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

Attached files

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8-K - PLATINUM UNDERWRITERS HOLDINGS LTD	firstquarter2013_8k.htm
EX-99.1 - PLATINUM UNDERWRITERS HOLDINGS LTD	earningsreleaseq1_2013.htm

Exhibit 99.2

Financial Supplement

Financial Information

as of March 31, 2013

(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 (203) 252-5833.

Platinum Underwriters Holdings, Ltd.

Overview

March 31, 2013

Address:

Investor Information:

Platinum Underwriters Holdings, Ltd.

Kenneth A. Kurtzman

The Belvedere Building

Tel: (203) 252-5833

69 Pitts Bay Road

Email: kkurtzman@platinumre.com

Pembroke, HM 08 Bermuda

Website: www.platinumre.com

Definitions and presentation:

All financial information contained herein is unaudited except for the information for the fiscal year ended December 31, 2012. 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 underwriting income or loss (pages 14-17), operating income or loss (page 7), related underwriting ratios (pages 14-17), 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 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 effect on our business of the cyclicality of the property and casualty reinsurance business; the effect on our business of the highly competitive nature of the property and casualty reinsurance industry, including the effect of new entrants to the 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 retrocessional reinsurance on acceptable terms; foreign currency exchange rate fluctuation; our ability to maintain and enhance effective operating procedures and internal controls over financial reporting; our need to make many estimates and judgments in the preparation of our financial statements; the limitations placed on our financial and operational flexibility by the representations, warranties and covenants in our debt and credit facilities; our ability to retain key executives and attract and retain additional qualified personnel in the future; the performance of our investment portfolio; 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 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 under certain circumstances; the risk that 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; the risk that 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 possibility that we may become subject to taxes in Bermuda; the effect on our business 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 uncertain impact on our business of the Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010; the dependence of the cash flows of Platinum Underwriters Holdings, Ltd., a holding company, on dividends, interest and other permissible payments from its subsidiaries to meet its obligations; 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, 2012.

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Platinum Underwriters Holdings, Ltd.

Table of Contents

		Section:	Page:

		Financial Highlights:
		a. Financial Highlights	3

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

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

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

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

		Statements of Cash Flows:
		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. Property and Marine Segment - by Quarter	15
		c. Casualty Segment - by Quarter	16
		d. Finite Risk Segment - by Quarter	17

		Net Premiums Written Data:
		a. Net Premiums Written - Supplemental Information	18
		b. Premiums by Line of Business - Three Month Summary	19

		Investments:
		a. Investments	20
		b. Fixed Maturity Available-for-Sale Securities Detail	21
		c. Corporate Bonds Detail	22
		d. Municipal Bonds Detail	23
		e. Net Realized Gains (Losses) on Investments and Net Impairment Losses on Investments	24

		Loss Reserves:
		a. Analysis of Losses and Loss Adjustment Expenses	25
		b. Summary of Favorable (Unfavorable) Development of Losses and Related Premiums and Commissions	26

		Exposures:
		a. Estimated Exposure to Peak Zone Property Catastrophe Losses	27

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Platinum Underwriters Holdings, Ltd.

Financial Highlights

March 31, 2013 and 2012

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

	Three Months Ended
	March 31,			March 31,
	2013			2012
Highlights
Net premiums written	$	134,765		$	143,661
Net premiums earned		126,853			138,212
Underwriting income		69,248			16,297
Net investment income		18,544			28,552
Net operating income (1)		74,914			32,778
Net realized gains on investments		13,318			22,339
Net impairment losses on investments		(421	)		(1,070	)
Net income	$	86,516		$	53,287

Total assets	$	4,269,308		$	4,488,420
Investments and cash		3,883,146			4,127,655
Total shareholders' equity		1,912,666			1,706,895
Unpaid losses and loss adjustment expenses	$	1,862,278		$	2,315,527

Per share data
Common shares outstanding - end of period		31,757			34,838
Weighted average common shares outstanding - basic		32,373			35,291
Adjusted weighted average common shares outstanding - diluted		32,838			35,510
Basic earnings per common share	$	2.67		$	1.50
Diluted earnings per common share		2.63			1.49
Operating income per common share - diluted (1)		2.28			0.93
Dividends per common share		0.08			0.08
Book value per common share (2)	$	60.23		$	49.00

(1)	See computation of net operating income and net operating income per diluted common share on page 7.

(2)	See computation of basic 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)

	March 31,		December 31,		September 30,		June 30,		March 31,
	2013		2012		2012		2012		2012
Assets
Investments:
Fixed maturity securities	$	1,992,457	$	2,054,498	$	2,293,094	$	2,423,834	$	2,743,760
Short-term investments		104,443		172,801		165,741		167,778		216,047
Cash and cash equivalents		1,786,246		1,720,395		1,662,679		1,465,983		1,167,848
Accrued investment income		22,995		21,299		23,856		24,541		29,337
Reinsurance premiums receivable		124,590		128,517		150,775		145,132		148,126
Reinsurance balances (prepaid and recoverable)		4,701		6,560		4,335		4,538		7,393
Funds held by ceding companies		115,915		114,090		113,310		111,408		95,357
Deferred acquisition costs		28,789		28,112		29,189		27,620		28,203
Reinsurance deposit asset		52,088		50,693		-		-		-
Other assets		37,084		36,338		49,943		54,103		52,349
Total assets	$	4,269,308	$	4,333,303	$	4,492,922	$	4,424,937	$	4,488,420

