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

Exhibit 99.2

Financial Supplement

Financial Information

as of June 30, 2006

(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 Forms 10-K and Quarterly Reports on Forms 10-Q.

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

Platinum Underwriters Holdings, Ltd.
Overview
June 30, 2006

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
Email: louterbridge@platinumre.com

Website:

www.platinumre.com

Publicly Traded Equity Securities:

Common Shares (NYSE:PTP)

Preferred Shares (NYSE:PTP.A)

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.

Safe Harbor Statement Regarding Forwarding-Looking Statements:

Management believes certain statements in this financial supplement may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements include all statements that do not relate solely to historical or current facts, and can be identified by the use of words such as “may,” “should,” “estimate,” “expect,” “anticipate,” “intend,” “believe,” “predict,” “potential,” or words of similar import. Forward-looking statements are necessarily based on estimates and assumptions that are inherently subject to significant business, economic and competitive uncertainties and risks, many of which are subject to change. These uncertainties and risks include, but are not limited to, conducting operations in a competitive environment; our ability to maintain our A.M. Best Company, Inc. rating; significant weather-related or other natural or man-made disasters over which the Company has no control; the effectiveness of our loss limitation methods and pricing models; the adequacy of the Company’s liability for unpaid losses and loss adjustment expenses; the availability of retrocessional reinsurance on acceptable terms; our ability to maintain our business relationships with reinsurance brokers; general political and economic conditions, including the effects of civil unrest, acts of terrorism, war or a prolonged U.S. or global economic downturn or recession; the cyclicality of the property and casualty reinsurance business; market volatility and interest rate and currency exchange rate fluctuation; tax, regulatory or legal restrictions or limitations applicable to the Company or the property and casualty reinsurance business generally; and changes in the Company’s plans, strategies, objectives, expectations or intentions, which may happen at any time at the Company’s discretion. As a consequence, current plans, anticipated actions and future financial condition and results may differ from those expressed in any forward-looking statements made by or on behalf of the Company. Additionally, forward-looking statements speak only as of the date they are made, and we undertake no obligation to release publicly the results of any future revisions or updates we may make to forward-looking statements to reflect new information or circumstances after the date hereof or to reflect the occurrence of future events.

Page 1 of 24

Platinum Underwriters Holdings, Ltd.
Table of Contents
June 30, 2006

Section:	Page:
Balance Sheet:
a. Condensed Consolidated Balance Sheets		3
Statements of Operations:
a. Consolidated Statements of Operations and Comprehensive Income — Summary		4
b. Consolidated Statements of Operations and Comprehensive Income (Loss) — by Quarter		5
Earnings and Book Value Per Common Share Analysis:
a. Computation of Basic and Diluted Earnings Per Common Share — Summary		6
b. Computation of Basic and Diluted Earnings (Loss) Per Common Share — by Quarter		7
c. Fully Converted Book Value Per Common 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 — Six 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 — Six Month Summary		18
Other Company Data:
a. Key Ratios, Share Data, Ratings		19
Investments:
a. Investment Portfolio		20
b. Net Realized Gains (Losses) on Investments — by Country		21
Loss Reserves:
a. Loss and Loss Adjustment Expenses Analysis		22
b. Summary of Favorable (Unfavorable) Development of Losses and Related Premiums & Commissions		23
Exposures:
a. Estimated Exposures to Peak Zone Property Catastrophe Losses		24

Page 2 of 24

Platinum Underwriters Holdings, Ltd.
Condensed Consolidated Balance Sheets
June 30, 2006
(amounts in thousands, except per share amounts)

