Platinum Underwriters (PTP) 8-K Financial statements and exhibits

Financial Supplement
Financial Information
as of September 30, 2003
(UNAUDITED)

To assist in your understanding of the Company, the following supplement of information
concerning Platinum Underwriters Holdings, Ltd. is provided.

This report is for informational purposes only. It should be read in conjunction with
documents filed by Platinum Underwriters Holdings, Ltd. with the SEC, including
the Company’s Annual Report on Form 10-K and Quarterly Report on Form 10-Q.

Our Investors Relations Department can be reached at (441) 298-0753.

Platinum Underwriters Holdings, Ltd.
Overview
September 30, 2003

Address:

Platinum Underwriters Holdings, Ltd.
The Belvedere Building
69 Pitts Bay Road
Pembroke HM 08
Bermuda

Investor Information:

Justin Cressall
Senior Vice President and Treasurer
Tel: (441) 298-0753
Fax: (441) 296-0528

Website:

www.platinumre.com

Publicly Traded Securities:

Common Shares (NYSE:PTP)
Equity Security Units (NYSE:PTP Pr M)

Page 1 of 19

Platinum Underwriters Holdings, Ltd.
Table of Contents
September 30, 2003

Page:	Section:
3	Condensed Consolidated Balance Sheets
4	Consolidated Statements of Income and Comprehensive Income — Summary
5	Consolidated Statements of Income and Comprehensive Income — by Quarter
6	Computation of Basic and Diluted Earnings Per Share — Summary
7	Computation of Basic and Earnings Per Share — by Quarter
8	Consolidated Statements of Cash Flows — Summary
9	Consolidated Statements of Cash Flows — by Quarter
10	Segment Reporting — Summary
11	Property Segment Reporting — by Quarter
12	Casualty Segment Reporting — by Quarter
13	Finite Risk Segment Reporting — by Quarter
14	Net Premiums Written — Supplemental Information
15	Premiums by Line of Business
16	Company Ratios, Share Data, Ratings
17	Investment Portfolio
18	Investment Portfolio Capital Gains
19	Loss Analysis

Page 2 of 19

Platinum Underwriters Holdings, Ltd.
Condensed Consolidated Balance Sheets
September 30, 2003
($ in thousands, except per share data)

		September 30, 2003		June 30, 2003		March 31, 2003		December 31, 2002
Assets
Investments and cash and cash equivalents		$	1,756,685		1,621,430		1,493,720	$	1,346,702
Receivables			478,303		476,018		326,074		168,507
Accrued investment income			21,360		13,286		16,300		9,993
Reinsurance balances (prepaid and recoverable)			10,064		9,638		2,557		—
Deferred acquisition costs			89,062		82,435		70,454		49,332
Other assets			80,158		54,297		92,083		70,353
	Total assets	$	2,435,632		2,257,104		2,001,188	$	1,644,887
Liabilities
Unpaid losses and loss adjustment expenses		$	660,790		533,310		417,372	$	281,659
Unearned premiums			358,995		351,759		314,492		191,016
Debt obligations			137,500		137,500		137,500		137,500
Commissions payable			155,724		154,831		106,128		37,562
Other liabilities			95,617		75,816		69,657		75,904
	Total liabilities		1,408,626		1,253,216		1,045,149		723,641
Total shareholders’ equity			1,027,006		1,003,888		956,039		921,246
	Total liabilities and shareholders’ equity	$	2,435,632		2,257,104		2,001,188	$	1,644,887
Book value per share		$	23.87		23.34		22.23	$	21.42

Page 3 of 19

Platinum Underwriters Holdings, Ltd.
Consolidated Statements of Income and Comprehensive Income — Summary
(amounts in thousands, except per share amounts)

			Three Months Ended			Nine Months Ended
			September 30, 2003			September 30, 2003
Revenues
	Net premiums earned		$	272,265		$	789,711
	Net investment income			14,780			42,414
	Net realized capital gains			1,508			2,771
	Other income			544			4,444
		Total revenues		289,097			839,340
Expenses
	Losses and loss adjustment expenses			157,208			452,813
	Acquisition expenses			60,408			172,503
	Other underwriting expenses			15,093			51,953
	Corporate expenses			3,406			19,710
	Net foreign currency exchange (gains) losses			(1,356	)		3,456
	Interest expense			2,444			7,150
		Total expenses		237,203			707,585
		Income before income tax expense		51,894			131,755
Income tax expense				14,077			36,747
		Net Income	$	37,817		$	95,008
Basic
	Weighted average shares outstanding			43,022			43,012
	Basic earnings per share		$	0.88		$	2.21
Diluted
	Weighted average shares outstanding			48,876			48,904
	Diluted earnings per share		$	0.81		$	2.04
Comprehensive income
	Net income		$	37,817		$	95,008
	Other comprehensive income, net of tax			(11,984	)		16,008
	Comprehensive income		$	25,833		$	111,016

