##### Table of Contents



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 FORM 10-Q
 þ
    
    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
   o
    
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
 
  PLATINUM UNDERWRITERS HOLDINGS, LTD.
  Bermuda
(State or other jurisdiction of
incorporation or organization)
    
    98-0416483
(IRS Employer Identification No.)
 The Belvedere Building
69 Pitts Bay Road
Pembroke, Bermuda
(Address of principal executive offices)
    
    HM 08
(Zip Code)
 (Registrants telephone number, including area code)
 (Former name, former address and former fiscal year, if changed since last report)
 þ o
 þ o




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PagePART I    FINANCIAL INFORMATIONItem 1. Condensed Consolidated Financial StatementsConsolidated Balance Sheets as of June 30, 2005 (Unaudited) and
December 31, 2004
    
    
    1Consolidated Statements of Income and Comprehensive Income for the Three and
Six Months Ended June 30, 2005 and 2004 (Unaudited)
    
    
    2Consolidated Statements of Changes in Shareholders Equity for the Six months
Ended June 30, 2005 and 2004 (Unaudited)
    
    
    3Consolidated Statements of Cash Flows for the Six Months Ended
June 30, 2005 and 2004 (Unaudited)
    
    
    4Notes to Condensed Consolidated Financial Statements (Unaudited) for the
Three and Six Months Ended June 30, 2005 and 2004
    
    
    5Item 2. Managements Discussion and Analysis of Financial Condition and Results of
Operations for the Three and Six Months Ended June 30, 2005 and 2004
    
    
    15Item 3. Quantitative and Qualitative Disclosures about Market Risk
    
    
    39Item 4. Controls and Procedures
    
    
    40PART II    OTHER INFORMATIONItem 1. Legal Proceedings
    
    
    42Item 4. Submission of Matters to a Vote of Security Holders
    
    
    42Item 6. Exhibits
    
    
    43SIGNATURES
    
    
    43EX-10.1: FIRST AMENDMENT TO THE GUARANTYEX-31.1: CERTIFICATIONEX-31.2: CERTIFICATIONEX-32.1: CERTIFICATIONEX-32.2: CERTIFICATION




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##### Table of Contents



PART I  FINANCIAL INFORMATION
 
 ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
 Platinum Underwriters Holdings, Ltd. and Subsidiaries
 
 
 (Unaudited)December 31,June 30, 2005
    
    2004ASSETSInvestments:Fixed maturities available-for-sale, at fair value
(amortized cost  $2,639,061 and $2,144,290, respectively)
    
    $
    2,649,121
    
    
    $
    2,157,529Fixed maturities  trading, at fair value
(amortized cost  $73,301 and $82,931, respectively)
    
    
    73,571
    
    
    
    82,673Other invested asset
    
    
    6,000
    
    
    
    6,769Total investments
    
    
    2,728,692
    
    
    
    2,246,971Cash and cash equivalents
    
    
    409,539
    
    
    
    209,897Accrued investment income
    
    
    28,316
    
    
    
    23,663Reinsurance premiums receivable
    
    
    576,457
    
    
    
    580,048Reinsurance recoverable on ceded losses and loss adjustment
expenses
    
    
    10,447
    
    
    
    2,005Prepaid reinsurance premiums
    
    
    6,241
    
    
    
    2,887Funds held by ceding companies
    
    
    271,795
    
    
    
    198,048Deferred acquisition costs
    
    
    144,844
    
    
    
    136,038Income tax recoverable
    
    
    
    
    
    
    1,325Deferred tax assets
    
    
    12,849
    
    
    
    8,931Other assets
    
    
    10,056
    
    
    
    12,182Total assets
    
    $
    4,199,236
    
    
    $
    3,421,995LIABILITIES AND SHAREHOLDERS EQUITYLiabilities:Unpaid losses and loss adjustment expenses
    
    $
    1,559,092
    
    
    $
    1,380,955Unearned premiums
    
    
    575,727
    
    
    
    502,423Reinsurance deposit liabilities
    
    
    5,821
    
    
    
    20,189Debt obligations
    
    
    387,500
    
    
    
    137,500Ceded premiums payable
    
    
    18,119
    
    
    
    2,384Commissions payable
    
    
    216,459
    
    
    
    181,925Funds withheld
    
    
    13,224
    
    
    
    11,999Deferred taxes
    
    
    10,545
    
    
    
    10,404Other liabilities
    
    
    140,021
    
    
    
    41,213Total liabilities
    
    
    2,926,508
    
    
    
    2,288,992Shareholders Equity:Preferred shares, $.01 par value, 25,000,000 shares
authorized, no shares issued or outstanding
    
    
    
    
    
    
    Common shares, $.01 par value, 200,000,000 shares
authorized, 43,406,788 and 43,087,407 shares issued and
outstanding, respectively
    
    
    434
    
    
    
    430Additional paid-in capital
    
    
    921,271
    
    
    
    911,851Unearned share grant compensation
    
    
    (2,246
    )
    
    
    Accumulated other comprehensive income
    
    
    10,637
    
    
    
    12,252Retained earnings
    
    
    342,632
    
    
    
    208,470Total shareholders equity
    
    
    1,272,728
    
    
    
    1,133,003Total liabilities and shareholders equity
    
    $
    4,199,236
    
    
    $
    3,421,995
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##### Table of Contents



Platinum Underwriters Holdings, Ltd. and Subsidiaries
 
 
  Three Months Ended
    
    Six Months EndedJune 30,
    
    June 30,2005
    
    2004
    
    2005
    
    2004Revenue:Net premiums earned
    
    $
    431,470
    
    
    
    310,867
    
    
    
    842,510
    
    
    $
    631,909Net investment income
    
    
    28,904
    
    
    
    19,377
    
    
    
    55,809
    
    
    
    36,861Net realized losses on investments
    
    
    (555
    )
    
    
    (1,279
    )
    
    
    (183
    )
    
    
    (827
    )Other income
    
    
    588
    
    
    