	June 30, 2006		March 31, 2006		December 31, 2005		September 30, 2005		June 30, 2005
Assets
Investments	$	3,224,454		3,234,490		3,000,889		2,989,217	$	2,728,692
Cash, cash equivalents and short term investments		786,406		650,639		829,539		391,637		409,539
Reinsurance premiums receivable		401,746		517,429		567,449		557,422		576,457
Accrued investment income		32,489		29,581		29,230		31,013		28,316
Reinsurance balances (prepaid and recoverable)		97,823		92,388		76,109		79,021		16,688
Deferred acquisition costs		98,532		105,699		130,800		139,158		144,844
Funds held by ceding companies		250,077		266,541		291,629		250,324		271,795
Other assets		61,354		59,450		228,730		48,293		22,905
Total assets	$	4,952,881		4,956,217		5,154,375		4,486,085	$	4,199,236
Liabilities
Unpaid losses and loss adjustment expenses	$	2,343,605		2,371,916		2,323,990		2,079,668	$	1,559,092
Unearned premiums		449,672		474,433		502,018		558,881		575,727
Debt obligations		292,840		292,840		292,840		387,500		387,500
Commissions payable		141,823		142,826		186,654		176,036		216,459
Other liabilities		86,110		96,364		308,624		56,183		187,730
Total liabilities		3,314,050		3,378,379		3,614,126		3,258,268		2,926,508
Total shareholders’ equity		1,638,831		1,577,838		1,540,249		1,227,817		1,272,728
Total liabilities and shareholders’ equity	$	4,952,881		4,956,217		5,154,375		4,486,085	$	4,199,236
Book value per common share	$	24.75		23.87		23.22		24.75	$	29.32

Page 3 of 24

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

	Three Months Ended						Six Months Ended
	June 30, 2006			June 30, 2005			June 30, 2006			June 30, 2005
Revenue
Net premiums earned	$	337,065			431,470			681,366		$	842,510
Net investment income		45,348			28,904			88,863			55,809
Net realized gains (losses) on investments		14			(555	)		79			(183	)
Other income (expense)		(2,324	)		588			(3,641	)		232
Total revenue		380,103			460,407			766,667			898,368
Expenses
Losses and loss adjustment expenses		187,464			240,852			394,238			478,550
Acquisition expenses		76,052			103,928			145,291			197,177
Other underwriting expenses		17,713			18,545			35,001			35,152
Corporate expenses		5,679			4,935			11,379			8,336
Net foreign currency exchange (gains) losses		(414	)		160			(689	)		1,958
Interest expense		5,450			4,174			10,900			6,347
Total expenses		291,944			372,594			596,120			727,520
Income before income tax expense		88,159			87,813			170,547			170,848
Income tax expense		6,411			19,828			11,763			29,775
Net income		81,748			67,985			158,784			141,073
Preferred dividends		2,602			—			5,178			—
Net income available to common shareholders	$	79,146			67,985			153,606		$	141,073
Basic
Weighted average common shares outstanding		59,224			43,293			59,161			43,224
Basic earnings per common share	$	1.34			1.57			2.60		$	3.26
Diluted
Adjusted weighted average common shares outstanding		65,725			50,009			66,223			50,040
Diluted earnings per common share	$	1.24			1.39			2.40		$	2.88
Comprehensive income
Net income	$	81,748			67,985			158,784		$	141,073
Other comprehensive income (loss), net of deferred tax		(24,409	)		33,005			(59,720	)		(1,615	)
Comprehensive income	$	57,339			100,990			99,064		$	139,458

Page 4 of 24

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

	Three Months Ended
	June 30, 2006			March 31, 2006			December 31, 2005			September 30, 2005			June 30, 2005
Revenue
Net premiums earned	$	337,065			344,301			442,825			429,388		$	431,470
Net investment income		45,348			43,515			37,195			36,441			28,904
Net realized gains (losses) on investments		14			65			(1,984	)		(879	)		(555	)
Other income (expense)		(2,324	)		(1,317	)		(385	)		(433	)		588
Total revenue		380,103			386,564			477,651			464,517			460,407
Expenses
Losses and loss adjustment expenses		187,464			206,774			462,257			564,618			240,852
Acquisition expenses		76,052			69,239			107,100			98,858			103,928
Other underwriting expenses		17,713			17,288			14,467			6,050			18,545
Corporate expenses		5,679			5,700			3,792			2,030			4,935
Net foreign currency exchange (gains) losses		(414	)		(275	)		241			(88	)		160
Interest expense		5,450			5,450			6,820			6,839			4,174
Loss on repurchase of debt		—			—			2,486			—			—
Total expenses		291,944			304,176			597,163			678,307			372,594
Income (loss) before income tax expense (benefit)		88,159			82,388			(119,512	)		(213,790	)		87,813
Income tax expense (benefit)		6,411			5,352			(16,976	)		(37,766	)		19,828
Net income (loss)		81,748			77,036			(102,536	)		(176,024	)		67,985
Preferred dividends		2,602			2,576			737			—			—
Net income (loss) available to common shareholders	$	79,146			74,460			(103,273	)		(176,024	)	$	67,985
Basic
Weighted average common shares outstanding		59,224			59,097			53,339			43,785			43,293
Basic earnings (loss) per common share	$	1.34			1.26			(1.94	)		(4.02	)	$	1.57
Diluted
Adjusted weighted average common shares outstanding		65,725			66,597			53,339			43,785			50,009
Diluted earnings (loss) per common share	$	1.24			1.16			(1.94	)		(4.02	)	$	1.39
Comprehensive income (loss)
Net income (loss)	$	81,748			77,036			(102,536	)		(176,024	)	$	67,985
Other comprehensive income (loss), net of deferred tax		(24,409	)		(35,311	)		(15,000	)		(36,355	)		33,005
Comprehensive income (loss)	$	57,339			41,725			(117,536	)		(212,379	)	$	100,990

