (loss) per common share	$	(1.43	)	$	2.31		$	(6.18	)	$	5.42

Diluted
Adjusted weighted average common shares outstanding		37,360			44,044			37,578			46,263
Diluted earnings (loss) per common share	$	(1.43	)	$	2.13		$	(6.18	)	$	5.04

Comprehensive income (loss)
Net income (loss)	$	(53,535	)	$	93,662		$	(231,128	)	$	233,222
Other comprehensive income (loss), net of deferred taxes		86,804			45,895			151,326			128,600
Comprehensive income (loss)	$	33,269		$	139,557		$	(79,802	)	$	361,822

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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
	September 30,			June 30,			March 31,			December 31,			September 30,
	2011			2011			2011			2010			2010
Revenue
Net premiums earned	$	166,813		$	172,436		$	182,881		$	184,980		$	183,404
Net investment income		29,762			33,965			32,378			30,430			31,078
Net realized gains (losses) on investments		7,498			(4,689	)		407			8,494			44,351
Net impairment losses on investments		(4,451	)		(1,666	)		(1,507	)		(11,050	)		(4,048	)
Other income (expense)		(198	)		(60	)		1,096			(165	)		(171	)
Total revenue		199,424			199,986			215,255			212,689			254,614

Expenses
Net losses and loss adjustment expenses		201,453			159,357			319,595			152,283			79,094
Net acquisition expenses		30,208			34,115			33,950			32,742			32,517
Net changes in fair value of derivatives		4,546			4,474			(3,726	)		3,089			4,154
Operating expenses		14,755			17,105			17,151			20,731			20,004
Net foreign currency exchange losses (gains)		(982	)		614			189			2,446			235
Interest expense		4,769			4,767			4,766			4,764			4,763
Total expenses		254,749			220,432			371,925			216,055			140,767
Income (loss) before income taxes		(55,325	)		(20,446	)		(156,670	)		(3,366	)		113,847
Income tax expense (benefit)		(1,790	)		(45	)		522			14,358			20,185
Net income (loss)	$	(53,535	)	$	(20,401	)	$	(157,192	)	$	(17,724	)	$	93,662


Basic
Weighted average common shares outstanding		37,183			37,113			37,199			38,670			40,485
Basic earnings (loss) per common share	$	(1.43	)	$	(0.55	)	$	(4.20	)	$	(0.46	)	$	2.31

Diluted
Adjusted weighted average common shares outstanding		37,360			37,399			38,022			40,953			44,044
Diluted earnings (loss) per common share	$	(1.43	)	$	(0.55	)	$	(4.20	)	$	(0.46	)	$	2.13

Comprehensive income (loss)
Net income (loss)	$	(53,535	)	$	(20,401	)	$	(157,192	)	$	(17,724	)	$	93,662
Other comprehensive income (loss), net of deferred taxes		86,804			52,518			12,004			(83,083	)		45,895
Comprehensive income (loss)	$	33,269		$	32,117		$	(145,188	)	$	(100,807	)	$	139,557

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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						Nine Months Ended
	September 30,			September 30,			September 30,			September 30,
	2011			2010			2011			2010

Net income (loss)	$	(53,535	)	$	93,662		$	(231,128	)	$	233,222

Adjustments for:
Net realized (gains) losses on investments, net of tax		(6,187	)		(36,683	)		(3,838	)		(85,224	)
Net impairment losses on investments, net of tax		4,047			3,986			7,141			21,213
Net foreign currency exchange losses (gains), net of tax		(1,025	)		298			(260	)		(923	)
Net operating income (loss) (1)	$	(56,700	)	$	61,263		$	(228,085	)	$	168,288

Per diluted common share:
Net income (loss)	$	(1.43	)	$	2.13		$	(6.18	)	$	5.04
Adjustments for:
Net realized (gains) losses on investments		(0.17	)		(0.83	)		(0.10	)		(1.84	)
Net impairment losses on investments		0.11			0.09			0.19			0.46
Net foreign currency exchange losses (gains)		(0.03	)		-			(0.01	)		(0.02	)
Net operating income (loss) (2)	$	(1.52	)	$	1.39		$	(6.10	)	$	3.64

Adjusted weighted average common shares outstanding - diluted (3)		37,183			44,044			37,165			46,263

(1) 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.

(2) 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.

(3) The adjusted weighted average common shares outstanding - diluted for the three and nine months ended September 30, 2011 was 37,360 and 37,578. 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
	September 30,			June 30,			March 31,			December 31,			September 30,
	2011			2011			2011			2010			2010
Key Ratios
Combined ratio (%)		145.6	%		119.4	%		200.4	%		107.8	%		68.1	%

Investable assets to shareholders' equity ratio	2.50:1			2.51:1			2.49:1			2.22:1			2.10:1

Debt to total capital (%)		12.6	%		12.8	%		13.1	%		11.7	%		10.4	%

Net premiums written (annualized) to shareholders' equity		0.41			0.30			0.47			0.34			0.37

Share Data
Book value per common share (1)	$	46.26		$	45.43		$	44.68		$	50.20		$	55.13
Common shares outstanding (000's)		37,330			37,324			37,270			37,758			39,266

Market Price Per Common Share
High	$	35.32		$	38.67		$	46.42		$	45.80		$	44.04
Low		28.75			32.18			34.70			42.10			35.63
Close	$	30.75		$	33.24		$	38.09		$	44.97		$	43.52

Industry Ratings
Financial Strength Ratings:
A.M. Best Company, Inc.		A			A			A			A			A
Standard & Poor's Ratings Services (2)		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 (2)	BBB+			BBB+			BBB+			BBB+			BBB+

Supplemental Data
Total employees		129			132			144			144			145

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

(2) On October 12, 2011, Standard & Poor’s Rating Services revised the Company’s Financial Strength Rating and Counterparty Credit Rating (senior unsecured) to A- and BBB, respectively.