    605
    
    
    
    232
    
    
    
    1,116Total revenue
    
    
    460,407
    
    
    
    329,570
    
    
    
    898,368
    
    
    
    669,059Expenses:Losses and loss adjustment expenses
    
    
    240,852
    
    
    
    189,466
    
    
    
    478,550
    
    
    
    351,435Acquisition expenses
    
    
    103,928
    
    
    
    62,694
    
    
    
    197,177
    
    
    
    151,615Operating expenses
    
    
    23,480
    
    
    
    19,262
    
    
    
    43,488
    
    
    
    38,036Net foreign currency exchange losses
    
    
    160
    
    
    
    1,168
    
    
    
    1,958
    
    
    
    302Interest expense
    
    
    4,174
    
    
    
    2,324
    
    
    
    6,347
    
    
    
    4,630Total expenses
    
    
    372,594
    
    
    
    274,914
    
    
    
    727,520
    
    
    
    546,018Income before income tax expense
    
    
    87,813
    
    
    
    54,656
    
    
    
    170,848
    
    
    
    123,041Income tax expense
    
    
    19,828
    
    
    
    4,857
    
    
    
    29,775
    
    
    
    18,428Net income
    
    $
    67,985
    
    
    
    49,799
    
    
    
    141,073
    
    
    $
    104,613Earnings per share:Basic earnings per share
    
    $
    1.57
    
    
    
    1.15
    
    
    
    3.26
    
    
    $
    2.42Diluted earnings per share
    
    $
    1.39
    
    
    
    1.01
    
    
    
    2.88
    
    
    $
    2.12Comprehensive income (loss):Net income
    
    $
    67,985
    
    
    
    49,799
    
    
    
    141,073
    
    
    $
    104,613Other comprehensive income:Net change in unrealized gains and
losses on available-for-sale
securities, net of deferred taxes
    
    
    33,051
    
    
    
    (52,356
    )
    
    
    (1,578
    )
    
    
    (33,183
    )Cumulative translation adjustments,
net of deferred taxes
    
    
    (46
    )
    
    
    (123
    )
    
    
    (37
    )
    
    
    (152
    )Comprehensive income (loss)
    
    $
    100,990
    
    
    
    (2,680
    )
    
    
    139,458
    
    
    $
    71,278Shareholder dividends:Dividends declared
    
    $
    3,462
    
    
    
    3,464
    
    
    
    6,911
    
    
    $
    6,925Dividends declared per share
    
    $
    0.08
    
    
    
    0.08
    
    
    
    0.16
    
    
    $
    0.16
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##### Table of Contents



Platinum Underwriters Holdings, Ltd. and Subsidiaries
 
 
  2005
    
    2004Preferred shares:Balances at beginning and end of period
    
    $
    
    
    
    $
    Common shares:Balances at beginning of period
    
    
    430
    
    
    
    430Exercise of share options
    
    
    3
    
    
    
    3Issuance of
restricted shares
    
    
    1
    
    
    
    Balances at end of period
    
    
    434
    
    
    
    433Additional paid-in-capital:Balances at beginning of period
    
    
    911,851
    
    
    
    910,505Exercise of share options
    
    
    4,981
    
    
    
    5,046Issuance of restricted shares
    
    
    2,750
    
    
    
    Share based compensation
    
    
    1,689
    
    
    
    1,087Balances at end of period
    
    
    921,271
    
    
    
    916,638Unearned share grant compensation:Balances at beginning of period
    
    
    
    
    
    
    Shares issued
    
    
    (2,750
    )
    
    
    Amortization
    
    
    504
    
    
    
    Balances at end of period
    
    
    (2,246
    )
    
    
    Accumulated other comprehensive income (loss):Balances at beginning of period
    
    
    12,252
    
    
    
    18,774Net change in unrealized gains and losses
on available-for-sale securities, net of
deferred taxes
    
    
    (1,578
    )
    
    
    (33,183
    )Net change in cumulative translation
adjustments, net of deferred tax
    
    
    (37
    )
    
    
    (152
    )Balances at end of period
    
    
    10,637
    
    
    
    (14,561
    )Retained earnings:Balances at beginning of period
    
    
    208,470
    
    
    
    137,494Net income
    
    
    141,073
    
    
    
    104,613Dividends paid to shareholders
    
    
    (6,911
    )
    
    
    (6,925
    )Balances at end of period
    
    
    342,632
    
    
    
    235,182Total shareholders equity
    
    $
    1,272,728
    
    
    $
    1,137,692
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##### Table of Contents



Platinum Underwriters Holdings, Ltd. and Subsidiaries
 
 
  2005
    
    2004Operating Activities:Net income
    
    $
    141,073
    
    
    $
    104,613Adjustments to reconcile net income to cash used in operations:Depreciation and amortization
    
    
    10,231
    
    
    
    10,551Net realized losses on investments
    
    
    183
    
    
    
    827Net foreign currency exchange losses
    
    
    1,958
    
    
    
    302Share-based compensation
    
    
    2,193
    
    
    
    1,087Trading securities activities
    
    
    4,329
    
    
    
    41,978Changes in assets and liabilities:Increase in accrued investment income
    
    
    (4,653
    )
    
    
    (3,215
    )(Increase) decrease in reinsurance premiums receivable
    
    
    3,591
    
    
    
    (62,291
    )Increase in funds held by ceding companies
    
    
    (73,747
    )
    
    
    (16,202
    )Increase in deferred acquisition costs
    
    
    (8,806
    )
    
    
    (42,839
    )Increase in net unpaid losses and loss adjustment expenses
    
    
    173,745
    
    
    
    161,108Increase in net unearned premiums
    
    
    69,950
    
    
    
    177,244Increase (decrease) in reinsurance deposit liabilities
    
    
    (14,368
    )
    
    
    14,214Increase (decrease) in ceded premiums payable
    
    
    15,735
    
    
    
    (840
    )Increase in commissions payable
    
    
    34,534
    
    
    
