----

----

|   x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934  |
|----------|------------------------------------------------------------------------------------------|
|     | For the quarterly period ended June 30, 2009                                        |
|     |                                                                                     |
|     | OR                                                                                       |
|     |                                                                                     |
|   o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|     | For the transition period from __________ to __________                                  |

| Platinum Underwriters Holdings, Ltd.                   |
|--------------------------------------------------------|
| (Exact name of registrant as specified in its charter) |

| Bermuda                                                        |   | 98-0416483                           |
|----------------------------------------------------------------|--------|--------------------------------------|
| (State or other jurisdiction of incorporation or organization) |   | (I.R.S. Employer Identification No.) |

| The Belvedere Building69 Pitts Bay RoadPembroke, Bermuda |   | HM 08      |
|----------------------------------------------------------|--------|------------|
| (Address of principal executive offices)                 |   | (Zip Code) |

| Large accelerated filer |   X |                                          | Accelerated filer         |   |
|-------------------------|---------------|-----------------------------------------------|---------------------------|--------|
| Non-accelerated filer   |          | (Do not check if a smaller reporting company) | Smaller reporting company |   |

----

|                                                       |                                                                                                                                                                 | Page   |
|------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                       |                                                                                                                                                                 |   |
| PART I  –  FINANCIAL INFORMATION |                                                                                                                                                                 |
|                                                       |                                                                                                                                                                 |   |
| Item 1.                                                    | Financial Statements                                                                                                                                                 |   |
|                                                       |                                                                                                                                                                 |   |
|                                                       | Consolidated Balance Sheets as of June 30, 2009 (Unaudited) and December 31, 2008                                                                          | 1      |
|                                                       | Consolidated Statements of Operations and Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2009 and 2008 (Unaudited) | 2      |
|                                                       | Consolidated Statements of Changes in Shareholders’ Equity for the Six Months Ended June 30, 2009 and 2008 (Unaudited)                                    | 3      |
|                                                       | Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2009 and 2008 (Unaudited)                                                               | 4      |
|                                                       | Notes to the Consolidated Financial Statements for the Three and Six Months Ended June 30, 2009 and 2008 (Unaudited)                                            | 5      |
|                                                       |                                                                                                                                                                 |   |
| Item 2.                                                    | Management's Discussion and Analysis of Financial Condition and Results of Operations                                                                                | 20     |
| Item 3.                                                    | Quantitative and Qualitative Disclosures about Market Risk                                                                                                           | 37     |
| Item 4.                                                    | Controls and Procedures                                                                                                                                              | 39     |
|                                                       |                                                                                                                                                                 |   |
| PART II  –  OTHER INFORMATION    |                                                                                                                                                                 |
|                                                       |                                                                                                                                                                 |   |
| Item 1A.                                                   | Risk Factors                                                                                                                                                         | 39     |
| Item 2.                                                    | Unregistered Sales of Equity Securities and Use of Proceeds                                                                                                          | 40     |
| Item 4.                                                    | Submission of Matters to a Vote of Security Holders                                                                                                                  | 40     |
| Item 6.                                                    | Exhibits                                                                                                                                                             | 40     |
|                                                       |                                                                                                                                                                 |   |
| SIGNATURES                                                 | 41                                                                                                                                                                   |

----

|  ITEM 1. | FINANCIAL STATEMENTS |
|---------------|----------------------|

Consolidated Balance Sheets

|                                                                                                                                |   | (Unaudited)        |      |   |                   |   |
|-------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------|-----------|--------|------------------------|--------|
|                                                                                                                                |   | June 30, 2009 |      |   | December 31, 2008 |   |
| ASSETS                                                                                                                              |   |               |      |   |                   |   |
| Investments:                                                                                                                        |   |               |      |   |                   |   |
| Fixed maturity available-for-sale securities at fair value (amortized cost – $3,948,976 and $3,267,571, respectively)         |   | $                  | 3,795,396 |   |                   | $      | 3,063,804 |   |
| Fixed maturity trading securities at fair value (amortized cost – $239,542 and $296,837, respectively)                        |   |               | 250,525   |   |                   |   | 305,237 |   |
| Preferred stocks (cost – $1,879 and $3,087, respectively)                                                                     |   |               | 3,551     |   |                   |   | 2,845 |   |
| Short-term investments                                                                                                              |   |               | 13,849    |   |                   |   | 75,036 |   |
| Total investments                                                                                                                   |   |               | 4,063,321 |   |                   |   | 3,446,922 |   |
| Cash and cash equivalents                                                                                                           |   |               | 335,937   |   |                   |   | 813,017 |   |
| Accrued investment income                                                                                                           |   |               | 33,813    |   |                   |   | 29,041 |   |
| Reinsurance premiums receivable                                                                                                     |   |               | 261,817   |   |                   |   | 307,539 |   |
| Reinsurance recoverable on ceded losses and loss adjustment expenses                                                                |   |               | 16,452    |   |                   |   | 12,413 |   |
| Prepaid reinsurance premiums                                                                                                        |   |               | 8,263     |   |                   |   | 10,897 |   |
| Funds held by ceding companies                                                                                                      |   |               | 120,232   |   |                   |   | 136,278 |   |
| Deferred acquisition costs                                                                                                          |   |               | 43,720    |   |                   |   | 50,719 |   |
| Income tax recoverable                                                                                                              |   |               | 7,156     |   |                   |   | 11,973 |   |
| Deferred tax assets                                                                                                                 |   |               | 63,804    |   |                   |   | 71,444 |   |
| Other assets                                                                                                                        |   |               | 13,623    |   |                   |   | 36,920 |   |
| Total assets                                                                                                                        |   | $                  | 4,968,138 |   |                   | $      | 4,927,163 |   |
|                                                                                                                                |   |               |      |   |                   |   |   |   |
| LIABILITIES AND SHAREHOLDERS’ EQUITY                                                                                          |   |               |      |   |                   |   |   |   |
| Liabilities                                                                                                                         |   |               |      |   |                   |   |   |   |
| Unpaid losses and loss adjustment expenses                                                                                          |   | $                  | 2,394,330 |   |                   | $      | 2,463,506 |   |
| Unearned premiums                                                                                                                   |   |               | 190,757   |   |                   |   | 218,890 |   |
| Debt obligations                                                                                                                    |   |               | 250,000   |   |                   |   | 250,000 |   |
| Ceded premiums payable                                                                                                              |   |               | 6,675     |   |                   |   | 2,918 |   |
| Commissions payable                                                                                                                 |   |               | 121,780   |   |                   |   | 125,551 |   |
| Other liabilities                                                                                                                   |   |               | 51,892    |   |                   |   | 56,901 |   |
| Total liabilities                                                                                                                   |   |               | 3,015,434 |   |                   |   | 3,117,766 |   |
|                                                                                                                                |   |               |      |   |                   |   |   |   |
| Shareholders’ Equity                                                                                                          |   |               |      |   |                   |   |   |   |
| Preferred shares, $.01 par value, 25,000,000 shares authorized, none and 5,750,000 shares issued and outstanding, respectively      |   |               | –   |   |                   |   | 57 |   |
| Common shares, $.01 par value, 200,000,000 shares authorized, 49,778,459 and 47,482,161 shares issued and outstanding, respectively |   |               | 498       |   |                   |   | 475 |   |
| Additional paid-in capital                                                                                                          |   |               | 1,020,631 |   |                   |   | 1,114,135 |   |
| Accumulated other comprehensive loss                                                                                                |   |               | (139,849  | )      |                   |   | (188,987 | ) |
| Retained earnings                                                                                                                   |   |               | 1,071,424 |   |                   |   | 883,717 |   |
| Total shareholders' equity                                                                                                          |   |               | 1,952,704 |   |                   |   | 1,809,397 |   |
|                                                                                                                                |   |               |      |   |                   |   |   |   |
| Total liabilities and shareholders' equity                                                                                          |   | $                  | 4,968,138 |   |                   | $      | 4,927,163 |   |

----

|                                                                                                                                        |   | Three Months Ended June 30, |    |   | Six Months Ended June 30, |   |
|---------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------|---------|--------|--------------------------------|--------|
|                                                                                                                                        |   | 2009                             |    |   | 2008                           |   |   | 2009 |   |   | 2008 |   |
|                                                                                                                                        |   |                             |    |   |                           |   |   |   |   |   |   |   |
| Revenue:                                                                                                                                    |   |                             |    |   |                           |   |   |   |   |   |   |   |
| Net premiums earned                                                                                                                         |   | $                                | 232,462 |   |                           |   | 257,982 |   |   |   | 480,214 |   |   | $ | 559,833 |   |
| Net investment income                                                                                                                       |   |                             | 44,077  |   |                           |   | 46,932 |   |   |   | 78,323 |   |   |   | 95,994 |   |
| Net realized gains (losses) on investments                                                                                                  |   |                             | 10,794  |   |                           |   | (6,168 | ) |   |   | 31,364 |   |   |   | (3,196 | ) |
| Other income                                                                                                                                |   |                             | 5,212   |   |                           |   | 716 |   |   |   | 5,444 |   |   |   | 620 |   |
| Total revenue                                                                                                                               |   |                             | 292,545 |   |                           |   | 299,462 |   |   |   | 595,345 |   |   |   | 653,251 |   |
|                                                                                                                                        |   |                             |    |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| Expenses:                                                                                                                                   |   |                             |    |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| Net losses and loss adjustment expenses                                                                                                     |   |                             | 124,945 |   |                           |   | 93,392 |   |   |   | 269,109 |   |   |   | 253,595 |   |
| Net acquisition expenses                                                                                                                    |   |                             | 38,338  |   |                           |   | 66,137 |   |   |   | 78,494 |   |   |   | 126,679 |   |
| Net changes in fair value of derivatives                                                                                                    |   |                             | 106     |   |                           |   | 959 |   |   |   | 2,523 |   |   |   | 1,769 |   |
| Total other-than-temporary impairment losses                                                                                                |   |                             | 10,194  |   |                           |   | – |   |   |   | 13,654 |   |   |   | – |   |
| Portion of impairment losses recognized in accumulated other comprehensive loss                                                             |   |                             | (6,938  | )      |                           |   | – |   |   |   | (6,990 | ) |   |   | – |   |
| Net impairment losses                                                                                                                       |   |                             | 3,256   |   |                           |   | – |   |   |   | 6,664 |   |   |   | – |   |
| Operating expenses                                                                                                                          |   |                             | 22,906  |   |                           |   | 25,100 |   |   |   | 43,774 |   |   |   | 46,790 |   |
| Net foreign currency exchange (gains) losses                                                                                                |   |                             | ( 537   | )      |                           |   | 1,998 |   |   |   | 459 |   |   |   | (2,871 | ) |
| Interest expense                                                                                                                            |   |                             | 4,756   |   |                           |   | 4,751 |   |   |   | 9,511 |   |   |   | 9,501 |   |
| Total expenses                                                                                                                              |   |                             | 193,770 |   |                           |   | 192,337 |   |   |   | 410,534 |   |   |   | 435,463 |   |
|                                                                                                                                        |   |                             |    |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| Income before income tax expense                                                                                                            |   |                             | 98,775  |   |                           |   | 107,125 |   |   |   | 184,811 |   |   |   | 217,788 |   |
| Income tax expense                                                                                                                          |   |                             | 645     |   |                           |   | 4,768 |   |   |   | 1,759 |   |   |   | 10,260 |   |
|                                                                                                                                        |   |                             |    |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| Net income                                                                                                                                  |   |                             | 98,130  |   |                           |   | 102,357 |   |   |   | 183,052 |   |   |   | 207,528 |   |
| Preferred dividends                                                                                                                         |   |                             | – |   |                           |   | 2,602 |   |   |   | 1,301 |   |   |   | 5,204 |   |
|                                                                                                                                        |   |                             |    |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| Net income attributable to common shareholders                                                                                              |   | $                                | 98,130  |   |                           |   | 99,755 |   |   |   | 181,751 |   |   | $ | 202,324 |   |
|                                                                                                                                        |   |                             |    |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| Earnings per share:                                                                                                                         |   |                             |    |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| Basic earnings per share                                                                                                                    |   | $                                | 1.94    |   |                           |   | 2.06 |   |   |   | 3.63 |   |   | $ | 4.02 |   |
| Diluted earnings per share                                                                                                                  |   | $                                | 1.90    |   |                           |   | 1.82 |   |   |   | 3.47 |   |   | $ | 3.58 |   |
|                                                                                                                                        |   |                             |    |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| Comprehensive income:                                                                                                                       |   |                             |    |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| Net income                                                                                                                                  |   | $                                | 98,130  |   |                           |   | 102,357 |   |   |   | 183,052 |   |   | $ | 207,528 |   |
| Other comprehensive income (loss) – net change in unrealized gains and losses on available-for-sale securities, net of deferred taxes |   |                             | 64,958  |   |                           |   | (38,876 | ) |   |   | 63,382 |   |   |   | (42,997 | ) |
| Comprehensive income                                                                                                                        |   | $                                | 163,088 |   |                           |   | 63,481 |   |   |   | 246,434 |   |   | $ | 164,531 |   |
|                                                                                                                                        |   |                             |    |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| Shareholder dividends:                                                                                                                      |   |                             |    |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| Preferred shareholder dividends declared                                                                                                    |   | $                                | – |   |                           |   | 2,602 |   |   |   | 2,602 |   |   | $ | 5,204 |   |
| Dividends declared per preferred share                                                                                                      |   |                             | – |   |                           |   | 0.45 |   |   |   | 0.45 |   |   |   | 0.91 |   |
| Common shareholder dividends declared                                                                                                       |   |                             | 4,026   |   |                           |   | 3,976 |   |   |   | 8,288 |   |   |   | 8,130 |   |
| Dividends declared per common share                                                                                                         |   | $                                | 0.08    |   |                           |   | 0.08 |   |   |   | 0.16 |   |   | $ | 0.16 |   |