Liabilities
Unpaid losses and loss adjustment expenses	$	1,862,278	$	1,961,282	$	2,160,154	$	2,229,603	$	2,315,527
Unearned premiums		119,537		113,960		122,150		114,759		121,553
Debt obligations		250,000		250,000		250,000		250,000		250,000
Commissions payable		67,667		64,849		67,489		64,304		62,083
Other liabilities		57,160		48,678		103,183		44,444		32,362
Total liabilities	$	2,356,642	$	2,438,769	$	2,702,976	$	2,703,110	$	2,781,525

Shareholders' Equity
Common shares	$	318	$	327	$	328	$	332	$	348
Additional paid-in capital		150,693		209,897		211,546		227,482		285,503
Accumulated other comprehensive income		131,103		137,690		150,387		148,562		140,458
Retained earnings		1,630,552		1,546,620		1,427,685		1,345,451		1,280,586
Total shareholders' equity	$	1,912,666	$	1,894,534	$	1,789,946	$	1,721,827	$	1,706,895

Total liabilities and shareholders' equity	$	4,269,308	$	4,333,303	$	4,492,922	$	4,424,937	$	4,488,420

Book value per common share (1)	$	60.23	$	57.90	$	54.60	$	51.84	$	49.00

(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

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

	Three Months Ended
	March 31,			March 31,
	2013			2012
Revenue
Net premiums earned	$	126,853		$	138,212
Net investment income		18,544			28,552
Net realized gains on investments		13,318			22,339
Net impairment losses on investments		(421	)		(1,070	)
Other income (expense)		1,392			(479	)
Total revenue		159,686			187,554

Expenses
Net losses and loss adjustment expenses		13,998			79,196
Net acquisition expenses		30,219			30,657
Operating expenses		19,305			16,983
Net foreign currency exchange losses (gains)		(220	)		532
Interest expense		4,779			4,772
Total expenses		68,081			132,140
Income before income taxes		91,605			55,414
Income tax expense		5,089			2,127
Net income	$	86,516		$	53,287

Basic
Weighted average common shares outstanding		32,373			35,291
Basic earnings per common share	$	2.67		$	1.50

Diluted
Adjusted weighted average common shares outstanding		32,838			35,510
Diluted earnings per common share	$	2.63		$	1.49

Comprehensive income
Net income	$	86,516		$	53,287
Other comprehensive income (loss), net of deferred taxes		(6,587	)		(6,177	)
Comprehensive income	$	79,929		$	47,110

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Platinum Underwriters Holdings, Ltd.

Condensed Consolidated Statements of Operations and Comprehensive Income – by Quarter

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

	Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
	2013			2012			2012			2012			2012
Revenue
Net premiums earned	$	126,853		$	144,621		$	138,588		$	145,075		$	138,212
Net investment income		18,544			22,031			23,209			26,155			28,552
Net realized gains on investments		13,318			18,455			22,982			24,978			22,339
Net impairment losses on investments		(421	)		(149	)		(699	)		(1,113	)		(1,070	)
Other income (expense)		1,392			527			(96	)		(191	)		(479	)
Total revenue		159,686			185,485			183,984			194,904			187,554

Expenses
Net losses and loss adjustment expenses		13,998			(7,770	)		45,117			67,117			79,196
Net acquisition expenses		30,219			28,412			26,168			30,200			30,657
Operating expenses		19,305			23,808			19,966			19,696			16,983
Net foreign currency exchange losses (gains)		(220	)		292			541			(310	)		532
Interest expense		4,779			4,777			4,775			4,774			4,772
Total expenses		68,081			49,519			96,567			121,477			132,140
Income before income taxes		91,605			135,966			87,417			73,427			55,414
Income tax expense		5,089			14,421			2,553			5,895			2,127
Net income	$	86,516		$	121,545		$	84,864		$	67,532		$	53,287

Basic
Weighted average common shares outstanding		32,373			32,674			32,996			33,914			35,291
Basic earnings per common share	$	2.67		$	3.71		$	2.56		$	1.98		$	1.50

Diluted
Adjusted weighted average common shares outstanding		32,838			33,048			33,272			34,104			35,510
Diluted earnings per common share	$	2.63		$	3.67		$	2.54		$	1.97		$	1.49

Comprehensive income
Net income	$	86,516		$	121,545		$	84,864		$	67,532		$	53,287
Other comprehensive income (loss), net of deferred taxes		(6,587	)		(12,697	)		1,825			8,104			(6,177	)
Comprehensive income	$	79,929		$	108,848		$	86,689		$	75,636		$	47,110

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Platinum Underwriters Holdings, Ltd.