Page 4 of 19

Platinum Underwriters Holdings, Ltd.
Consolidated Statements of Income and Comprehensive Income — by Quarter
(amounts in thousands, except per share amounts)

			Three Months Ended
										Period Ended
			September 30, 2003			June 30, 2003		March 31, 2003		December 31, 2002 *
Revenues
	Net premiums earned		$	272,265			279,376		238,069	$	107,098
	Net investment income			14,780			13,431		14,203		5,211
	Net realized capital gains			1,508			519		744		25
	Other income			544			2,749		1,150		167
		Total revenues		289,097			296,075		254,166		112,501
Expenses
	Losses and loss adjustment expenses			157,208			156,801		138,803		60,356
	Acquisition expenses			60,408			60,376		51,719		25,474
	Other underwriting expenses			15,093			19,646		17,214		12,164
	Corporate expenses			3,406			13,349		2,955		4,170
	Net foreign currency exchange (gains) losses			(1,356	)		4,736		75		(2,017	)
	Interest expense			2,444			2,238		2,468		1,261
		Total expenses		237,203			257,146		213,234		101,408
		Income before income tax expense		51,894			38,929		40,932		11,093
Income tax expense				14,077			12,324		10,346		4,655
		Net Income	$	37,817			26,605		30,586	$	6,438
Basic
	Weighted average shares outstanding			43,022			43,004		43,004		43,004
	Basic earnings per share		$	0.88			0.62		0.71	$	0.15
Diluted
	Weighted average shares outstanding			48,876			48,871		49,008		43,522
	Diluted earnings per share		$	0.81			0.57		0.66	$	0.15
Comprehensive income
	Net income		$	37,817			26,605		30,586	$	6,438
	Other comprehensive income, net of tax			(11,984	)		20,345		7,647		10,581
	Comprehensive income		$	25,833			46,950		38,233	$	17,019

* For the period from November 1, 2002 through December 31, 2002

Page 5 of 19

Platinum Underwriters Holdings, Ltd.
Computation of Basic and Diluted Earnings Per Share — Summary
(amounts in thousands, except per share amounts)

		Three Months Ended		Nine Months Ended
		September 30, 2003		September 30, 2003
Earnings:
	Basic:
	Net income	$	37,817	$	95,008
	Net income available to common shareholders	$	37,817	$	95,008
	Diluted:
	Net income	$	37,817	$	95,008
	Effect of dilutive securities:
	Equity security units		1,628		4,743
	Net income available to common      shareholders	$	39,445	$	99,751
Common Shares:
	Basic:
	Weighted average shares outstanding		43,022		43,012
	Diluted:
	Weighted average shares outstanding		43,022		43,012
	Effect of dilutive securities:
	Share options		767		572
	Equity security units		5,087		5,320
	Weighted average, as adjusted		48,876		48,904
Earnings Per Share:
	Basic	$	0.88	$	2.21
	Diluted	$	0.81	$	2.04

Page 6 of 19

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

		Three Months Ended
								Period Ended
		September 30, 2003		June 30, 2003		March 31, 2003		December 31, 2002 *
Earnings:
	Basic:
	Net income	$	37,817		26,605		30,586	$	6,438
	Net income available to common shareholders	$	37,817		26,605		30,586	$	6,438
	Diluted:
	Net income	$	37,817		26,605		30,586	$	6,438
	Effect of dilutive securities:
	Equity security units **		1,628		1,481		1,633		—
	Net income available to common      shareholders	$	39,445		28,086		32,219	$	6,438
Common Shares:
	Basic:
	Weighted average shares outstanding		43,022		43,004		43,004		43,004
	Diluted:
	Weighted average shares outstanding		43,022		43,004		43,004		43,004
	Effect of dilutive securities:
	Share options		767		659		279		518
	Equity security units**		5,087		5,208		5,725		—
	Weighted average, as adjusted		48,876		48,871		49,008		43,522
Earnings Per Share:
	Basic	$	0.88		0.62		0.71	$	0.15
	Diluted	$	0.81		0.57		0.66	$	0.15