----

|                                                                                            |   | 2009   |      |   | 2008   |   |
|-------------------------------------------------------------------------------------------------|--------|--------|-----------|--------|--------|--------|
|                                                                                            |   |   |      |   |   |   |
| Preferred shares:                                                                               |   |   |      |   |   |   |
| Balances at beginning of period                                                                 |   | $      | 57        |   |   | $      | 57 |   |
| Conversion of preferred shares                                                                  |   |   | (57       | )      |   |   | – |   |
| Balances at end of period                                                                       |   |   | –   |   |   |   | 57 |   |
|                                                                                            |   |   |      |   |   |   |   |   |
| Common shares:                                                                                  |   |   |      |   |   |   |   |   |
| Balances at beginning of period                                                                 |   |   | 475       |   |   |   | 538 |   |
| Issuance of common shares                                                                       |   |   | –   |   |   |   | 1 |   |
| Purchase of common shares                                                                       |   |   | (37       | )      |   |   | (63 | ) |
| Settlement of equity awards                                                                     |   |   | 2         |   |   |   | – |   |
| Conversion of preferred shares                                                                  |   |   | 57        |   |   |   | – |   |
| Exercise of common share options                                                                |   |   | 1         |   |   |   | 11 |   |
| Balances at end of period                                                                       |   |   | 498       |   |   |   | 487 |   |
|                                                                                            |   |   |      |   |   |   |   |   |
| Additional paid-in capital:                                                                     |   |   |      |   |   |   |   |   |
| Balances at beginning of period                                                                 |   |   | 1,114,135 |   |   |   | 1,338,466 |   |
| Issuance of common shares                                                                       |   |   | 246       |   |   |   | 1,647 |   |
| Purchase of common shares                                                                       |   |   | (101,346  | )      |   |   | (213,877 | ) |
| Share based compensation                                                                        |   |   | 7,091     |   |   |   | 7,711 |   |
| Settlement of equity awards                                                                     |   |   | (1,070    | )      |   |   | (925 | ) |
| Exercise of common share options                                                                |   |   | 1,575     |   |   |   | 24,444 |   |
| Tax benefit of share options                                                                    |   |   | –   |   |   |   | 69 |   |
| Balances at end of period                                                                       |   |   | 1,020,631 |   |   |   | 1,157,535 |   |
|                                                                                            |   |   |      |   |   |   |   |   |
| Accumulated other comprehensive loss:                                                           |   |   |      |   |   |   |   |   |
| Balances at beginning of period                                                                 |   |   | (188,987  | )      |   |   | (24,339 | ) |
| Cumulative effect of accounting change, net of deferred tax                                     |   |   | (14,244   | )      |   |   | – |   |
| Noncredit component of impairment losses on available-for-sale securities, net of deferred tax  |   |   | (6,140    | )      |   |   | – |   |
| Net change in unrealized gains and losses on available-for-sale securities, net of deferred tax |   |   | 69,522    |   |   |   | (42,997 | ) |
| Balances at end of period                                                                       |   |   | (139,849  | )      |   |   | (67,336 | ) |
|                                                                                            |   |   |      |   |   |   |   |   |
| Retained earnings:                                                                              |   |   |      |   |   |   |   |   |
| Balances at beginning of period                                                                 |   |   | 883,717   |   |   |   | 683,655 |   |
| Cumulative effect of accounting change, net of deferred tax                                     |   |   | 14,244    |   |   |   | – |   |
| Net income                                                                                      |   |   | 183,052   |   |   |   | 207,528 |   |
| Preferred share dividends                                                                       |   |   | (1,301    | )      |   |   | (5,204 | ) |
| Common share dividends                                                                          |   |   | (8,288    | )      |   |   | (8,130 | ) |
| Balances at end of period                                                                       |   |   | 1,071,424 |   |   |   | 877,849 |   |
|                                                                                            |   |   |      |   |   |   |   |   |
| Total shareholders’ equity                                                                |   | $      | 1,952,704 |   |   | $      | 1,968,592 |   |

----

Consolidated Statements of Cash Flows (Unaudited) 

|                                                               |   | 2009   |       |   | 2008   |   |
|--------------------------------------------------------------------|--------|--------|------------|--------|--------|--------|
|                                                               |   |   |       |   |   |   |
| Operating Activities:                                              |   |   |       |   |   |   |
| Net income                                                         |   | $      | 183,052    |   |   | $      | 207,528 |   |
| Adjustments to reconcile net income to cash used in operations:    |   |   |       |   |   |   |   |   |
| Depreciation and amortization                                      |   |   | 10,398     |   |   |   | 3,955 |   |
| Net realized investment (gains) losses                             |   |   | (31,364    | )      |   |   | 3,196 |   |
| Net impairment losses                                              |   |   | 6,664      |   |   |   | – |   |
| Net foreign currency exchange (gains) losses                       |   |   | 459        |   |   |   | (2,871 | ) |
| Share based compensation                                           |   |   | 7,091      |   |   |   | 7,711 |   |
| Deferred income tax benefit (expense)                              |   |   | 3,818      |   |   |   | (2,736 | ) |
| Trading securities activities, net                                 |   |   | 199,030    |   |   |   | 38,575 |   |
| Changes in assets and liabilities:                                 |   |   |       |   |   |   |   |   |
| (Increase) decrease in accrued investment income                   |   |   | (4,419     | )      |   |   | 267 |   |
| Decrease (increase) in reinsurance premiums receivable             |   |   | 44,942     |   |   |   | (15,387 | ) |
| Decrease in funds held by ceding companies                         |   |   | 15,885     |   |   |   | 8,001 |   |
| Decrease in deferred acquisition costs                             |   |   | 7,106      |   |   |   | 8,271 |   |
| Decrease in net current income tax accounts                        |   |   | 3,301      |   |   |   | – |   |
| Decrease in net unpaid losses and loss adjustment expenses         |   |   | (83,580    | )      |   |   | (4,742 | ) |
| Decrease in net unearned premiums                                  |   |   | (26,827    | )      |   |   | (37,722 | ) |
| Increase (decrease) in ceded premiums payable                      |   |   | 3,782      |   |   |   | (1,562 | ) |
| (Decrease) increase in commissions payable                         |   |   | (3,899     | )      |   |   | 10,142 |   |
| Changes in other assets and liabilities                            |   |   | (11,565    | )      |   |   | (14,773 | ) |
| Other net                                                          |   |   | 12         |   |   |   | (316 | ) |
| Net cash provided by operating activities                          |   |   | 323,886    |   |   |   | 207,537 |   |
|                                                               |   |   |       |   |   |   |   |   |
| Investing Activities:                                              |   |   |       |   |   |   |   |   |
| Proceeds from sale of available-for-sale securities                |   |   | 368,546    |   |   |   | 7,691 |   |
| Proceeds from maturity or paydown of available-for-sale securities |   |   | 296,086    |   |   |   | 668,560 |   |
| Acquisition of available-for-sale securities                       |   |   | (1,301,166 | )      |   |   | (820,720 | ) |
| Acquisition of trading securities                                  |   |   | (119,911   | )      |   |   | – |   |
| Net change in short-term investments                               |   |   | 61,485     |   |   |   | (113,019 | ) |
| Net cash used in investing activities                              |   |   | (694,960   | )      |   |   | (257,488 | ) |
|                                                               |   |   |       |   |   |   |   |   |
| Financing Activities:                                              |   |   |       |   |   |   |   |   |
| Dividends paid to preferred shareholders                           |   |   | (2,602     | )      |   |   | (5,204 | ) |
| Dividends paid to common shareholders                              |   |   | (8,288     | )      |   |   | (8,130 | ) |
| Purchase of common shares                                          |   |   | (101,384   | )      |   |   | (213,940 | ) |
| Proceeds from exercise of share options                            |   |   | 1,576      |   |   |   | 24,446 |   |
| Net cash used in financing activities                              |   |   | (110,698   | )      |   |   | (202,828 | ) |
|                                                               |   |   |       |   |   |   |   |   |
| Effect of foreign currency exchange rate changes on cash           |   |   | 4,692      |   |   |   | 1,608 |   |
|                                                               |   |   |       |   |   |   |   |   |
| Net decrease in cash and cash equivalents                          |   |   | (477,080   | )      |   |   | (251,171 | ) |
| Cash and cash equivalents at beginning of period                   |   |   | 813,017    |   |   |   | 1,076,279 |   |
|                                                               |   |   |       |   |   |   |   |   |
| Cash and cash equivalents at end of period                         |   | $      | 335,937    |   |   | $      | 825,108 |   |
|                                                               |   |   |       |   |   |   |   |   |
| Supplemental disclosures of cash flow information:                 |   |   |       |   |   |   |   |   |
| Income taxes paid (refunded)                                       |   | $      | (5,610     | )      |   | $      | 11,213 |   |
| Interest paid                                                      |   | $      | 9,375      |   |   | $      | 9,375 |   |

----

to the Consolidated Financial Statements (Unaudited)

| 1. | Basis of Presentation and Significant Accounting Policies |
|----|-----------------------------------------------------------|

----

| 2. | Investments |
|----|-------------|

|                                               |   |           |      |   |                 |   |   | Gross Unrealized Losses |   |   |                       |   |
|----------------------------------------------------|--------|----------------|-----------|--------|----------------------|--------|--------|-------------------------|--------|--------|----------------------------|--------|
|                                               |   | Amortized Cost |      |   | GrossUnrealizedGains |   |   | Non-OTTI                |   |   | Non-credit portion of OTTI |   |   | Fair Value |   |
|                                               |   |           |      |   |                 |   |   |                    |   |   |                       |   |   |   |   |
| U.S. Government                                    |   | $              | 4,096     |   |                 |   | 283    |                    |   |   | –                    |   |   |   | – |   |   | $ | 4,379 |   |
| U.S. Government agencies                           |   |           | 666,390   |   |                 |   | 19,187 |                    |   |   | 84                         |   |   |   | – |   |   |   | 685,493 |   |
| Corporate bonds                                    |   |           | 714,486   |   |                 |   | 16,814 |                    |   |   | 23,925                     |   |   |   | – |   |   |   | 707,375 |   |
| Commercial mortgage-backed securities              |   |           | 472,462   |   |                 |   | 929    |                    |   |   | 76,191                     |   |   |   | 241 |   |   |   | 396,959 |   |
| Residential mortgage-backed securities             |   |           | 1,059,870 |   |                 |   | 10,846 |                    |   |   | 60,618                     |   |   |   | 15,254 |   |   |   | 994,844 |   |
| Asset-backed securities                            |   |           | 91,053    |   |                 |   | 105    |                    |   |   | 27,350                     |   |   |   | 5,441 |   |   |   | 58,367 |   |
| Municipal bonds                                    |   |           | 647,132   |   |                 |   | 11,194 |                    |   |   | 8,739                      |   |   |   | – |   |   |   | 649,587 |   |
| Non-U.S. governments                               |   |           | 293,487   |   |                 |   | 5,189  |                    |   |   | 284                        |   |   |   | – |   |   |   | 298,392 |   |
| Total fixed maturity available-for-sale securities |   |           | 3,948,976 |   |                 |   | 64,547 |                    |   |   | 197,191                    |   |   |   | 20,936 |   |   |   | 3,795,396 |   |
| Preferred stocks                                   |   |           | 1,879     |   |                 |   | 1,672  |                    |   |   | –                    |   |   |   | – |   |   |   | 3,551 |   |
| Total available-for-sale securities                |   | $              | 3,950,855 |   |                 |   | 66,219 |                    |   |   | 197,191                    |   |   |   | 20,936 |   |   | $ | 3,798,947 |   |

----

|                                                        |   |                                  |    |   |                                |   |
|-------------------------------------------------------------|--------|---------------------------------------|---------|--------|-------------------------------------|--------|
|                                                        |   | Three Months Ended June 30, 2009 |    |   | Six Months Ended June 30, 2009 |   |
|                                                        |   |                                  |    |   |                                |   |
| Available-for-sale securities                               |   | $                                     | 69,109  |   |                                | $      | 52,101 |   |
| Less deferred tax                                           |   |                                  | (4,151  | )      |                                |   | (2,963 | ) |
| Cumulative effect of accounting change, net of deferred tax |   |                                  | – |   |                                |   | 14,244 |   |
| Net change in unrealized gains and losses                   |   | $                                     | 64,958  |   |                                | $      | 63,382 |   |

|                                   |   | Fair Value |      |   | UnrealizedLoss |   |
|----------------------------------------|--------|------------|-----------|--------|----------------|--------|
|                                   |   |       |      |   |           |   |
| Less than twelve months:               |   |       |      |   |           |   |
| U.S. government agencies               |   | $          | 10,216    |   |           | $      | 84 |   |
| Corporate bonds                        |   |       | 46,043    |   |           |   | 3,390 |   |
| Commercial mortgage-backed securities  |   |       | 177,193   |   |           |   | 25,312 |   |
| Residential mortgage-backed securities |   |       | 610,146   |   |           |   | 26,435 |   |
| Asset-backed securities                |   |       | 17,094    |   |           |   | 3,296 |   |
| Municipal bonds                        |   |       | 237,572   |   |           |   | 8,011 |   |
| Non-U.S. governments                   |   |       | 9,603     |   |           |   | 95 |   |
| Total                                  |   | $          | 1,107,867 |   |           | $      | 66,623 |   |
|                                   |   |       |      |   |           |   |   |   |
| Twelve months or more:                 |   |       |      |   |           |   |   |   |
| U.S. government agencies               |   | $          | –   |   |           | $      | – |   |
| Corporate bonds                        |   |       | 143,015   |   |           |   | 20,535 |   |
| Commercial mortgage-backed securities  |   |       | 202,349   |   |           |   | 51,120 |   |
| Residential mortgage-backed securities |   |       | 52,017    |   |           |   | 49,437 |   |
| Asset-backed securities                |   |       | 12,093    |   |           |   | 29,495 |   |
| Municipal bonds                        |   |       | 17,060    |   |           |   | 728 |   |
| Non-U.S. governments                   |   |       | 8,777     |   |           |   | 189 |   |
| Total                                  |   | $          | 435,311   |   |           | $      | 151,504 |   |
|                                   |   |       |      |   |           |   |   |   |
| Total unrealized losses:               |   |       |      |   |           |   |   |   |
| U.S. government agencies               |   | $          | 10,216    |   |           | $      | 84 |   |
| Corporate bonds                        |   |       | 189,058   |   |           |   | 23,925 |   |
| Commercial mortgage-backed securities  |   |       | 379,542   |   |           |   | 76,432 |   |
| Residential mortgage-backed securities |   |       | 662,163   |   |           |   | 75,872 |   |
| Asset-backed securities                |   |       | 29,187    |   |           |   | 32,791 |   |
| Municipal bonds                        |   |       | 254,632   |   |           |   | 8,739 |   |
| Non-U.S. governments                   |   |       | 18,380    |   |           |   | 284 |   |
| Total                                  |   | $          | 1,543,178 |   |           | $      | 218,127 |   |

----

|                                                       |   |   |    |
|------------------------------------------------------------|--------|--------|---------|
| Beginning balance at January 1, 2009                  |   | $      | – |   |
| Cumulative effect of accounting change                     |   |   | 2,300   |   |
| Credit losses on securities not previously impaired        |   |   | 2,728   |   |
| Additional credit losses on securities previously impaired |   |   | 2,728   |   |
| Ending balance at June 30, 2009                       |   | $      | 7,756   |   |

Overall, we believe that the gross unrealized loss in our available-for-sale portfolio represents temporary declines in fair value, is not necessarily predictive of ultimate performance and that the provisions we have made for net impairment losses are adequate.  However, economic conditions may deterioratemore than expected and may adversely affect the expected cash flows of our securities, which in turn may lead to impairment losses recorded in future periods.