Computation of Net Operating Income and Net Operating Income per Diluted Common Share

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

	Three Months Ended
	March 31,			March 31,
	2013			2012
Net income attributable to common shareholders	$	86,516		$	53,287
Portion allocated to participating common shareholders (1)		(189	)		(208	)
Net income allocated to common shareholders	$	86,327		$	53,079

Adjustments for:
Net realized gains on investments, net of tax	$	(11,623	)	$	(21,779	)
Net impairment losses on investments, net of tax		388			945
Net foreign currency exchange losses (gains), net of tax		(178	)		533
Net operating income (2)	$	74,914		$	32,778

Per diluted common share:
Net income	$	2.63		$	1.49
Adjustments for:
Net realized gains on investments		(0.35	)		(0.61	)
Net impairment losses on investments		0.01			0.03
Net foreign currency exchange losses (gains)		(0.01	)		0.02
Net operating income per diluted common share (3)	$	2.28		$	0.93

Adjusted weighted average common shares outstanding - diluted		32,838			35,510

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

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

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Platinum Underwriters Holdings, Ltd.

Key Ratios, Share Data, Ratings

	As of and for the Three Months Ended
	March 31,		December 31,		September 30,		June 30,		March 31,
	2013		2012		2012		2012		2012
Key Ratios
Combined ratio (%)		45.4%		25.4%		61.3%		76.3%		88.2%
Investable assets to shareholders' equity ratio	2.03:1		2.08:1		2.30:1		2.36:1		2.42:1
Debt to total capital (%)		11.6%		11.7%		12.3%		12.7%		12.8%
Net premiums written (annualized) to shareholders' equity		0.28		0.28		0.33		0.33		0.34

Share Data
Book value per common share (1)	$	60.23	$	57.90	$	54.60	$	51.84	$	49.00
Common shares outstanding (000's)		31,757		32,722		32,782		33,212		34,838

Market Price Per Common Share
High	$	56.34	$	47.40	$	43.08	$	38.43	$	37.64
Low		46.24		40.89		37.58		34.97		32.94
Close	$	55.81	$	46.00	$	40.87	$	38.10	$	36.50

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		125		125		125		124		127

(1)	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 per Common Share

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

	Three Months Ended
	March 31,			March 31,
	2013			2012
Earnings
Basic and Diluted
Net income attributable to common shareholders	$	86,516		$	53,287
Portion allocated to participating common shareholders (1)		(189	)		(208	)
Net income allocated to common shareholders	$	86,327		$	53,079

Common Shares
Basic
Weighted average common shares outstanding		32,373			35,291
Diluted
Weighted average common shares outstanding		32,373			35,291
Effect of dilutive securities:
Common share options		219			135
Restricted share units		246			84
Adjusted weighted average common shares outstanding		32,838			35,510

Earnings Per Common Share
Basic earnings per common share	$	2.67		$	1.50
Diluted earnings per common share	$	2.63		$	1.49

(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.

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Platinum Underwriters Holdings, Ltd.

Computation of Basic and Diluted Earnings per Common Share – by Quarter

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

	Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
	2013			2012			2012			2012			2012
Earnings
Basic and Diluted
Net income attributable to common shareholders	$	86,516		$	121,545		$	84,864		$	67,532		$	53,287
Portion allocated to participating common shareholders (1)		(189	)		(265	)		(234	)		(278	)		(208	)
Net income allocated to common shareholders	$	86,327		$	121,280		$	84,630		$	67,254		$	53,079

Common Shares
Basic
Weighted average common shares outstanding		32,373			32,674			32,996			33,914			35,291
Diluted
Weighted average common shares outstanding		32,373			32,674			32,996			33,914			35,291
Effect of dilutive securities:
Common share options		219			204			179			142			135
Restricted share units		246			170			97			48			84
Adjusted weighted average common shares outstanding		32,838			33,048			33,272			34,104			35,510

Earnings Per Common Share
Basic earnings per common share	$	2.67		$	3.71		$	2.56		$	1.98		$	1.50
Diluted earnings per common share	$	2.63		$	3.67		$	2.54		$	1.97		$	1.49

(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.

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Platinum Underwriters Holdings, Ltd.

Book Value Per Common Share – by Quarter

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

	March 31,		December 31,		September 30,		June 30,		March 31,
	2013		2012		2012		2012		2012
Price per share at period end	$	55.81	$	46.00	$	40.87	$	38.10	$	36.50

Shareholders' equity	$	1,912,666	$	1,894,534	$	1,789,946	$	1,721,827	$	1,706,895
Add: Assumed exercise of share options		20,303		27,688		29,669		31,209		32,356
Shareholders' equity - diluted	$	1,932,969	$	1,922,222	$	1,819,615	$	1,753,036	$	1,739,251

Basic common shares outstanding (1)		31,757		32,722		32,782		33,212		34,838
Add: Management and directors' options (2)		604		833		903		968		1,014
Add: Directors' and officers' restricted share units		536		536		515		406		405
Diluted common shares outstanding		32,897		34,091		34,200		34,586		36,257

Book value per common share (3)
Book value per common share	$	60.23	$	57.90	$	54.60	$	51.84	$	49.00
Fully converted book value per common share	$	58.76	$	56.39	$	53.21	$	50.69	$	47.97

(1)	As of March 31, 2013, there were 31,757 common shares issued and outstanding. Included in this number were 73 restricted shares issued but unvested.

(2)	As of March 31, 2013, these were options with a price below the closing share price of $55.81.