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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 September 30,					Nine Months Ended September 30,
	2011			2010		2011			2010
Earnings (Loss)
Basic and diluted
Net income (loss) available to common shareholders	$	(53,535	)	$	93,662	$	(231,128	)	$	233,222
Net income (loss) allocated to participating common shareholders (1)		(251	)		-		(1,285	)		-
Net income (loss) allocated to common shareholders	$	(53,284	)	$	93,662	$	(229,843	)	$	233,222

Common shares
Basic
Weighted average common shares outstanding		37,183			40,485		37,165			43,029
Diluted
Weighted average common shares outstanding		37,183			40,485		37,165			43,029
Effect of dilutive securities:
Common share options		52			3,064		195			2,748
Restricted share units		125			495		218			486
Adjusted weighted average common shares outstanding		37,360			44,044		37,578			46,263

Earnings (Loss) Per Common Share
Basic earnings (loss) per common share	$	(1.43	)	$	2.31	$	(6.18	)	$	5.42
Diluted earnings (loss) per common share (2)	$	(1.43	)	$	2.13	$	(6.18	)	$	5.04

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

(2) 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
	September 30,			June 30,			March 31,			December 31,			September 30,
	2011			2011			2011			2010			2010
Earnings (Loss)
Basic and diluted
Net income (loss) available to common shareholders	$	(53,535	)	$	(20,401	)	$	(157,192	)	$	(17,724	)	$	93,662
Net income (loss) allocated to participating common shareholders (1)		(251	)		(137	)		(932	)		-			-
Net income (loss) allocated to common shareholders	$	(53,284	)	$	(20,264	)	$	(156,260	)	$	(17,724	)	$	93,662

Common shares
Basic
Weighted average common shares outstanding		37,183			37,113			37,199			38,670			40,485
Diluted
Weighted average common shares outstanding		37,183			37,113			37,199			38,670			40,485
Effect of dilutive securities:
Common share options		52			127			438			1,703			3,064
Restricted share units		125			159			385			580			495
Adjusted weighted average common shares outstanding		37,360			37,399			38,022			40,953			44,044

Earnings (Loss) Per Common Share
Basic earnings (loss) per common share	$	(1.43	)	$	(0.55	)	$	(4.20	)	$	(0.46	)	$	2.31
Diluted earnings (loss) per common share (2)	$	(1.43	)	$	(0.55	)	$	(4.20	)	$	(0.46	)	$	2.13

(1) 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 – by Quarter

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

	September 30,		June 30,		March 31,		December 31,		September 30,
	2011		2011		2011		2010		2010
Price per share at period end	$	30.75	$	33.24	$	38.09	$	44.97	$	43.52

Shareholders' equity	$	1,726,912	$	1,695,710	$	1,665,173	$	1,895,455	$	2,164,873
Add: Assumed exercise of share options		7,418		10,543		33,488		34,213		39,511
Shareholders' equity - diluted	$	1,734,330	$	1,706,253	$	1,698,661	$	1,929,668	$	2,204,384

Basic common shares outstanding		37,330		37,324		37,270		37,758		39,266
Add: Common share options (1)		-		-		-		1,010		3,173
Add: Management and directors' options (2)		276		379		1,054		1,081		1,264
Add: Directors' and officers' restricted share units (3)		363		413		505		790		847
Diluted commons shares outstanding		37,969		38,116		38,829		40,639		44,550

Book value per common share*
Basic book value per common share	$	46.26	$	45.43	$	44.68	$	50.20	$	55.13
Fully converted book value per common share	$	45.68	$	44.76	$	43.75	$	47.48	$	49.48

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

(1) Options with a price of $27.00.

(2) Options with a price below $30.75, the closing share price at September 30, 2011.

(3) As of September 30, 2011 there were 37,330 common shares issued and outstanding. Included in this number were 146 restricted shares issued but unvested.

- 11 -

Platinum Underwriters Holdings, Ltd.

Condensed Consolidated Statements of Cash Flows – Revised

($ in thousands)

	Three Months Ended						Nine Months Ended
	September 30, 2011			September 30, 2010			September 30, 2011			September 30, 2010

Net cash provided by (used in) operating activities	$	4,858		$	41,244		$	38,146		$	62,771

Net cash provided by (used in) investing activities		(185,555	)		432,699			182,937			1,039,849

Net cash provided by (used in) financing activities		(2,884	)		(84,720	)		(89,492	)		(285,347	)

Effect of foreign currency exchange rate changes on cash		(7,887	)		7,129			7,837			(1,431	)

Net increase (decrease) in cash and cash equivalents	$	(191,468	)	$	396,352		$	139,428		$	815,842

- 12 -

Platinum Underwriters Holdings, Ltd.

