Platinum Underwriters (PTP) 8-K Platinum Underwriters Holdings, LTD. Reports

Exhibit 99.2

Financial Supplement

Financial Information
as of December 31, 2005

(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/A and Quarterly Reports on Forms 10-Q and 10-Q/A.

Our Investors Relations Department can be reached at (441) 298-0760.

Platinum Underwriters Holdings, Ltd.

Overview
December 31, 2005

Address:

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

Investor Information:

Lily Outerbridge
Vice President, Director of Investor Relations
Tel: (441) 298-0760
Fax: (441) 296-0528

Website:

www.platinumre.com

Publicly Traded Equity Securities:

Common Shares (NYSE:PTP)

Preferred Shares (NYSE:PTP PRA)

Note on Non-GAAP Financial Measures

In presenting the Company’s results, management has included certain schedules containing financial measures that are not calculated under standards or rules that comprise accounting principles generally accepted in the United States (GAAP). Such measures, including segment underwriting income (or loss), related underwriting ratios and fully converted book value, are referred to as non-GAAP. These non-GAAP measures may be defined or calculated differently by other companies. Management believes these measures, which are used to monitor the results of operations, allow for a more complete understanding of the underlying business. These measures should not be viewed as a substitute for those determined in accordance with GAAP. A reconciliation of such measures to the most comparable GAAP figures such as income before income tax expense and total shareholders’ equity is presented in the attached financial information in accordance with Regulation G.

Page 1 of 22

Platinum Underwriters Holdings, Ltd.

Table of Contents
December 31, 2005

Section:	Page:
Balance Sheet:
a. Condensed Consolidated Balance Sheets	3
Statements of Operations:
a. Consolidated Statements of Operations and Comprehensive Income (Loss) — Summary	4
b. Consolidated Statements of Operations and Comprehensive Income (Loss) — by Quarter	5
Earnings and Book Value Per Share Analysis:
a. Computation of Basic and Diluted Earnings (Loss) Per Share — Summary	6
b. Computation of Basic and Diluted Earnings (Loss) Per Share — by Quarter	7
c. Fully Converted Book Value Per Share	8
Cash Flow Statement:
a. Condensed Statements of Cash Flows — Summary	9
b. Condensed Statements of Cash Flows — by Quarter	10
Segment Data:
a. Segment Reporting — Three Month Summary	11
b. Segment Reporting — Twelve Month Summary	12
c. Property and Marine Segment — by Quarter	13
d. Casualty Segment — by Quarter	14
e. Finite Risk Segment — by Quarter	15
Net Premiums Written Data:
a. Net Premiums Written — Supplemental Information	16
b. Premiums by Line of Business — Three Month Summary	17
c. Premiums by Line of Business — Twelve Month Summary	18
Other Company Data:
a. Company Ratios, Share Data, Ratings	19
Investments:
a. Investment Portfolio	20
b. Investment Portfolio — Net Realized Capital Gains (Losses)	21
Loss Reserves:
a. Loss Analysis	22

Page 2 of 22

Platinum Underwriters Holdings, Ltd.

Condensed Consolidated Balance Sheets
December 31, 2005
(amounts in thousands, except per share amounts)

	December 31, 2005		September 30, 2005		June 30, 2005		March 31, 2005		December 31, 2004
Assets
Investments	$	3,000,889		2,989,217		2,728,692		2,284,911	$	2,246,971
Short term investments and cash and cash equivalents		829,539		391,637		409,539		300,017		209,897
Reinsurance premiums receivable		567,449		557,422		576,457		638,283		580,048
Accrued investment income		29,230		31,013		28,316		27,127		23,663
Reinsurance balances (prepaid and recoverable)		76,109		79,021		16,688		15,783		4,892
Deferred acquisition costs		130,800		139,158		144,844		149,555		136,038
Funds held by ceding companies		291,629		250,324		271,795		222,791		198,048
Other assets		228,730		48,293		22,905		26,049		22,438
Total assets	$	5,154,375		4,486,085		4,199,236		3,664,516	$	3,421,995
Liabilities
Unpaid losses and loss adjustment expenses	$	2,323,990		2,079,668		1,559,092		1,507,158	$	1,380,955
Unearned premiums		502,018		558,881		575,727		589,795		502,423
Debt obligations		292,840		387,500		387,500		137,500		137,500
Commissions payable		186,654		176,036		216,459		172,224		181,925
Other liabilities		308,624		56,183		187,730		84,763		86,189
Total liabilities		3,614,126		3,258,268		2,926,508		2,491,440		2,288,992
Total shareholders’ equity		1,540,249		1,227,817		1,272,728		1,173,076		1,133,003
Total liabilities and shareholders’ equity	$	5,154,375		4,486,085		4,199,236		3,664,516	$	3,421,995
Book value per common share	$	23.22		24.75		29.32		27.12	$	26.30

Page 3 of 22

Platinum Underwriters Holdings, Ltd.