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

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Platinum Underwriters Holdings, Ltd.

Condensed Consolidated Statements of Cash Flows

($ in thousands)

	Three Months Ended
	March 31, 2013			March 31, 2012
Net cash provided by (used in) operating activities	$	(12,558	)	$	(32,689	)

Net cash provided by (used in) investing activities		146,734			443,722

Net cash provided by (used in) financing activities		(63,514	)		(31,895	)

Effect of foreign currency exchange rate changes on cash		(4,811	)		(3,800	)

Net increase (decrease) in cash and cash equivalents	$	65,851		$	375,338

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Platinum Underwriters Holdings, Ltd.

Condensed Consolidated Statements of Cash Flows – by Quarter

($ in thousands)

	Three Months Ended
	March 31, 2013			December 31, 2012			September 30, 2012			June 30, 2012			March 31, 2012
Net cash provided by (used in) operating activities	$	(12,558	)	$	(146,368	)	$	40,216		$	(26,496	)	$	(32,689	)

Net cash provided by (used in) investing activities		146,734			216,909			170,213			388,556			443,722

Net cash provided by (used in) financing activities		(63,514	)		(6,696	)		(20,788	)		(62,533	)		(31,895	)

Effect of foreign currency exchange rate changes on cash		(4,811	)		(6,129	)		7,055			(1,392	)		(3,800	)

Net increase (decrease) in cash and cash equivalents	$	65,851		$	57,716		$	196,696		$	298,135		$	375,338

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Platinum Underwriters Holdings, Ltd.

Segment Reporting – Three Month Summary

($ in thousands)

	Three Months Ended March 31, 2013												Three Months Ended March 31, 2012
	Property and Marine			Casualty			Finite Risk			Total			Property and Marine			Casualty			Finite Risk			Total
Net premiums written	$	59,427		$	70,844		$	4,494		$	134,765		$	68,153		$	74,400		$	1,108		$	143,661

Net premiums earned		51,852			70,795			4,206			126,853			61,328			75,766			1,118			138,212
Net losses and loss adjustment expenses		(14,205	)		29,643			(1,440	)		13,998			40,937			41,036			(2,777	)		79,196
Net acquisition expenses		8,227			16,249			5,743			30,219			9,235			17,375			4,047			30,657
Other underwriting expenses		7,332			5,723			333			13,388			6,835			5,036			191			12,062
Segment underwriting income (loss)*	$	50,498		$	19,180		$	(430	)		69,248		$	4,321		$	12,319		$	(343	)		16,297

Net investment income											18,544												28,552
Net realized gains on investments											13,318												22,339
Net impairment losses on investments											(421	)											(1,070	)
Other income (expense)											1,392												(479	)
Corporate expenses not allocated to segments											(5,917	)											(4,921	)
Net foreign currency exchange (losses) gains											220												(532	)
Interest expense											(4,779	)											(4,772	)
Income before income taxes										$	91,605											$	55,414

Underwriting ratios:*
Net loss and loss adjustment expense		(27.4	%)		41.9	%		(34.2	%)		11.0	%		66.8	%		54.2	%		(248.4	%)		57.3	%
Net acquisition expense		15.9	%		23.0	%		136.5	%		23.8	%		15.1	%		22.9	%		362.0	%		22.2	%
Other underwriting expense		14.1	%		8.1	%		7.9	%		10.6	%		11.1	%		6.6	%		17.1	%		8.7	%
Combined		2.6	%		73.0	%		110.2	%		45.4	%		93.0	%		83.7	%		130.7	%		88.2	%

Statutory underwriting ratios:*
Net loss and loss adjustment expense		(27.4	%)		41.9	%		(34.2	%)		11.0	%		66.8	%		54.2	%		(248.4	%)		57.3	%
Net acquisition expense		15.4	%		22.7	%		127.7	%		23.0	%		13.5	%		22.7	%		361.7	%		20.9	%
Other underwriting expense		12.3	%		8.1	%		7.4	%		9.9	%		10.0	%		6.8	%		17.2	%		8.4	%
Combined		0.3	%		72.7	%		100.9	%		43.9	%		90.3	%		83.7	%		130.5	%		86.6	%

* 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.

Property and Marine Segment – by Quarter

($ in thousands)

	Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
	2013			2012			2012			2012			2012
Net premiums written	$	59,427		$	61,458		$	64,876		$	61,695		$	68,153

Net premiums earned		51,852			67,538			61,900			62,838			61,328
Net losses and loss adjustment expenses		(14,205	)		47,200			26,790			17,653			40,937
Net acquisition expenses		8,227			9,308			7,078			8,721			9,235
Other underwriting expenses		7,332			9,190			7,661			7,454			6,835
Segment underwriting income*	$	50,498		$	1,840		$	20,371		$	29,010		$	4,321

Underwriting ratios:*
Net loss and loss adjustment expense		(27.4	%)		69.9	%		43.3	%		28.1	%		66.8	%
Net acquisition expense		15.9	%		13.8	%		11.4	%		13.9	%		15.1	%
Other underwriting expense		14.1	%		13.6	%		12.4	%		11.9	%		11.1	%
Combined		2.6	%		97.3	%		67.1	%		53.9	%		93.0	%

Statutory underwriting ratios:*
Net loss and loss adjustment expense		(27.4	%)		69.9	%		43.3	%		28.1	%		66.8	%
Net acquisition expense		15.4	%		14.5	%		11.7	%		13.1	%		13.5	%
Other underwriting expense		12.3	%		15.0	%		11.8	%		12.1	%		10.0	%
Combined		0.3	%		99.4	%		66.8	%		53.3	%		90.3	%

* 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.