----

|                        |   |   |    |
|-----------------------------|--------|--------|---------|
| U.S. Government             |   | $      | 104,734 |   |
| Insurance-linked securities |   |   | 19,531  |   |
| Corporate bonds             |   |   | 2,321   |   |
| Non-U.S. governments        |   |   | 123,939 |   |
| Total trading securities    |   | $      | 250,525 |   |

|                                                 |   |                                  |   |   |                                |   |
|------------------------------------------------------|--------|---------------------------------------|--------|--------|-------------------------------------|--------|
|                                                 |   | Three Months Ended June 30, 2009 |   |   | Six Months Ended June 30, 2009 |   |
|                                                 |   |                                  |   |   |                                |   |
| Fixed maturity securities                            |   | $                                     | 44,158 |   |                                | $      | 77,724 |   |
| Short-term investments and cash and cash equivalents |   |                                  | 321    |   |                                |   | 1,297 |   |
| Funds held                                           |   |                                  | 837    |   |                                |   | 1,709 |   |
| Subtotal                                             |   |                                  | 45,316 |   |                                |   | 80,730 |   |
| Less investment expenses                             |   |                                  | 1,239  |   |                                |   | 2,407 |   |
| Net investment income                                |   | $                                     | 44,077 |   |                                | $      | 78,323 |   |

|                                             |   |                                  |   |   |                                |   |
|--------------------------------------------------|--------|---------------------------------------|--------|--------|-------------------------------------|--------|
|                                             |   | Three Months Ended June 30, 2009 |   |   | Six Months Ended June 30, 2009 |   |
|                                             |   |                                  |   |   |                                |   |
| Net gains (losses) on the sale of investments:   |   |                                  |   |   |                                |   |
| Gross realized gains                             |   | $                                     | 8,155  |   |                                | $      | 30,317 |   |
| Gross realized losses                            |   |                                  | (156   | )      |                                |   | (549 | ) |
| Subtotal                                         |   |                                  | 7,999  |   |                                |   | 29,768 |   |
| Mark-to-market adjustments on trading securities |   |                                  | 2,795  |   |                                |   | 1,596 |   |
| Net realized investment gains                    |   | $                                     | 10,794 |   |                                | $      | 31,364 |   |

----

|                                        |   |          |      |   |       |   |
|---------------------------------------------|--------|---------------|-----------|--------|------------|--------|
|                                        |   | AmortizedCost |      |   | Fair Value |   |
|                                        |   |          |      |   |       |   |
| Due in one year or less                     |   | $             | 165,883   |   |       | $      | 167,450 |   |
| Due from one to five years                  |   |          | 1,467,763 |   |       |   | 1,506,254 |   |
| Due from five to ten years                  |   |          | 523,206   |   |       |   | 525,331 |   |
| Due in ten or more years                    |   |          | 408,281   |   |       |   | 396,716 |   |
| Mortgage-backed and asset-backed securities |   |          | 1,623,385 |   |       |   | 1,450,170 |   |
| Total                                       |   | $             | 4,188,518 |   |       | $      | 4,045,921 |   |

| 3. | Fair Value Measurements |
|----|-------------------------|

|                                   |   |   |      |   | Fair Value Measurement Using: |   |
|----------------------------------------|--------|--------|-----------|--------|-------------------------------|--------|
|                                   |   | Total  |      |   | Level 1                       |   |   | Level 2 |   |   | Level 3 |   |
|                                   |   |   |      |   |                          |   |   |   |   |   |   |   |
| Financial assets:                      |   |   |      |   |                          |   |   |   |   |   |   |   |
| U.S. Government                        |   | $      | 109,113   |   |                          |   | 109,113 |   |   |   | – |   |   | $ | – |   |
| U.S. Government agencies               |   |   | 685,493   |   |                          |   | – |   |   |   | 685,493 |   |   |   | – |   |
| Corporate                              |   |   | 709,696   |   |                          |   | 20,433 |   |   |   | 689,263 |   |   |   | – |   |
| Commercial mortgage-backed securities  |   |   | 396,959   |   |                          |   | – |   |   |   | 396,959 |   |   |   | – |   |
| Residential mortgage-backed securities |   |   | 994,844   |   |                          |   | – |   |   |   | 994,844 |   |   |   | – |   |
| Asset-backed securities                |   |   | 58,367    |   |                          |   | – |   |   |   | 58,367 |   |   |   | – |   |
| Municipal bonds                        |   |   | 649,587   |   |                          |   | – |   |   |   | 649,587 |   |   |   | – |   |
| Non-U.S. governments                   |   |   | 422,331   |   |                          |   | 36,556 |   |   |   | 385,775 |   |   |   | – |   |
| Insurance-linked securities            |   |   | 19,531    |   |                          |   | – |   |   |   | 19,531 |   |   |   | – |   |
| Preferred stocks                       |   |   | 3,551     |   |                          |   | 3,551 |   |   |   | – |   |   |   | – |   |
| Short-term investments                 |   |   | 13,849    |   |                          |   | – |   |   |   | 13,849 |   |   |   | – |   |
| Total                                  |   | $      | 4,063,321 |   |                          |   | 169,653 |   |   |   | 3,893,668 |   |   | $ | – |   |
|                                   |   |   |      |   |                          |   |   |   |   |   |   |   |   |   |   |   |
| Financial liabilities:                 |   |   |      |   |                          |   |   |   |   |   |   |   |   |   |   |   |
| Derivative instruments                 |   |   | 2,447     |   |                          |   | – |   |   |   | – |   |   |   | 2,447 |   |
| Total                                  |   | $      | 2,447     |   |                          |   | – |   |   |   | – |   |   | $ | 2,447 |   |

----

|                                                                                                          |   |   |   |
|---------------------------------------------------------------------------------------------------------------|--------|--------|--------|
| Beginning balance at January 1, 2009                                                                     |   | $      | (4,753 | ) |
| Purchases, issuances, and settlements                                                                         |   |   | 4,829  |   |
| Total unrealized and realized losses included in earnings                                                     |   |   | (2,523 | ) |
| Ending balance at June 30, 2009                                                                          |   | $      | (2,447 | ) |
| Losses for the period attributable to the net change in unrealized losses relating to liabilities outstanding |   | $      | (2,523 | ) |

| 4. | Derivative Instruments |
|----|------------------------|

| 5. | Earnings per Share |
|----|--------------------|

|                                                                  |   | NetIncome |    |   | WeightedAverage SharesOutstanding |   |   | EarningsperShare |   |
|-----------------------------------------------------------------------|--------|-----------|---------|--------|-----------------------------------|--------|--------|------------------|--------|
|                                                                  |   |      |    |   |                              |   |   |             |   |
| Three Months Ended June 30, 2009:                                |   |      |    |   |                              |   |   |             |   |
| Basic earnings per share:                                             |   |      |    |   |                              |   |   |             |   |
| Net income attributable to common shareholders                        |   | $         | 98,130  |   |                              |   | 50,580 |             |   | $ | 1.94 |   |
| Effect of dilutive securities:                                        |   |      |    |   |                              |   |   |             |   |   |   |   |
| Common share options, restricted common shares and common share units |   |      | – |   |                              |   | 1,014  |             |   |   |   |   |
| Adjusted net income for diluted earnings per share                    |   | $         | 98,130  |   |                              |   | 51,594 |             |   | $ | 1.90 |   |

----

|                                                                  |   | NetIncome |    |   |  WeightedAverage SharesOutstanding |   |    | EarningsperShare |   |
|-----------------------------------------------------------------------|--------|-----------|---------|--------|-----------------------------------------|--------|---------|------------------|--------|
|                                                                  |   |      |    |   |                                    |   |    |             |   |
| Three Months Ended June 30, 2008:                                |   |      |    |   |                                    |   |    |             |   |
| Basic earnings per share:                                             |   |      |    |   |                                    |   |    |             |   |
| Net income attributable to common shareholders                        |   | $         | 99,755  |   |                                    |   | 48,468  |             |   | $ | 2.06 |   |
| Effect of dilutive securities:                                        |   |      |    |   |                                    |   |    |             |   |   |   |   |
| Common share options, restricted common shares and common share units |   |      | – |   |                                    |   | 2,676   |             |   |   |   |   |
| Conversion of preferred shares                                        |   |      | – |   |                                    |   | 4,953   |             |   |   |   |   |
| Preferred share dividends                                             |   |      | 2,602   |   |                                    |   | – |             |   |   |   |   |
| Adjusted net income for diluted earnings per share                    |   | $         | 102,357 |   |                                    |   | 56,097  |             |   | $ | 1.82 |   |
|                                                                  |   |      |    |   |                                    |   |    |             |   |   |   |   |
| Six Months Ended June 30, 2009:                                  |   |      |    |   |                                    |   |    |             |   |   |   |   |
| Basic earnings per share:                                             |   |      |    |   |                                    |   |    |             |   |   |   |   |
| Net income attributable to common shareholders                        |   | $         | 181,751 |   |                                    |   | 50,105  |             |   | $ | 3.63 |   |
| Effect of dilutive securities:                                        |   |      |    |   |                                    |   |    |             |   |   |   |   |
| Common share options, restricted common shares and common share units |   |      | – |   |                                    |   | 1,114   |             |   |   |   |   |
| Conversion of preferred shares                                        |   |      | – |   |                                    |   | 1,525   |             |   |   |   |   |
| Preferred share dividends                                             |   |      | 1,301   |   |                                    |   | – |             |   |   |   |   |
| Adjusted net income for diluted earnings per share                    |   | $         | 183,052 |   |                                    |   | 52,744  |             |   | $ | 3.47 |   |
|                                                                  |   |      |    |   |                                    |   |    |             |   |   |   |   |
| Six Months Ended June 30, 2008:                                  |   |      |    |   |                                    |   |    |             |   |   |   |   |
| Basic earnings per share:                                             |   |      |    |   |                                    |   |    |             |   |   |   |   |
| Net income attributable to common shareholders                        |   | $         | 202,324 |   |                                    |   | 50,286  |             |   | $ | 4.02 |   |
| Effect of dilutive securities:                                        |   |      |    |   |                                    |   |    |             |   |   |   |   |
| Common share options, restricted common shares and common share units |   |      | – |   |                                    |   | 2,707   |             |   |   |   |   |
| Conversion of preferred shares                                        |   |      | – |   |                                    |   | 5,028   |             |   |   |   |   |
| Preferred share dividends                                             |   |      | 5,204   |   |                                    |   | – |             |   |   |   |   |
| Adjusted net income for diluted earnings per share                    |   | $         | 207,528 |   |                                    |   | 58,021  |             |   | $ | 3.58 |   |

| 6. | Operating Segment Information |
|----|-------------------------------|

----

|                                         |   | Propertyand Marine |    |    | Casualty |   |    | Finite Risk |   |   | Total  |   |
|----------------------------------------------|--------|--------------------|---------|---------|----------|--------|---------|-------------|--------|--------|--------|--------|
|                                         |   |               |    |    |     |   |    |        |   |   |   |   |
| Three Months Ended June 30, 2009:       |   |               |    |    |     |   |    |        |   |   |   |   |
| Net premiums written                         |   | $                  | 113,405 |    |     |   | 87,459  |        |   |   | 7,253  |   |   | $ | 208,117 |   |
|                                         |   |               |    |    |     |   |    |        |   |   |   |   |   |   |   |   |
| Net premiums earned                          |   |               | 128,316 |    |     |   | 99,161  |        |   |   | 4,985  |   |   |   | 232,462 |   |
| Net losses and LAE                           |   |               | 62,807  |    |     |   | 61,042  |        |   |   | 1,096  |   |   |   | 124,945 |   |
| Net acquisition expenses                     |   |               | 13,526  |    |     |   | 20,406  |        |   |   | 4,406  |   |   |   | 38,338 |   |
| Other underwriting expenses                  |   |               | 9,123   |    |     |   | 6,130   |        |   |   | 400    |   |   |   | 15,653 |   |
| Segment underwriting income (loss)           |   | $                  | 42,860  |    |     |   | 11,583  |        |   |   | (917   | )      |   |   | 53,526 |   |
|                                         |   |               |    |    |     |   |    |        |   |   |   |   |   |   |   |   |
| Net investment income                        |   |               |    | 44,077  |     |
| Net realized investment gains                |   |               |    | 10,794  |     |
| Net impairment losses                        |   |               |    | (3,256  | )        |
| Net changes in fair value of derivatives     |   |               |    | (106    | )        |
| Net foreign currency exchange gains          |   |               |    | 537     |     |
| Other income                                 |   |               |    | 5,212   |     |
| Corporate expenses not allocated to segments |   |               |    | (7,253  | )        |
| Interest expense                             |   |               |    | (4,756  | )        |
| Income before income tax expense             |   |               | $       | 98,775  |     |
|                                         |   |               |    |    |     |   |    |        |   |   |   |   |   |   |   |   |
| Ratios:                                      |   |               |    |    |     |   |    |        |   |   |   |   |   |   |   |   |
| Net loss and LAE                             |   |               | 48.9    | %       |     |   | 61.6    | %           |   |   | 22.0   | %      |   |   | 53.7 | % |
| Net acquisition expense                      |   |               | 10.5    | %       |     |   | 20.6    | %           |   |   | 88.4   | %      |   |   | 16.5 | % |
| Other underwriting expense                   |   |               | 7.1     | %       |     |   | 6.2     | %           |   |   | 8.0    | %      |   |   | 6.7 | % |
| Combined                                     |   |               | 66.5    | %       |     |   | 88.4    | %           |   |   | 118.4  | %      |   |   | 76.9 | % |
|                                         |   |               |    |    |     |   |    |        |   |   |   |   |   |   |   |   |
| Three Months Ended June 30, 2008:            |   |               |    |    |     |   |    |        |   |   |   |   |   |   |   |   |
| Net premiums written                         |   | $                  | 118,588 |    |     |   | 102,893 |        |   |   | 3,379  |   |   | $ | 224,860 |   |
|                                         |   |               |    |    |     |   |    |        |   |   |   |   |   |   |   |   |
| Net premiums earned                          |   |               | 141,716 |    |     |   | 113,245 |        |   |   | 3,021  |   |   |   | 257,982 |   |
| Net losses and LAE                           |   |               | 33,367  |    |     |   | 66,783  |        |   |   | (6,758 | )      |   |   | 93,392 |   |
| Net acquisition expenses                     |   |               | 24,774  |    |     |   | 32,214  |        |   |   | 9,149  |   |   |   | 66,137 |   |
| Other underwriting expenses                  |   |               | 9,635   |    |     |   | 6,991   |        |   |   | 365    |   |   |   | 16,991 |   |
| Segment underwriting income                  |   | $                  | 73,940  |    |     |   | 7,257   |        |   |   | 265    |   |   |   | 81,462 |   |
|                                         |   |               |    |    |     |   |    |        |   |   |   |   |   |   |   |   |
| Net investment income                        |   |               |    | 46,932  |     |
| Net realized investment losses               |   |               |    | (6,168  | )        |
| Net changes in fair value of derivatives     |   |               |    | (959    | )        |
| Net foreign currency exchange losses         |   |               |    | (1,998  | )        |
| Other income                                 |   |               |    | 716     |     |
| Corporate expenses not allocated to segments |   |               |    | (8,109  | )        |
| Interest expense                             |   |               |    | (4,751  | )        |
| Income before income tax expense             |   |               | $       | 107,125 |     |
|                                         |   |               |    |    |     |   |    |        |   |   |   |   |   |   |   |   |
| Ratios:                                      |   |               |    |    |     |   |    |        |   |   |   |   |   |   |   |   |
| Net loss and LAE                             |   |               | 23.5    | %       |     |   | 59.0    | %           |   |   | (223.7 | %)     |   |   | 36.2 | % |
| Net acquisition expense                      |   |               | 17.5    | %       |     |   | 28.4    | %           |   |   | 302.8  | %      |   |   | 25.6 | % |
| Other underwriting expense                   |   |               | 6.8     | %       |     |   | 6.2     | %           |   |   | 12.1   | %      |   |   | 6.6 | % |
| Combined                                     |   |               | 47.8    | %       |     |   | 93.6    | %           |   |   | 91.2   | %      |   |   | 68.4 | % |
|                                         |   |               |    |    |     |   |    |        |   |   |   |   |   |   |   |   |