Condensed Consolidated Statements of Cash Flows – by Quarter – Revised

($ in thousands)

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

Net cash provided by (used in) operating activities	$	4,858		$	38,516		$	(5,228	)	$	(38,042	)	$	41,244

Net cash provided by (used in) investing activities		(185,555	)		205,333			163,159			(301,531	)		432,699

Net cash provided by (used in) financing activities		(2,884	)		(2,562	)		(84,046	)		(171,626	)		(84,720	)

Effect of foreign currency exchange rate changes on cash		(7,887	)		12,755			2,969			450			7,129

Net increase (decrease) in cash and cash equivalents	$	(191,468	)	$	254,042		$	76,854		$	(510,749	)	$	396,352

- 13 -

Platinum Underwriters Holdings, Ltd.

Segment Reporting – Three Month Summary

($ in thousands)

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

Net premiums written	$	101,633		$	72,689		$	2,802		$	177,124		$	114,885		$	80,362		$	4,180		$	199,427

Net premiums earned		85,239			78,021			3,553			166,813			98,342			80,437			4,625			183,404
Net losses and loss adjustment expenses		156,995			42,704			1,754			201,453			70,657			8,156			281			79,094
Net acquisition expenses		12,068			16,780			1,360			30,208			14,140			16,395			1,982			32,517
Other underwriting expenses		6,686			4,300			218			11,204			7,905			5,171			307			13,383
Segment underwriting income (loss)*	$	(90,510	)	$	14,237		$	221			(76,052	)	$	5,640		$	50,715		$	2,055			58,410

Net investment income											29,762												31,078
Net realized gains (losses) on investments											7,498												44,351
Net impairment losses on investments											(4,451	)											(4,048	)
Other income (expense)											(198	)											(171	)
Net changes in fair value of derivatives											(4,546	)											(4,154	)
Corporate expenses not allocated to segments											(3,551	)											(6,621	)
Net foreign currency exchange (losses) gains											982												(235	)
Interest expense											(4,769	)											(4,763	)
Income (loss) before income taxes										$	(55,325	)										$	113,847

Underwriting ratios*:
Net loss and loss adjustment expense		184.2	%		54.7	%		49.4	%		120.8	%		71.8	%		10.1	%		6.1	%		43.1	%
Net acquisition expense		14.2	%		21.5	%		38.3	%		18.1	%		14.4	%		20.4	%		42.9	%		17.7	%
Other underwriting expense		7.8	%		5.5	%		6.1	%		6.7	%		8.0	%		6.4	%		6.6	%		7.3	%
Combined		206.2	%		81.7	%		93.8	%		145.6	%		94.2	%		36.9	%		55.6	%		68.1	%

Statutory underwriting ratios*:
Net loss and loss adjustment expense		184.2	%		54.7	%		49.4	%		120.8	%		71.8	%		10.1	%		6.1	%		43.1	%
Net acquisition expense		12.6	%		21.5	%		42.5	%		16.7	%		13.1	%		20.2	%		44.7	%		16.6	%
Other underwriting expense		6.6	%		5.9	%		7.8	%		6.3	%		6.9	%		6.4	%		7.3	%		6.7	%
Combined		203.4	%		82.1	%		99.7	%		143.8	%		91.8	%		36.7	%		58.1	%		66.4	%


* 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.

- 14 -

Platinum Underwriters Holdings, Ltd.

Segment Reporting – Nine Month Summary

($ in thousands)

	Nine Months Ended September 30, 2011												Nine Months Ended September 30, 2010
	Property and Marine			Casualty			Finite Risk			Total			Property and Marine			Casualty			Finite Risk			Total

Net premiums written	$	267,846		$	222,442		$	7,508		$	497,796		$	335,775		$	246,741		$	16,056		$	598,572

Net premiums earned		274,996			235,949			11,185			522,130			326,698			253,505			14,811			595,014
Net losses and loss adjustment expenses		551,868			126,191			2,346			680,405			232,294			79,744			3,099			315,137
Net acquisition expenses		37,703			53,487			7,083			98,273			47,589			52,874			13,471			113,934
Other underwriting expenses		21,281			14,461			717			36,459			24,324			17,295			958			42,577
Segment underwriting income (loss)*	$	(335,856	)	$	41,810		$	1,039			(293,007	)	$	22,491		$	103,592		$	(2,717	)		123,366

Net investment income											96,105												103,955
Net realized gains (losses) on investments											3,216												99,297
Net impairment losses on investments											(7,624	)											(25,560	)
Other income (expense)											838												(42	)
Net changes in fair value of derivatives											(5,294	)											(6,499	)
Corporate expenses not allocated to segments											(12,552	)											(19,328	)
Net foreign currency exchange (losses) gains											179												1,061
Interest expense											(14,302	)											(14,232	)
Income (loss) before income taxes										$	(232,441	)										$	262,018