Casualty Segment – by Quarter

($ in thousands)

	Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
	2013			2012			2012			2012			2012
Net premiums written	$	70,844		$	67,676		$	72,358		$	72,678		$	74,400

Net premiums earned		70,795			72,284			70,326			75,746			75,766
Net losses and loss adjustment expenses		29,643			(57,482	)		14,358			45,851			41,036
Net acquisition expenses		16,249			16,415			16,710			18,487			17,375
Other underwriting expenses		5,723			6,614			5,662			5,625			5,036
Segment underwriting income*	$	19,180		$	106,737		$	33,596		$	5,783		$	12,319

Underwriting ratios:*
Net loss and loss adjustment expense		41.9	%		(79.5	%)		20.4	%		60.5	%		54.2	%
Net acquisition expense		23.0	%		22.7	%		23.8	%		24.4	%		22.9	%
Other underwriting expense		8.1	%		9.2	%		8.1	%		7.4	%		6.6	%
Combined		73.0	%		(47.6	%)		52.3	%		92.3	%		83.7	%

Statutory underwriting ratios:*
Net loss and loss adjustment expense		41.9	%		(79.5	%)		20.4	%		60.5	%		54.2	%
Net acquisition expense		22.7	%		23.3	%		23.8	%		25.4	%		22.7	%
Other underwriting expense		8.1	%		9.8	%		7.8	%		7.7	%		6.8	%
Combined		72.7	%		(46.4	%)		52.0	%		93.6	%		83.7	%

* 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.

- 16 -

Platinum Underwriters Holdings, Ltd.

Finite Risk Segment – by Quarter

($ in thousands)

	Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
	2013			2012			2012			2012			2012
Net premiums written	$	4,494		$	4,767		$	8,745		$	7,086		$	1,108

Net premiums earned		4,206			4,799			6,362			6,491			1,118
Net losses and loss adjustment expenses		(1,440	)		2,512			3,969			3,613			(2,777	)
Net acquisition expenses		5,743			2,689			2,380			2,992			4,047
Other underwriting expenses		333			358			289			267			191
Segment underwriting income (loss)*	$	(430	)	$	(760	)	$	(276	)	$	(381	)	$	(343	)

Underwriting ratios:*
Net loss and loss adjustment expense		(34.2	%)		52.3	%		62.4	%		55.7	%		(248.4	%)
Net acquisition expense		136.5	%		56.0	%		37.4	%		46.1	%		362.0	%
Other underwriting expense		7.9	%		7.5	%		4.5	%		4.1	%		17.1	%
Combined		110.2	%		115.8	%		104.3	%		105.9	%		130.7	%

Statutory underwriting ratios:*
Net loss and loss adjustment expense		(34.2	%)		52.3	%		62.4	%		55.7	%		(248.4	%)
Net acquisition expense		127.7	%		55.9	%		32.8	%		43.7	%		361.7	%
Other underwriting expense		7.4	%		7.5	%		3.3	%		3.8	%		17.2	%
Combined		100.9	%		115.7	%		98.5	%		103.2	%		130.5	%

* 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.

- 17 -

Platinum Underwriters Holdings, Ltd.

Net Premiums Written – Supplemental Information

($ in thousands)

	Three Months Ended
	March 31,		March 31,
	2013		2012
Property and Marine
Excess-of-Loss	$	48,083	$	56,734
Proportional		11,344		11,419
Subtotal Property and Marine		59,427		68,153
Casualty
Excess-of-Loss		55,356		61,930
Proportional		15,488		12,470
Subtotal Casualty		70,844		74,400
Finite Risk
Excess-of-Loss		-		-
Proportional		4,494		1,108
Subtotal Finite Risk		4,494		1,108
Combined Segments
Excess-of-Loss		103,439		118,664
Proportional		31,326		24,997
Total	$	134,765	$	143,661

	Three Months Ended
	March 31,		March 31,
		2013		2012
Property and Marine
United States	$	32,105	$	39,651
International		27,322		28,502
Subtotal Property and Marine		59,427		68,153
Casualty
United States		64,792		67,338
International		6,052		7,062
Subtotal Casualty		70,844		74,400
Finite Risk
United States		4,494		1,108
International		-		-
Subtotal Finite Risk		4,494		1,108
Combined Segments
United States		101,391		108,097
International		33,374		35,564
Total	$	134,765	$	143,661

- 18 -

Platinum Underwriters Holdings, Ltd.