*	For the period from November 1, 2002 through December 31, 2002
**	In 2002, the assumed conversion of the Equity security units are anti-dilutive to net earnings per share

Page 7 of 19

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

	Three Months Ended			Nine Months Ended
	September 30, 2003			September 30, 2003
Net cash provided by operations	$	145,217		$	407,111
Net cash used in investing activities		(123,474	)		(535,341	)
Net cash used in financing actvities		(2,923	)		(9,803	)
Net increase (decrease) in cash and cash equivalents	$	18,820		$	(138,033	)

Page 8 of 19

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

	Three Months Ended
										Period Ended
	September 30, 2003			June 30, 2003			March 31, 2003			December 31, 2002 *
Net cash provided by operations	$	145,217			80,248			181,646		$	281,393
Net cash used in investing activities		(123,474	)		(112,462	)		(299,405	)		(1,036,995	)
Net cash (used in) provided by financing actvities		(2,923	)		(3,440	)		(3,440	)		1,037,088
Net increase (decrease) in cash and cash equivalents	$	18,820			(35,654	)		(121,199	)	$	281,486

* For the period from November 1, 2002 through December 31, 2002

Page 9 of 19

Platinum Underwriters Holdings, Ltd.
Segment Reporting — Summary
($ in thousands)

			Three Months Ended September 30, 2003												Nine Months Ended September 30, 2003
			Property and Marine			Casualty			Finite Risk			Total			Property and Marine			Casualty			Finite Risk			Total
Net premiums written			$	77,114			134,991			69,211		$	281,316		$	278,369			381,005			289,277		$	948,651
Net premiums earned				81,113			106,298			84,854			272,265			265,052			289,975			234,684			789,711
Losses and loss adjustment expenses				41,237			71,052			44,919			157,208			135,292			199,489			118,032			452,813
Acquisition expenses				9,930			29,465			21,013			60,408			38,734			74,943			58,826			172,503
Other underwriting expenses				7,412			5,065			2,616			15,093			28,243			14,225			9,485			51,953
		Total underwriting deductions		58,579			105,582			68,548			232,709			202,269			288,657			186,343			677,269
		Segment underwriting income	$	22,534			716			16,306			39,556		$	62,783			1,318			48,341			112,442
Net investment income													14,780												42,414
Net realized investment gains													1,508												2,771
Net foreign currency exchange gains (losses)													1,356												(3,456	)
Other income													544												4,444
Corporate expenses													(3,406	)											(19,710	)
Interest expense													(2,444	)											(7,150	)
		Income before income tax expense										$	51,894											$	131,755
GAAP underwriting ratios:
	Loss and loss adjustment expense			50.8	%		66.8	%		52.9	%		57.7	%		51.0	%		68.8	%		50.3	%		57.3	%
	Acquisition expense			12.2	%		27.7	%		24.8	%		22.2	%		14.6	%		25.8	%		25.1	%		21.8	%
	Other underwriting expense			9.1	%		4.8	%		3.1	%		5.5	%		10.7	%		4.9	%		4.0	%		6.6	%
		Combined		72.1	%		99.3	%		80.8	%		85.4	%		76.3	%		99.5	%		79.4	%		85.7	%
Statutory underwriting ratios:
	Loss and loss adjustment expense			50.8	%		66.8	%		52.9	%		57.7	%		51.0	%		68.8	%		50.3	%		57.3	%
	Acquisition expense			11.2	%		28.0	%		29.8	%		23.9	%		14.2	%		26.6	%		24.6	%		22.3	%
	Other underwriting expense			9.6	%		3.8	%		3.8	%		5.4	%		10.1	%		3.7	%		3.3	%		5.5	%
		Combined		71.6	%		98.6	%		86.5	%		87.0	%		75.3	%		99.1	%		78.2	%		85.1	%

The GAAP underwriting ratios are calculated by dividing each item above by net premiums earned.

The Statutory Underwriting ratios are based on statutory accounting principles and are calculated as follows:

(1) Losses & loss adjustment expenses are divided by net premiums earned;

(2) Acquisition expenses are divided by net premiums written and exclude changes in deferred acquisition costs; and

(3) Other underwriting expenses are divided by net premiums written.