Page 5 of 24

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

	Three Months Ended				Six Months Ended
	June 30, 2006		June 30, 2005		June 30, 2006		June 30, 2005
Earnings:
Basic:
Net income available to common shareholders	$	79,146		67,985		153,606	$	141,073
Diluted:
Net income available to common shareholders		79,146		67,985		153,606		141,073
Effect of dilutive securities:
Preferred share dividends		2,602				5,178		—
Interest on equity security units, net of tax		—		1,506		—		2,929
Adjusted net income for diluted earnings per share	$	81,748		69,491		158,784	$	144,002
Common Shares:
Basic:
Weighted average common shares outstanding		59,224		43,293		59,161		43,224
Diluted:
Weighted average common shares outstanding		59,224		43,293		59,161		43,224
Effect of dilutive securities:
Conversion of preferred shares		5,750		—		5,750		—
Common share options		692		1,644		1,245		1,755
Converison of equity security units		—		5,009		—		5,009
Restricted common shares and common share units		59		63		67		52
Adjusted weighted average common shares outstanding		65,725		50,009		66,223		50,040
Earnings Per Common Share:
Basic earnings per common share	$	1.34		1.57		2.60	$	3.26
Diluted earnings per common share	$	1.24		1.39		2.40	$	2.88

Page 6 of 24

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

	Three Months Ended
	June 30, 2006		March 31, 2006		December 31, 2005			September 30, 2005			June 30, 2005
Earnings:
Basic:
Net income (loss) available to common shareholders	$	79,146		74,460		(103,273	)		(176,024	)	$	67,985
Diluted:
Net income (loss) available to common shareholders		79,146		74,460		(103,273	)		(176,024	)		67,985
Effect of dilutive securities:
Preferred share dividends		2,602		2,576		—			—			—
Interest on equity security units, net of tax		—		—		—			—			1,506
Adjusted net income (loss) for diluted earnings per share	$	81,748		77,036		(103,273	)		(176,024	)	$	69,491
Common Shares:
Basic:
Weighted average common shares outstanding		59,224		59,097		53,339			43,785			43,293
Diluted:
Weighted average common shares outstanding		59,224		59,097		53,339			43,785			43,293
Effect of dilutive securities:
Conversion of preferred shares		5,750		5,690		—			—			—
Common share options		692		1,741		—			—			1,644
Converison of equity security units		—		—		—			—			5,009
Restricted common shares and common share units		59		69		—			—			63
Adjusted weighted average common shares outstanding		65,725		66,597		53,339			43,785			50,009
Earnings (Loss) Per Common Share:
Basic earnings (loss) per common share	$	1.34		1.26		(1.94	)		(4.02	)	$	1.57
Diluted earnings (loss) per common share	$	1.24		1.16		(1.94	)		(4.02	)	$	1.39

Page 7 of 24

Platinum Underwriters Holdings, Ltd.
Fully Converted Book Value Per Common Share
June 30, 2006