Premiums by Line of Business – Three Month Summary

($ in thousands)

	Three Months Ended March 31, 2013						Three Months Ended March 31, 2012
	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	$	4,238	$	4,238	$	4,334	$	100	$	100	$	1,196
North American Property Catastrophe		18,134		18,134		18,140		22,862		22,862		21,495
North American Property Risk		7,520		7,470		7,358		8,659		8,659		9,550
Other Property		3,106		3,106		3,027		8,919		8,919		8,744
Marine / Aviation Proportional		1,923		1,923		1,182		1,904		1,904		1,536
Marine / Aviation Excess		533		533		557		847		847		1,696
International Property Proportional		4,302		4,302		4,062		3,796		3,796		3,990
International Property Catastrophe		17,152		17,152		10,785		19,536		19,145		10,813
International Property Risk		2,569		2,569		2,407		1,921		1,921		2,308
Subtotal		59,477		59,427		51,852		68,544		68,153		61,328

Casualty
Clash		1,962		1,962		1,822		2,446		2,446		2,405
1st Dollar GL		1,719		1,719		1,838		1,938		1,938		3,120
1st Dollar Other		4,313		4,313		4,072		2,560		2,560		3,060
Casualty Excess		42,408		42,408		42,884		46,568		46,568		48,345
Accident & Health		13,665		13,256		12,766		12,355		12,355		9,537
International Casualty		2,792		2,792		2,889		4,340		4,340		4,581
International Motor		656		656		539		506		506		391
Financial Lines		3,738		3,738		3,985		3,687		3,687		4,327
Subtotal		71,253		70,844		70,795		74,400		74,400		75,766

Finite Risk
Finite Casualty		4,494		4,494		4,206		1,108		1,108		1,118
Subtotal		4,494		4,494		4,206		1,108		1,108		1,118

Total	$	135,224	$	134,765	$	126,853	$	144,052	$	143,661	$	138,212

- 19 -

Platinum Underwriters Holdings, Ltd.

Investments

($ in thousands)

	March 31, 2013								December 31, 2012
	Fair Value		Book Yield			Market Yield			Fair Value		Book Yield			Market Yield
Fixed maturity available-for-sale securities:
U.S. Government	$	4,903		2.7	%		0.3	%	$	4,944		2.7	%		0.4	%
Municipal bonds		1,190,529		4.1	%		2.1	%		1,209,934		4.4	%		2.3	%
Non-U.S. governments		50,988		1.3	%		0.7	%		50,977		1.6	%		0.8	%
Corporate bonds		289,473		4.4	%		2.7	%		300,908		4.4	%		2.7	%
Commercial mortgage-backed securities		126,368		5.3	%		2.8	%		135,526		5.3	%		2.5	%
Residential mortgage-backed securities		205,462		1.6	%		1.2	%		221,622		1.6	%		1.2	%
Asset-backed securities		17,794		2.1	%		1.5	%		17,774		1.7	%		1.6	%
Total fixed maturity available-for-sale securities	$	1,885,517		3.8	%		2.1	%	$	1,941,685		4.0	%		2.2	%

Fixed maturity trading securities:
Non-U.S. governments	$	106,940		3.6	%		0.4	%	$	112,813		3.6	%		0.4	%
Total fixed maturity trading securities	$	106,940		3.6	%		0.4	%	$	112,813		3.6	%		0.4	%

Short-term investments	$	104,443		1.3	%		2.4	%	$	172,801		1.8	%		2.0	%

	March 31, 2013								December 31, 2012
Credit quality of investments*	Fair Value		% of Total						Fair Value		% of Total
Aaa	$	618,734		29.5	%				$	776,738		34.9	%
Aa		836,442		39.9	%					831,190		37.3	%
A		365,520		17.4	%					340,612		15.3	%
Baa		230,031		11.0	%					231,950		10.4	%
Below investment grade		46,173		2.2	%					46,809		2.1	%
Total	$	2,096,900		100.0	%				$	2,227,299		100.0	%

Portfolio information**
Credit Quality	Aa2								Aa1
Book Yield		2.0%								2.1%
Duration	2.4 yrs								2.6 yrs

Rated using external rating agencies (primarily Moody’s) including credit enhancements from insurance entities. As of March 31, 2013, there were approximately $10.0 million of municipal bonds whose ratings of “Aa” included the benefit of guarantees from third-party insurers that would otherwise be rated as “A” without the existence of such guarantees.

**	Our portfolio includes investments, cash and cash equivalents, accrued investment income and net balances due to and from brokers.

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

- 20 -

Platinum Underwriters Holdings, Ltd.

Fixed Maturity Available-for-Sale Securities Detail

($ in thousands)