Consolidated Statements of Operations and Comprehensive Income (Loss) — Summary
(amounts in thousands, except per share amounts)

	Three Months Ended						Twelve Months Ended
	December 31, 2005			December 31, 2004			December 31, 2005			December 31, 2004
Revenue
Net premiums earned	$	442,825		$	432,936		$	1,714,723		$	1,447,935
Net investment income		37,195			26,242			129,445			84,532
Net realized capital gains (losses) on investments		(1,984	)		520			(3,046	)		1,955
Other income (expense)		(385	)		1,074			(586	)		3,211
Total revenue		477,651			460,772			1,840,536			1,537,633
Expenses
Losses and loss adjustment expenses		462,257			283,645			1,505,425			1,019,804
Acquisition expenses		107,100			94,935			403,135			327,821
Other underwriting expenses		14,467			10,053			55,669			53,137
Corporate expenses		3,792			2,844			14,158			13,196
Net foreign currency exchange (gains) losses		241			(399	)		2,111			(725	)
Interest expense		6,820			2,316			20,006			9,268
Loss on repurchase of debt		2,486			—			2,486			—
Total expenses		597,163			393,394			2,002,990			1,422,501
Income (loss) before income tax expense (benefit)		(119,512	)		67,378			(162,454	)		115,132
Income tax expense (benefit)		(16,976	)		17,456			(24,967	)		30,349
Net income (loss)		(102,536	)		49,922			(137,487	)		84,783
Preferred dividends		737			—			737			—
Net income (loss) available to common shareholders	$	(103,273	)	$	49,922		$	(138,224	)	$	84,783
Basic
Weighted average shares outstanding		53,339			43,073			45,915			43,158
Basic earnings (loss) per share	$	(1.94	)	$	1.16		$	(3.01	)	$	1.96
Diluted
Weighted average shares outstanding		53,339			49,819			45,915			50,261
Diluted earnings (loss) per share	$	(1.94	)	$	1.03		$	(3.01	)	$	1.81
Comprehensive income (loss)
Net income (loss)	$	(102,536	)	$	49,922		$	(137,487	)	$	84,783
Other comprehensive income (loss), net of deferred tax		(15,000	)		(4,193	)		(52,970	)		(6,522	)
Comprehensive income (loss)	$	(117,536	)	$	45,729		$	(190,457	)	$	78,261

Page 4 of 22

Platinum Underwriters Holdings, Ltd.

Consolidated Statements of Operations and Comprehensive Income (Loss) — by Quarter
(amounts in thousands, except per share amounts)

	Three Months Ended
	December 31, 2005			September 30, 2005			June 30, 2005			March 31, 2005			December 31, 2004
Revenue
Net premiums earned	$	442,825			429,388			431,470			411,040		$	432,936
Net investment income		37,195			36,441			28,904			26,905			26,242
Net realized capital gains (losses) on investments		(1,984	)		(879	)		(555	)		372			520
Other income (expense)		(385	)		(433	)		588			(356	)		1,074
Total revenue		477,651			464,517			460,407			437,961			460,772
Expenses
Losses and loss adjustment expenses		462,257			564,618			240,852			237,698			283,645
Acquisition expenses		107,100			98,858			103,928			93,249			94,935
Other underwriting expenses		14,467			6,050			18,545			16,607			10,053
Corporate expenses		3,792			2,030			4,935			3,401			2,844
Net foreign currency exchange (gains) losses		241			(88	)		160			1,798			(399	)
Interest expense		6,820			6,839			4,174			2,173			2,316
Loss on repurchase of debt		2,486			—			—			—			—
Total expenses		597,163			678,307			372,594			354,926			393,394
Income (loss) before income tax expense (benefit)		(119,512	)		(213,790	)		87,813			83,035			67,378
Income tax expense (benefit)		(16,976	)		(37,766	)		19,828			9,947			17,456
Net income (loss)		(102,536	)		(176,024	)		67,985			73,088			49,922
Preferred dividends		737			—			—			—			—
Net income (loss) available to common shareholders	$	(103,273	)		(176,024	)		67,985			73,088		$	49,922
Basic
Weighted average shares outstanding		53,339			43,785			43,293			43,163			43,073
Basic earnings (loss) per share	$	(1.94	)		(4.02	)		1.57			1.69		$	1.16
Diluted
Weighted average shares outstanding		53,339			43,785			50,009			50,032			49,819
Diluted earnings (loss) per share	$	(1.94	)		(4.02	)		1.39			1.49		$	1.03
Comprehensive income (loss)
Net income (loss)	$	(102,536	)		(176,024	)		67,985			73,088		$	49,922
Other comprehensive income (loss), net of deferred tax		(15,000	)		(36,355	)		33,005			(34,620	)		(4,193	)
Comprehensive income (loss)	$	(117,536	)		(212,379	)		100,990			38,468		$	45,729

Page 5 of 22

Platinum Underwriters Holdings, Ltd.