Underwriting ratios*:
Net loss and loss adjustment expense		200.7	%		53.5	%		21.0	%		130.3	%		71.1	%		31.5	%		20.9	%		53.0	%
Net acquisition expense		13.7	%		22.7	%		63.3	%		18.8	%		14.6	%		20.9	%		91.0	%		19.1	%
Other underwriting expense		7.7	%		6.1	%		6.4	%		7.0	%		7.4	%		6.8	%		6.5	%		7.2	%
Combined		222.1	%		82.3	%		90.7	%		156.1	%		93.1	%		59.2	%		118.4	%		79.3	%

Statutory underwriting ratios*:
Net loss and loss adjustment expense		200.7	%		53.5	%		21.0	%		130.3	%		71.1	%		31.5	%		20.9	%		53.0	%
Net acquisition expense		13.9	%		22.3	%		83.6	%		18.7	%		14.4	%		20.8	%		85.3	%		18.9	%
Other underwriting expense		7.9	%		6.5	%		9.5	%		7.3	%		7.2	%		7.0	%		6.0	%		7.1	%
Combined		222.5	%		82.3	%		114.1	%		156.3	%		92.7	%		59.3	%		112.2	%		79.0	%

* 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
	September 30,			June 30,			March 31,			December 31,			September 30,
	2011			2011			2011			2010			2010
Net premiums written	$	101,633		$	54,411		$	111,802		$	76,900		$	114,885

Net premiums earned		85,239			91,852			97,905			92,065			98,342
Net losses and loss adjustment expenses		156,995			116,543			278,330			111,215			70,657
Net acquisition expenses		12,068			12,009			13,626			12,635			14,140
Other underwriting expenses		6,686			7,274			7,321			8,354			7,905
Segment underwriting income (loss)*	$	(90,510	)	$	(43,974	)	$	(201,372	)	$	(40,139	)	$	5,640

Underwriting ratios*:
Net loss and loss adjustment expense		184.2	%		126.9	%		284.3	%		120.8	%		71.8	%
Net acquisition expense		14.2	%		13.1	%		13.9	%		13.7	%		14.4	%
Other underwriting expense		7.8	%		7.9	%		7.5	%		9.1	%		8.0	%
Combined		206.2	%		147.9	%		305.7	%		143.6	%		94.2	%

Statutory underwriting ratios*:
Net loss and loss adjustment expense		184.2	%		126.9	%		284.3	%		120.8	%		71.8	%
Net acquisition expense		12.6	%		17.4	%		13.4	%		14.6	%		13.1	%
Other underwriting expense		6.6	%		13.4	%		6.5	%		10.9	%		6.9	%
Combined		203.4	%		157.7	%		304.2	%		146.3	%		91.8	%


* 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
	September 30,			June 30,			March 31,			December 31,			September 30,
	2011			2011			2011			2010			2010
Net premiums written	$	72,689		$	69,234		$	80,519		$	82,656		$	80,362

Net premiums earned		78,021			77,104			80,824			90,307			80,437
Net losses and loss adjustment expenses		42,704			43,868			39,619			39,935			8,156
Net acquisition expenses		16,780			18,144			18,563			18,600			16,395
Other underwriting expenses		4,300			4,829			5,332			5,796			5,171
Segment underwriting income (loss)*	$	14,237		$	10,263		$	17,310		$	25,976		$	50,715

Underwriting ratios*:
Net loss and loss adjustment expense		54.7	%		56.9	%		49.0	%		44.2	%		10.1	%
Net acquisition expense		21.5	%		23.5	%		23.0	%		20.6	%		20.4	%
Other underwriting expense		5.5	%		6.3	%		6.6	%		6.4	%		6.4	%
Combined		81.7	%		86.7	%		78.6	%		71.2	%		36.9	%

Statutory underwriting ratios*:
Net loss and loss adjustment expense		54.7	%		56.9	%		49.0	%		44.2	%		10.1	%
Net acquisition expense		21.5	%		24.1	%		21.6	%		20.4	%		20.2	%
Other underwriting expense		5.9	%		7.0	%		6.6	%		7.0	%		6.4	%
Combined		82.1	%		88.0	%		77.2	%		71.6	%		36.7	%


* 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.

- 17 -

Platinum Underwriters Holdings, Ltd.

Finite Segment – by Quarter

($ in thousands)

	Three Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,
	2011			2011			2011			2010			2010
Net premiums written	$	2,802		$	2,242		$	2,464		$	2,461		$	4,180

Net premiums earned		3,553			3,480			4,152			2,608			4,625
Net losses and loss adjustment expenses		1,754			(1,054	)		1,646			1,133			281
Net acquisition expenses		1,360			3,962			1,761			1,507			1,982
Other underwriting expenses		218			264			235			302			307
Segment underwriting income (loss)*	$	221		$	308		$	510		$	(334	)	$	2,055

Underwriting ratios*:
Net loss and loss adjustment expense		49.4	%		(30.3	%)		39.6	%		43.4	%		6.1	%
Net acquisition expense		38.3	%		113.9	%		42.4	%		57.8	%		42.9	%
Other underwriting expense		6.1	%		7.6	%		5.7	%		11.6	%		6.6	%
Combined		93.8	%		91.2	%		87.7	%		112.8	%		55.6	%

Statutory underwriting ratios*:
Net loss and loss adjustment expense		49.4	%		(30.3	%)		39.6	%		43.4	%		6.1	%
Net acquisition expense		42.5	%		164.7	%		56.5	%		60.2	%		44.7	%
Other underwriting expense		7.8	%		11.8	%		9.5	%		12.3	%		7.3	%
Combined		99.7	%		146.2	%		105.6	%		115.9	%		58.1	%


* 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.