    30,996Increase in funds withheld
    
    
    1,225
    
    
    
    Changes in other assets and liabilities
    
    
    19,002
    
    
    
    20,030Other net
    
    
    227
    
    
    
    (621
    )Net cash provided by operating activities
    
    
    376,402
    
    
    
    436,942Investing Activities:Proceeds from sale of available-for-sale fixed maturities
    
    
    207,840
    
    
    
    190,589Proceeds from maturity or paydown of available-for-sale fixed
maturities
    
    
    66,796
    
    
    
    43,927Acquisition of available-for-sale fixed maturities
    
    
    (696,372
    )
    
    
    (602,816
    )Net cash used in investing activities
    
    
    (421,736
    )
    
    
    (368,300
    )Financing Activities:Dividends paid to shareholders
    
    
    (6,911
    )
    
    
    (6,925
    )Proceeds from exercise of share options
    
    
    4,984
    
    
    
    5,049Proceeds from issuance of debt
    
    
    246,900
    
    
    
    Net cash used in financing activities
    
    
    244,973
    
    
    
    (1,876
    )Net increase in cash and cash equivalents
    
    
    199,639
    
    
    
    66,766Cash and cash equivalents at beginning of period
    
    
    209,900
    
    
    
    105,461Cash and cash equivalents at end of period
    
    $
    409,539
    
    
    $
    172,227Supplemental disclosures of cash flow information:Income taxes paid
    
    $
    28,573
    
    
    $
    4,799Interest paid
    
    $
    3,671
    
    
    $
    3,729
 
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Platinum Underwriters Holdings, Ltd. and Subsidiaries
 
 
 (1) Basis of Presentation
    -5-




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##### Table of Contents



Platinum Underwriters Holdings, Ltd. and Subsidiaries
 
 Share-Based Compensation
     Three Months Ended
    
    Six Months EndedJune 30,
    
    June 30,2005
    
    2004
    
    2005
    
    2004Share-based compensation
expense:As reported
    
    $
    507
    
    
    
    583
    
    
    
    1,802
    
    
    $
    1,087Pro forma
    
    
    1,595
    
    
    
    1,587
    
    
    
    4,116
    
    
    
    3,345
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##### Table of Contents



Platinum Underwriters Holdings, Ltd. and Subsidiaries
 
 Three Months Ended
    
    Six Months EndedJune 30,
    
    June 30,2005
    
    2004
    
    2005
    
    2004Net income:As reported
    
    
    67,985
    
    
    
    49,799
    
    
    
    141,073
    
    
    
    104,613Pro forma
    
    
    66,897
    
    
    
    48,795
    
    
    
    138,759
    
    
    
    102,355Basic earnings per share:As reported
    
    
    1.57
    
    
    
    1.15
    
    
    
    3.26
    
    
    
    2.42Pro forma
    
    
    1.55
    
    
    
    1.11
    
    
    
    3.21
    
    
    
    2.40Diluted earnings per share:As reported
    
    
    1.39
    
    
    
    1.01
    
    
    
    2.88
    
    
    
    2.12Pro forma
    
    $
    1.37
    
    
    
    0.98
    
    
    
    2.83
    
    
    $
    2.10
  Reclassifications
  (2) Investments
  2005
    
    2004Fixed maturities
    
    $
    (3,179
    )
    
    $
    (41,134
    )Less  deferred taxes
    
    
    1,601
    
    
    
    7,951Net change in unrealized gains (losses)
    
    $
    (1,578
    )
    
    $
    (33,183
    )
  -7-




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##### Table of Contents



Platinum Underwriters Holdings, Ltd. and Subsidiaries
 
  UnrealizedFair Value
    
    LossLess than
twelve months:U.S. Government and U.S. Government agencies
    
    $
    132,689
    
    
    $
    58Corporate bonds
    
    
    589,711
    
    
    
    5,456Mortgage and asset backed securities
    
    
    205,043
    
    
    
    614Municipal bonds
    
    
    96,504
    
    
    
    489Foreign governments and states
    
    
    18,646
    
    
    
    109Redeemable preferred stocks
    
    
    8,441
    
    
    
    294Total
    
    
    1,051,034
    
    
    
    7,020Twelve
months or more:Corporate bonds
    
    
    109,388
    
    
    
    2,274Mortgage and asset backed securities
    
    
    69,749
    
    
    
    938Municipal bonds
    
    
    40,678
    
    
    
    713Foreign governments and states
    
    
    11,290
    
    
    
    270Total
    
    
    231,105
    
    
    
    4,195Total of
securities with unrealized losses:U.S. Government and U.S. Government agencies
    
    
    132,689
    
    
    
    58Corporate bonds
    
    
    699,099
    
    
    
    7,730Mortgage and asset backed securities
    
    
    274,792
    
    
    
    1,552Municipal bonds
    
    
    137,182
    
    
    
    1,202Foreign governments and states
    
    
    29,936
    
    
    
    379Redeemable preferred stocks
    
    
    8,441
    
    
    
    294Total
    
    $
    1,282,139
    
    
    $
    11,215
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Platinum Underwriters Holdings, Ltd. and Subsidiaries
 
  (3) Earnings Per Share
  WeightedAverageNet
    
    Shares
    
    EarningsIncome
    
    Outstanding
    
    Per ShareThree Months Ended June 30, 2005:Basic earnings per share
    
    $
    67,985
    
    
    
    43,293
    
    
    $
    1.57Diluted earnings per share:Share options and restricted share units
    
    
    
    
    
    
    1,707Interest expense related to ESUs, net
of related income tax benefit
    
    
    1,506
    
    
    
    Common share conversion of ESUs
    
    
    
    
    
    
    5,009Diluted earnings per share:
    
    $
    69,491
    
    
    
    50,009
    
    
    $
    1.39Three Months Ended June 30, 2004:Basic earnings per share
    
    $
    49,799
    
    
    