Page 10 of 19

Platinum Underwriters Holdings, Ltd.
Property Segment Reporting — by Quarter
($ in thousands)

			Three Months Ended
												Period Ended
			September 30, 2003			June 30, 2003			March 31, 2003			December 31, 2002 *
Net premiums written			$	77,114			83,487			117,767		$	89,341
Net premiums earned				81,113			94,006			89,932			43,047
Losses and loss adjustment expenses				41,237			52,469			41,585			21,558
Acquisition expenses				9,930			13,186			15,618			7,798
Other underwriting expenses				7,412			10,372			10,459			5,960
		Total underwriting deductions		58,579			76,027			67,662			35,316
		Segment underwriting income	$	22,534			17,979			22,270		$	7,731
GAAP underwriting ratios:
	Loss and loss adjustment expense			50.8	%		55.8	%		46.2	%		50.1	%
	Acquisition expense			12.2	%		14.0	%		17.4	%		18.1	%
	Other underwriting expense			9.1	%		11.0	%		11.6	%		13.8	%
		Combined		72.1	%		80.8	%		75.2	%		82.0	%
Statutory Underwriting ratios:
	Loss and loss adjustment expense			50.8	%		55.8	%		46.2	%		50.1	%
	Acquisition expense			11.2	%		15.5	%		15.2	%		21.4	%
	Other underwriting expense			9.6	%		12.4	%		8.9	%		6.7	%
		Combined		71.6	%		83.7	%		70.3	%		78.2	%

The GAAP underwriting ratios are calculated by dividing each item above by net premiums earned.

The Statutory Underwriting ratios are based on statutory accounting principles and are calculated as follows:

(1) Losses & loss adjustment expenses are divided by net premiums earned;

(2) Acquisition expenses are divided by net premiums written and exclude changes in deferred acquisition costs; and

(3) Other underwriting expenses are divided by net premiums written.

* For the period from November 1, 2002 through December 31, 2002

Page 11 of 19

Platinum Underwriters Holdings, Ltd.
Casualty Segment Reporting — by Quarter
($ in thousands)

			Three Months Ended
												Period Ended
			September 30, 2003			June 30, 2003			March 31, 2003			December 31, 2002 *
Net premiums written			$	134,991			132,320			113,694		$	164,929
Net premiums earned				106,298			105,951			77,726			39,320
Losses and loss adjustment expenses				71,052			74,530			53,907			29,498
Acquisition expenses				29,465			26,449			19,029			9,269
Other underwriting expenses				5,065			4,542			4,618			4,136
		Total underwriting deductions		105,582			105,521			77,554			42,903
		Segment underwriting income	$	716			430			172		$	(3,583	)
GAAP underwriting ratios:
	Loss and loss adjustment expense			66.8	%		70.3	%		69.4	%		75.0	%
	Acquisition expense			27.7	%		25.0	%		24.5	%		23.6	%
	Other underwriting expense			4.8	%		4.3	%		5.9	%		10.5	%
		Combined		99.3	%		99.6	%		99.8	%		109.1	%
Statutory underwriting ratios:
	Loss and loss adjustment expense			66.8	%		70.3	%		69.4	%		75.0	%
	Acquisition expense			28.0	%		27.5	%		17.5	%		26.0	%
	Other underwriting expense			3.8	%		3.4	%		4.1	%		2.5	%
		Combined		98.6	%		101.2	%		91.0	%		103.5	%

The GAAP underwriting ratios are calculated by dividing each item above by net premiums earned.

The Statutory Underwriting ratios are based on statutory accounting principles and are calculated as follows:

(1) Losses & loss adjustment expenses are divided by net premiums earned;

(2) Acquisition expenses are divided by net premiums written and exclude changes in deferred acquisition costs; and

(3) Other underwriting expenses are divided by net premiums written.

* For the period from November 1, 2002 through December 31, 2002

Page 12 of 19

Platinum Underwriters Holdings, Ltd.
Finite Risk Segment Reporting — by Quarter
($ in thousands)

			Three Months Ended
												Period Ended
			September 30, 2003			June 30, 2003			March 31, 2003			December 31, 2002 *
Net premiums written			$	69,211			91,436			128,630		$	43,844
Net premiums earned				84,854			79,419			70,411			24,731
Losses and loss adjustment expenses				44,919			29,802			43,311			9,300
Acquisition expenses				21,013			20,741			17,072			8,407
Other underwriting expenses				2,616			4,732			2,137			2,068
		Total underwriting deductions		68,548			55,275			62,520			19,775
		Segment underwriting income	$	16,306			24,144			7,891		$	4,956
GAAP underwriting ratios:
	Loss and loss adjustment expense			52.9	%		37.5	%		61.5	%		37.6	%
	Acquisition expense			24.8	%		26.1	%		24.2	%		34.0	%
	Other underwriting expense			3.1	%		6.0	%		3.0	%		8.4	%
		Combined		80.8	%		69.6	%		88.7	%		80.0	%
Statutory underwriting ratios:
	Loss and loss adjustment expense			52.9	%		37.5	%		61.5	%		37.6	%
	Acquisition expense			29.8	%		24.7	%		21.6	%		29.3	%
	Other underwriting expense			3.8	%		5.2	%		1.7	%		4.7	%
		Combined		86.5	%		67.4	%		84.8	%		71.6	%

The GAAP underwriting ratios are calculated by dividing each item above by net premiums earned.