Computation of Basic and Diluted Earnings (Loss) Per Share — Summary
(amounts in thousands, except per share amounts)

	Three Months Ended					Twelve Months Ended
	December 31, 2005			December 31, 2004		December 31, 2005			December 31, 2004
Earnings:
Basic:
Net income (loss)	$	(103,273	)	$	49,922	$	(138,224	)	$	84,783
Net income (loss) available to common shareholders		(103,273	)		49,922		(138,224	)		84,783
Diluted:
Net income (loss)		(103,273	)		49,922		(138,224	)		84,783
Effect of dilutive securities:
Equity security units		—			1,519		—			6,097
Net income (loss) available to common shareholders	$	(103,273	)	$	51,441	$	(138,224	)	$	90,880
Common Shares:
Basic:
Weighted average shares outstanding		53,339			43,073		45,915			43,158
Diluted:
Weighted average shares outstanding		53,339			43,073		45,915			43,158
Effect of dilutive securities:
Share options		—			1,721		—			2,088
Equity security units		—			5,009		—			5,009
Restricted stock units		—			16		—			6
Weighted average, as adjusted		53,339			49,819		45,915			50,261
Earnings (Loss) Per Share:
Basic	$	(1.94	)	$	1.16	$	(3.01	)	$	1.96
Diluted	$	(1.94	)	$	1.03	$	(3.01	)	$	1.81

Page 6 of 22

Platinum Underwriters Holdings, Ltd.

Computation of Basic and Diluted Earnings (Loss) Per Share — by Quarter
(amounts in thousands, except per share amounts)

	Three Months Ended
	December 31, 2005			September 30, 2005			June 30, 2005		March 31, 2005		December 31, 2004
Earnings:
Basic:
Net income (loss)	$	(103,273	)		(176,024	)		67,985		73,088	$	49,922
Net income (loss) available to common shareholders		(103,273	)		(176,024	)		67,985		73,088		49,922
Diluted:
Net income (loss)		(103,273	)		(176,024	)		67,985		73,088		49,922
Effect of dilutive securities:
Equity security units		—			—			1,506		1,423		1,519
Net income (loss) available to common shareholders	$	(103,273	)		(176,024	)		69,491		74,511	$	51,441
Common Shares:
Basic:
Weighted average shares outstanding		53,339			43,785			43,293		43,163		43,073
Diluted:
Weighted average shares outstanding		53,339			43,785			43,293		43,163		43,073
Effect of dilutive securities:
Share options		—			—			1,644		1,838		1,721
Equity security units		—			—			5,009		5,009		5,009
Restricted stock units		—			—			63		22		16
Weighted average, as adjusted		53,339			43,785			50,009		50,032		49,819
Earnings (Loss) Per Share:
Basic	$	(1.94	)		(4.02	)		1.57		1.69	$	1.16
Diluted	$	(1.94	)		(4.02	)		1.39		1.49	$	1.03

Page 7 of 22

Platinum Underwriters Holdings, Ltd.

Fully Converted Book Value Per Share
December 31, 2005

	Conversion			Conversion
	Multiple /			Amount			Shares		Book Value
	Strike Price			($000)			(000)		Per Share
Total equity as of December 31, 2005				$	1,540,249
Equity from issuance of preferred shares					(167,509	)
Book value per common share					1,372,740			59,127	$	23.22
Preferred shares:
Contractual ratio of conversion to common shares prior to February 15, 2009		0.7874	(c)		167,509			4,528		0.91
Share options:
Shareholder share options:
St. Paul Travelers		27.00			—			865		(0.30	)
RenaissanceRe		27.00			—			361		(0.12	)
Management and directors’ options (a)		23.75	(b)		91,186			3,840		0.03
Directors’ and officers’ restricted shares and share units					—			146		(0.05	)
Fully converted book value as of December 31, 2005				$	1,631,435			68,867	$	23.69

(a)	Excludes 77,500 options with a weighted average strike price of $32.72
(b)	Weighted average strike price of options with a price below $31.07, the closing share price at December 31, 2005.
(c)	On February 15, 2009, the mandatory conversion date, each preferred share will automatically convert into a number of common shares based on the volume-weighted average price per common share on the 20 consecutive trading days ending on the third trading day prior to February 15, 2009. Based on the volume-weighted average price per common share of the Company’s common shares, the Company would issue 5,579,439 common shares of the Company in exchange for the 5,750,000 preferred shares if the preferred shareholders were to convert to common shares at December 31, 2005.