    43,290
    
    
    $
    1.15Diluted earnings per share:Share options and restricted share units
    
    
    
    
    
    
    2,489Interest expense related to ESUs, net
of related income tax benefit
    
    
    1,530
    
    
    
    Common share conversion of ESUs
    
    
    
    
    
    
    5,009Diluted earnings per share:
    
    $
    51,329
    
    
    
    50,788
    
    
    $
    1.01Six Months Ended June 30, 2005:Basic earnings per share
    
    $
    141,073
    
    
    
    43,224
    
    
    $
    3.26Diluted earnings per share:Share options and restricted share units
    
    
    
    
    
    
    1,807Interest expense related to ESUs, net
of related income tax benefit
    
    
    2,929
    
    
    
    Common share conversion of ESUs
    
    
    
    
    
    
    5,009Diluted earnings per share:
    
    $
    144,002
    
    
    
    50,040
    
    
    $
    2.88
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##### Table of Contents



Platinum Underwriters Holdings, Ltd. and Subsidiaries
 
 WeightedAverageNet
    
    Shares
    
    EarningsIncome
    
    Outstanding
    
    Per ShareSix Months Ended June 30, 2004:Basic earnings per share
    
    $
    104,613
    
    
    
    43,216
    
    
    $
    2.42Diluted earnings per share:Share options and restricted share units
    
    
    
    
    
    
    2,616Interest expense related to ESUs, net
of related income tax benefit
    
    
    3,052
    
    
    
    Common share conversion of ESUs
    
    
    
    
    
    
    5,009Diluted earnings per share:
    
    $
    107,665
    
    
    
    50,841
    
    
    $
    2.12
 (4) Operating Segment Information
   -10-




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##### Table of Contents



Platinum Underwriters Holdings, Ltd. and Subsidiaries
 
 Propertyand Marine
    
    Casualty
    
    Finite Risk
    
    TotalThree
months ended June 30, 2005:Net premiums written
    
    $
    134,953
    
    
    
    188,890
    
    
    
    99,116
    
    
    $
    422,959Net premiums earned
    
    
    140,669
    
    
    
    198,723
    
    
    
    92,078
    
    
    
    431,470Losses and LAE
    
    
    58,499
    
    
    
    127,531
    
    
    
    54,822
    
    
    
    240,852Acquisition expenses
    
    
    29,695
    
    
    
    47,963
    
    
    
    26,270
    
    
    
    103,928Other underwriting expenses
    
    
    8,240
    
    
    
    8,972
    
    
    
    1,333
    
    
    
    18,545Segment underwriting income
    
    $
    44,235
    
    
    
    14,257
    
    
    
    9,653
    
    
    $
    68,145Corporate expenses not allocated
to segments
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (4,935
    )Net foreign currency exchange losses
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (160
    )Interest expense
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (4,174
    )Other income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    588Net investment income and net realized
losses on investments
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    28,349Income before income tax expense
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    87,813Ratios:Losses and LAE
    
    
    41.6
    %
    
    
    64.2
    %
    
    
    59.5
    %
    
    
    55.8
    %Acquisition expense
    
    
    21.1
    %
    
    
    24.1
    %
    
    
    28.5
    %
    
    
    24.1
    %Other underwriting expense
    
    
    5.9
    %
    
    
    4.5
    %
    
    
    1.4
    %
    
    
    4.3
    %Combined
    
    
    68.6
    %
    
    
    92.8
    %
    
    
    89.4
    %
    
    
    84.2
    %Three
months ended June 30, 2004:Net premiums written
    
    $
    101,841
    
    
    
    112,761
    
    
    
    115,925
    
    
    $
    330,527Net premiums earned
    
    
    99,928
    
    
    
    132,230
    
    
    
    78,709
    
    
    
    310,867Losses and LAE
    
    
    40,974
    
    
    
    93,391
    
    
    
    55,101
    
    
    
    189,466Acquisition expenses
    
    
    14,905
    
    
    
    31,994
    
    
    
    15,795
    
    
    
    62,694Other underwriting expenses
    
    
    7,174
    
    
    
    5,305
    
    
    
    2,567
    
    
    
    15,046Segment underwriting income
    
    $
    36,875
    
    
    
    1,540
    
    
    
    5,246
    
    
    $
    43,661Corporate expenses not allocated
to segments
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (4,216
    )Net foreign currency exchange losses
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (1,168
    )Interest expense
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (2,324
    )Other income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    605Net investment income and net realized
losses on investments
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    18,098Income before income tax expense
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    54,656Ratios:Losses and LAE
    
    
    41.0
    %
    
    
    70.6
    %
    
    
    70.0
    %
    
    
    60.9
    %Acquisition expense
    
    
    14.9
    %
    
    
    24.2
    %
    
    
    20.1
    %
    
    
    20.2
    %Other underwriting expense
    
    
    7.2
    %
    
    
    4.0
    %
    
    
    3.3
    %
    
    
    4.8
    %Combined
    
    
    63.1
    %
    
    
    98.8
    %
    
    
    93.4
    %
    
    
    85.9
    %
 -11-




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##### Table of Contents



Platinum Underwriters Holdings, Ltd. and Subsidiaries
 
 Propertyand Marine
    
    Casualty
    
    Finite Risk
    
    TotalSix
months ended June 30, 2005:Net premiums written
    
    $
    320,002
    
    
    
    404,559
    
    
    
    192,197
    
    
    $
    916,758Net premiums earned
    
    
    268,866
    
    
    
    383,491
    
    
    
    190,153
    
    
    
    842,510Losses and LAE
    
    
    118,539
    
    
    
    245,969
    
    
    
    114,042
    
    
    
    478,550Acquisition expenses
    
    
    51,684
    
    
    
    93,165
    
    
    
    52,328
    
    
    
    197,177Other underwriting expenses
    
    
    15,963
    
    
    
    16,285
    
    
    
    2,904
    
    
    
    35,152Segment underwriting income
    
    $
    82,680
    
    
    
    28,072
    
    
    