	March 31, 2013
	Fair Value		Net Unrealized Gain (Loss)			Credit Quality		Duration		Weighted Average Life
Fixed maturity available-for-sale securities:
U.S. Government	$	4,903	$	288		Aaa			2.4
Municipal bonds:
State general obligation bonds		752,747		81,896		Aa2			6.2
Essential service bonds*		203,968		18,396		Aa3			4.9
Pre-refunded bonds		85,639		4,686		Aa2			1.7
State income tax and sales tax bonds		81,601		11,224		Aa1			6.7
Other municipal bonds		66,574		5,070		Aa2			4.5
Subtotal		1,190,529		121,272		Aa2			5.6
Non-U.S. governments		50,988		1,010		Aa1			1.7
Corporate bonds:
Industrial		175,249		10,100		Baa2			5.2
Utilities		69,448		4,543			A3		5.8
Insurance		44,776		4,934		Baa1			4.4
Subtotal		289,473		19,577		Baa1			5.2
Commercial mortgage-backed securities		126,368		8,561		Aa3			2.5		2.8
Residential mortgage-backed securities:
U.S. Government agency residential mortgage-backed securities		186,520		1,928		Aaa			1.2		5.7
Non-agency residential mortgage-backed securities		18,942		(2,189	)	Caa2			0.8		6.1
Subtotal		205,462		(261	)	Aa2			1.1		5.7
Asset-backed securities:
Asset-backed securities		13,735		135		Aaa			0.1		6.4
Sub-prime asset-backed securities		4,059		749			C		0.7		7.3
Subtotal		17,794		884			A2		0.3		6.6
Total	$	1,885,517	$	151,331		Aa3			4.7

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

- 21 -

Platinum Underwriters Holdings, Ltd.

Corporate Bonds Detail

($ in thousands)

	March 31, 2013
	Par Value		Fair Value		Net Unrealized Gain (Loss)		Credit Quality
Top 20 Holdings
American Electric Power Company, Inc.	$	12,500	$	13,469	$	984	Baa1
HCC Insurance Holdings, Inc.		10,000		11,684		1,625	Baa1
Mattel, Inc.		10,000		10,964		849	Baa1
Hewlett-Packard Company		10,000		10,170		110	Baa1
MetLife, Inc.		10,000		10,038		38		A3
Anglo American plc		8,000		9,943		714	Baa1
Loews Corporation		6,000		7,494		1,484	Baa2
Snap-On Incorporated		7,000		7,274		262	Baa1
Newmont Mining Corporation		7,000		7,011		59	Baa1
Teck Resources Limited		6,750		6,908		189	Baa2
Rio Tinto plc		5,000		6,900		919		A3
Southern Company		6,625		6,812		197		A3
Hess Corporation		5,000		6,447		612	Baa2
CMS Energy Corporation		5,000		6,422		881		A2
ArcelorMittal		5,000		6,329		186	Ba1
Entergy Corporation		6,000		6,270		269	Baa2
Northeast Utilities		5,700		6,166		267	Baa2
Axis Capital Holdings Limited		5,000		5,726		888	Baa1
FirstEnergy Corp.		5,000		5,721		723	Baa2
Grupo Mexico, S.A.B de C.V.	$	5,000	$	5,680	$	659	Baa2

- 22 -

Platinum Underwriters Holdings, Ltd.

Municipal Bonds Detail

($ in thousands)

	March 31, 2013
	Par Value		Fair Value			Net Unrealized Gain (Loss)		Credit Quality
Top 10 Exposures by Jurisdiction
Pennsylvania	$	110,450	$	128,494		$	17,403	Aa2
California		104,380		121,798			13,972		A1
Connecticut		99,620		112,405			11,373	Aa3
Illinois		97,500		108,202			9,933		A2
Massachusetts		72,560		80,071			6,238	Aa2
Texas		61,830		69,437			7,427	Aa1
New Jersey		50,650		52,163			750		A1
New York		44,500		51,794			7,061	Aa1
Mississippi		43,255		46,726			2,703	Aa2
Hawaii	$	35,000	$	44,356		$	9,239	Aa2

	March 31, 2013
	Par Value		Fair Value			Net Unrealized Gain (Loss)		Credit Quality
Top 10 Holdings by Issuer
State of California	$	102,380	$	119,597		$	13,803		A1
State of Connecticut		82,620		92,429			8,397	Aa3
State of Pennsylvania		76,700		90,486			13,345	Aa2
State of Illinois		73,000		80,327			6,721		A2
State of Massachusetts		59,010		64,043			3,760	Aa1
State of Mississippi		43,255		46,726			2,703	Aa2
State of Texas		39,900		45,743			5,682	Aaa
New Jersey Economic Development Authority		44,500		44,823			323		A1
State of Hawaii		35,000		44,356			9,239	Aa2
New York State Urban Development Corporation	$	27,000	$	31,988		$	4,988	Aaa

	March 31, 2013
	Fair Value		% of Total
Credit quality of municipal bond portfolio*
Aaa	$	171,665		14.4	%
Aa		723,824		60.8	%
A		287,731		24.2	%
Baa		7,309		0.6	%
Total	$	1,190,529		100.0	%

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

- 23 -

Platinum Underwriters Holdings, Ltd.

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

($ in thousands)

	Three Months Ended
	March 31,			March 31,
	2013			2012
Net realized gains (losses) on investments by entity:
Subsidiary domiciled in Bermuda	$	8,474		$	20,740
Subsidiaries domiciled in the United States		4,844			1,599
Total	$	13,318		$	22,339

Net realized gains (losses) on investments by type:
Sale of securities	$	14,276		$	22,677
Mark-to-market on trading securities		(958	)		(338	)
Total	$	13,318		$	22,339

Net impairment losses on investments by entity:
Subsidiary domiciled in Bermuda	$	328		$	712
Subsidiaries domiciled in the United States		93			358
Total	$	421		$	1,070

Net impairment losses on investments by type of security:
Commercial mortgage-backed securities	$	-		$	30
Residential mortgage-backed securities		336			1,040
Asset-backed securities		85			-
Total	$	421		$	1,070

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Platinum Underwriters Holdings, Ltd.