The Statutory Underwriting ratios are based on statutory accounting principles and are calculated as follows:

(1) Losses & loss adjustment expenses are divided by net premiums earned;

(2) Acquisition expenses are divided by net premiums written and exclude changes in deferred acquisition costs; and

(3) Other underwriting expenses are divided by net premiums written.

* For the period from November 1, 2002 through December 31, 2002

Page 13 of 19

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

			Three Months Ended		Nine Months Ended
			September 30, 2003		September 30, 2003
Property and Marine:
	Excess-of-loss		$	48,762	$	183,102
	Proportional			28,352		95,267
		Subtotal Property and Marine		77,114		278,369
Casualty:
	Excess-of-loss			108,901		333,406
	Proportional			26,090		47,599
		Subtotal Casualty		134,991		381,005
Finite Risk:
	Excess-of-loss			69,211		239,277
	Proportional			—		50,000
		Subtotal Finite Risk		69,211		289,277
Total:
	Excess-of-loss			226,874		755,785
	Proportional			54,442		192,866
		Total	$	281,316	$	948,651

			Three Months Ended		Nine Months Ended
			September 30, 2003		September 30, 2003
Property and Marine:
	United States *		$	50,419	$	153,812
	International			26,695		124,557
		Subtotal Property and Marine		77,114		278,369
Casualty:
	United States *			120,680		344,695
	International			14,311		36,310
		Subtotal Casualty		134,991		381,005
Finite Risk:
	United States *			61,599		225,802
	International			7,612		63,475
		Subtotal Finite Risk		69,211		289,277
Total:
	United States *			232,698		724,309
	International			48,618		224,342
		Total	$	281,316	$	948,651

* Amounts assumed from St. Paul are all included in the United States category.

Page 14 of 19

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

			Three Months Ended September 30, 2003						Nine Months Ended September 30, 2003
			Gross		Net		Net		Gross		Net		Net
			Premiums		Premiums		Premiums		Premiums		Premiums		Premiums
			Written		Written		Earned		Written		Written		Earned
Property and Marine:
	North American Property Proportional		$	6,898		6,898	$	8,891	$	28,803		28,803	$	30,344
	North American Property Catastrophe			9,081		5,660		4,932		31,052		23,633		24,088
	North American Property Risk			17,320		17,320		16,545		45,772		45,772		45,319
	Other Property			20,541		20,541		17,620		55,604		55,604		53,295
	Marine Proportional			63		63		477		925		925		2,117
	Marine / Space Excess			16,505		16,506		10,794		44,146		43,134		36,252
	International Property Proportional			858		858		2,846		10,074		10,074		10,523
	International Property Catastrophe			8,122		7,884		16,096		68,841		60,246		54,538
	International Property Risk			1,384		1,384		2,912		10,177		10,178		8,576
		Subtotal		80,772		77,114		81,113		295,394		278,369		265,052
Casualty:
	Clash			3,247		3,247		3,516		14,990		14,990		15,221
	1st $ GL			7,512		7,511		5,229		18,490		18,489		11,894
	1st $ other			28,965		28,965		29,480		89,224		89,224		72,939
	Casualty Excess			56,006		56,006		41,537		168,145		168,145		125,332
	Accident & Health			24,951		24,951		17,108		53,847		53,847		39,364
	International Casualty			5,616		5,616		4,513		12,967		12,967		9,099
	International Motor			9,495		8,695		4,915		24,617		23,343		16,126
		Subtotal		135,792		134,991		106,298		382,280		381,005		289,975
Finite Risk:
	Finite Property			26,266		26,265		31,447		92,251		92,250		67,633
	Finite Casualty			42,945		42,946		53,407		197,026		197,027		167,051
		Subtotal		69,211		69,211		84,854		289,277		289,277		234,684
		Total	$	285,775		281,316	$	272,265	$	966,951		948,651	$	789,711