    20,879
    
    
    $
    131,631Corporate expenses not allocated to segments
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (8,336
    )Net foreign currency exchange losses
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (1,958
    )Interest expense
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (6,347
    )Other income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    232Net investment income and net realized losses on investments
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    55,626Income before income tax expense
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    170,848Ratios:Losses and LAE
    
    
    44.1
    %
    
    
    64.1
    %
    
    
    60.0
    %
    
    
    56.8
    %Acquisition expense
    
    
    19.2
    %
    
    
    24.3
    %
    
    
    27.5
    %
    
    
    23.4
    %Other underwriting expense
    
    
    5.9
    %
    
    
    4.2
    %
    
    
    1.5
    %
    
    
    4.2
    %Combined
    
    
    69.2
    %
    
    
    92.6
    %
    
    
    89.0
    %
    
    
    84.4
    %Six
months ended June 30, 2004:Net premiums written
    
    $
    273,135
    
    
    
    336,726
    
    
    
    200,772
    
    
    $
    810,633Net premiums earned
    
    
    217,993
    
    
    
    268,452
    
    
    
    145,464
    
    
    
    631,909Losses and LAE
    
    
    89,552
    
    
    
    188,175
    
    
    
    73,708
    
    
    
    351,435Acquisition expenses
    
    
    36,657
    
    
    
    66,830
    
    
    
    48,128
    
    
    
    151,615Other underwriting expenses
    
    
    15,324
    
    
    
    10,362
    
    
    
    5,164
    
    
    
    30,850Segment underwriting income
    
    $
    76,460
    
    
    
    3,085
    
    
    
    18,464
    
    
    $
    98,009Corporate expenses not allocated to segments
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (7,186
    )Net foreign currency exchange losses
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (302
    )Interest expense
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (4,630
    )Other income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,116Net investment income and net realized losses on investments
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    36,034Income before income tax expense
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    123,041Ratios:Losses and LAE
    
    
    41.1
    %
    
    
    70.1
    %
    
    
    50.7
    %
    
    
    55.6
    %Acquisition expense
    
    
    16.8
    %
    
    
    24.9
    %
    
    
    33.1
    %
    
    
    24.0
    %Other underwriting expense
    
    
    7.0
    %
    
    
    3.9
    %
    
    
    3.6
    %
    
    
    4.9
    %Combined
    
    
    64.9
    %
    
    
    98.9
    %
    
    
    87.4
    %
    
    
    84.5
    %
 -12-




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##### Table of Contents



Platinum Underwriters Holdings, Ltd. and Subsidiaries
 
 (5) Income Taxes
   Three Months Ended
    
    Six Months EndedJune 30,
    
    June 30,2005
    
    2004
    
    2005
    
    2004Expected income tax expense at 35%
    
    $
    30,735
    
    
    
    19,130
    
    
    
    59,797
    
    
    $
    43,064Effect of foreign income subject
to tax at rates other than 35%
    
    
    (19,635
    )
    
    
    (14,233
    )
    
    
    (38,258
    )
    
    
    (24,341
    )Tax exempt investment income
    
    
    (438
    )
    
    
    (567
    )
    
    
    (964
    )
    
    
    (961
    )U.S. withholding tax on deemed
taxable transfer to foreign
affiliate
    
    
    9,150
    
    
    
    
    
    
    
    9,150
    
    
    
    Other, net
    
    
    16
    
    
    
    527
    
    
    
    50
    
    
    
    666Income tax expense
    
    $
    19,828
    
    
    
    4,857
    
    
    
    29,775
    
    
    $
    18,428
  (6) Series A Notes
   -13-




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##### Table of Contents



Platinum Underwriters Holdings, Ltd. and Subsidiaries
 
  (7) Regulatory Examination
  -14-




---



##### Table of Contents



ITEM 2.
    
    MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2005 AND 2004
 Business Overview
     -15-




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##### Table of Contents



Results of Operations
 Three Months Ended June 30, 2005 as Compared with the Three Months Ended June 30, 2004
  2005
    
    2004
    
    IncreaseNet income
    
    $
    67,985
    
    
    
    49,799
    
    
    $
    18,186
   -16-




---



##### Table of Contents



2005
    
    2004
    
    IncreaseNet premiums written
    
    $
    422,959
    
    
    
    330,527
    
    
    $
    92,432Net premiums earned
    
    $
    431,470
    
    
    
    310,867
    
    
    $
    120,603
      Increase2005
    
    2004
    
    (decrease)Losses and LAE
    
    $
    240,852
    
    
    
    189,466
    
    
    $
    51,386Losses and LAE ratios
    
    
    55.8
    %
    
    
    60.9
    %
    
    (5.1) points
  -17-




---



##### Table of Contents



2005
    
    2004
    
    IncreaseAcquisition expenses
    
    $
    103,928
    
    
    
    62,694
    
    
    $
    41,234Acquisition expense ratios
    
    
    24.1
    %
    
    
    20.2
    %
    
    3.9 points
     2005
    
    2004
    
    IncreaseIncome tax expense
    
    $
    19,828
    
    
    
    4,857
    
    
    $
    14,971Effective income tax rates
    
    
    22.6
    %
    
    
    8.9
    %
    
    13.7 points
  -18-




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##### Table of Contents



Six Months Ended June 30, 2005 as Compared with the Six Months Ended June 30, 2004
  2005
    
    2004
    
    IncreaseNet income
    
    $
    141,073
    
    
    
    104,613
    
    
    $
    36,460
   2005
    
    2004
    
    IncreaseNet premiums written
    
    $
    916,758
    
    
    
    810,633
    
    
    $
    106,125Net premiums earned
    
    $
    842,510
    
    
    
    631,909
    
    
    $
    210,601
    -19-




---



##### Table of Contents



2005
    
    2004
    
    IncreaseLosses and LAE
    
    $
    478,550
    
    
    