	Conversion			Conversion
	Multiple /			Amount			Shares			Book Value Per
	Strike Price			($000)			(000)			Common Share
Total equity as of June 30, 2006				$	1,638,831
Equity from issuance of preferred shares					(167,509	)
Book value per common share				$	1,471,322			59,449	(a)	$	24.75
Preferred shares:
Conversion of preferred shares to common shares		1.000			167,509			5,750	(b)		0.37
Share options:
Shareholder share options:
St. Paul Travelers		27.00			—			177			(0.07	)
RenaissanceRe		27.00			—			74			(0.03	)
Management and directors’ options		23.10	(c)		76,384			3,307	(d)		(0.07	)
Directors’ and officers’ restricted shares and share units					—			161			(0.06	)
Fully converted book value per common share as of June 30, 2006				$	1,715,215			68,918		$	24.89

(a)	As of June 30, 2006 there were 59,546,050 common shares issued and outstanding. Included in this number were 97,252 of restricted common shares issued but unvested.
(b)	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 for the 20 consecutive trading days ending on the third trading day prior to February 15, 2009. The fully converted book value above has been calculated on this basis assuming a conversion date of June 30, 2006. If any preferred shares are tendered for conversion prior to the mandatory conversion date, such shares will convert to common shares at a rate of 0.7874. If the mandatory conversion rate of 0.7874 had been used above, the number of common shares issued in conversion would be 4,528,000.
(c)	Weighted average strike price of options with a price below $27.98, the closing share price at June 30, 2006.
(d)	Excludes 651,989 options with a weighted average strike price of $30.58

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

Page 8 of 24

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

	Three Months Ended						Six Months Ended
	June 30, 2006			June 30, 2005			June 30, 2006			June 30, 2005
Net cash provided by operating activities	$	150,149			196,754			337,105		$	376,402
Net cash used in investing activities		(11,048	)		(331,898	)		(443,411	)		(421,736	)
Net cash provided by (used in) financing activities		1,699			244,663			(3,610	)		244,973
Net increase (decrease) in cash and cash equivalents	$	140,800			109,519			(109,916	)	$	199,639

Page 9 of 24

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

	Three Months Ended
	June 30, 2006			March 31, 2006			December 31, 2005		September 30, 2005			June 30, 2005
Net cash provided by operating activities	$	150,149			186,956			38,654		182,618		$	196,754
Net cash (used in) provided by investing activities		(11,048	)		(432,363	)		58,146		(366,978	)		(331,898	)
Net cash provided by (used in) financing activities		1,699			(5,309	)		332,309		166,461			244,663
Net increase (decrease) in cash and cash equivalents	$	140,800			(250,716	)		429,109		(17,899	)	$	109,519

Page 10 of 24

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

	Three Months Ended June 30, 2006												Three Months Ended June 30, 2005
	Property and												Property and
	Marine			Casualty			Finite Risk			Total			Marine			Casualty			Finite Risk			Total
Net premiums written	$	85,624			199,298			24,840		$	309,762		$	134,953			188,890			99,116		$	422,959
Net premiums earned		113,092			185,073			38,900			337,065			140,669			198,723			92,078			431,470
Losses and loss adjustment expenses		27,867			127,824			31,773			187,464			58,499			127,531			54,822			240,852
Acquisition expenses		21,239			45,168			9,645			76,052			29,695			47,963			26,270			103,928
Other underwriting expenses		9,006			7,688			1,019			17,713			8,240			8,972			1,333			18,545
Total underwriting expenses		58,112			180,680			42,437			281,229			96,434			184,466			82,425			363,325
Segment underwriting income (loss)	$	54,980			4,393			(3,537	)		55,836		$	44,235			14,257			9,653			68,145
Net investment income											45,348												28,904
Net realized gains (losses) on investments											14												(555	)
Net foreign currency exchange gains (losses)											414												(160	)
Other income (expense)											(2,324	)											588
Corporate expenses not allocated to segments											(5,679	)											(4,935	)
Interest expense											(5,450	)											(4,174	)
Income before income tax expense										$	88,159											$	87,813
GAAP underwriting ratios:
Losses and LAE		24.6	%		69.1	%		81.7	%		55.6	%		41.6	%		64.2	%		59.5	%		55.8	%
Acquisition expense		18.8	%		24.4	%		24.8	%		22.6	%		21.1	%		24.1	%		28.5	%		24.1	%
Other underwriting expense		8.0	%		4.2	%		2.6	%		5.3	%		5.9	%		4.5	%		1.4	%		4.3	%
Combined		51.4	%		97.7	%		109.1	%		83.5	%		68.6	%		92.8	%		89.4	%		84.2	%
Statutory underwriting ratios:
Losses and LAE		24.6	%		69.1	%		81.7	%		55.6	%		41.6	%		64.2	%		59.5	%		55.8	%
Acquisition expense		19.5	%		24.4	%		11.8	%		22.1	%		22.7	%		23.5	%		25.2	%		23.6	%
Other underwriting expense		10.5	%		3.9	%		4.1	%		5.7	%		6.1	%		4.7	%		1.3	%		4.4	%
Combined		54.6	%		97.4	%		97.6	%		83.4	%		70.4	%		92.4	%		86.0	%		83.8	%