----

|                                         |   |  Propertyand Marine |    |    |  Casualty |   |    |  Finite Risk |   |   |  Total |   |
|----------------------------------------------|--------|--------------------------|---------|---------|----------------|--------|---------|-------------------|--------|--------|-------------|--------|
|                                         |   |                     |    |    |           |   |    |              |   |   |        |   |
| Six Months Ended June 30, 2009:         |   |                     |    |    |           |   |    |              |   |   |        |   |
| Net premiums written                         |   | $                        | 255,140 |    |           |   | 185,473 |              |   |   | 12,776      |   |   | $ | 453,389 |   |
|                                         |   |                     |    |    |           |   |    |              |   |   |        |   |   |   |   |   |
| Net premiums earned                          |   |                     | 261,987 |    |           |   | 209,121 |              |   |   | 9,106       |   |   |   | 480,214 |   |
| Net losses and LAE                           |   |                     | 140,258 |    |           |   | 120,183 |              |   |   | 8,668       |   |   |   | 269,109 |   |
| Net acquisition expenses                     |   |                     | 30,890  |    |           |   | 46,627  |              |   |   | 977         |   |   |   | 78,494 |   |
| Other underwriting expenses                  |   |                     | 17,282  |    |           |   | 11,799  |              |   |   | 700         |   |   |   | 29,781 |   |
| Segment underwriting income (loss)           |   | $                        | 73,557  |    |           |   | 30,512  |              |   |   | (1,239      | )      |   |   | 102,830 |   |
|                                         |   |                     |    |    |           |   |    |              |   |   |        |   |   |   |   |   |
| Net investment income                        |   |                     |    | 78,323  |           |
| Net realized investment gains                |   |                     |    | 31,364  |           |
| Net impairment losses                        |   |                     |    | (6,664  | )              |
| Net changes in fair value of derivatives     |   |                     |    | (2,523  | )              |
| Net foreign currency exchange losses         |   |                     |    | (459    | )              |
| Other income                                 |   |                     |    | 5,444   |           |
| Corporate expenses not allocated to segments |   |                     |    | (13,993 | )              |
| Interest expense                             |   |                     |    | (9,511  | )              |
| Income before income tax expense             |   |                     | $       | 184,811 |           |
|                                         |   |                     |    |    |           |   |    |              |   |   |        |   |   |   |   |   |
| Ratios:                                      |   |                     |    |    |           |   |    |              |   |   |        |   |   |   |   |   |
| Net loss and LAE                             |   |                     | 53.5    | %       |           |   | 57.5    | %                 |   |   | 95.2        | %      |   |   | 56.0 | % |
| Net acquisition expense                      |   |                     | 11.8    | %       |           |   | 22.3    | %                 |   |   | 10.7        | %      |   |   | 16.3 | % |
| Other underwriting expense                   |   |                     | 6.6     | %       |           |   | 5.6     | %                 |   |   | 7.7         | %      |   |   | 6.2 | % |
| Combined                                     |   |                     | 71.9    | %       |           |   | 85.4    | %                 |   |   | 113.6       | %      |   |   | 78.5 | % |
|                                         |   |                     |    |    |           |   |    |              |   |   |        |   |   |   |   |   |
| Six Months Ended June 30, 2008:         |   |                     |    |    |           |   |    |              |   |   |        |   |   |   |   |   |
| Net premiums written                         |   | $                        | 287,405 |    |           |   | 228,469 |              |   |   | 5,257       |   |   | $ | 521,131 |   |
|                                         |   |                     |    |    |           |   |    |              |   |   |        |   |   |   |   |   |
| Net premiums earned                          |   |                     | 295,106 |    |           |   | 260,740 |              |   |   | 3,987       |   |   |   | 559,833 |   |
| Net losses and LAE                           |   |                     | 95,406  |    |           |   | 166,176 |              |   |   | (7,987      | )      |   |   | 253,595 |   |
| Net acquisition expenses                     |   |                     | 45,428  |    |           |   | 69,702  |              |   |   | 11,549      |   |   |   | 126,679 |   |
| Other underwriting expenses                  |   |                     | 18,231  |    |           |   | 13,786  |              |   |   | 675         |   |   |   | 32,692 |   |
| Segment underwriting income (loss)           |   | $                        | 136,041 |    |           |   | 11,076  |              |   |   | (250        | )      |   |   | 146,867 |   |
|                                         |   |                     |    |    |           |   |    |              |   |   |        |   |   |   |   |   |
| Net investment income                        |   |                     |    | 95,994  |           |
| Net realized investment losses               |   |                     |    | (3,196  | )              |
| Net changes in fair value of derivatives     |   |                     |    | (1,769  | )              |
| Net foreign currency exchange gains          |   |                     |    | 2,871   |           |
| Other income                                 |   |                     |    | 620     |           |
| Corporate expenses not allocated to segments |   |                     |    | (14,098 | )              |
| Interest expense                             |   |                     |    | (9,501  | )              |
| Income before income tax expense             |   |                     | $       | 217,788 |           |
|                                         |   |                     |    |    |           |   |    |              |   |   |        |   |   |   |   |   |
| Ratios:                                      |   |                     |    |    |           |   |    |              |   |   |        |   |   |   |   |   |
| Net loss and LAE                             |   |                     | 32.3    | %       |           |   | 63.7    | %                 |   |   | (200.3      | %)     |   |   | 45.3 | % |
| Net acquisition expense                      |   |                     | 15.4    | %       |           |   | 26.7    | %                 |   |   | 289.7       | %      |   |   | 22.6 | % |
| Other underwriting expense                   |   |                     | 6.2     | %       |           |   | 5.3     | %                 |   |   | 16.9        | %      |   |   | 5.8 | % |
| Combined                                     |   |                     | 53.9    | %       |           |   | 95.7    | %                 |   |   | 106.3       | %      |   |   | 73.7 | % |

----

| 7. | Income Taxes |
|----|--------------|

| 8. | Condensed Consolidating Financial Information |
|----|-----------------------------------------------|

| Condensed Consolidating Balance Sheet June 30, 2009 |   | Platinum Holdings |      |   | Platinum Finance |   |    | Non-guarantor Subsidiaries |   |   | Consolidating Adjustments |   |   | Consolidated |       |
|----------------------------------------------------------|--------|-------------------|-----------|--------|------------------|--------|---------|----------------------------|--------|--------|---------------------------|--------|--------|--------------|------------|
|                                                     |   |              |      |   |             |   |    |                       |   |   |                      |   |   |         |       |
| ASSETS                                                   |   |              |      |   |             |   |    |                       |   |   |                      |   |   |         |       |
| Total investments                                        |   | $                 | –   |   |             |   | 1,530   |                       |   |   | 4,061,791                 |   |   |         | –    |   |   | $ | 4,063,321 |   |
| Investment in subsidiaries                               |   |              | 1,930,225 |   |             |   | 516,867 |                       |   |   | 318,004                   |   |   |         | (2,765,096 | ) |   |   | – |   |
| Cash and cash equivalents                                |   |              | 13,760    |   |             |   | 40,056  |                       |   |   | 282,121                   |   |   |         | –    |   |   |   | 335,937 |   |
| Reinsurance assets                                       |   |              | –   |   |             |   | – |                       |   |   | 450,484                   |   |   |         | –    |   |   |   | 450,484 |   |
| Other assets                                             |   |              | 14,369    |   |             |   | 2,279   |                       |   |   | 101,748                   |   |   |         | –    |   |   |   | 118,396 |   |
| Total assets                                             |   | $                 | 1,958,354 |   |             |   | 560,732 |                       |   |   | 5,214,148                 |   |   |         | (2,765,096 | ) |   | $ | 4,968,138 |   |
|                                                     |   |              |      |   |             |   |    |                       |   |   |                      |   |   |         |       |   |   |   |   |   |
| LIABILITIES ANDSHAREHOLDERS’ EQUITY                |   |              |      |   |             |   |    |                       |   |   |                      |   |   |         |       |   |   |   |   |   |
| Liabilities                                              |   |              |      |   |             |   |    |                       |   |   |                      |   |   |         |       |   |   |   |   |   |
| Reinsurance liabilities                                  |   | $                 | –   |   |             |   | – |                       |   |   | 2,713,542                 |   |   |         | –    |   |   | $ | 2,713,542 |   |
| Debt obligations                                         |   |              | –   |   |             |   | 250,000 |                       |   |   | –                   |   |   |         | –    |   |   |   | 250,000 |   |
| Other liabilities                                        |   |              | 5,650     |   |             |   | (932    | )                          |   |   | 47,174                    |   |   |         | –    |   |   |   | 51,892 |   |
| Total liabilities                                        |   |              | 5,650     |   |             |   | 249,068 |                       |   |   | 2,760,716                 |   |   |         | –    |   |   |   | 3,015,434 |   |
|                                                     |   |              |      |   |             |   |    |                       |   |   |                      |   |   |         |       |   |   |   |   |   |
| Shareholders’ Equity                               |   |              |      |   |             |   |    |                       |   |   |                      |   |   |         |       |   |   |   |   |   |
| Common shares                                            |   |              | 498       |   |             |   | – |                       |   |   | 6,250                     |   |   |         | (6,250     | ) |   |   | 498 |   |
| Additional paid-in capital                               |   |              | 1,020,631 |   |             |   | 212,592 |                       |   |   | 1,883,124                 |   |   |         | (2,095,716 | ) |   |   | 1,020,631 |   |
| Accumulated other comprehensive loss                     |   |              | (139,849  | )      |             |   | (22,394 | )                          |   |   | (162,269                  | )      |   |         | 184,663    |   |   |   | (139,849 | ) |
| Retained earnings                                        |   |              | 1,071,424 |   |             |   | 121,466 |                       |   |   | 726,327                   |   |   |         | (847,793   | ) |   |   | 1,071,424 |   |
| Total shareholders’ equity                         |   |              | 1,952,704 |   |             |   | 311,664 |                       |   |   | 2,453,432                 |   |   |         | (2,765,096 | ) |   |   | 1,952,704 |   |
|                                                     |   |              |      |   |             |   |    |                       |   |   |                      |   |   |         |       |   |   |   |   |   |
| Total liabilities and shareholders’ equity         |   | $                 | 1,958,354 |   |             |   | 560,732 |                       |   |   | 5,214,148                 |   |   |         | (2,765,096 | ) |   | $ | 4,968,138 |   |

----

| Condensed Consolidating Balance Sheet December 31, 2008 |   | Platinum Holdings |      |   | Platinum Finance |   |    | Non-guarantor Subsidiaries |   |   | Consolidating Adjustments |   |   | Consolidated |       |
|--------------------------------------------------------------|--------|-------------------|-----------|--------|------------------|--------|---------|----------------------------|--------|--------|---------------------------|--------|--------|--------------|------------|
|                                                         |   |              |      |   |             |   |    |                       |   |   |                      |   |   |         |       |
| ASSETS                                                       |   |              |      |   |             |   |    |                       |   |   |                      |   |   |         |       |
| Total investments                                            |   | $                 | –   |   |             |   | 2,140   |                       |   |   | 3,444,782                 |   |   |         | –    |   |   | $ | 3,446,922 |   |
| Investment in subsidiaries                                   |   |              | 1,736,321 |   |             |   | 518,682 |                       |   |   | 302,500                   |   |   |         | (2,557,503 | ) |   |   | – |   |
| Cash and cash equivalents                                    |   |              | 66,325    |   |             |   | 10,468  |                       |   |   | 736,224                   |   |   |         | –    |   |   |   | 813,017 |   |
| Reinsurance assets                                           |   |              | –   |   |             |   | – |                       |   |   | 517,846                   |   |   |         | –    |   |   |   | 517,846 |   |
| Other assets                                                 |   |              | 14,158    |   |             |   | 2,652   |                       |   |   | 132,568                   |   |   |         | –    |   |   |   | 149,378 |   |
| Total assets                                                 |   | $                 | 1,816,804 |   |             |   | 533,942 |                       |   |   | 5,133,920                 |   |   |         | (2,557,503 | ) |   | $ | 4,927,163 |   |
|                                                         |   |              |      |   |             |   |    |                       |   |   |                      |   |   |         |       |   |   |   |   |   |
| LIABILITIES ANDSHAREHOLDERS’ EQUITY                    |   |              |      |   |             |   |    |                       |   |   |                      |   |   |         |       |   |   |   |   |   |
| Liabilities                                                  |   |              |      |   |             |   |    |                       |   |   |                      |   |   |         |       |   |   |   |   |   |
| Reinsurance liabilities                                      |   | $                 | –   |   |             |   | – |                       |   |   | 2,810,865                 |   |   |         | –    |   |   | $ | 2,810,865 |   |
| Debt obligations                                             |   |              | –   |   |             |   | 250,000 |                       |   |   | –                   |   |   |         | –    |   |   |   | 250,000 |   |
| Other liabilities                                            |   |              | 7,407     |   |             |   | 2,412   |                       |   |   | 47,082                    |   |   |         | –    |   |   |   | 56,901 |   |
| Total liabilities                                            |   |              | 7,407     |   |             |   | 252,412 |                       |   |   | 2,857,947                 |   |   |         | –    |   |   |   | 3,117,766 |   |
|                                                         |   |              |      |   |             |   |    |                       |   |   |                      |   |   |         |       |   |   |   |   |   |
| Shareholders’ Equity                                   |   |              |      |   |             |   |    |                       |   |   |                      |   |   |         |       |   |   |   |   |   |
| Preferred shares                                             |   |              | 57        |   |             |   | – |                       |   |   | –                   |   |   |         | –    |   |   |   | 57 |   |
| Common shares                                                |   |              | 475       |   |             |   | – |                       |   |   | 6,250                     |   |   |         | (6,250     | ) |   |   | 475 |   |
| Additional paid-in capital                                   |   |              | 1,114,135 |   |             |   | 194,264 |                       |   |   | 1,898,582                 |   |   |         | (2,092,846 | ) |   |   | 1,114,135 |   |
| Accumulated other comprehensive loss                         |   |              | (188,987  | )      |             |   | (27,899 | )                          |   |   | (216,870                  | )      |   |         | 244,769    |   |   |   | (188,987 | ) |
| Retained earnings                                            |   |              | 883,717   |   |             |   | 115,165 |                       |   |   | 588,011                   |   |   |         | (703,176   | ) |   |   | 883,717 |   |
| Total shareholders' equity                                   |   |              | 1,809,397 |   |             |   | 281,530 |                       |   |   | 2,275,973                 |   |   |         | (2,557,503 | ) |   |   | 1,809,397 |   |
|                                                         |   |              |      |   |             |   |    |                       |   |   |                      |   |   |         |       |   |   |   |   |   |
| Total liabilities and shareholders’ equity             |   | $                 | 1,816,804 |   |             |   | 533,942 |                       |   |   | 5,133,920                 |   |   |         | (2,557,503 | ) |   | $ | 4,927,163 |   |

| Consolidating Statement of Operations For the Three Months Ended June 30, 2009 |   | Platinum Holdings |    |   | Platinum Finance |   |    | Non-guarantor Subsidiaries |   |   | Consolidating Adjustments |   |   | Consolidated |     |
|-------------------------------------------------------------------------------------|--------|-------------------|---------|--------|------------------|--------|---------|----------------------------|--------|--------|---------------------------|--------|--------|--------------|----------|
|                                                                                |   |              |    |   |             |   |    |                       |   |   |                      |   |   |         |     |
| Revenue:                                                                            |   |              |    |   |             |   |    |                       |   |   |                      |   |   |         |     |
| Net premiums earned                                                                 |   | $                 | – |   |             |   | – |                       |   |   | 232,462                   |   |   |         | –  |   |   | $ | 232,462 |   |
| Net investment income                                                               |   |              | 14      |   |             |   | 41      |                       |   |   | 44,022                    |   |   |         | –  |   |   |   | 44,077 |   |
| Net realized investment gains                                                       |   |              | – |   |             |   | – |                       |   |   | 10,794                    |   |   |         | –  |   |   |   | 10,794 |   |
| Other income                                                                        |   |              | 448     |   |             |   | – |                       |   |   | 4,764                     |   |   |         | –  |   |   |   | 5,212 |   |
| Total revenue                                                                       |   |              | 462     |   |             |   | 41      |                       |   |   | 292,042                   |   |   |         | –  |   |   |   | 292,545 |   |
| Expenses:                                                                           |   |              |    |   |             |   |    |                       |   |   |                      |   |   |         |     |   |   |   |   |   |
| Net losses and loss adjustment expenses                                             |   |              | – |   |             |   | – |                       |   |   | 124,945                   |   |   |         | –  |   |   |   | 124,945 |   |
| Net acquisition expenses                                                            |   |              | – |   |             |   | – |                       |   |   | 38,338                    |   |   |         | –  |   |   |   | 38,338 |   |
| Net changes in fair value of derivatives                                            |   |              | – |   |             |   | – |                       |   |   | 106                       |   |   |         | –  |   |   |   | 106 |   |
| Net impairment losses                                                               |   |              | – |   |             |   | – |                       |   |   | 3,256                     |   |   |         | –  |   |   |   | 3,256 |   |
| Operating expenses                                                                  |   |              | 6,616   |   |             |   | 111     |                       |   |   | 16,179                    |   |   |         | –  |   |   |   | 22,906 |   |
| Net foreign currency exchange gains                                                 |   |              | – |   |             |   | – |                       |   |   | ( 537                     | )      |   |         | –  |   |   |   | ( 537 | ) |
| Interest expense                                                                    |   |              | – |   |             |   | 4,756   |                       |   |   | –                   |   |   |         | –  |   |   |   | 4,756 |   |
| Total expenses                                                                      |   |              | 6,616   |   |             |   | 4,867   |                       |   |   | 182,287                   |   |   |         | –  |   |   |   | 193,770 |   |
|                                                                                |   |              |    |   |             |   |    |                       |   |   |                      |   |   |         |     |   |   |   |   |   |
| Income (loss) before income tax expense (benefit)                                   |   |              | (6,154  | )      |             |   | (4,826  | )                          |   |   | 109,755                   |   |   |         | –  |   |   |   | 98,775 |   |
| Income tax expense (benefit)                                                        |   |              | 150     |   |             |   | (1,515  | )                          |   |   | 2,010                     |   |   |         | –  |   |   |   | 645 |   |
|                                                                                |   |              |    |   |             |   |    |                       |   |   |                      |   |   |         |     |   |   |   |   |   |
| Income (loss) before equity in earnings of subsidiaries                             |   |              | (6,304  | )      |             |   | (3,311  | )                          |   |   | 107,745                   |   |   |         | –  |   |   |   | 98,130 |   |
| Equity in earnings of subsidiaries                                                  |   |              | 104,434 |   |             |   | 7,414   |                       |   |   | 5,083                     |   |   |         | (116,931 | ) |   |   | – |   |
|                                                                                |   |              |    |   |             |   |    |                       |   |   |                      |   |   |         |     |   |   |   |   |   |
| Net income                                                                          |   | $                 | 98,130  |   |             |   | 4,103   |                       |   |   | 112,828                   |   |   |         | (116,931 | ) |   | $ | 98,130 |   |