See page 1, Note on Non-GAAP Financial Measures.

Page 8 of 22

Platinum Underwriters Holdings, Ltd.

Condensed Statements of Cash Flows — Summary
($ in thousands)

	Three Months Ended					Twelve Months Ended
	December 31, 2005		December 31, 2004			December 31, 2005			December 31, 2004
Net cash provided by operating activities	$	38,654	$	91,563		$	597,674		$	714,733
Net cash provided by (used in) investing activities		58,146		(103,703	)		(730,568	)		(595,478	)
Net cash provided by (used in) financing activities		332,309		(310	)		743,743			(14,819	)
Net increase (decrease) in cash and cash equivalents	$	429,109	$	(12,450	)	$	610,849		$	104,436

Page 9 of 22

Platinum Underwriters Holdings, Ltd.

Condensed Statements of Cash Flows — by Quarter
($ in thousands)

	Three Months Ended
	December 31, 2005		September 30, 2005			June 30, 2005			March 31, 2005			December 31, 2004
Net cash provided by operating activities	$	38,654		182,618			196,754			179,648		$	91,563
Net cash provided by (used in) investing activities		58,146		(366,978	)		(331,898	)		(89,838	)		(103,703	)
Net cash provided by (used in) financing activities		332,309		166,461			244,663			310			(310	)
Net increase (decrease) in cash and cash equivalents	$	429,109		(17,899	)		109,519			90,120		$	(12,450	)

Page 10 of 22

Platinum Underwriters Holdings, Ltd.

Segment Reporting
($ in thousands)

	Three Months Ended December 31, 2005												Three Months Ended December 31, 2004
	Property and												Property and
	Marine			Casualty			Finite Risk			Total			Marine			Casualty			Finite Risk			Total
Net premiums written	$	121,703			187,813			81,262		$	390,778		$	110,675			168,706			115,504		$	394,885
Net premiums earned		154,454			201,088			87,283			442,825			131,712			186,929			114,295			432,936
Losses and loss adjustment expenses		264,442			136,422			61,393			462,257			64,510			124,621			94,514			283,645
Acquisition expenses		24,546			51,135			31,419			107,100			18,869			45,884			30,182			94,935
Other underwriting expenses		6,479			6,511			1,477			14,467			6,547			3,107			399			10,053
Total underwriting expenses		295,467			194,068			94,289			583,824			89,926			173,612			125,095			388,633
Segment underwriting income (loss)	$	(141,013	)		7,020			(7,006	)		(140,999	)	$	41,786			13,317			(10,800	)		44,303
Net investment income											37,195												26,242
Net realized capital gains (losses)											(1,984	)											520
Net foreign currency exchange gains (losses)											(241	)											399
Other income (expense)											(385	)											1,074
Corporate expenses not allocated to segments											(3,792	)											(2,844	)
Interest expense											(6,820	)											(2,316	)
Loss on repurchase of debt											(2,486	)											—
Income (loss) before income tax expense (benefit)										$	(119,512	)										$	67,378
GAAP underwriting ratios:
Losses and LAE		171.2	%		67.8	%		70.3	%		104.4	%		49.0	%		66.7	%		82.7	%		65.5	%
Acquisition expense		15.9	%		25.4	%		36.0	%		24.2	%		14.3	%		24.5	%		26.4	%		21.9	%
Other underwriting expense		4.2	%		3.2	%		1.7	%		3.3	%		5.0	%		1.7	%		0.3	%		2.3	%
Combined		191.3	%		96.4	%		108.0	%		131.9	%		68.3	%		92.9	%		109.4	%		89.7	%
Statutory underwriting ratios:
Losses and LAE		171.2	%		67.8	%		70.3	%		104.4	%		49.0	%		66.7	%		82.7	%		65.5	%
Acquisition expense		15.2	%		26.1	%		38.8	%		25.4	%		15.9	%		23.7	%		27.0	%		22.5	%
Other underwriting expense		5.3	%		3.5	%		1.8	%		3.7	%		5.9	%		1.8	%		0.3	%		2.5	%
Combined		191.7	%		97.4	%		110.9	%		133.5	%		70.8	%		92.2	%		110.0	%		90.5	%

See page 1, Note on Non-GAAP Financial Measures.

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 11 of 22

Platinum Underwriters Holdings, Ltd.