- 18 -

Platinum Underwriters Holdings, Ltd.

Net Premiums Written – Supplemental Information

($ in thousands)

	Three Months Ended				Nine Months Ended
	September 30,		September 30,		September 30,		September 30,
	2011		2010		2011		2010
Property and Marine
Excess of Loss	$	84,886	$	99,478	$	218,845	$	276,290
Proportional		16,747		15,407		49,001		59,485
Subtotal Property and Marine		101,633		114,885		267,846		335,775
Casualty
Excess of Loss		60,585		69,881		180,333		219,895
Proportional		12,104		10,481		42,109		26,846
Subtotal Casualty		72,689		80,362		222,442		246,741
Finite Risk
Excess of Loss		531		-		531		-
Proportional		2,271		4,180		6,977		16,056
Subtotal Finite Risk		2,802		4,180		7,508		16,056
Combined Segments
Excess of Loss		146,002		169,359		399,709		496,185
Proportional		31,122		30,068		98,087		102,387
Total	$	177,124	$	199,427	$	497,796	$	598,572


	Three Months Ended				Nine Months Ended
	September 30,		September 30,		September 30,		September 30,
		2011		2010		2011		2010
Property and Marine
United States	$	53,816	$	62,272	$	142,488	$	183,954
International		47,817		52,613		125,358		151,821
Subtotal Property and Marine		101,633		114,885		267,846		335,775
Casualty
United States		61,086		65,707		192,854		208,455
International		11,603		14,655		29,588		38,286
Subtotal Casualty		72,689		80,362		222,442		246,741
Finite Risk
United States		2,802		4,180		7,508		16,056
International		-		-		-		-
Subtotal Finite Risk		2,802		4,180		7,508		16,056
Combined Segments
United States		117,704		132,159		342,850		408,465
International		59,420		67,268		154,946		190,107
Total	$	177,124	$	199,427	$	497,796	$	598,572

- 19 -

Platinum Underwriters Holdings, Ltd.

Premiums by Line of Business – Three Month Summary

($ in thousands)

	Three Months Ended September 30, 2011						Three Months Ended September 30, 2010
	Gross Premiums Written		Net Premiums Written		Net Premiums Earned		Gross Premiums Written		Net Premiums Written		Net Premiums Earned
Property and Marine
North American Property Proportional	$	649	$	649	$	1,386	$	2,057	$	2,057	$	1,642
North American Property Catastrophe		31,657		31,655		23,678		36,382		36,380		28,003
North American Property Risk		8,411		8,412		8,604		11,622		11,642		12,766
Other Property		13,877		13,877		13,897		12,930		12,930		13,228
Marine / Aviation Proportional		1,351		1,351		1,623		1,188		1,188		1,192
Marine / Aviation Excess		314		315		1,244		4,234		4,234		4,094
International Property Proportional		4,779		4,779		4,918		3,571		3,571		4,314
International Property Catastrophe		38,700		38,192		27,531		39,222		39,206		29,616
International Property Risk		2,403		2,403		2,358		3,677		3,677		3,487
Subtotal		102,141		101,633		85,239		114,883		114,885		98,342

Casualty
Clash		2,524		2,524		2,673		3,094		3,094		3,125
1st Dollar GL		2,891		2,891		3,364		2,705		2,705		2,484
1st Dollar Other		1,906		1,906		2,135		1,652		1,652		1,489
Casualty Excess		41,518		41,518		44,708		47,205		47,205		49,715
Accident & Health		10,957		10,957		11,005		9,792		9,792		8,689
International Casualty		6,563		6,563		7,271		8,452		8,452		8,965
International Motor		1,208		1,208		1,091		1,091		1,091		986
Financial Lines		5,122		5,122		5,774		6,371		6,371		4,984
Subtotal		72,689		72,689		78,021		80,362		80,362		80,437

Finite Risk
Finite Property		531		531		531		-		-		-
Finite Casualty		2,271		2,271		3,022		4,180		4,180		4,625
Subtotal		2,802		2,802		3,553		4,180		4,180		4,625

Total	$	177,632	$	177,124	$	166,813	$	199,425	$	199,427	$	183,404

- 20 -

Platinum Underwriters Holdings, Ltd.