----

| Consolidating Statement of Operations For the Three Months Ended June 30, 2008 |   | Platinum Holdings |    |   | Platinum Finance |   |    | Non-guarantor Subsidiaries |   |   | Consolidating Adjustments |   |   | Consolidated |     |
|-------------------------------------------------------------------------------------|--------|-------------------|---------|--------|------------------|--------|---------|----------------------------|--------|--------|---------------------------|--------|--------|--------------|----------|
|                                                                                |   |              |    |   |             |   |    |                       |   |   |                      |   |   |         |     |
| Revenue:                                                                            |   |              |    |   |             |   |    |                       |   |   |                      |   |   |         |     |
| Net premiums earned                                                                 |   | $                 | – |   |             |   | – |                       |   |   | 257,982                   |   |   |         | –  |   |   | $ | 257,982 |   |
| Net investment income                                                               |   |              | 255     |   |             |   | 175     |                       |   |   | 46,502                    |   |   |         | –  |   |   |   | 46,932 |   |
| Net realized gains (losses) on investments                                          |   |              | – |   |             |   | 1       |                       |   |   | (6,169                    | )      |   |         | –  |   |   |   | (6,168 | ) |
| Other income                                                                        |   |              | 635     |   |             |   | – |                       |   |   | 81                        |   |   |         | –  |   |   |   | 716 |   |
| Total revenue                                                                       |   |              | 890     |   |             |   | 176     |                       |   |   | 298,396                   |   |   |         | –  |   |   |   | 299,462 |   |
| Expenses:                                                                           |   |              |    |   |             |   |    |                       |   |   |                      |   |   |         |     |   |   |   |   |   |
| Net losses and loss adjustment expenses                                             |   |              | – |   |             |   | – |                       |   |   | 93,392                    |   |   |         | –  |   |   |   | 93,392 |   |
| Net acquisition expenses                                                            |   |              | – |   |             |   | – |                       |   |   | 66,137                    |   |   |         | –  |   |   |   | 66,137 |   |
| Net changes in fair value of derivatives                                            |   |              | – |   |             |   | – |                       |   |   | 959                       |   |   |         | –  |   |   |   | 959 |   |
| Operating expenses                                                                  |   |              | 7,967   |   |             |   | 80      |                       |   |   | 17,053                    |   |   |         | –  |   |   |   | 25,100 |   |
| Net foreign currency exchange losses                                                |   |              | – |   |             |   | – |                       |   |   | 1,998                     |   |   |         | –  |   |   |   | 1,998 |   |
| Interest expense                                                                    |   |              | – |   |             |   | 4,751   |                       |   |   | –                   |   |   |         | –  |   |   |   | 4,751 |   |
| Total expenses                                                                      |   |              | 7,967   |   |             |   | 4,831   |                       |   |   | 179,539                   |   |   |         | –  |   |   |   | 192,337 |   |
|                                                                                |   |              |    |   |             |   |    |                       |   |   |                      |   |   |         |     |   |   |   |   |   |
| Income (loss) before income tax expense (benefit)                                   |   |              | (7,077  | )      |             |   | (4,655  | )                          |   |   | 118,857                   |   |   |         | –  |   |   |   | 107,125 |   |
| Income tax expense (benefit)                                                        |   |              | 300     |   |             |   | (797    | )                          |   |   | 5,265                     |   |   |         | –  |   |   |   | 4,768 |   |
|                                                                                |   |              |    |   |             |   |    |                       |   |   |                      |   |   |         |     |   |   |   |   |   |
| Income (loss) before equity in earnings of subsidiaries                             |   |              | (7,377  | )      |             |   | (3,858  | )                          |   |   | 113,592                   |   |   |         | –  |   |   |   | 102,357 |   |
| Equity in earnings of subsidiaries                                                  |   |              | 109,734 |   |             |   | 11,961  |                       |   |   | 8,329                     |   |   |         | (130,024 | ) |   |   | – |   |
|                                                                                |   |              |    |   |             |   |    |                       |   |   |                      |   |   |         |     |   |   |   |   |   |
| Net income                                                                          |   |              | 102,357 |   |             |   | 8,103   |                       |   |   | 121,921                   |   |   |         | (130,024 | ) |   |   | 102,357 |   |
| Preferred dividends                                                                 |   |              | 2,602   |   |             |   | – |                       |   |   | –                   |   |   |         | –  |   |   |   | 2,602 |   |
|                                                                                |   |              |    |   |             |   |    |                       |   |   |                      |   |   |         |     |   |   |   |   |   |
| Net income attributable to common shareholders                                      |   | $                 | 99,755  |   |             |   | 8,103   |                       |   |   | 121,921                   |   |   |         | (130,024 | ) |   | $ | 99,755 |   |

| Consolidating Statement of Operations For the Six Months Ended June 30, 2009 |   | Platinum Holdings |    |   | Platinum Finance |   |    | Non-guarantor Subsidiaries |   |   | Consolidating Adjustments |   |   | Consolidated |     |
|-----------------------------------------------------------------------------------|--------|-------------------|---------|--------|------------------|--------|---------|----------------------------|--------|--------|---------------------------|--------|--------|--------------|----------|
|                                                                              |   |              |    |   |             |   |    |                       |   |   |                      |   |   |         |     |
| Revenue:                                                                          |   |              |    |   |             |   |    |                       |   |   |                      |   |   |         |     |
| Net premiums earned                                                               |   | $                 | – |   |             |   | – |                       |   |   | 480,214                   |   |   |         | –  |   |   | $ | 480,214 |   |
| Net investment income                                                             |   |              | 44      |   |             |   | 61      |                       |   |   | 78,218                    |   |   |         | –  |   |   |   | 78,323 |   |
| Net realized investment gains                                                     |   |              | – |   |             |   | – |                       |   |   | 31,364                    |   |   |         | –  |   |   |   | 31,364 |   |
| Other income                                                                      |   |              | 902     |   |             |   | – |                       |   |   | 4,542                     |   |   |         | –  |   |   |   | 5,444 |   |
| Total revenue                                                                     |   |              | 946     |   |             |   | 61      |                       |   |   | 594,338                   |   |   |         | –  |   |   |   | 595,345 |   |
| Expenses:                                                                         |   |              |    |   |             |   |    |                       |   |   |                      |   |   |         |     |   |   |   |   |   |
| Net losses and loss adjustment expenses                                           |   |              | – |   |             |   | – |                       |   |   | 269,109                   |   |   |         | –  |   |   |   | 269,109 |   |
| Net acquisition expenses                                                          |   |              | – |   |             |   | – |                       |   |   | 78,494                    |   |   |         | –  |   |   |   | 78,494 |   |
| Net changes in fair value of derivatives                                          |   |              | – |   |             |   | – |                       |   |   | 2,523                     |   |   |         | –  |   |   |   | 2,523 |   |
| Net impairment losses                                                             |   |              | – |   |             |   | – |                       |   |   | 6,664                     |   |   |         | –  |   |   |   | 6,664 |   |
| Operating expenses                                                                |   |              | 13,159  |   |             |   | 219     |                       |   |   | 30,396                    |   |   |         | –  |   |   |   | 43,774 |   |
| Net foreign currency exchange losses                                              |   |              | – |   |             |   | – |                       |   |   | 459                       |   |   |         | –  |   |   |   | 459 |   |
| Interest expense                                                                  |   |              | – |   |             |   | 9,511   |                       |   |   | –                   |   |   |         | –  |   |   |   | 9,511 |   |
| Total expenses                                                                    |   |              | 13,159  |   |             |   | 9,730   |                       |   |   | 387,645                   |   |   |         | –  |   |   |   | 410,534 |   |
|                                                                              |   |              |    |   |             |   |    |                       |   |   |                      |   |   |         |     |   |   |   |   |   |
| Income (loss) before income tax expense (benefit)                                 |   |              | (12,213 | )      |             |   | (9,669  | )                          |   |   | 206,693                   |   |   |         | –  |   |   |   | 184,811 |   |
| Income tax expense (benefit)                                                      |   |              | 300     |   |             |   | (3,210  | )                          |   |   | 4,669                     |   |   |         | –  |   |   |   | 1,759 |   |
|                                                                              |   |              |    |   |             |   |    |                       |   |   |                      |   |   |         |     |   |   |   |   |   |
| Income (loss) before equity in earnings of subsidiaries                           |   |              | (12,513 | )      |             |   | (6,459  | )                          |   |   | 202,024                   |   |   |         | –  |   |   |   | 183,052 |   |
| Equity in earnings of subsidiaries                                                |   |              | 195,565 |   |             |   | 11,165  |                       |   |   | 5,454                     |   |   |         | (212,184 | ) |   |   | – |   |
|                                                                              |   |              |    |   |             |   |    |                       |   |   |                      |   |   |         |     |   |   |   |   |   |
| Net income                                                                        |   |              | 183,052 |   |             |   | 4,706   |                       |   |   | 207,478                   |   |   |         | (212,184 | ) |   |   | 183,052 |   |
| Preferred dividends                                                               |   |              | 1,301   |   |             |   | – |                       |   |   | –                   |   |   |         | –  |   |   |   | 1,301 |   |
|                                                                              |   |              |    |   |             |   |    |                       |   |   |                      |   |   |         |     |   |   |   |   |   |
| Net income attributable to common shareholders                                    |   | $                 | 181,751 |   |             |   | 4,706   |                       |   |   | 207,478                   |   |   |         | (212,184 | ) |   | $ | 181,751 |   |

----

| Consolidating Statement of Operations For the Six Months Ended June 30, 2008 |   | Platinum Holdings |    |   | Platinum Finance |   |    | Non-guarantor Subsidiaries |   |   | Consolidating Adjustments |   |   | Consolidated |     |
|-----------------------------------------------------------------------------------|--------|-------------------|---------|--------|------------------|--------|---------|----------------------------|--------|--------|---------------------------|--------|--------|--------------|----------|
|                                                                              |   |              |    |   |             |   |    |                       |   |   |                      |   |   |         |     |
| Revenue:                                                                          |   |              |    |   |             |   |    |                       |   |   |                      |   |   |         |     |
| Net premiums earned                                                               |   | $                 | – |   |             |   | – |                       |   |   | 559,833                   |   |   |         | –  |   |   | $ | 559,833 |   |
| Net investment income                                                             |   |              | 855     |   |             |   | 400     |                       |   |   | 94,739                    |   |   |         | –  |   |   |   | 95,994 |   |
| Net realized gains (losses) on investments                                        |   |              | – |   |             |   | 4       |                       |   |   | (3,200                    | )      |   |         | –  |   |   |   | (3,196 | ) |
| Other income (expense)                                                            |   |              | 1,084   |   |             |   | – |                       |   |   | (464                      | )      |   |         | –  |   |   |   | 620 |   |
| Total revenue                                                                     |   |              | 1,939   |   |             |   | 404     |                       |   |   | 650,908                   |   |   |         | –  |   |   |   | 653,251 |   |
| Expenses:                                                                         |   |              |    |   |             |   |    |                       |   |   |                      |   |   |         |     |   |   |   |   |   |
| Net losses and loss adjustment expenses                                           |   |              | – |   |             |   | – |                       |   |   | 253,595                   |   |   |         | –  |   |   |   | 253,595 |   |
| Net acquisition expenses                                                          |   |              | – |   |             |   | – |                       |   |   | 126,679                   |   |   |         | –  |   |   |   | 126,679 |   |
| Net changes in fair value of derivatives                                          |   |              | – |   |             |   | – |                       |   |   | 1,769                     |   |   |         | –  |   |   |   | 1,769 |   |
| Operating expenses                                                                |   |              | 13,816  |   |             |   | 180     |                       |   |   | 32,794                    |   |   |         | –  |   |   |   | 46,790 |   |
| Net foreign currency exchange gains                                               |   |              | – |   |             |   | – |                       |   |   | (2,871                    | )      |   |         | –  |   |   |   | (2,871 | ) |
| Interest expense                                                                  |   |              | – |   |             |   | 9,501   |                       |   |   | –                   |   |   |         | –  |   |   |   | 9,501 |   |
| Total expenses                                                                    |   |              | 13,816  |   |             |   | 9,681   |                       |   |   | 411,966                   |   |   |         | –  |   |   |   | 435,463 |   |
|                                                                              |   |              |    |   |             |   |    |                       |   |   |                      |   |   |         |     |   |   |   |   |   |
| Income (loss) before income tax expense (benefit)                                 |   |              | (11,877 | )      |             |   | (9,277  | )                          |   |   | 238,942                   |   |   |         | –  |   |   |   | 217,788 |   |
| Income tax expense (benefit)                                                      |   |              | 300     |   |             |   | (2,305  | )                          |   |   | 12,265                    |   |   |         | –  |   |   |   | 10,260 |   |
|                                                                              |   |              |    |   |             |   |    |                       |   |   |                      |   |   |         |     |   |   |   |   |   |
| Income (loss) before equity in earnings of subsidiaries                           |   |              | (12,177 | )      |             |   | (6,972  | )                          |   |   | 226,677                   |   |   |         | –  |   |   |   | 207,528 |   |
| Equity in earnings of subsidiaries                                                |   |              | 219,705 |   |             |   | 25,426  |                       |   |   | 19,336                    |   |   |         | (264,467 | ) |   |   | – |   |
|                                                                              |   |              |    |   |             |   |    |                       |   |   |                      |   |   |         |     |   |   |   |   |   |
| Net income                                                                        |   |              | 207,528 |   |             |   | 18,454  |                       |   |   | 246,013                   |   |   |         | (264,467 | ) |   |   | 207,528 |   |
| Preferred dividends                                                               |   |              | 5,204   |   |             |   | – |                       |   |   | –                   |   |   |         | –  |   |   |   | 5,204 |   |
|                                                                              |   |              |    |   |             |   |    |                       |   |   |                      |   |   |         |     |   |   |   |   |   |
| Net income attributable to common shareholders                                    |   | $                 | 202,324 |   |             |   | 18,454  |                       |   |   | 246,013                   |   |   |         | (264,467 | ) |   | $ | 202,324 |   |