    351,435
    
    
    $
    127,115Loss and LAE ratios
    
    
    56.8
    %
    
    
    55.6
    %
    
    1.2 points
   Increase2005
    
    2004
    
    (decrease)Acquisition expenses
    
    $
    197,177
    
    
    
    151,615
    
    
    $
    45,562Acquisition expense ratios
    
    
    23.4
    %
    
    
    24.0
    %
    
    (0.6) points
     2005
    
    2004
    
    IncreaseIncome tax expense
    
    $
    29,775
    
    
    
    18,428
    
    
    $
    11,347Effective income tax rates
    
    
    17.4
    %
    
    
    15.0
    %
    
    2.4 points
 -20-




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##### Table of Contents



Segment Information
  Property


and Marine
    
    Casualty
    
    Finite Risk
    
    TotalThree months ended June 30, 2005:Net premiums written
    
    $
    134,953
    
    
    
    188,890
    
    
    
    99,116
    
    
    $
    422,959Net premiums earned
    
    
    140,669
    
    
    
    198,723
    
    
    
    92,078
    
    
    
    431,470Losses and LAE
    
    
    58,499
    
    
    
    127,531
    
    
    
    54,822
    
    
    
    240,852Acquisition expenses
    
    
    29,695
    
    
    
    47,963
    
    
    
    26,270
    
    
    
    103,928Other underwriting expenses
    
    
    8,240
    
    
    
    8,972
    
    
    
    1,333
    
    
    
    18,545Segment underwriting income
    
    $
    44,235
    
    
    
    14,257
    
    
    
    9,653
    
    
    $
    68,145Corporate expenses not
allocated to segments
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (4,935
    )Net foreign currency exchange
losses
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (160
    )Interest expense
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (4,174
    )Other income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    588Net investment income and net
realized losses on investments
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    28,349Income before income tax expense
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    87,813Ratios:Losses and LAE
    
    
    41.6
    %
    
    
    64.2
    %
    
    
    59.5
    %
    
    
    55.8
    %Acquisition expense
    
    
    21.1
    %
    
    
    24.1
    %
    
    
    28.5
    %
    
    
    24.1
    %Other underwriting expense
    
    
    5.9
    %
    
    
    4.5
    %
    
    
    1.4
    %
    
    
    4.3
    %Combined
    
    
    68.6
    %
    
    
    92.8
    %
    
    
    89.4
    %
    
    
    84.2
    %
 -21-




---



##### Table of Contents



Property


and Marine
    
    Casualty
    
    Finite Risk
    
    TotalThree
months ended June 30, 2004:Net premiums written
    
    $
    101,841
    
    
    
    112,761
    
    
    
    115,925
    
    
    $
    330,527Net premiums earned
    
    
    99,928
    
    
    
    132,230
    
    
    
    78,709
    
    
    
    310,867Losses and LAE
    
    
    40,974
    
    
    
    93,391
    
    
    
    55,101
    
    
    
    189,466Acquisition expenses
    
    
    14,905
    
    
    
    31,994
    
    
    
    15,795
    
    
    
    62,694Other underwriting expenses
    
    
    7,174
    
    
    
    5,305
    
    
    
    2,567
    
    
    
    15,046Segment underwriting income
    
    $
    36,875
    
    
    
    1,540
    
    
    
    5,246
    
    
    $
    43,661Corporate expenses not allocated
to segments
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (4,216
    )Net foreign currency exchange losses
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (1,168
    )Interest expense
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (2,324
    )Other income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    605Net investment income and net
realized losses on investments
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    18,098Income before income tax expense
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    54,656Ratios:Losses and LAE
    
    
    41.0
    %
    
    
    70.6
    %
    
    
    70.0
    %
    
    
    60.9
    %Acquisition expense
    
    
    14.9
    %
    
    
    24.2
    %
    
    
    20.1
    %
    
    
    20.2
    %Other underwriting expense
    
    
    7.2
    %
    
    
    4.0
    %
    
    
    3.3
    %
    
    
    4.8
    %Combined
    
    
    63.1
    %
    
    
    98.8
    %
    
    
    93.4
    %
    
    
    85.9
    %Six
months ended June 30, 2005:Net premiums written
    
    $
    320,002
    
    
    
    404,559
    
    
    
    192,197
    
    
    $
    916,758Net premiums earned
    
    
    268,866
    
    
    
    383,491
    
    
    
    190,153
    
    
    
    842,510Losses and LAE
    
    
    118,539
    
    
    
    245,969
    
    
    
    114,042
    
    
    
    478,550Acquisition expenses
    
    
    51,684
    
    
    
    93,165
    
    
    
    52,328
    
    
    
    197,177Other underwriting expenses
    
    
    15,963
    
    
    
    16,285
    
    
    
    2,904
    
    
    
    35,152Segment underwriting income
    
    $
    82,680
    
    
    
    28,072
    
    
    
    20,879
    
    
    $
    131,631Corporate expenses not allocated
to segments
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (8,336
    )Net foreign currency exchange losses
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (1,958
    )Interest expense
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (6,347
    )Other income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    232Net investment income and net
realized losses on investments
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    55,626Income before income tax expense
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    170,848Ratios:Losses and LAE
    
    
    44.1
    %
    
    
    64.1
    %
    
    
    60.0
    %
    
    
    56.8
    %Acquisition expense
    
    
    19.2
    %
    
    
    24.3
    %
    
    
    27.5
    %
    
    
    23.4
    %Other underwriting expense
    
    
    5.9
    %
    
    
    4.2
    %
    
    
    1.5
    %
    
    
    4.2
    %Combined
    
    
    69.2
    %
    
    
    92.6
    %
    
    
    89.0
    %
    
    
    84.4
    %
 -22-




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##### Table of Contents



Propertyand Marine
    
    Casualty
    
    Finite Risk
    
    TotalSix months ended June 30, 2004:Net premiums written
    
    $
    273,135
    
    
    
    336,726
    
    
    
    200,772
    
    
    $
    810,633Net premiums earned
    
    
    217,993
    
    
    