Segment Reporting
($ in thousands)

	Twelve Months Ended December 31, 2005												Twelve Months Ended December 31, 2004
	Property and												Property and
	Marine			Casualty			Finite Risk			Total			Marine			Casualty			Finite Risk			Total
Net premiums written	$	575,055			809,031			333,636		$	1,717,722		$	504,439			677,399			464,175		$	1,646,013
Net premiums earned		569,173			789,629			355,921			1,714,723			485,135			611,893			350,907			1,447,935
Losses and loss adjustment expenses		756,742			511,609			237,074			1,505,425			349,557			418,355			251,892			1,019,804
Acquisition expenses		93,983			194,397			114,755			403,135			76,360			151,649			99,812			327,821
Other underwriting expenses		26,074			24,690			4,905			55,669			27,827			19,086			6,224			53,137
Total underwriting expenses		876,799			730,696			356,734			1,964,229			453,744			589,090			357,928			1,400,762
Segment underwriting income (loss)	$	(307,626	)		58,933			(813	)		(249,506	)	$	31,391			22,803			(7,021	)		47,173
Net investment income											129,445												84,532
Net realized capital gains (losses) on investments											(3,046	)											1,955
Net foreign currency exchange gains (losses)											(2,111	)											725
Other income (expense)											(586	)											3,211
Corporate expenses not allocated to segments											(14,158	)											(13,196	)
Interest expense											(20,006	)											(9,268	)
Loss on repurchase of debt											(2,486	)											—
Income (loss) before income tax expense (benefit)										$	(162,454	)										$	115,132
GAAP underwriting ratios:
Losses and LAE		133.0	%		64.8	%		66.6	%		87.8	%		72.1	%		68.4	%		71.8	%		70.4	%
Acquisition expense		16.5	%		24.6	%		32.2	%		23.5	%		15.7	%		24.8	%		28.4	%		22.6	%
Other underwriting expense		4.6	%		3.1	%		1.4	%		3.2	%		5.7	%		3.1	%		1.8	%		3.7	%
Combined		154.1	%		92.5	%		100.2	%		114.5	%		93.5	%		96.3	%		102.0	%		96.7	%
Statutory underwriting ratios:
Losses and LAE		133.0	%		64.8	%		66.6	%		87.8	%		72.1	%		68.4	%		71.8	%		70.4	%
Acquisition expense		16.2	%		24.3	%		32.9	%		23.3	%		16.2	%		24.5	%		29.5	%		23.3	%
Other underwriting expense		4.5	%		3.1	%		1.5	%		3.2	%		5.5	%		2.8	%		1.3	%		3.2	%
Combined		153.7	%		92.2	%		101.0	%		114.3	%		93.8	%		95.7	%		102.6	%		96.9	%

See page 1, Note on Non-GAAP Financial Measures.

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 12 of 22

Platinum Underwriters Holdings, Ltd.

Property and Marine Segment — by Quarter
($ in thousands)

	Three Months Ended
	December 31, 2005			September 30, 2005			June 30, 2005			March 31, 2005			December 31, 2004
Net premiums written	$	121,703			133,350			134,953			185,049		$	110,675
Net premiums earned		154,454			145,853			140,669			128,197			131,712
Losses and loss adjustment expenses		264,442			373,761			58,499			60,040			64,510
Acquisition expenses		24,546			17,753			29,695			21,989			18,869
Other underwriting expenses		6,479			3,632			8,240			7,723			6,547
Total underwriting expenses		295,467			395,146			96,434			89,752			89,926
Segment underwriting income (loss)	$	(141,013	)		(249,293	)		44,235			38,445		$	41,786
GAAP underwriting ratios:
Losses and LAE		171.2	%		256.3	%		41.6	%		46.8	%		49.0	%
Acquisition expense		15.9	%		12.2	%		21.1	%		17.2	%		14.3	%
Other underwriting expense		4.2	%		2.5	%		5.9	%		6.0	%		5.0	%
Combined		191.3	%		271.0	%		68.6	%		70.0	%		68.3	%
Statutory underwriting ratios:
Losses and LAE		171.2	%		256.3	%		41.6	%		46.8	%		49.0	%
Acquisition expense		15.2	%		10.7	%		22.7	%		16.1	%		15.9	%
Other underwriting expense		5.3	%		2.7	%		6.1	%		4.2	%		5.9	%
Combined		191.7	%		269.7	%		70.4	%		67.1	%		70.8	%

See page 1, Note on Non-GAAP Financial Measures.

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 13 of 22

Platinum Underwriters Holdings, Ltd.