| Condensed Consolidating Statement of Cash Flows For the Six Months Ended June 30, 2009 |   | PlatinumHoldings |     |   | Platinum Finance |   |    | Non-guarantorSubsidiaries |   |   | Consolidating Adjustments |   |   | Consolidated |    |
|---------------------------------------------------------------------------------------------|--------|------------------|----------|--------|------------------|--------|---------|---------------------------|--------|--------|---------------------------|--------|--------|--------------|---------|
|                                                                                        |   |             |     |   |             |   |    |                      |   |   |                      |   |   |         |    |
| Net cash provided by (used in) operating activities                                         |   | $                | (6,866   | )      |             |   | (9,448  | )                         |   |   | 340,200                   |   |   |         | – |   |   | $ | 323,886 |   |
|                                                                                        |   |             |     |   |             |   |    |                      |   |   |                      |   |   |         |    |   |   |   |   |   |
| Investing Activities:                                                                       |   |             |     |   |             |   |    |                      |   |   |                      |   |   |         |    |   |   |   |   |   |
| Proceeds from sale of available-for-sale securities                                         |   |             | –  |   |             |   | – |                      |   |   | 368,546                   |   |   |         | – |   |   |   | 368,546 |   |
| Purchase of subsidiary shares                                                               |   |             | –  |   |             |   | – |                      |   |   | (18,367                   | )      |   |         | 18,367  |   |   |   | – |   |
| Proceeds from maturity or paydown of available-for-sale securities                          |   |             | –  |   |             |   | 668     |                      |   |   | 295,418                   |   |   |         | – |   |   |   | 296,086 |   |
| Acquisition of available-for-sale securities                                                |   |             | –  |   |             |   | – |                      |   |   | (1,301,166                | )      |   |         | – |   |   |   | (1,301,166 | ) |
| Acquisition of trading securities                                                           |   |             | –  |   |             |   | – |                      |   |   | (119,911                  | )      |   |         | – |   |   |   | (119,911 | ) |
| Increase in short-term investments                                                          |   |             | –  |   |             |   | – |                      |   |   | 61,485                    |   |   |         | – |   |   |   | 61,485 |   |
| Dividends from subsidiaries                                                                 |   |             | 65,000   |   |             |   | 20,000  |                      |   |   | –                   |   |   |         | (85,000 | ) |   |   | – |   |
| Net cash provided by (used in) investing activities                                         |   |             | 65,000   |   |             |   | 20,668  |                      |   |   | (713,995                  | )      |   |         | (66,633 | ) |   |   | (694,960 | ) |
|                                                                                        |   |             |     |   |             |   |    |                      |   |   |                      |   |   |         |    |   |   |   |   |   |
| Financing Activities:                                                                       |   |             |     |   |             |   |    |                      |   |   |                      |   |   |         |    |   |   |   |   |   |
| Dividends paid to preferred shareholders                                                    |   |             | (2,602   | )      |             |   | – |                      |   |   | –                   |   |   |         | – |   |   |   | (2,602 | ) |
| Dividends paid to common shareholders                                                       |   |             | (8,288   | )      |             |   | – |                      |   |   | (85,000                   | )      |   |         | 85,000  |   |   |   | (8,288 | ) |
| Proceeds from exercise of share options                                                     |   |             | 1,576    |   |             |   | – |                      |   |   | –                   |   |   |         | – |   |   |   | 1,576 |   |
| Purchase of common shares                                                                   |   |             | (101,384 | )      |             |   | – |                      |   |   | –                   |   |   |         | – |   |   |   | (101,384 | ) |
| Proceeds from common share issuance                                                         |   |             | –  |   |             |   | 18,367  |                      |   |   | –                   |   |   |         | (18,367 | ) |   |   | – |   |
| Net cash provided by  (used in) financing activities                              |   |             | (110,698 | )      |             |   | 18,367  |                      |   |   | (85,000                   | )      |   |         | 66,633  |   |   |   | (110,698 | ) |
| Effect of foreign currency exchange rate changes on cash                                    |   |             | –  |   |             |   | – |                      |   |   | 4,692                     |   |   |         | – |   |   |   | 4,692 |   |
|                                                                                        |   |             |     |   |             |   |    |                      |   |   |                      |   |   |         |    |   |   |   |   |   |
| Net increase (decrease) in cash and cash equivalents                                        |   |             | (52,564  | )      |             |   | 29,587  |                      |   |   | (454,103                  | )      |   |         | – |   |   |   | (477,080 | ) |
| Cash and cash equivalents at beginning of period                                            |   |             | 66,325   |   |             |   | 10,468  |                      |   |   | 736,224                   |   |   |         | – |   |   |   | 813,017 |   |
|                                                                                        |   |             |     |   |             |   |    |                      |   |   |                      |   |   |         |    |   |   |   |   |   |
| Cash and cash equivalents at end of period                                                  |   | $                | 13,761   |   |             |   | 40,055  |                      |   |   | 282,121                   |   |   |         | – |   |   | $ | 335,937 |   |

----

| Condensed Consolidating Statement of Cash Flows For the Six Months Ended June 30, 2008 |   | PlatinumHoldings |     |   | Platinum Finance |   |    | Non-guarantorSubsidiaries |   |   | Consolidating Adjustments |   |   | Consolidated |     |
|---------------------------------------------------------------------------------------------|--------|------------------|----------|--------|------------------|--------|---------|---------------------------|--------|--------|---------------------------|--------|--------|--------------|----------|
|                                                                                        |   |             |     |   |             |   |    |                      |   |   |                      |   |   |         |     |
| Net cash provided by (used in) operating activities                                         |   | $                | (6,712   | )      |             |   | (7,666  | )                         |   |   | 221,915                   |   |   |         | –  |   |   | $ | 207,537 |   |
|                                                                                        |   |             |     |   |             |   |    |                      |   |   |                      |   |   |         |     |   |   |   |   |   |
| Investing Activities:                                                                       |   |             |     |   |             |   |    |                      |   |   |                      |   |   |         |     |   |   |   |   |   |
| Proceeds from sale of available-for-sale securities                                         |   |             | –  |   |             |   | – |                      |   |   | 7,691                     |   |   |         | –  |   |   |   | 7,691 |   |
| Proceeds from maturity or paydown of available-for-sale securities                          |   |             | –  |   |             |   | 542     |                      |   |   | 668,018                   |   |   |         | –  |   |   |   | 668,560 |   |
| Acquisition of available-for-sale securities                                                |   |             | –  |   |             |   | – |                      |   |   | (820,720                  | )      |   |         | –  |   |   |   | (820,720 | ) |
| Increase in short-term investments                                                          |   |             | –  |   |             |   | – |                      |   |   | (113,019                  | )      |   |         | –  |   |   |   | (113,019 | ) |
| Dividends from subsidiaries                                                                 |   |             | 185,000  |   |             |   | – |                      |   |   | –                   |   |   |         | (185,000 | ) |   |   | – |   |
| Net cash provided by (used in) investing activities                                         |   |             | 185,000  |   |             |   | 542     |                      |   |   | (258,030                  | )      |   |         | (185,000 | ) |   |   | (257,488 | ) |
|                                                                                        |   |             |     |   |             |   |    |                      |   |   |                      |   |   |         |     |   |   |   |   |   |
| Financing Activities:                                                                       |   |             |     |   |             |   |    |                      |   |   |                      |   |   |         |     |   |   |   |   |   |
| Dividends paid to preferred shareholders                                                    |   |             | (5,204   | )      |             |   | – |                      |   |   | –                   |   |   |         | –  |   |   |   | (5,204 | ) |
| Dividends paid to common shareholders                                                       |   |             | (8,130   | )      |             |   | – |                      |   |   | (185,000                  | )      |   |         | 185,000  |   |   |   | (8,130 | ) |
| Proceeds from exercise of share options                                                     |   |             | 24,446   |   |             |   | – |                      |   |   | –                   |   |   |         | –  |   |   |   | 24,446 |   |
| Purchase of common shares                                                                   |   |             | (213,940 | )      |             |   | – |                      |   |   | –                   |   |   |         | –  |   |   |   | (213,940 | ) |
| Net cash used in financing activities                                                       |   |             | (202,828 | )      |             |   | – |                      |   |   | (185,000                  | )      |   |         | 185,000  |   |   |   | (202,828 | ) |
| Effect of foreign currency exchange rate changes on cash                                    |   |             | –  |   |             |   | – |                      |   |   | 1,608                     |   |   |         | –  |   |   |   | 1,608 |   |
|                                                                                        |   |             |     |   |             |   |    |                      |   |   |                      |   |   |         |     |   |   |   |   |   |
| Net increase (decrease) in cash and cash equivalents                                        |   |             | (24,540  | )      |             |   | (7,124  | )                         |   |   | (219,507                  | )      |   |         | –  |   |   |   | (251,171 | ) |
| Cash and cash equivalents at beginning of period                                            |   |             | 39,592   |   |             |   | 18,349  |                      |   |   | 1,018,338                 |   |   |         | –  |   |   |   | 1,076,279 |   |
|                                                                                        |   |             |     |   |             |   |    |                      |   |   |                      |   |   |         |     |   |   |   |   |   |
| Cash and cash equivalents at end of period                                                  |   | $                | 15,052   |   |             |   | 11,225  |                      |   |   | 798,831                   |   |   |         | –  |   |   | $ | 825,108 |   |

| 9. | Company Share Repurchases |
|----|---------------------------|

July 23, 2009.  During the six months ended June 30, 2009, we repurchased 3,735,288 of our common shares in the open market at an aggregate cost, including commissions, of $101,384,000 and a weighted average cost, including commissions, of $27.14 per share.  All of the common shares we repurchased were canceled. 

----

| ITEM 2. | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
|---------|---------------------------------------------------------------------------------------------|

Current Outlook

----

|                                                                    |   | 2009   |   |   | 2008   |   |    | Increase(decrease) |   |
|-------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|---------|--------------------|--------|
|                                                                    |   |   |   |   |   |   |    |               |   |
| Net income                                                              |   | $      | 98,130 |   |   |   | 102,357 |               |   | $ | (4,227 | ) |
| Average shares outstanding used to calculate diluted earnings per share |   |   | 51,594 |   |   |   | 56,097  |               |   |   | (4,503 | ) |
| Diluted earnings per share                                              |   | $      | 1.90   |   |   |   | 1.82    |               |   | $ | 0.08 |   |

----

|                                            |   | 2009   |    |   | 2008   |   |    | Increase(decrease) |   |
|-------------------------------------------------|--------|--------|---------|--------|--------|--------|---------|--------------------|--------|
|                                            |   |   |    |   |   |   |    |               |   |
| Gross premiums written                          |   | $      | 120,498 |   |   |   | 128,022 |               |   | $ | (7,524 | ) |
| Ceded premiums written                          |   |   | 7,093   |   |   |   | 9,434   |               |   |   | (2,341 | ) |
| Net premiums written                            |   |   | 113,405 |   |   |   | 118,588 |               |   |   | (5,183 | ) |
|                                            |   |   |    |   |   |   |    |               |   |   |   |   |
| Net premiums earned                             |   |   | 128,316 |   |   |   | 141,716 |               |   |   | (13,400 | ) |
| Net losses and LAE                              |   |   | 62,807  |   |   |   | 33,367  |               |   |   | 29,440 |   |
| Net acquisition expenses                        |   |   | 13,526  |   |   |   | 24,774  |               |   |   | (11,248 | ) |
| Other underwriting expenses                     |   |   | 9,123   |   |   |   | 9,635   |               |   |   | ( 512 | ) |
| Property and Marine segment underwriting income |   | $      | 42,860  |   |   |   | 73,940  |               |   | $ | (31,080 | ) |
|                                            |   |   |    |   |   |   |    |               |   |   |   |   |
| Ratios:                                         |   |   |    |   |   |   |    |               |   |   |   |   |
| Net loss and LAE                                |   |   | 48.9    | %      |   |   | 23.5    | %                  |   | 25.4 points |   |
| Net acquisition expense                         |   |   | 10.5    | %      |   |   | 17.5    | %                  |   | (7.0) points |   |
| Other underwriting expense                      |   |   | 7.1     | %      |   |   | 6.8     | %                  |   | 0.3 points |   |
| Combined                                        |   |   | 66.5    | %      |   |   | 47.8    | %                  |   | 18.7 points |   |

|                                          |   |               |   |   |                    |   |    |         |   |   |    |   |
|-----------------------------------------------|--------|--------------------|--------|--------|-------------------------|--------|---------|--------------|--------|--------|---------|--------|
| Class of Business                             |   | Net Losses and LAE |   |   | Net Acquisition Expense |   |    | Net Premiums |   |   | Total   |   |
|                                          |   |               |   |   |                    |   |    |         |   |   |    |   |
| Property Excess-of-Loss per Risk              |   | $                  | 4,999  |   |                    |   | (23     | )            |   |   | 318     |   |   | $ | 5,294 |   |
| Catastrophe Excess-of-Loss (non-major events) |   |               | 1,485  |   |                    |   | 94      |         |   |   | 95      |   |   |   | 1,674 |   |
| Major Catastrophes                            |   |               | (1,112 | )      |                    |   | – |         |   |   | 1,338   |   |   |   | 226 |   |
| Crop                                          |   |               | (4,860 | )      |                    |   | 5,200   |         |   |   | – |   |   |   | 340 |   |
| Marine, Aviation & Satellite              |   |               | (2,294 | )      |                    |   | 291     |         |   |   | 203     |   |   |   | (1,800 | ) |
| Other                                         |   |               | 735    |   |                    |   | (254    | )            |   |   | – |   |   |   | 481 |   |
| Total                                         |   | $                  | (1,047 | )      |                    |   | 5,308   |         |   |   | 1,954   |   |   | $ | 6,215 |   |

----

|                                          |   |               |   |   |                    |   |    |         |   |   |    |   |
|-----------------------------------------------|--------|--------------------|--------|--------|-------------------------|--------|---------|--------------|--------|--------|---------|--------|
| Class of Business                             |   | Net Losses and LAE |   |   | Net Acquisition Expense |   |    | Net Premiums |   |   | Total   |   |
|                                          |   |               |   |   |                    |   |    |         |   |   |    |   |
| Property Excess-of-Loss per Risk              |   | $                  | 1,879  |   |                    |   | 726     |         |   |   | 1,303   |   |   | $ | 3,908 |   |
| Catastrophe Excess-of-Loss (non-major events) |   |               | 11,369 |   |                    |   | (749    | )            |   |   | 1,050   |   |   |   | 11,670 |   |
| Major Catastrophes                            |   |               | 3,629  |   |                    |   | – |         |   |   | 26      |   |   |   | 3,655 |   |
| Crop                                          |   |               | 4,651  |   |                    |   | (2,616  | )            |   |   | – |   |   |   | 2,035 |   |
| Marine, Aviation & Satellite              |   |               | 1,257  |   |                    |   | (128    | )            |   |   | 10      |   |   |   | 1,139 |   |
| Other                                         |   |               | 72     |   |                    |   | (108    | )            |   |   | – |   |   |   | ( 36 | ) |
| Total                                         |   | $                  | 22,857 |   |                    |   | (2,875  | )            |   |   | 2,389   |   |   | $ | 22,371 |   |