    268,452
    
    
    
    145,464
    
    
    
    631,909Losses and LAE
    
    
    89,552
    
    
    
    188,175
    
    
    
    73,708
    
    
    
    351,435Acquisition expenses
    
    
    36,657
    
    
    
    66,830
    
    
    
    48,128
    
    
    
    151,615Other underwriting expenses
    
    
    15,324
    
    
    
    10,362
    
    
    
    5,164
    
    
    
    30,850Segment underwriting income
    
    $
    76,460
    
    
    
    3,085
    
    
    
    18,464
    
    
    $
    98,009Corporate expenses not allocated to segments
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (7,186
    )Net foreign currency exchange losses
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (302
    )Interest expense
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (4,630
    )Other income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,116Net investment income and net realized losses on investments
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    36,034Income before income tax expense
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    123,041Ratios:Losses and LAE
    
    
    41.1
    %
    
    
    70.1
    %
    
    
    50.7
    %
    
    
    55.6
    %Acquisition expense
    
    
    16.8
    %
    
    
    24.9
    %
    
    
    33.1
    %
    
    
    24.0
    %Other underwriting expense
    
    
    7.0
    %
    
    
    3.9
    %
    
    
    3.6
    %
    
    
    4.9
    %Combined
    
    
    64.9
    %
    
    
    98.9
    %
    
    
    87.4
    %
    
    
    84.5
    %
 Property and Marine
  Three Months Ended June 30, 2005 as Compared with the Three Months Ended June 30, 2004
  2005
    
    2004
    
    IncreaseNet premiums written
    
    $
    134,953
    
    
    
    101,841
    
    
    $
    33,112Net premiums earned
    
    $
    140,669
    
    
    
    99,928
    
    
    $
    40,741
   - 23 -




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##### Table of Contents



2005
    
    2004
    
    IncreaseLosses and LAE
    
    $
    58,499
    
    
    
    40,974
    
    
    $
    17,525Loss and LAE ratios
    
    
    41.6
    %
    
    
    41.0
    %
    
    
    0.6 points
   2005
    
    2004
    
    IncreaseAcquisition expenses
    
    $
    29,695
    
    
    
    14,905
    
    
    $
    14,790Acquisition expense ratios
    
    
    21.1
    %
    
    
    14.9
    %
    
    
    6.2 points
   Six Months Ended June 30, 2005 as Compared with the Six Months Ended June 30, 2004
  2005
    
    2004
    
    IncreaseNet premiums written
    
    $
    320,002
    
    
    
    273,135
    
    
    $
    46,867Net premiums earned
    
    $
    268,866
    
    
    
    217,993
    
    
    $
    50,873
  - 24 -




---



##### Table of Contents



2005
    
    2004
    
    IncreaseLosses and LAE
    
    $
    118,539
    
    
    
    89,552
    
    
    $
    28,987Loss and LAE ratios
    
    
    44.1
    %
    
    
    41.1
    %
    
    
    3.0 points
   2005
    
    2004
    
    IncreaseAcquisition expenses
    
    $
    51,684
    
    
    
    36,657
    
    
    $
    15,027Acquisition expense ratios
    
    
    19.2
    %
    
    
    16.8
    %
    
    
    2.4 points
   Casualty
  Three Months Ended June 30, 2005 as Compared with the Three Months Ended June 30, 2004
  - 25 -




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##### Table of Contents



2005
    
    2004
    
    IncreaseNet premiums written
    
    $
    188,890
    
    
    
    112,761
    
    
    $
    76,129Net premiums earned
    
    $
    198,723
    
    
    
    132,230
    
    
    $
    66,493
   Increase2005
    
    2004
    
    (decrease)Losses and LAE
    
    $
    127,531
    
    
    
    93,391
    
    
    $
    34,140Loss and LAE ratios
    
    
    64.2
    %
    
    
    70.6
    %
    
    
    (6.4) points
   Increase2005
    
    2004
    
    (decrease)Acquisition expenses
    
    $
    47,963
    
    
    
    31,994
    
    
    $
    15,969Acquisition expense ratios
    
    
    24.1
    %
    
    
    24.2
    %
    
    
    (0.1) points
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Six Months Ended June 30, 2005 as Compared with the Six Months Ended June 30, 2004
  2005
    
    2004
    
    IncreaseNet premiums written
    
    $
    404,559
    
    
    
    336,726
    
    
    $
    67,833Net premiums earned
    
    $
    383,491
    
    
    
    268,452
    
    
    $
    115,039
   Increase2005
    
    2004
    
    (decrease)Losses and LAE
    
    $
    245,969
    
    
    
    188,175
    
    
    $
    57,794Loss and LAE ratios
    
    
    64.1
    %
    
    
    70.1
    %
    
    
    (6.0) points
   Increase2005
    
    2004
    
    (decrease)Acquisition expenses
    
    $
    93,165
    
    
    
    66,830
    
    
    $
    26,335Acquisition expense ratios
    
    
    24.3
    %
    
    
    24.9
    %
    
    
    (0.6) points
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Finite Risk
  Three Months Ended June 30, 2005 as Compared with the Three Months Ended June 30, 2004
  Increase2005
    
    2004
    
    (decrease)Net premiums written
    
    $
    99,116
    
    
    
    115,925
    
    
    $
    (16,809
    )Net premiums earned
    
    $
    92,078
    
    
    
    78,709
    
    
    $
    13,369
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Increase2005
    
    2004
    
    (decrease)Losses and LAE
    
    $
    54,822
    
    
    
    55,101
    
    
    $
    (279
    )Loss and LAE ratios
    
    
    59.5
    %
    
    
    70.0
    %
    
    
    (10.5)pointsAcquisition expenses
    
    $
    26,270
    
    
    
    15,795
    
    
    $
    10,475Acquisition expense ratios
    
    
    28.5
    %
    
    
    20.1
    %
    
    
    8.4 pointsLosses, LAE and acquisition expenses
    
    $
    81,092
    
    
    