Casualty Segment — by Quarter
($ in thousands)

	Three Months Ended
	December 31, 2005			September 30, 2005			June 30, 2005			March 31, 2005			December 31, 2004
Net premiums written	$	187,813			216,659			188,890			215,669		$	168,706
Net premiums earned		201,088			205,050			198,723			184,768			186,929
Losses and loss adjustment expenses		136,422			129,218			127,531			118,438			124,621
Acquisition expenses		51,135			50,097			47,963			45,202			45,884
Other underwriting expenses		6,511			1,894			8,972			7,313			3,107
Total underwriting expenses		194,068			181,209			184,466			170,953			173,612
Segment underwriting income	$	7,020			23,841			14,257			13,815		$	13,317
GAAP underwriting ratios:
Losses and LAE		67.8	%		63.0	%		64.2	%		64.1	%		66.7	%
Acquisition expense		25.4	%		24.4	%		24.1	%		24.5	%		24.5	%
Other underwriting expense		3.2	%		0.9	%		4.5	%		4.0	%		1.7	%
Combined		96.4	%		88.3	%		92.8	%		92.6	%		92.9	%
Statutory underwriting ratios:
Losses and LAE		67.8	%		63.0	%		64.2	%		64.1	%		66.7	%
Acquisition expense		26.1	%		24.1	%		23.5	%		23.6	%		23.7	%
Other underwriting expense		3.5	%		0.9	%		4.7	%		3.4	%		1.8	%
Combined		97.4	%		88.0	%		92.4	%		91.1	%		92.2	%

See page 1, Note on Non-GAAP Financial Measures.

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 14 of 22

Platinum Underwriters Holdings, Ltd.

Finite Risk Segment — by Quarter
($ in thousands)

	Three Months Ended
	December 31, 2005			September 30, 2005			June 30, 2005			March 31, 2005			December 31, 2004
Net premiums written	$	81,262			60,177			99,116			93,081		$	115,504
Net premiums earned		87,283			78,485			92,078			98,075			114,295
Losses and loss adjustment expenses		61,393			61,639			54,822			59,220			94,514
Acquisition expenses		31,419			31,008			26,270			26,058			30,182
Other underwriting expenses		1,477			524			1,333			1,571			399
Total underwriting expenses		94,289			93,171			82,425			86,849			125,095
Segment underwriting income (loss)	$	(7,006	)		(14,686	)		9,653			11,226		$	(10,800	)
GAAP underwriting ratios:
Losses and LAE		70.3	%		78.5	%		59.5	%		60.4	%		82.7	%
Acquisition expense		36.0	%		39.5	%		28.5	%		26.6	%		26.4	%
Other underwriting expense		1.7	%		0.7	%		1.4	%		1.6	%		0.3	%
Combined		108.0	%		118.7	%		89.4	%		88.6	%		109.4	%
Statutory underwriting ratios:
Losses and LAE		70.3	%		78.5	%		59.5	%		60.4	%		82.7	%
Acquisition expense		38.8	%		45.1	%		25.2	%		28.0	%		27.0	%
Other underwriting expense		1.8	%		0.9	%		1.3	%		1.7	%		0.3	%
Combined		110.9	%		124.5	%		86.0	%		90.1	%		110.0	%

See page 1, Note on Non-GAAP Financial Measures.

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 15 of 22

Platinum Underwriters Holdings, Ltd.

Net Premiums Written — Supplemental Information
($ in thousands)

	Three Months Ended				Twelve Months Ended
	December 31, 2005		December 31, 2004		December 31, 2005		December 31, 2004
Property and Marine:
Excess-of-loss	$	112,387	$	77,905	$	412,781	$	366,184
Proportional		9,316		32,770		162,274		138,255
Subtotal Property and Marine		121,703		110,675		575,055		504,439
Casualty:
Excess-of-loss		164,996		145,845		676,276		593,752
Proportional		22,817		22,861		132,755		83,647
Subtotal Casualty		187,813		168,706		809,031		677,399
Finite Risk:
Excess-of-loss		12,117		46,366		63,628		155,090
Proportional		69,145		69,138		270,008		309,085
Subtotal Finite Risk		81,262		115,504		333,636		464,175
Total:
Excess-of-loss		289,500		330,707		1,152,685		1,230,565
Proportional		101,278		64,178		565,037		415,448
Total	$	390,778	$	394,885	$	1,717,722	$	1,646,013

	Three Months Ended				Twelve Months Ended
	December 31, 2005		December 31, 2004		December 31, 2005		December 31, 2004
Property and Marine:
United States	$	95,507	$	79,508	$	401,270	$	320,506
International		26,196		31,167		173,785		183,933
Subtotal Property and Marine		121,703		110,675		575,055		504,439
Casualty:
United States		177,882		157,966		718,103		601,878
International		9,931		10,740		90,928		75,521
Subtotal Casualty		187,813		168,706		809,031		677,399
Finite Risk:
United States		78,380		102,448		329,843		428,024
International		2,882		13,056		3,793		36,151
Subtotal Finite Risk		81,262		115,504		333,636		464,175
Total:
United States		351,769		339,922		1,449,216		1,350,408
International		39,009		54,963		268,506		295,605
Total	$	390,778	$	394,885	$	1,717,722	$	1,646,013

Page 16 of 22

Platinum Underwriters Holdings, Ltd.