Premiums by Line of Business – Nine Month Summary

($ in thousands)

	Nine Months Ended September 30, 2011						Nine Months Ended September 30, 2010
	Gross Premiums Written		Net Premiums Written		Net Premiums Earned		Gross Premiums Written		Net Premiums Written		Net Premiums Earned
Property and Marine
North American Property Proportional	$	2,967	$	2,967	$	5,051	$	6,076	$	6,076	$	5,032
North American Property Catastrophe		88,901		73,800		73,916		104,416		94,189		96,128
North American Property Risk		27,324		27,594		30,456		40,970		39,136		43,687
Other Property		40,761		40,761		40,638		46,929		46,929		46,987
Marine / Aviation Proportional		3,940		3,940		4,453		4,204		4,204		5,022
Marine / Aviation Excess		3,523		3,524		5,700		10,692		10,703		10,829
International Property Proportional		13,117		13,117		12,787		11,740		11,740		11,808
International Property Catastrophe		114,725		94,804		94,715		117,303		113,733		98,471
International Property Risk		7,339		7,339		7,280		9,065		9,065		8,734
Subtotal		302,597		267,846		274,996		351,395		335,775		326,698

Casualty
Clash		7,883		7,883		7,845		10,860		10,860		10,708
1st Dollar GL		14,364		14,364		13,228		8,183		8,183		7,929
1st Dollar Other		5,797		5,797		6,378		4,282		4,282		3,426
Casualty Excess		127,679		127,679		136,536		153,467		153,467		162,422
Accident & Health		32,474		32,474		28,796		30,618		30,618		27,006
International Casualty		15,168		15,168		18,871		21,494		21,494		21,821
International Motor		3,221		3,221		3,100		2,938		2,938		2,815
Financial Lines		15,856		15,856		21,195		14,899		14,899		17,378
Subtotal		222,442		222,442		235,949		246,741		246,741		253,505

Finite Risk
Finite Property		531		531		531		-		-		-
Finite Casualty		6,977		6,977		10,654		16,056		16,056		14,811
Subtotal		7,508		7,508		11,185		16,056		16,056		14,811

Total	$	532,547	$	497,796	$	522,130	$	614,192	$	598,572	$	595,014

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Platinum Underwriters Holdings, Ltd.

Investments

($ in thousands)

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

Available-for-sale securities
U.S. Government	$	5,098		2.7	%		0.7	%	$	391,303		1.9	%		2.4	%
U.S. Government agencies		100,343		0.7	%		0.3	%		100,547		0.7	%		0.3	%
Municipal bonds		1,655,062		4.7	%		3.3	%		1,537,432		4.7	%		4.4	%
Non-U.S. governments		61,535		2.8	%		2.0	%		76,306		2.9	%		1.9	%
Corporate bonds		331,966		4.8	%		2.8	%		366,900		4.9	%		3.2	%
Commercial mortgage-backed securities		196,446		5.6	%		4.4	%		203,313		5.4	%		4.5	%
Residential mortgage-backed securities		124,426		4.6	%		5.5	%		166,458		4.9	%		6.0	%
Asset-backed securities		21,773		0.5	%		8.9	%		23,568		3.6	%		7.6	%
Total fixed maturity available-for-sale securities	$	2,496,649		4.5	%		3.3	%	$	2,865,827		4.2	%		3.9	%

Trading securities
Non-U.S. dollar denominated securities:
Non-U.S. governments	$	145,047		3.6	%		1.4	%	$	140,089		3.6	%		2.2	%
U.S. Government agencies		15,629		1.9	%		1.0	%		15,903		1.9	%		1.1	%
Corporate bonds		-		-			-			68		4.5	%		2.3	%
Insurance-linked securities		-		-			-			26,086		10.7	%		6.5	%
Total fixed maturity trading securities	$	160,676		3.4	%		1.4	%	$	182,146		4.5	%		2.7	%


Short-term investments	$	538,887		0.6	%		0.6	%	$	176,648		0.9	%		1.0	%

	September 30, 2011								December 31, 2010
	Amount		% of Total						Amount		% of Total
Credit quality of investments*
Aaa	$	1,340,422		41.9	%				$	1,395,880		43.3	%
Aa		1,039,581		32.5	%					1,033,317		32.0	%
A		555,344		17.4	%					470,525		14.6	%
Baa		185,451		5.8	%					225,928		7.0	%
Below investment grade		75,414		2.4	%					98,971		3.1	%
Total	$	3,196,212		100.0	%				$	3,224,621		100.0	%

Credit quality
Weighted average credit quality	Aa2								Aa2

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

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Platinum Underwriters Holdings, Ltd.

Available-for-Sale Security Detail

($ in thousands)

	September 30, 2011
	Fair Value		Net Unrealized Gain (Loss)			Credit Quality		Duration		Weighted Average Life
Available-for-sale securities
U.S. Government	$	5,098	$	379		Aaa			3.7

U.S. Government agencies		100,343		343		Aaa			0.2

Municipal bonds:
State general obligation bonds		872,128		69,432		Aa2			7.3
Essential service bonds*		425,619		39,362		Aa3			7.9
State income tax and sales tax bonds		181,834		21,190		Aa1			7.9
Other municipal bonds		135,714		10,888		Aa2			6.6
Pre-refunded bonds		39,767		2,518		Aa2			2.6
Subtotal		1,655,062		143,390		Aa2			7.3

Non-U.S governments		61,535		1,564		Aa1			2.1

Corporate bonds:
Industrial		203,931		10,551			A3		3.6
Utilities		70,141		5,067			A3		5.1
Insurance		50,267		2,423			A3		3.6
Finance		7,627		518		Baa1			6.7
Subtotal		331,966		18,559			A3		4.0