----

|                                 |   | 2009   |   |   | 2008   |   |    | Increase (decrease) |   |
|--------------------------------------|--------|--------|--------|--------|--------|--------|---------|---------------------|--------|
|                                 |   |   |   |   |   |   |    |                |   |
| Net premiums written                 |   | $      | 87,459 |   |   |   | 102,893 |                |   | $ | (15,434 | ) |
|                                 |   |   |   |   |   |   |    |                |   |   |   |   |
| Net premiums earned                  |   |   | 99,161 |   |   |   | 113,245 |                |   |   | (14,084 | ) |
| Net losses and LAE                   |   |   | 61,042 |   |   |   | 66,783  |                |   |   | (5,741 | ) |
| Net acquisition expenses             |   |   | 20,406 |   |   |   | 32,214  |                |   |   | (11,808 | ) |
| Other underwriting expenses          |   |   | 6,130  |   |   |   | 6,991   |                |   |   | ( 861 | ) |
| Casualty segment underwriting income |   | $      | 11,583 |   |   |   | 7,257   |                |   | $ | 4,326 |   |
|                                 |   |   |   |   |   |   |    |                |   |   |   |   |
| Ratios:                              |   |   |   |   |   |   |    |                |   |   |   |   |
| Net loss and LAE                     |   |   | 61.6   | %      |   |   | 59.0    | %                   |   | 2.6 points |   |
| Net acquisition expense              |   |   | 20.6   | %      |   |   | 28.4    | %                   |   | (7.8) points |   |
| Other underwriting expense           |   |   | 6.2    | %      |   |   | 6.2     | %                   |   | – points |   |
| Combined                             |   |   | 88.4   | %      |   |   | 93.6    | %                   |   | (5.2) points |   |

|                                      |   |               |   |   |                    |   |   |         |   |   |    |   |
|-------------------------------------------|--------|--------------------|--------|--------|-------------------------|--------|--------|--------------|--------|--------|---------|--------|
| Class of Business                         |   | Net Losses and LAE |   |   | Net Acquisition Expense |   |   | Net Premiums |   |   | Total   |   |
|                                      |   |               |   |   |                    |   |   |         |   |   |    |   |
| North American Excess-of-Loss Claims Made |   | $                  | 8,412  |   |                    |   | 545    |         |   |   | – |   |   | $ | 8,957 |   |
| North American Clash                      |   |               | 2,635  |   |                    |   | (4     | )            |   |   | 295     |   |   |   | 2,926 |   |
| International Casualty                    |   |               | 2,028  |   |                    |   | (119   | )            |   |   | 62      |   |   |   | 1,971 |   |
| North American Excess-of-Loss Occurrence  |   |               | 2,467  |   |                    |   | (533   | )            |   |   | 32      |   |   |   | 1,966 |   |
| North American Umbrella                   |   |               | (2,941 | )      |                    |   | 4,176  |         |   |   | – |   |   |   | 1,235 |   |
| Other                                     |   |               | 870    |   |                    |   | (145   | )            |   |   | 61      |   |   |   | 786 |   |
| Total                                     |   | $                  | 13,471 |   |                    |   | 3,920  |         |   |   | 450     |   |   | $ | 17,841 |   |

----

|                                      |   |               |   |   |                    |   |   |         |   |   |    |   |
|-------------------------------------------|--------|--------------------|--------|--------|-------------------------|--------|--------|--------------|--------|--------|---------|--------|
| Class of Business                         |   | Net Losses and LAE |   |   | Net Acquisition Expense |   |   | Net Premiums |   |   | Total   |   |
|                                      |   |               |   |   |                    |   |   |         |   |   |    |   |
| North American Excess-of-Loss Claims Made |   | $                  | 9,436  |   |                    |   | (2,652 | )            |   |   | – |   |   | $ | 6,784 |   |
| North American Excess-of-Loss Occurrence  |   |               | 1,647  |   |                    |   | 415    |         |   |   | 79      |   |   |   | 2,141 |   |
| International Casualty                    |   |               | 3,330  |   |                    |   | 9      |         |   |   | – |   |   |   | 3,339 |   |
| Financial Lines                           |   |               | 1,559  |   |                    |   | 229    |         |   |   | 292     |   |   |   | 2,080 |   |
| Other                                     |   |               | (405   | )      |                    |   | 5      |         |   |   | 92      |   |   |   | ( 308 | ) |
| Totals                                    |   | $                  | 15,567 |   |                    |   | (1,994 | )            |   |   | 463     |   |   | $ | 14,036 |   |

----

|                                         |   | 2009   |   |   | 2008   |   |   | Increase (decrease) |   |
|----------------------------------------------|--------|--------|--------|--------|--------|--------|--------|---------------------|--------|
|                                         |   |   |   |   |   |   |   |                |   |
| Net premiums written                         |   | $      | 7,253  |   |   |   | 3,379  |                |   | $ | 3,874 |   |
|                                         |   |   |   |   |   |   |   |                |   |   |   |   |
| Net premiums earned                          |   |   | 4,985  |   |   |   | 3,021  |                |   |   | 1,964 |   |
| Net losses and LAE                           |   |   | 1,096  |   |   |   | (6,758 | )                   |   |   |   |   |
| Net acquisition expenses                     |   |   | 4,406  |   |   |   | 9,149  |                |   |   |   |   |
| Net losses, LAE and acquisition expenses     |   |   | 5,502  |   |   |   | 2,391  |                |   |   | 3,111 |   |
| Other underwriting expenses                  |   |   | 400    |   |   |   | 365    |                |   |   | 35 |   |
| Finite Risk segment underwriting (loss) gain |   | $      | (917   | )      |   |   | 265    |                |   | $ | (1,182 | ) |
|                                         |   |   |   |   |   |   |   |                |   |   |   |   |
| Ratios:                                      |   |   |   |   |   |   |   |                |   |   |   |   |
| Net loss and LAE                             |   |   | 22.0   | %      |   |   | (223.7 | %)                  |   |   |   |   |
| Net acquisition expense                      |   |   | 88.4   | %      |   |   | 302.8  | %                   |   |   |   |   |
| Net loss, LAE and acquisition expense ratios |   |   | 110.4  | %      |   |   | 79.1   | %                   |   | 31.3 points |   |
| Other underwriting expense                   |   |   | 8.0    | %      |   |   | 12.1   | %                   |   | (4.1) points |   |
| Combined                                     |   |   | 118.4  | %      |   |   | 91.2   | %                   |   | 27.2 points |   |

----

|                                             |   | 2009   |   |   | 2008   |   |   | Favorable (unfavorable) change |   |
|--------------------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------------------------------|--------|
|                                             |   |   |   |   |   |   |   |                           |   |
| Net gains (losses) on the sale of investments    |   | $      | 7,999  |   |   |   | (184   | )                              |   | $ | 8,183 |   |
| Mark-to-market adjustments on trading securities |   |   | 2,795  |   |   |   | (5,984 | )                              |   |   | 8,779 |   |
| Net realized investment gains (losses)           |   | $      | 10,794 |   |   |   | (6,168 | )                              |   | $ | 16,962 |   |

|                                                                    |   | 2009   |    |   | 2008   |   |    | Decrease |   |
|-------------------------------------------------------------------------|--------|--------|---------|--------|--------|--------|---------|----------|--------|
|                                                                    |   |   |    |   |   |   |    |     |   |
| Net income                                                              |   | $      | 183,052 |   |   |   | 207,528 |     |   | $ | 24,476 |   |
| Average shares outstanding used to calculate diluted earnings per share |   |   | 52,744  |   |   |   | 58,021  |     |   |   | 5,277 |   |
| Diluted earnings per share                                              |   | $      | 3.47    |   |   |   | 3.58    |     |   | $ | 0.11 |   |

----

|                                            |   | 2009   |    |   | 2008   |   |    | Increase(decrease) |   |
|-------------------------------------------------|--------|--------|---------|--------|--------|--------|---------|--------------------|--------|
|                                            |   |   |    |   |   |   |    |               |   |
| Gross premiums written                          |   | $      | 265,933 |   |   |   | 300,922 |               |   | $ | (34,989 | ) |
| Ceded premiums written                          |   |   | 10,793  |   |   |   | 13,517  |               |   |   | (2,724 | ) |
| Net premiums written                            |   |   | 255,140 |   |   |   | 287,405 |               |   |   | (32,265 | ) |
|                                            |   |   |    |   |   |   |    |               |   |   |   |   |
| Net premiums earned                             |   |   | 261,987 |   |   |   | 295,106 |               |   |   | (33,119 | ) |
| Net losses and LAE                              |   |   | 140,258 |   |   |   | 95,406  |               |   |   | 44,852 |   |
| Net acquisition expenses                        |   |   | 30,890  |   |   |   | 45,428  |               |   |   | (14,538 | ) |
| Other underwriting expenses                     |   |   | 17,282  |   |   |   | 18,231  |               |   |   | ( 949 | ) |
| Property and Marine segment underwriting income |   | $      | 73,557  |   |   |   | 136,041 |               |   | $ | (62,484 | ) |
|                                            |   |   |    |   |   |   |    |               |   |   |   |   |
| Ratios:                                         |   |   |    |   |   |   |    |               |   |   |   |   |
| Net loss and LAE                                |   |   | 53.5    | %      |   |   | 32.3    | %                  |   | 21.2 points |   |
| Net acquisition expense                         |   |   | 11.8    | %      |   |   | 15.4    | %                  |   | (3.6) points |   |
| Other underwriting expense                      |   |   | 6.6     | %      |   |   | 6.2     | %                  |   | 0.4 points |   |
| Combined                                        |   |   | 71.9    | %      |   |   | 53.9    | %                  |   | 18.0 points |   |

----

|                                          |   |               |    |   |                    |   |    |         |   |   |    |   |
|-----------------------------------------------|--------|--------------------|---------|--------|-------------------------|--------|---------|--------------|--------|--------|---------|--------|
| Class of Business                             |   | Net Losses and LAE |    |   | Net Acquisition Expense |   |    | Net Premiums |   |   | Total   |   |
|                                          |   |               |    |   |                    |   |    |         |   |   |    |   |
| Property Excess-of-Loss per Risk              |   | $                  | 7,699   |   |                    |   | (249    | )            |   |   | 322     |   |   | $ | 7,772 |   |
| Catastrophe Excess-of-Loss (non-major events) |   |               | 8,055   |   |                    |   | 912     |         |   |   | 252     |   |   |   | 9,219 |   |
| Major Catastrophes                            |   |               | (3,528  | )      |                    |   | – |         |   |   | 1,698   |   |   |   | (1,830 | ) |
| Crop                                          |   |               | (10,583 | )      |                    |   | 5,105   |         |   |   | – |   |   |   | (5,478 | ) |
| Marine, Aviation & Satellite              |   |               | (5,730  | )      |                    |   | 214     |         |   |   | 690     |   |   |   | (4,826 | ) |
| Other                                         |   |               | 1,556   |   |                    |   | (283    | )            |   |   | – |   |   |   | 1,273 |   |
| Total                                         |   | $                  | (2,531  | )      |                    |   | 5,699   |         |   |   | 2,962   |   |   | $ | 6,130 |   |

|                                          |   |               |   |   |                    |   |    |         |   |   |    |   |
|-----------------------------------------------|--------|--------------------|--------|--------|-------------------------|--------|---------|--------------|--------|--------|---------|--------|
| Class of Business                             |   | Net Losses and LAE |   |   | Net Acquisition Expense |   |    | Net Premiums |   |   | Total   |   |
|                                          |   |               |   |   |                    |   |    |         |   |   |    |   |
| Property Excess-of-Loss per Risk              |   | $                  | 3,170  |   |                    |   | 892     |         |   |   | 1,739   |   |   | $ | 5,801 |   |
| Catastrophe Excess-of-Loss (non-major events) |   |               | 16,723 |   |                    |   | (1,223  | )            |   |   | 1,326   |   |   |   | 16,826 |   |
| Major Catastrophes                            |   |               | 8,560  |   |                    |   | – |         |   |   | (319    | )      |   |   | 8,241 |   |
| Crop                                          |   |               | 10,630 |   |                    |   | (2,635  | )            |   |   | – |   |   |   | 7,995 |   |
| Marine, Aviation & Satellite              |   |               | (2,561 | )      |                    |   | 33      |         |   |   | 5,551   |   |   |   | 3,023 |   |
| Other                                         |   |               | 1,566  |   |                    |   | (112    | )            |   |   | – |   |   |   | 1,454 |   |
| Total                                         |   | $                  | 38,088 |   |                    |   | (3,045  | )            |   |   | 8,297   |   |   | $ | 43,340 |   |

----

|                                 |   | 2009   |    |   | 2008   |   |    | Increase (decrease) |   |
|--------------------------------------|--------|--------|---------|--------|--------|--------|---------|---------------------|--------|
|                                 |   |   |    |   |   |   |    |                |   |
| Net premiums written                 |   | $      | 185,473 |   |   |   | 228,469 |                |   | $ | (42,996 | ) |
|                                 |   |   |    |   |   |   |    |                |   |   |   |   |
| Net premiums earned                  |   |   | 209,121 |   |   |   | 260,740 |                |   |   | (51,619 | ) |
| Net losses and LAE                   |   |   | 120,183 |   |   |   | 166,176 |                |   |   | (45,993 | ) |
| Net acquisition expenses             |   |   | 46,627  |   |   |   | 69,702  |                |   |   | (23,075 | ) |
| Other underwriting expenses          |   |   | 11,799  |   |   |   | 13,786  |                |   |   | (1,987 | ) |
| Casualty segment underwriting income |   | $      | 30,512  |   |   |   | 11,076  |                |   | $ | 19,436 |   |
|                                 |   |   |    |   |   |   |    |                |   |   |   |   |
| Ratios:                              |   |   |    |   |   |   |    |                |   |   |   |   |
| Net loss and LAE                     |   |   | 57.5    | %      |   |   | 63.7    | %                   |   | (6.2) points |   |
| Net acquisition expense              |   |   | 22.3    | %      |   |   | 26.7    | %                   |   | (4.4) points |   |
| Other underwriting expense           |   |   | 5.6     | %      |   |   | 5.3     | %                   |   | 0.3 points |   |
| Combined                             |   |   | 85.4    | %      |   |   | 95.7    | %                   |   | (10.3) points |   |