Premiums by Line of Business
($ in thousands)

	Three Months Ended December 31, 2005						Three Months Ended December 31, 2004
	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	$	21,270		21,270	$	28,950	$	14,092			14,092		$	12,833
North American Property Catastrophe		28,847		29,804		33,305		21,126			21,349			22,222
North American Property Risk		21,127		21,987		22,706		24,087			21,537			21,728
Other Property		24,197		22,447		23,378		22,531			22,530			27,765
Marine / Aviation Proportional		2,107		2,107		2,211		2,300			2,300			2,335
Marine / Aviation Excess		8,567		7,076		9,678		10,945			11,170			11,104
International Property Proportional		2,609		2,609		6,586		2,008			2,008			4,337
International Property Catastrophe		12,366		11,410		21,580		11,715			13,334			24,709
International Property Risk		2,993		2,993		6,060		2,355			2,355			4,679
Subtotal		124,083		121,703		154,454		111,159			110,675			131,712
Casualty:
Clash		7,419		7,419		7,891		8,053			8,053			7,563
1st Dollar GL		11,131		11,131		10,135		9,569			9,569			10,215
1st Dollar Other		1,236		1,236		995		795			795			796
Casualty Excess		140,823		140,824		135,192		113,048			113,048			110,443
Accident & Health		7,772		7,722		22,459		18,952			18,952			31,578
International Casualty		6,768		6,768		11,594		7,077			7,077			8,268
International Motor		990		990		1,456		(571	)		(490	)		5,025
Financial Lines		11,722		11,723		11,366		11,702			11,702			13,041
Subtotal		187,861		187,813		201,088		168,625			168,706			186,929
Finite Risk:
Finite Property		12,076		6,774		7,341		21,265			21,265			21,269
Finite Casualty		73,073		73,073		78,527		76,054			76,054			68,572
Finite Accident & Health		1,415		1,415		1,415		18,185			18,185			24,454
Subtotal		86,564		81,262		87,283		115,504			115,504			114,295
Total	$	398,508		390,778	$	442,825	$	395,288			394,885		$	432,936

Page 17 of 22

Platinum Underwriters Holdings, Ltd.

Premiums by Line of Business
($ in thousands)

	Twelve Months Ended December 31, 2005						Twelve Months Ended December 31, 2004
	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	$	100,848		100,848	$	101,447	$	59,250		59,250	$	55,127
North American Property Catastrophe		100,811		94,925		93,775		71,817		67,357		66,745
North American Property Risk		105,748		100,690		96,663		94,051		90,652		84,302
Other Property		106,853		104,808		105,696		103,610		103,247		105,748
Marine / Aviation Proportional		12,295		12,295		10,263		9,399		9,399		8,036
Marine / Aviation Excess		42,418		36,264		39,997		51,575		51,941		46,033
International Property Proportional		24,429		24,429		22,820		17,924		17,924		17,756
International Property Catastrophe		80,395		78,017		76,270		92,789		87,616		84,422
International Property Risk		22,779		22,779		22,242		17,053		17,053		16,966
Subtotal		596,576		575,055		569,173		517,468		504,439		485,135
Casualty:
Clash		34,249		34,249		34,337		26,588		26,588		27,274
1st Dollar GL		48,964		48,964		42,181		29,719		29,719		30,354
1st Dollar Other		4,290		4,290		3,299		2,876		2,876		2,572
Casualty Excess		523,219		523,220		514,481		423,047		423,047		387,410
Accident & Health		86,182		85,982		93,205		96,516		96,516		83,340
International Casualty		51,116		51,116		46,746		36,802		36,802		25,085
International Motor		4,247		4,314		11,096		17,064		16,316		22,413
Financial Lines		56,896		56,896		44,284		45,535		45,535		33,445
Subtotal		809,163		809,031		789,629		678,147		677,399		611,893
Finite Risk:
Finite Property		41,847		16,067		21,180		65,163		65,163		71,647
Finite Casualty		314,416		314,416		317,882		294,365		294,365		160,361
Finite Accident & Health		3,153		3,153		16,859		104,647		104,647		118,899
Subtotal		359,416		333,636		355,921		464,175		464,175		350,907
Total	$	1,765,155		1,717,722	$	1,714,723	$	1,659,790		1,646,013	$	1,447,935

Page 18 of 22

Platinum Underwriters Holdings, Ltd.