Commercial mortgage-backed securities		196,446		5,248		Aa2			3.4		3.8

Residential mortgage-backed securities:
U.S. Government agency residential mortgage-backed securities		70,584		3,116		Aaa			0.8		2.6
Non-agency residential mortgage-backed securities		48,239		(21,651	)	Caa2			-		3.9
Alt-A residential mortgage-backed securities		5,603		(1,885	)	Caa2			-		4.9
Subtotal		124,426		(20,420	)	Baa1			0.4		3.2

Asset-backed securities:
Asset-backed securities		13,196		(404	)	Aaa			-		7.7
Sub-prime asset-backed securities		8,577		(3,813	)	Caa3			-		8.6
Subtotal		21,773		(4,217	)	Baa1			-		8.0

Total	$	2,496,649	$	144,846		Aa3			5.7

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

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Platinum Underwriters Holdings, Ltd.

Corporate Bonds Detail

($ in thousands)

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

Top 20 Holdings by Issuer
Philip Morris International Inc.	$	14,000	$	15,576	$	1,142		A2
MetLife, Inc.		14,922		15,034		97		A3
American Electric Power Company, Inc.		13,500		14,698		1,146	Baa1
HCC Insurance Holdings, Inc.		10,000		10,908		838	Baa1
Hewlett-Packard Company		10,000		10,800		482		A2
Mattel, Inc.		10,000		10,370		236	Baa1
Consolidated Edison, Inc.		9,400		10,066		651		A3
AT&T Inc.		9,250		10,016		719		A2
Anglo American plc		8,000		9,752		73	Baa1
Diageo plc		7,750		8,286		467		A3
Northeast Utilities		7,300		7,863		574		A3
Snap-On Incorporated		7,000		7,593		563	Baa1
Wal-Mart Stores, Inc.		5,461		7,562		591	Aa2
EOG Resources, Inc.		6,660		6,874		146		A3
Rio Tinto plc		5,000		6,688		507		A3
CNA Financial Corporation		6,000		6,542		530	Baa3
Hess Corporation		5,000		6,480		468	Baa2
NextEra Energy, Inc.		5,750		6,298		543	Aa3
CMS Energy Corporation		5,000		6,269		623		A3
FirstEnergy Corp.	$	5,000	$	5,570	$	572	Baa2

- 24 -

Platinum Underwriters Holdings, Ltd.

Municipal Bonds Detail

($ in thousands)

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

Top 10 Exposures by Jurisdiction
Illinois	$	164,680	$	175,234		$	9,473		A1
New York		115,070		131,342			15,934	Aa2
Pennsylvania		114,200		125,665			10,488	Aa1
Connecticut		106,000		119,156			11,166	Aa2
California		97,655		112,522			12,292		A1
Massachusetts		85,655		99,780			12,324	Aa1
District of Columbia		78,495		87,757			9,182	Aa2
New Jersey		75,250		81,423			5,765		A1
Texas		68,565		74,952			6,037	Aa1
Ohio	$	53,795	$	58,510		$	4,559	Aa1

	September 30, 2011
	Par Value		Fair Value			Net Unrealized Gain (Loss)		Credit Quality
Top 10 Holdings by Issuer
State of Illinois	$	120,000	$	126,710		$	5,894		A1
State of California		92,665		107,306			12,188		A1
State of Connecticut		89,000		100,693			9,702	Aa2
State of Pennsylvania		76,700		84,826			7,466	Aa1
New York State Urban Development Corporation		47,000		52,088			5,088	Aaa
State of Mississippi		46,060		50,903			3,811	Aa2
State of Texas		39,900		44,028			3,959	Aaa
State of Ohio		37,550		40,221			2,671	Aa1
State of Massachusetts		34,635		39,259			2,823	Aa1
State of Michigan	$	36,500	$	38,467		$	1,715	Aa2

	September 30, 2011
	Amount		% of Total
Credit quality of municipal bond portfolio*
Aaa	$	272,160		16.5	%
Aa		959,800		58.0	%
A		412,746		24.9	%
Baa		10,356		0.6	%
Total	$	1,655,062		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)

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Platinum Underwriters Holdings, Ltd.

Net Realized Gains (Losses) on Investments and Net Impairment Losses on Investments

($ in thousands)

	Three Months Ended				Nine Months Ended
	September 30,		September 30,		September 30,			September 30,
	2011		2010		2011			2010

Net realized gains (losses) on investments by entity:
Subsidiary domiciled in Bermuda	$	3,751	$	22,441	$	4,992		$	59,087
Subsidiaries domiciled in the United States		3,747		21,910		(1,776	)		40,210
Total	$	7,498	$	44,351	$	3,216		$	99,297

Net realized gains (losses) on investments by type:
Sale of securities	$	3,890	$	42,441	$	1,414		$	95,043
Mark-to-market on trading securities		3,608		1,910		1,802			4,254
Total	$	7,498	$	44,351	$	3,216		$	99,297

Net impairment losses on investments by entity:
Subsidiary domiciled in Bermuda	$	3,297	$	3,870	$	6,243		$	13,139
Subsidiaries domiciled in the United States		1,154		178		1,381			12,421
Total	$	4,451	$	4,048	$	7,624		$	25,560

Net impairment losses on investments by type of security:
Commercial mortgage-backed securities	$	-	$	12	$	-		$	7,743
Residential mortgage-backed securities		3,923		2,885		6,310			5,625
Asset-backed securities		528		1,151		1,314			12,192
Total	$	4,451	$	4,048	$	7,624		$	25,560

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Platinum Underwriters Holdings, Ltd.