Page 15 of 19

Platinum Underwriters Holdings, Ltd.
Company Ratios, Share Data, Ratings

			As of and for the Three Months Ended
												Period Ended
			September 30, 2003			June 30, 2003			March 31, 2003			December 31, 2002 *
GAAP Basis Ratios %:
	Combined			85.4	%		84.7	%		87.2	%		91.6	%
	Debt to Total Capital			11.8	%		12.0	%		12.6	%		13.0	%
	Net Premiums Written (annualized) to Shareholders’ Equity			1.10			1.22			1.51			0.32
Share Data:
	Book Value Per Share		$	23.87		$	23.34		$	22.23		$	21.42
	Common Shares Outstanding			43,024,000			43,004,000			43,004,000			43,004,000
	Market Price Per Share:**
		High	$	28.55		$	28.51		$	26.30		$	26.66
		Low	$	25.66		$	24.08		$	21.50		$	24.45
		Close	$	28.10		$	27.14		$	25.35		$	26.35
Industry Ratings:
	A.M. Best			A			A			A			A
Supplemental Data:
	Total Employees			152			158			158			157

*	For the period from November 1, 2002 through December 31, 2002
**	Based on closing prices during the periods

Page 16 of 19

Platinum Underwriters Holdings, Ltd.
Investment Portfolio
($ in thousands)

					Weighted					Weighted
					Average					Average
			September 30, 2003		Book Yield			December 31, 2002		Book Yield
Fixed Maturities:
	US Government and US Government agencies		$	3,731		2.1	%	$	3,793		2.1	%
	Tax exempt municipal bonds			74,717		2.9	%		—		0.0	%
	Corporate bonds			1,141,732		4.1	%		691,479		4.1	%
	Mortgage and asset-backed securities			311,852		4.7	%		283,878		5.2	%
	Foreign governments and foreign corporate bonds			48,405		3.6	%		39,107		3.4	%
		Total Bonds		1,580,437		4.0	%		1,018,257		4.4	%
	Redeemable Preferred Stock			32,795		6.1	%		46,959		7.1	%
		Total Fixed Maturities	$	1,613,232		4.0	%	$	1,065,216		4.5	%

			September 30, 2003					December 31, 2002
			Amount		% of Total			Amount		% of Total
Credit Quality of Investment Grades:*
	Aaa		$	451,177		28.0	%	$	330,396		31.0	%
	Aa			320,677		19.9	%		170,668		16.0	%
	A			841,378		52.2	%		564,152		53.0	%
		Total	$	1,613,232		100.0	%	$	1,065,216		100.0	%
Credit Quality:
	Weighted average credit quality		Aa3					Aa3

* Rated using external rating agencies (Moody’s).
(Aaa-Best Quality; Aa-High Quality; A-Upper to Medium Quality)

Page 17 of 19

Platinum Underwriters Holdings, Ltd.
Investment Portfolio — Net Realized Capital Gains
($ in thousands)

			Three Months Ended		Nine Months Ended
			September 30, 2003		September 30, 2003
Net realized capital gains:
	United States		$	718	$	592
	United Kingdom			60		103
	Bermuda			730		2,076
		Total	$	1,508	$	2,771

Page 18 of 19

Platinum Underwriters Holdings, Ltd.
Loss Analysis
($ in thousands)

		Analysis of Losses and Loss Expenses Incurred:
		Nine Months Ended September 30, 2003									Period Ended December 31, 2002 *
		Gross		Ceded		Net		Paid to Incurred %			Gross		Ceded		Net		Paid to Incurred %
Paid		$	79,634		213	$	79,421		17.5	%	$	—		—	$	—		—
Change in unpaid losses and loss expenses			375,295		1,903		373,392					60,356		—		60,356
	Incurred losses and loss expenses	$	454,929		2,116	$	452,813				$	60,356		—	$	60,356

		Analysis of Unpaid Losses and Loss Expenses:
		September 30, 2003						December 31, 2002
		Gross		Ceded		Net**		Gross		Ceded		Net
Outstanding losses and loss expenses		$	65,351		31		65,320	$	—		—	$	—
Incurred but not reported			595,439		1,875		593,564		281,659		—		281,659
	Unpaid loss and loss expenses	$	660,790		1,906		658,884	$	281,659		—	$	281,659

*	For the period from November 1, 2002 through December 31, 2002
**	Includes effects of foreign currency exchange rate movements of $3,833

Page 19 of 19