----

|                                      |   |               |   |   |                    |   |   |         |   |   |    |   |
|-------------------------------------------|--------|--------------------|--------|--------|-------------------------|--------|--------|--------------|--------|--------|---------|--------|
| Class of Business                         |   | Net Losses and LAE |   |   | Net Acquisition Expense |   |   | Net Premiums |   |   | Total   |   |
|                                      |   |               |   |   |                    |   |   |         |   |   |    |   |
| North American Excess-of-Loss Claims Made |   | $                  | 15,343 |   |                    |   | 434    |         |   |   | – |   |   | $ | 15,777 |   |
| North American Clash                      |   |               | 1,619  |   |                    |   | (29    | )            |   |   | 227     |   |   |   | 1,817 |   |
| International Casualty                    |   |               | 1,525  |   |                    |   | (229   | )            |   |   | 139     |   |   |   | 1,435 |   |
| North American Excess-of-Loss Occurrence  |   |               | 13,764 |   |                    |   | (434   | )            |   |   | 73      |   |   |   | 13,403 |   |
| North American Umbrella                   |   |               | 3,661  |   |                    |   | 4,145  |         |   |   | – |   |   |   | 7,806 |   |
| Other                                     |   |               | 697    |   |                    |   | (256   | )            |   |   | (595    | )      |   |   | ( 154 | ) |
| Total                                     |   | $                  | 36,609 |   |                    |   | 3,631  |         |   |   | ( 156   | )      |   | $ | 40,084 |   |

|                                      |   |               |   |   |                    |   |   |         |   |   |    |   |
|-------------------------------------------|--------|--------------------|--------|--------|-------------------------|--------|--------|--------------|--------|--------|---------|--------|
| Class of Business                         |   | Net Losses and LAE |   |   | Net Acquisition Expense |   |   | Net Premiums |   |   | Total   |   |
|                                      |   |               |   |   |                    |   |   |         |   |   |    |   |
| North American Excess-of-Loss Claims Made |   | $                  | 16,957 |   |                    |   | (4,983 | )            |   |   | – |   |   | $ | 11,974 |   |
| North American Excess-of-Loss Occurrence  |   |               | 2,796  |   |                    |   | (863   | )            |   |   | 79      |   |   |   | 2,012 |   |
| International Casualty                    |   |               | 4,934  |   |                    |   | 269    |         |   |   | – |   |   |   | 5,203 |   |
| Financial Lines                           |   |               | 3,689  |   |                    |   | 258    |         |   |   | 306     |   |   |   | 4,253 |   |
| Other                                     |   |               | (721   | )      |                    |   | (93    | )            |   |   | 107     |   |   |   | ( 707 | ) |
| Total                                     |   | $                  | 27,655 |   |                    |   | (5,412 | )            |   |   | 492     |   |   | $ | 22,735 |   |

----

|                                         |   | 2009   |   |   | 2008   |   |   | Increase (decrease) |   |
|----------------------------------------------|--------|--------|--------|--------|--------|--------|--------|---------------------|--------|
|                                         |   |   |   |   |   |   |   |                |   |
| Net premiums written                         |   | $      | 12,776 |   |   |   | 5,257  |                |   | $ | 7,519 |   |
|                                         |   |   |   |   |   |   |   |                |   |   |   |   |
| Net premiums earned                          |   |   | 9,106  |   |   |   | 3,987  |                |   |   | 5,119 |   |
| Net losses and LAE                           |   |   | 8,668  |   |   |   | (7,987 | )                   |   |   |   |   |
| Net acquisition expenses                     |   |   | 977    |   |   |   | 11,549 |                |   |   |   |   |
| Net losses, LAE and acquisition expenses     |   |   | 9,645  |   |   |   | 3,562  |                |   |   | 6,083 |   |
| Other underwriting expenses                  |   |   | 700    |   |   |   | 675    |                |   |   | 25 |   |
| Finite Risk segment underwriting loss        |   | $      | (1,239 | )      |   |   | (250   | )                   |   | $ | ( 989 | ) |
|                                         |   |   |   |   |   |   |   |                |   |   |   |   |
| Ratios:                                      |   |   |   |   |   |   |   |                |   |   |   |   |
| Net loss and LAE                             |   |   | 95.2   | %      |   |   | (200.3 | %)                  |   |   |   |   |
| Net acquisition expense                      |   |   | 10.7   | %      |   |   | 289.7  | %                   |   |   |   |   |
| Net loss, LAE and acquisition expense ratios |   |   | 105.9  | %      |   |   | 89.4   | %                   |   | 16.5 points |   |
| Other underwriting expense                   |   |   | 7.7    | %      |   |   | 16.9   | %                   |   | (9.2) points |   |
| Combined                                     |   |   | 113.6  | %      |   |   | 106.3  | %                   |   | 7.3 points |   |

----

|                                             |   | 2009   |   |   | 2008   |   |   | Favorable (Unfavorable) change |   |
|--------------------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------------------------------|--------|
|                                             |   |   |   |   |   |   |   |                           |   |
| Net gains on the sale of investments             |   | $      | 29,768 |   |   |   | (139   | )                              |   | $ | 29,907 |   |
| Mark-to-market adjustments on trading securities |   |   | 1,596  |   |   |   | (3,057 | )                              |   |   | 4,653 |   |
| Net realized investment gains                    |   | $      | 31,364 |   |   |   | (3,196 | )                              |   | $ | 34,560 |   |

----

|                                                          |   | Fair Value |      |   | Net Unrealized Gain (Loss) |   |     | Average Credit Quality |   |
|---------------------------------------------------------------|--------|------------|-----------|--------|----------------------------|--------|----------|------------------------|--------|
|                                                          |   |       |      |   |                       |   |     |                   |   |
| Available-for-sale securities:                                |   |       |      |   |                       |   |     |                   |   |
| U.S. Government                                               |   | $          | 4,379     |   |                       | $      | 283      |                   |   | Aaa |   |
| U.S. Government agencies                                      |   |       | 685,493   |   |                       |   | 19,103   |                   |   | Aaa |   |
| Corporate:                                                    |   |       |      |   |                       |   |     |                   |   |   |   |
| Industrial                                                    |   |       | 463,993   |   |                       |   | 12,373   |                   |   |   | A2 |   |
| Finance                                                       |   |       | 114,538   |   |                       |   | (7,758   | )                      |   |   | A1 |   |
| Utilities                                                     |   |       | 50,551    |   |                       |   | 309      |                   |   |   | A2 |   |
| Insurance                                                     |   |       | 39,464    |   |                       |   | (604     | )                      |   |   | A1 |   |
| Preferreds with maturity date                                 |   |       | 25,884    |   |                       |   | (6,936   | )                      |   | Baa1 |   |
| Hybrid trust preferreds                                       |   |       | 12,945    |   |                       |   | (4,495   | )                      |   |   | A1 |   |
| Mortgage-backed and asset-backed securities:                  |   |       |      |   |                       |   |     |                   |   |   |   |   |
| Commercial mortgage-backed securities                         |   |       | 396,959   |   |                       |   | (75,503  | )                      |   | Aaa |   |
| U.S. Government agency residential mortgage-backed securities |   |       | 899,504   |   |                       |   | 5,769    |                   |   | Aaa |   |
| Non-agency residential mortgage-backed securities             |   |       | 87,405    |   |                       |   | (60,496  | )                      |   |   | A1 |   |
| Alt-A residential mortgage-backed securities                  |   |       | 7,935     |   |                       |   | (10,299  | )                      |   |   | B1 |   |
| Sub-prime asset-backed securities                             |   |       | 9,724     |   |                       |   | (30,188  | )                      |   | Baa3 |   |
| Asset-backed securities                                       |   |       | 48,643    |   |                       |   | (2,498   | )                      |   | Aaa |   |
| Municipal bonds                                               |   |       | 649,587   |   |                       |   | 2,455    |                   |   | Aa2 |   |
| Non-U.S. governments                                          |   |       | 298,392   |   |                       |   | 4,905    |                   |   | Aa1 |   |
| Total fixed maturity available-for-sale securities            |   |       | 3,795,396 |   |                       |   | (153,580 | )                      |   | Aa2 |   |
| Preferred stocks                                              |   |       | 3,551     |   |                       |   | 1,672    |                   |   |   | B3 |   |
| Total available-for-sale securities                           |   |       | 3,798,947 |   |                       |   | (151,908 | )                      |   | Aa2 |   |
|                                                          |   |       |      |   |                       |   |     |                   |   |   |   |   |
| Trading securities:                                           |   |       |      |   |                       |   |     |                   |   |   |   |   |
| U.S. Government                                               |   |       | 104,734   |   |                       |   | n/a      |                   |   | Aaa |   |
| Insurance-linked securities                                   |   |       | 19,531    |   |                       |   | n/a      |                   |   | Ba2 |   |
| Corporate bonds                                               |   |       | 2,321     |   |                       |   | n/a      |                   |   |   | A1 |   |
| Non-U.S. governments                                          |   |       | 123,939   |   |                       |   | n/a      |                   |   | Aa1 |   |
| Total trading securities                                      |   |       | 250,525   |   |                       |   | n/a      |                   |   | Aa1 |   |
|                                                          |   |       |      |   |                       |   |     |                   |   |   |   |   |
| Total fixed maturity securities                               |   | $          | 4,049,472 |   |                       | $      | (151,908 | )                      |   | Aa2 |   |

----

----

On Forward-Looking Statements

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|   | • | severe catastrophic events over which we have no control; |
|--------|---------|-----------------------------------------------------------|

|   | • | the effectiveness of our loss limitation methods and pricing models; |
|--------|---------|----------------------------------------------------------------------|

|   | • | the adequacy of our liability for unpaid losses and loss adjustment expenses; |
|--------|---------|-------------------------------------------------------------------------------|

|   | • | our ability to maintain our A.M. Best Company, Inc. (“A.M. Best”) rating; |
|--------|---------|---------------------------------------------------------------------------------------|

|   | • | the cyclicality of the property and casualty reinsurance business; |
|--------|---------|--------------------------------------------------------------------|

|   | • | the competitive environment in which we conduct operations; |
|--------|---------|-------------------------------------------------------------|

|   | • | our ability to maintain our business relationships with reinsurance brokers; |
|--------|---------|------------------------------------------------------------------------------|

|   | • | the availability of retrocessional reinsurance on acceptable terms; |
|--------|---------|---------------------------------------------------------------------|

|   | • | market volatility and interest rate and currency exchange rate fluctuation; |
|--------|---------|-----------------------------------------------------------------------------|

|   | • | tax, regulatory or legal restrictions or limitations applicable to us or the property and casualty reinsurance business generally; |
|--------|---------|------------------------------------------------------------------------------------------------------------------------------------|

|   | • | general political and economic conditions, including the effects of civil unrest, acts of terrorism, war or a prolonged United States or global economic downturn or recession; and |
|--------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | changes in our plans, strategies, objectives, expectations or intentions, which may happen at any time at our discretion. |
|--------|---------|---------------------------------------------------------------------------------------------------------------------------|

| ITEM 3. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
|---------|------------------------------------------------------------|

----

|                                             |   | Interest Rate Shift in Basis Points |      |
|--------------------------------------------------|--------|-------------------------------------|-----------|
|                                             |   |                                | - 100bp   |   |   |   | - 50bp |   |   | Current |   |   |   | + 50bp |   |   |   | + 100bp |   |
|                                             |   |                                |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total market value                               |   | $                                   | 4,189,346 |   |   |   | 4,119,914 |   |   |   | 4,045,921 |   |   |   | 3,965,900 |   |   | $ | 3,886,076 |   |
| Percent change in market value                   |   |                                | 3.5       | % |   |   | 1.8 | % |   |   | – |   |   |   | (2.0 | %) |   |   | (4.0 | %) |
| Resulting unrealized appreciation (depreciation) |   | $                                   | 828       |   |   |   | (68,604 | ) |   |   | (142,597 | ) |   |   | (222,618 | ) |   | $ | (302,442 | ) |

|                      |   | CarryingAmount |      |   | Fair Value |   |
|---------------------------|--------|----------------|-----------|--------|------------|--------|
|                      |   |           |      |   |       |   |
| Financial assets:         |   |           |      |   |       |   |
| Fixed maturity securities |   | $              | 4,045,921 |   |       | $      | 4,045,921 |   |
| Preferred stocks          |   |           | 3,551     |   |       |   | 3,551 |   |
| Short-term investments    |   |           | 13,849    |   |       |   | 13,849 |   |
|                      |   |           |      |   |       |   |   |   |
| Financial liabilities:    |   |           |      |   |       |   |   |   |
| Debt obligations          |   | $              | 250,000   |   |       | $      | 205,000 |   |
| Derivative instruments    |   |           | 2,447     |   |       |   | 2,447 |   |

----

| ITEM 4. | CONTROLS AND PROCEDURES |
|---------|-------------------------|

| ITEM 1A. | RISK FACTORS |
|----------|--------------|

----

| ITEM 2. | UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS |
|---------|-------------------------------------------------------------|

| Period                                  |   | (a)Total Number of Shares Purchased |      |   | (b)Average Price paid per Share |   |    | (c)Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs* |    |   | (d)Maximum Dollar Value of Shares that May Yet Be Purchased Under the Plan or Programs |   |
|-----------------------------------------|--------|-------------------------------------|-----------|--------|---------------------------------|--------|---------|--------------------------------------------------------------------------------------|---------|--------|----------------------------------------------------------------------------------------|--------|
|                                    |   |                                |      |   |                            |   |    |                                                                                 | – |   |                                                                                   |   |   |
| April 1, 2009 – April 30, 2009    |   |                                | –   |   |                            | $      | – |                                                                                 |    |   | –                                                                                |   |   | $ | 250,000,000 |   |
| May 1, 2009 – May 31, 2009        |   |                                | 1,111,269 |   |                            |   | 27.82   |                                                                                 |    |   | 30,912,837                                                                             |   |   |   | 219,087,163 |   |
| June 1, 2009 – June 30, 2009 |   |                                | 372,215   |   |                            |   | 27.89   |                                                                                 |    |   | 10,380,401                                                                             |   |   |   | 208,706,762 |   |
| Total                                   |   |                                | 1,483,484 |   |                            | $      | 27.84   |                                                                                 |    |   | 41,293,238                                                                             |   |   | $ | 208,706,762 |   |

| ITEM 4. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS |
|---------|-----------------------------------------------------|

|               |   | For    |       |   | Withheld |   |
|--------------------|--------|--------|------------|--------|----------|--------|
|               |   |   |       |   |     |   |
| H. Furlong Baldwin |   |   | 45,306,847 |   |     |   | 1,078,978 |   |
| Dan R. Carmichael  |   |   | 45,139,568 |   |     |   | 1,246,257 |   |
| A. John Hass       |   |   | 45,089,618 |   |     |   | 1,296,207 |   |
| Edmund R. Megna    |   |   | 45,141,689 |   |     |   | 1,244,136 |   |
| Michael D. Price   |   |   | 45,432,690 |   |     |   | 953,135 |   |
| Peter T. Pruitt    |   |   | 40,298,440 |   |     |   | 6,087,385 |   |
| James P. Slattery  |   |   | 45,432,597 |   |     |   | 953,228 |   |

| For        |   | Against |   | Abstain |   | Broker Non-Votes |
|------------|--------|---------|--------|---------|--------|------------------|
|       |   |    |   |    |   |             |
| 45,994,052 |   | 383,346 |   | 8,427   |   | 0                |

| ITEM 6. | EXHIBITS |
|---------|----------|

| Exhibit Number |   | Description                                                                                                                                                                                         |
|----------------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|           |   |                                                                                                                                                                                                |
| 31.1           |   | Certification of Michael D. Price, Chief Executive Officer of Platinum Holdings, pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Exchange Act.                                             |   |
| 31.2           |   | Certification of James A. Krantz, Chief Financial Officer of Platinum Holdings, pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Exchange Act.                                         |   |
| 32.1           |   | Certification of Michael D. Price, Chief Executive Officer of Platinum Holdings, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002.     |   |
| 32.2           |   | Certification of James A. Krantz, Chief Financial Officer of Platinum Holdings, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002. |   |

----

IGNATURES 

|                     | Platinum Underwriters Holdings, Ltd. |                                                                |
|--------------------------|--------------------------------------|---------------------------------------------------------------------|
|                     |                                 |                                                                |   |
| Date: July 28, 2009 | By:                                  | /s/ Michael D. Price                                           |   |
|                     |                                 | Michael D. Price                                                    |   |
|                     |                                 | President and Chief Executive Officer (Principal Executive Officer) |   |
|                     |                                 |                                                                |   |

|                     |   |                                                                                              |
|--------------------------|--------|---------------------------------------------------------------------------------------------------|
|                     |   |                                                                                              |   |
| Date: July 28, 2009 | By:    | /s/ James A. Krantz                                                                          |   |
|                     |   | James A. Krantz                                                                                   |   |
|                     |   | Executive Vice President and Chief Financial Officer (Principal Financial and Accounting Officer) |   |
|                     |   |                                                                                              |   |