Analysis of Losses and Loss Adjustment Expenses

($ in thousands)

	Analysis of Losses and Loss Adjustment Expenses
	Three Months Ended March 31, 2013 (1)												Twelve Months Ended December 31, 2012 (2)
	Gross			Ceded			Net			Paid to Incurred %			Gross			Ceded			Net			Paid to Incurred %
Paid losses and loss adjustment expenses	$	103,505		$	(78	)	$	103,583			740.0	%	$	620,304		$	73		$	620,231			337.7	%
Change in unpaid losses and loss adjustment expenses		(89,592	)		(7	)		(89,585	)					(436,928	)		(357	)		(436,571	)
Losses and loss adjustment expenses incurred	$	13,913		$	(85	)	$	13,998					$	183,376		$	(284	)	$	183,660


	Analysis of Unpaid Losses and Loss Adjustment Expenses
	As of March 31, 2013												As of December 31, 2012
	Gross			Ceded			Net			%			Gross			Ceded			Net			%
Outstanding losses and loss adjustment expenses	$	786,071		$	3,587		$	782,484			42.1	%	$	799,593		$	3,594		$	795,999			40.7	%
Incurred but not reported		1,076,207			3			1,076,204			57.9	%		1,161,689			3			1,161,686			59.3	%
Unpaid losses and loss adjustment expenses	$	1,862,278		$	3,590		$	1,858,688			100.0	%	$	1,961,282		$	3,597		$	1,957,685			100.0	%

(1)	Gross and ceded losses and loss adjustment expenses incurred includes effects of foreign currency exchange rate losses (gains) of ($9,412) and $0, respectively.

(2)	Gross and ceded losses and loss adjustment expenses incurred includes effects of foreign currency exchange rate losses (gains) of $8,596 and ($1), respectively.

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Platinum Underwriters Holdings, Ltd.

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

($ in thousands)

	Three Months Ended March 31, 2013											Three Months Ended March 31, 2012
	Property and Marine			Casualty		Finite Risk			Total			Property and Marine			Casualty			Finite Risk			Total
Non-Major Catastrophe Favorable (Unfavorable) Development
Net loss development related to prior years	$	14,504		$	23,583	$	4,862		$	42,949		$	10,381		$	15,997		$	3,696		$	30,074
Net premium adjustments related to prior years' losses		53			124		-			177			1,276			1,020			-			2,296
Net commission adjustments related to prior years' losses		170			673		(4,886	)		(4,043	)		(281	)		(415	)		(3,808	)		(4,504	)
Net favorable (unfavorable) development		14,727			24,380		(24	)		39,083			11,376			16,602			(112	)		27,866

Major Catastrophe Favorable (Unfavorable) Development
Net loss development related to prior years		17,089			29		-			17,118			322			(4	)		-			318
Net premium adjustments related to prior years' losses		(1,680	)		-		-			(1,680	)		(334	)		-			-			(334	)
Net commission adjustments related to prior years' losses		(23	)		-		-			(23	)		(15	)		-			-			(15	)
Net favorable (unfavorable) development		15,386			29		-			15,415			(27	)		(4	)		-			(31	)

Total net favorable (unfavorable) development	$	30,113		$	24,409	$	(24	)	$	54,498		$	11,349		$	16,598		$	(112	)	$	27,835

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Platinum Underwriters Holdings, Ltd.

Estimated Exposure to Peak Zone Property Catastrophe Losses

As of April 1, 2013

($ 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	$	96	$	93	$	184	$	173	$	229	$	217
Japanese	Earthquake		14		14		152		152		205		205
United States	Earthquake		20		20		109		109		152		152
Pan-European	Windstorm		50		42		129		119		155		145
Japanese	Typhoon		4		4		82		82		84		84
Canadian	Earthquake	$	-	$	-	$	48	$	48	$	81	$	81

The Company has developed the estimates of losses expected from certain catastrophes for its portfolio of property, marine, workers’ compensation and personal accident contracts using commercially available catastrophe models, which are applied and adjusted by the Company. These estimates include assumptions regarding the location, size and magnitude of an event, the frequency of events, the construction type and damageability of property in a zone, and the cost of rebuilding property in a zone, among other assumptions. These estimates do not include any losses that may be expected to arise from the Company’s casualty portfolio as a result of such catastrophes. Return period refers to the frequency with which losses of a given amount or greater are expected to occur.

Gross loss estimates are net of reinstatement premiums but before income tax. Net loss estimates are net of reinstatement premiums and net of retrocessional recoveries but before income tax.

The estimates set forth above are based on assumptions that are inherently subject to significant uncertainties and contingencies. These uncertainties and contingencies can affect actual losses and could cause actual losses to differ materially from those expressed above. In particular, modeled loss estimates do not necessarily accurately predict actual losses, and may significantly misestimate actual losses. Such estimates, therefore, should not be considered as a representation of actual losses. Investors should not rely on the foregoing information when considering investment in the Company. The Company undertakes no duty to update or revise such information to reflect the occurrence of future events.

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