Analysis of Losses and Loss Adjustment Expenses

($ in thousands)

	Analysis of Losses and Loss Adjustment Expenses
	Nine Months Ended September 30, 2011 (1)									Twelve Months Ended December 31, 2010 (2)
	Gross		Ceded		Net		Paid to Incurred %			Gross			Ceded			Net			Paid to Incurred %
Paid losses and loss adjustment expenses	$	464,257	$	3,721	$	460,536		67.7	%	$	604,260		$	10,047		$	594,213			127.1	%
Change in unpaid losses and loss adjustment expenses		250,331		30,462		219,869					(132,171	)		(5,378	)		(126,793	)
Losses and loss adjustment expenses incurred	$	714,588	$	34,183	$	680,405				$	472,089		$	4,669		$	467,420


	Analysis of Unpaid Losses and Loss Adjustment Expenses
	As of September 30, 2011									As of December 31, 2010
	Gross		Ceded		Net		%			Gross			Ceded			Net			%
Outstanding losses and loss adjustment expenses	$	915,785	$	4,221	$	911,564		37.5	%	$	671,846		$	8,149		$	663,697			30.1	%
Incurred but not reported		1,553,202		35,169		1,518,033		62.5	%		1,545,532			763			1,544,769			69.9	%
Unpaid losses and loss adjustment expenses	$	2,468,987	$	39,390	$	2,429,597		100.0	%	$	2,217,378		$	8,912		$	2,208,466			100.0	%


(1) Gross and ceded losses and loss adjustment expenses incurred includes effects of foreign currency exchange rate gains and losses of $1,278 and $16, respectively.

(2) Gross and ceded losses and loss adjustment expenses incurred includes effects of foreign currency exchange rate gains and 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 September 30, 2011												Three Months Ended September 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	$	12,035		$	14,485		$	549		$	27,069		$	3,281		$	33,091	$	3,230		$	39,602
Net premium adjustments related to prior years' losses		(476	)		121			-			(355	)		1,718			1,993		-			3,711
Net commission adjustments related to prior years' losses		(508	)		409			(652	)		(751	)		(1,436	)		1,491		(1,134	)		(1,079	)
Net favorable (unfavorable) development		11,051			15,015			(103	)		25,963			3,563			36,575		2,096			42,234

Catastrophe Favorable (Unfavorable) Development
Net loss development related to prior years		1,905			-			-			1,905			(7,804	)		44		-			(7,760	)
Net premium adjustments related to prior years' losses		(28	)		-			-			(28	)		113			-		-			113
Net commission adjustments related to prior years' losses		(2	)		-			-			(2	)		-			-		-			-
Net favorable (unfavorable) development		1,875			-			-			1,875			(7,691	)		44		-			(7,647	)

Total net favorable (unfavorable) development	$	12,926		$	15,015		$	(103	)	$	27,838		$	(4,128	)	$	36,619	$	2,096		$	34,587


	Nine Months Ended September 30, 2011												Nine Months Ended September 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	$	15,022		$	45,326		$	5,330		$	65,678		$	42,394		$	89,046	$	7,922		$	139,362
Net premium adjustments related to prior years' losses		(546	)		603			-			57			2,707			2,423		-			5,130
Net commission adjustments related to prior years' losses		(504	)		507			(4,723	)		(4,720	)		(5,290	)		5,057		(10,310	)		(10,543	)
Net favorable (unfavorable) development		13,972			46,436			607			61,015			39,811			96,526		(2,388	)		133,949

Catastrophe Favorable (Unfavorable) Development
Net loss development related to prior years		16,326			(32	)		371			16,665			(8,495	)		49		-			(8,446	)
Net premium adjustments related to prior years' losses		(355	)		-			-			(355	)		(1,353	)		-		-			(1,353	)
Net commission adjustments related to prior years' losses		(10	)		-			-			(10	)		-			-		-			-
Net favorable (unfavorable) development		15,961			(32	)		371			16,300			(9,848	)		49		-			(9,799	)

Total net favorable (unfavorable) development	$	29,933		$	46,404		$	978		$	77,315		$	29,963		$	96,575	$	(2,388	)	$	124,150

- 28 -

Platinum Underwriters Holdings, Ltd.

Estimated Exposure to Peak Zone Property Catastrophe Losses

As of October 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	Peril	Estimated Gross Loss		Estimated Net Loss		Estimated Gross Loss		Estimated Net Loss		Estimated Gross Loss		Estimated Net Loss
United States/Caribbean	Hurricane	$	147	$	114	$	293	$	234	$	366	$	301
United States	Earthquake		12		12		191		191		247		247
Pan-European	Windstorm		127		64		260		136		314		185
Japanese	Typhoon		5		5		52		52		69		69
Japanese	Earthquake		12		12		132		110		249		227
Canadian	Earthquake	$	-	$	-	$	55	$	45	$	166	$	114

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.

- 29 -

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