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 11 of 24

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

	Six Months Ended June 30, 2006												Six Months Ended June 30, 2005
	Property and												Property and
	Marine			Casualty			Finite Risk			Total			Marine			Casualty			Finite Risk			Total
Net premiums written	$	250,888			381,648			(29,496	)	$	603,040		$	320,002			404,559			192,197		$	916,758
Net premiums earned		244,636			358,741			77,989			681,366			268,866			383,491			190,153			842,510
Losses and loss adjustment expenses		87,695			244,389			62,154			394,238			118,539			245,969			114,042			478,550
Acquisition expenses		40,888			86,522			17,881			145,291			51,684			93,165			52,328			197,177
Other underwriting expenses		19,034			14,023			1,944			35,001			15,963			16,285			2,904			35,152
Total underwriting expenses		147,617			344,934			81,979			574,530			186,186			355,419			169,274			710,879
Segment underwriting income (loss)	$	97,019			13,807			(3,990	)		106,836		$	82,680			28,072			20,879			131,631
Net investment income											88,863												55,809
Net realized gains (losses) on investments											79												(183	)
Net foreign currency exchange gains (losses)											689												(1,958	)
Other income (expense)											(3,641	)											232
Corporate expenses not allocated to segments											(11,379	)											(8,336	)
Interest expense											(10,900	)											(6,347	)
Income before income tax expense										$	170,547											$	170,848
GAAP underwriting ratios:
Losses and LAE		35.8	%		68.1	%		79.7	%		57.9	%		44.1	%		64.1	%		60.0	%		56.8	%
Acquisition expense		16.7	%		24.1	%		22.9	%		21.3	%		19.2	%		24.3	%		27.5	%		23.4	%
Other underwriting expense		7.8	%		3.9	%		2.5	%		5.1	%		5.9	%		4.2	%		1.5	%		4.2	%
Combined		60.3	%		96.1	%		105.1	%		84.3	%		69.2	%		92.6	%		89.0	%		84.4	%
Statutory underwriting ratios:
Losses and LAE		35.8	%		68.1	%		79.7	%		57.9	%		44.1	%		64.1	%		60.0	%		56.8	%
Acquisition expense		16.1	%		23.9	%		65.8	%		18.6	%		18.9	%		23.6	%		26.6	%		22.6	%
Other underwriting expense		7.6	%		3.7	%		(6.6	%)		5.8	%		5.0	%		4.0	%		1.5	%		3.8	%
Combined		59.5	%		95.7	%		138.9	%		82.3	%		68.0	%		91.7	%		88.1	%		83.2	%

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 12 of 24

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

	Three Months Ended
	June 30, 2006			March 31, 2006			December 31, 2005			September 30, 2005			June 30, 2005
Net premiums written	$	85,624			165,264			121,703			133,350		$	134,953
Net premiums earned		113,092			131,544			154,454			145,853			140,669
Losses and loss adjustment expenses		27,867			59,828			264,442			373,761			58,499
Acquisition expenses		21,239			19,649			24,546			17,753			29,695
Other underwriting expenses		9,006			10,028			6,479			3,632			8,240
Total underwriting expenses		58,112			89,505			295,467			395,146			96,434
Segment underwriting income (loss)	$	54,980			42,039			(141,013	)		(249,293	)	$	44,235
GAAP underwriting ratios:
Losses and LAE		24.6	%		45.5	%		171.2	%		256.3	%		41.6	%
Acquisition expense		18.8	%		14.9	%		15.9	%		12.2	%		21.1	%
Other underwriting expense		8.0	%		7.6	%		4.2	%		2.5	%		5.9	%
Combined		51.4	%		68.0	%		191.3	%		271.0	%		68.6	%
Statutory underwriting ratios:
Losses and LAE		24.6	%		45.5	%		171.2	%		256.3	%		41.6	%
Acquisition expense		19.5	%		14.4	%		15.2	%		10.7	%		22.7	%
Other underwriting expense		10.5	%		6.1	%		5.3	%		2.7	%		6.1	%
Combined		54.6	%		66.0	%		191.7	%		269.7	%		70.4	%