Company Ratios, Share Data, Ratings

	As of and for the Three Months Ended
	December 31, 2005			September 30, 2005			June 30, 2005			March 31, 2005			December 31, 2004
GAAP Basis Ratios %:
Combined (%)		131.9	%		155.9	%		84.2	%		84.5	%		89.7	%
Debt to Total Capital (%)		16.0	%		24.0	%		23.3	%		10.5	%		10.8	%
Net Premiums Written (Annualized) to Shareholders’ Equity		1.01			1.34			1.33			1.68			1.39
Share Data:
Book Value Per Share	$	23.22		$	24.75		$	29.32		$	27.12		$	26.30
Common Shares Outstanding (000’s)		59,127			49,605			43,407			43,254			43,087
Market Price Per Share:
High	$	31.70		$	35.21		$	32.15		$	32.03		$	31.13
Low		27.10			27.45			26.43			29.02			27.30
Close	$	31.07		$	29.89		$	31.82		$	29.70		$	31.10
Industry Ratings:
A.M. Best (Financial Strength Rating)		A			A			A			A			A
Supplemental Data:
Total Employees		163			159			157			159			159

Page 19 of 22

Platinum Underwriters Holdings, Ltd.

Investment Portfolio
($ in thousands)

			Weighted					Weighted
			Average					Average
	December 31, 2005		Book Yield			December 31, 2004		Book Yield
Fixed Maturities:
US Government and US Government agencies	$	139,584		4.1	%	$	4,203		2.3	%
Tax exempt municipal bonds		212,361		3.0	%		215,251		3.0	%
Corporates		1,163,170		4.3	%		1,158,797		4.2	%
Mortgage and asset-backed securities		1,141,932		4.8	%		511,069		4.9	%
Foreign governments and foreign corporate bonds		330,656		4.3	%		347,206		4.7	%
Total Fixed Maturities		2,987,703		4.4	%		2,236,526		4.3	%
Preferred Stock		8,186		6.6	%		3,676		5.8	%
Total securities		2,995,889		4.4	%		2,240,202		4.3	%
Other invested assest		5,000					6,769
Total	$	3,000,889				$	2,246,971

	December 31, 2005					December 31, 2004
	Amount		% of Total			Amount		% of Total
Credit Quality of Investment Grades:*
Aaa	$	1,600,733		53.4	%	$	764,002		34.1	%
Aa		521,148		17.4	%		447,071		20.0	%
A		757,452		25.3	%		909,403		40.6	%
Baa		116,556		3.9	%		119,726		5.3	%
Total	$	2,995,889		100.0	%	$	2,240,202		100.0	%
Credit Quality:
Weighted average credit quality	Aa2					Aa3

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

Page 20 of 22

Platinum Underwriters Holdings, Ltd.

Investment Portfolio — Net Realized Capital Gains (Losses)
($ in thousands)

	Three Months Ended					Twelve Months Ended
	December 31, 2005			December 31, 2004		December 31, 2005			December 31, 2004
Net realized capital gains (losses):
United States	$	7		$	67	$	69		$	(512	)
United Kingdom		309			151		153			275
Bermuda		(2,300	)		302		(3,268	)		2,192
Total	$	(1,984	)	$	520	$	(3,046	)	$	1,955

Page 21 of 22

Platinum Underwriters Holdings, Ltd.

Loss Analysis
($ in thousands)

	Analysis of Losses and Loss Expenses Incurred
	Twelve Months Ended December 31, 2005									Twelve Months Ended December 31, 2004
							Paid										Paid
	Gross		Ceded		Net		to Incurred %			Gross		Ceded			Net		to Incurred %
Paid	$	636,640		35,736	$	600,904		39.9	%	$	381,402		643		$	380,759		37.3	%
Change in unpaid losses and loss expenses		958,128		53,607		904,521					635,756		(3,289	)		639,045
Losses and loss expenses incurred	$	1,594,768		89,343	$	1,505,425				$	1,017,158		(2,646	)	$	1,019,804

	Analysis of Unpaid Losses and Loss Adjustment Expenses
	Twelve Months Ended December 31, 2005									Twelve Months Ended December 31, 2004
	Gross*		Ceded		Net*		%			Gross		Ceded		Net		%
Outstanding losses and loss expenses	$	511,745		13,576	$	498,169		22.0	%	$	229,454		449	$	229,005		16.6	%
Incurred but not reported		1,812,245		41,759		1,770,486		78.0	%		1,151,501		1,279		1,150,222		83.4	%
Unpaid losses and loss expenses	$	2,323,990		55,335	$	2,268,655		100.0	%	$	1,380,955		1,728	$	1,379,227		100.0	%

* Includes effects of foreign currency exchange rate movements of $15,093

Page 22 of 22