    70,896
    
    
    $
    10,196Loss, LAE and acquisition expense
ratios
    
    
    88.0
    %
    
    
    90.1
    %
    
    
    (2.1) points
   Six Months Ended June 30, 2005 as Compared with the Six Months Ended June 30, 2004
  Increase2005
    
    2004
    
    (decrease)Net premiums written
    
    $
    192,197
    
    
    
    200,772
    
    
    $
    (8,575
    )Net premiums earned
    
    $
    190,153
    
    
    
    145,464
    
    
    $
    44,689
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Increase2005
    
    2004
    
    (decrease)Losses and LAE
    
    $
    114,042
    
    
    
    73,708
    
    
    $
    40,334Loss and LAE ratios
    
    
    60.0
    %
    
    
    50.7
    %
    
    9.3 pointsAcquisition expenses
    
    $
    52,328
    
    
    
    48,128
    
    
    $
    4,200Acquisition expense ratios
    
    
    27.5
    %
    
    
    33.1
    %
    
    
    (5.6) pointsLosses, LAE and acquisition expenses
    
    $
    166,370
    
    
    
    121,836
    
    
    $
    44,534Loss, LAE and acquisition expense
ratios
    
    
    87.5
    %
    
    
    83.8
    %
    
    
    3.7 points
   Financial Condition, Liquidity and Capital Resources
 Financial Condition
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Sources of Liquidity
      - 31 -




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Liquidity Requirements
    - 32 -




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Economic Conditions
  Current Outlook
     Critical Accounting Policies, Estimates and Judgments
  - 34 -




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Premiums
    Unpaid Losses and LAE
  - 35 -




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Reinsurance
  Investments
   - 37 -




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Income Tax Expense
   Share-Based Compensation
    - 38 -




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Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
 Market and Credit Risk
    Interest Rate Risk
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Interest Rate Shift in Basis Points- 100 bp
    
    - 50 bp
    
    Current
    
    + 50 bp
    
    + 100 bpTotal market value
    
    $
    2,819,694
    
    
    
    2,771,576
    
    
    
    2,722,692
    
    
    
    2,673,066
    
    
    $
    2,623,055Percent change in market value
    
    
    3.6
    %
    
    
    1.8
    %
    
    
    
    
    
    
    (1.8
    %)
    
    
    (3.7
    %)Resulting unrealized
appreciation / (depreciation)
    
    $
    107,332
    
    
    
    59,214
    
    
    
    10,330
    
    
    
    (39,296
    )
    
    $
    (89,307
    )
 Foreign Currency Risk
  Sources of Fair Value
 
 CarryingAmount
    
    Fair ValueFinancial assets:Fixed maturities
    
    $
    2,722,692
    
    
    $
    2,722,692Other invested asset
    
    
    6,000
    
    
    
    6,000Financial liabilities:Debt obligations
    
    $
    387,500
    
    
    $
    412,855
  
 Item 4. CONTROLS AND PROCEDURES
 Disclosure Controls and Procedures
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Changes in Internal Control over Financial Reporting
  FORWARD-LOOKING STATEMENTS
    (1)
    
    conducting operations in a competitive environment;(2)
    
    our ability to maintain our A.M. Best Company rating;(3)
    
    significant weather-related or other natural or man-made disasters over which the
Company has no control;(4)
    
    the effectiveness of our loss limitation methods and pricing models;(5)
    
    the adequacy of the Companys liability for unpaid losses and loss adjustment
expenses;(6)
    
    the availability of retrocessional reinsurance on acceptable terms;(7)
    
    our ability to maintain our business relationships with reinsurance brokers;(8)
    
    general political and economic conditions, including the effects of civil unrest, war
or a prolonged U.S. or global economic downturn or recession;(9)
    
    the cyclicality of the property and casualty reinsurance business;(10)
    
    market volatility and interest rate and currency exchange rate fluctuation;
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(11)
    
    tax, regulatory or legal restrictions or limitations applicable to the Company or the
property and casualty reinsurance business generally; and(12)
    
    changes in the Companys plans, strategies, objectives, expectations or intentions,
which may happen at any time at the Companys discretion.
  
 PART II  OTHER INFORMATION
 
 Item 1. LEGAL PROCEEDINGS
    
 Item 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
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For
    
    WithheldH. Furlong Baldwin
    
    
    40,115,148
    
    
    
    100,610Jonathan F. Bank
    
    
    40,117,673
    
    
    
    98,085Dan R. Carmichael
    
    
    39,275,422
    
    
    
    940,336Neill A. Currie
    
    
    39,279,086
    
    
    
    936,672Robert V. Deutsch
    
    
    39,267,164
    
    
    
    948,594Gregory E.A. Morrison
    
    
    39,725,185
    
    
    
    490,573Steven H. Newman
    
    
    39,275,422
    
    
    
    940,336Peter T. Pruitt
    
    
    39,272,897
    
    
    
    942,861
  Broker Non-For
    
    Against
    
    Abstain
    
    Votes40,188,565
    
    
    23,430
    
    
    
    3,763
    
    
    
    0
 
 Item 6. EXHIBITS
 ExhibitNumber
    
    Description10.1
    
    First Amendment dated July 14, 2005 to the Platinum
Underwriters Holdings, Ltd. Guaranty dated December 31,
2003 between Platinum Holdings, as Guarantor, and Platinum
US.31.1
    
    Certification of Gregory E.A. Morrison, 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 Joseph F. Fisher, 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 Gregory E.A. Morrison, 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 Joseph F. Fisher, 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.
 
 SIGNATURES
  Platinum Underwriters Holdings, LtdDate: August 3, 2005
    
    /s/ Gregory E. A. MorrisonBy: Gregory E. A. MorrisonPresident and Chief Executive Officer
 Date: August 3, 2005
    
    /s/Joseph F. FisherBy: Joseph F. FisherExecutive Vice President and Chief Financial Officer
 - 43 -