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 24

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

	Three Months Ended
	June 30, 2006			March 31, 2006			December 31, 2005			September 30, 2005			June 30, 2005
Net premiums written	$	199,298			182,350			187,813			216,659		$	188,890
Net premiums earned		185,073			173,668			201,088			205,050			198,723
Losses and loss adjustment expenses		127,824			116,565			136,422			129,218			127,531
Acquisition expenses		45,168			41,354			51,135			50,097			47,963
Other underwriting expenses		7,688			6,335			6,511			1,894			8,972
Total underwriting expenses		180,680			164,254			194,068			181,209			184,466
Segment underwriting income	$	4,393			9,414			7,020			23,841		$	14,257
GAAP underwriting ratios:
Losses and LAE		69.1	%		67.1	%		67.8	%		63.0	%		64.2	%
Acquisition expense		24.4	%		23.8	%		25.4	%		24.4	%		24.1	%
Other underwriting expense		4.2	%		3.6	%		3.2	%		0.9	%		4.5	%
Combined		97.7	%		94.5	%		96.4	%		88.3	%		92.8	%
Statutory underwriting ratios:
Losses and LAE		69.1	%		67.1	%		67.8	%		63.0	%		64.2	%
Acquisition expense		24.4	%		23.4	%		26.1	%		24.1	%		23.5	%
Other underwriting expense		3.9	%		3.5	%		3.5	%		0.9	%		4.7	%
Combined		97.4	%		94.0	%		97.4	%		88.0	%		92.4	%

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 24

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

	Three Months Ended
	June 30, 2006			March 31, 2006			December 31, 2005			September 30, 2005			June 30, 2005
Net premiums written	$	24,840			(54,336	)		81,262			60,177		$	99,116
Net premiums earned		38,900			39,089			87,283			78,485			92,078
Losses and loss adjustment expenses		31,773			30,381			61,393			61,639			54,822
Acquisition expenses		9,645			8,236			31,419			31,008			26,270
Other underwriting expenses		1,019			925			1,477			524			1,333
Total underwriting expenses		42,437			39,542			94,289			93,171			82,425
Segment underwriting income (loss)	$	(3,537	)		(453	)		(7,006	)		(14,686	)	$	9,653
GAAP underwriting ratios:
Losses and LAE		81.7	%		77.7	%		70.3	%		78.5	%		59.5	%
Acquisition expense		24.8	%		21.1	%		36.0	%		39.5	%		28.5	%
Other underwriting expense		2.6	%		2.4	%		1.7	%		0.7	%		1.4	%
Combined		109.1	%		101.2	%		108.0	%		118.7	%		89.4	%
Statutory underwriting ratios:
Losses and LAE		81.7	%		77.7	%		70.3	%		78.5	%		59.5	%
Acquisition expense		11.8	%		41.1	%		38.8	%		45.1	%		25.2	%
Other underwriting expense		4.1	%		(1.7	%)		1.8	%		0.9	%		1.3	%
Combined		97.6	%		117.1	%		110.9	%		124.5	%		86.0	%

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 24

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

	Three Months Ended				Six Months Ended
	June 30, 2006		June 30, 2005		June 30, 2006			June 30, 2005
Property and Marine:
Excess-of-loss	$	59,532		80,393		176,826		$	214,048
Proportional		26,092		54,560		74,062			105,954
Subtotal Property and Marine		85,624		134,953		250,888			320,002
Casualty:
Excess-of-loss		171,749		168,486		327,490			337,033
Proportional		27,549		20,404		54,158			67,526
Subtotal Casualty		199,298		188,890		381,648			404,559
Finite Risk:
Excess-of-loss		19,467		35,946		30,893			43,237
Proportional		5,373		63,170		(60,389	)		148,960
Subtotal Finite Risk		24,840		99,116		(29,496	)		192,197
Total:
Excess-of-loss		250,748		284,825		535,209			594,318
Proportional		59,014		138,134		67,831			322,440
Total	$	309,762		422,959		603,040		$	916,758

	Three Months Ended				Six Months Ended
	June 30, 2006		June 30, 2005		June 30, 2006			June 30, 2005
Property and Marine:
United States	$	66,654		99,151		146,560		$	196,262
International		18,970		35,802		104,328			123,740
Subtotal Property and Marine		85,624		134,953		250,888			320,002
Casualty:
United States		186,984		175,251		338,639			341,647
International		12,314		13,639		43,009			62,912
Subtotal Casualty		199,298		188,890		381,648			404,559
Finite Risk:
United States		18,369		97,087		(39,446	)		188,042
International		6,471		2,029		9,950			4,155
Subtotal Finite Risk		24,840		99,116		(29,496	)		192,197
Total:
United States		272,007		371,489		445,753			725,951
International		37,755		51,470		157,287			190,807
Total	$	309,762		422,959		603,040		$	916,758

Page 16 of 24

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

	Three Months Ended June 30, 2006								Three Months Ended June 30, 2005
	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	$	16,642			16,642			20,365		29,925			29,925		$	29,043
North American Property Catastrophe		30,006			17,633			22,172		15,987			15,853			16,083
North American Property Risk		26,963			23,220			25,049		30,939			29,235			26,265
Other Property		9,160			9,159			9,505		24,285			24,138			26,126
Marine / Aviation Proportional		(3,496	)		(2,610	)		762		2,018			2,018			2,209
Marine / Aviation Excess		7,897			6,969			7,936		5,708			5,706			9,063
International Property Proportional		9,814			9,813			5,984		12,424			12,424			6,679
International Property Catastrophe		3,047			2,643			16,729		12,755			12,762			20,381
International Property Risk		2,155			2,155			4,590		2,892			2,892			4,820
Subtotal		102,188			85,624			113,092		136,933			134,953			140,669
Casualty:
Clash		5,819			5,819			6,359		6,857			6,857			8,716
1st Dollar GL		10,333			10,333			11,004		13,289			13,289			10,521
1st Dollar Other		504			504			672		1,358			1,358			787
Casualty Excess		149,560			149,560			126,557		138,361			138,361			134,064
Accident & Health		12,302			12,302			18,651		12,705			12,605			19,272
International Casualty		5,570			5,570			9,661		10,962			10,962			13,123
International Motor		520			519			838		414			414			2,781
Financial Lines		14,691			14,691			11,331		5,044			5,044			9,459
Subtotal		199,299			199,298			185,073		188,990			188,890			198,723	��
Finite Risk:
Finite Property		6,016			2,298			2,989		8,368			4,521			5,924
Finite Casualty		22,534			22,534			35,903		94,753			94,753			81,436
Finite Accident & Health		8			8			8		(158	)		(158	)		4,718
Subtotal		28,558			24,840			38,900		102,963			99,116			92,078
Total	$	330,045			309,762			337,065		428,886			422,959		$	431,470

Page 17 of 24

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

	Six Months Ended June 30, 2006								Six Months Ended June 30, 2005
	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	$	41,863			41,863			48,879		49,170			49,170		$	46,253
North American Property Catastrophe		63,426			33,716			45,516		34,671			34,667			34,092
North American Property Risk		54,663			44,999			49,647		55,444			52,104			47,914
Other Property		25,982			25,982			25,749		60,468			60,321			58,059
Marine / Aviation Proportional		(1,463	)		(598	)		3,400		4,249			4,249			4,476
Marine / Aviation Excess		17,630			16,727			15,147		21,450			19,536			17,816
International Property Proportional		22,015			22,015			10,904		22,330			22,330			12,379
International Property Catastrophe		70,674			51,795			36,230		61,051			59,638			36,012
International Property Risk		14,389			14,389			9,164		17,987			17,987			11,865
Subtotal		309,179			250,888			244,636		326,820			320,002			268,866
Casualty:
Clash		13,662			13,662			13,321		17,987			17,987			15,915
1st Dollar GL		23,966			23,966			22,172		21,416			21,416			19,129
1st Dollar Other		1,519			1,519			1,698		1,996			1,996			1,437
Casualty Excess		261,134			261,134			239,177		251,901			251,901			252,312
Accident & Health		25,261			25,261			36,050		41,096			40,996			44,176
International Casualty		26,566			26,566			20,957		30,797			30,797			21,994
International Motor		1,906			1,923			1,736		2,482			2,482			7,650
Financial Lines		27,617			27,617			23,630		36,984			36,984			20,878
Subtotal		381,631			381,648			358,741		404,659			404,559			383,491
Finite Risk:
Finite Property		10,521			6,663			6,036		27,106			9,281			13,422
Finite Casualty		(36,650	)		(36,650	)		71,462		183,160			183,160			165,645
Finite Accident & Health		491			491			491		(244	)		(244	)		11,086
Subtotal		(25,638	)		(29,496	)		77,989		210,022			192,197			190,153
Total	$	665,172			603,040			681,366		941,501			916,758		$	842,510

Page 18 of 24

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

	As of and for the Three Months Ended
	June 30, 2006			March 31, 2006			December 31, 2005			September 30, 2005			June 30, 2005
Key Ratios:
Combined ratio (%)		83.5	%		85.2	%		131.9	%		155.9	%		84.2	%
Invested assets to shareholders’ equity (%)		244.7	%		246.2	%		248.7	%		275.4	%		246.6	%
Debt to total capital (%)		15.2	%		15.7	%		16.0	%		24.0	%		23.3	%
Net premiums written (annualized) to shareholders’ equity		0.76			0.74			1.01			1.34			1.33
Share Data:
Book value per common share	$	24.75		$	23.87		$	23.22		$	24.75		$	29.32
Common shares outstanding (000’s)		59,449			59,093			59,127			49,605			43,407
Market Price Per Common Share:
High	$	30.00		$	32.30		$	31.70		$	35.21		$	32.15
Low		26.14			28.00			27.10			27.45			26.43
Close	$	27.98		$	29.10		$	31.07		$	29.89		$	31.82
Industry Ratings:
Financial Strength Rating
A.M. Best		A			A			A			A			A
Counterparty Credit Ratings (senior unsecured)
A.M. Best		bbb			bbb			bbb			bbb			bbb
Standard & Poors		BBB			BBB			BBB			BBB			BBB
Supplemental Data:
Total employees		153			159			163			159			157

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

Page 19 of 24

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

			Weighted					Weighted
			Average		��			Average
	June 30, 2006		Book Yield			December 31, 2005		Book Yield
Securities:
U.S. Government	$	179,012		4.3	%	$	139,585		4.1	%
Corporate bonds		1,440,634		4.5	%		1,386,158		4.4	%
Mortgage-backed and asset-backed securities		1,271,379		5.0	%		1,141,931		4.8	%
Municipal bonds		197,157		3.0	%		212,361		3.0	%
Foreign governments and states		123,573		3.7	%		107,669		3.6	%
Total Fixed Maturities		3,211,755		4.6	%		2,987,703		4.4	%
Preferred Stock		7,699		6.6	%		8,186		6.6	%
Total	$	3,219,454		4.6	%	$	2,995,889		4.4	%

	June 30, 2006					December 31, 2005
	Amount		% of Total			Amount		% of Total
Credit Quality of Investment Grades:*
Aaa	$	1,820,775		56.6	%	$	1,600,733		53.4	%
Aa		541,918		16.8	%		521,148		17.4	%
A		737,653		22.9	%		757,452		25.3	%
Baa		119,108		3.7	%		116,556		3.9	%
Total	$	3,219,454		100.0	%	$	2,995,889		100.0	%
Credit Quality:
Weighted average credit quality	Aa2					Aa2

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

Page 20 of 24

Platinum Underwriters Holdings, Ltd.
Net Realized Gains (Losses) on Investments — by Country
($ in thousands)

	Three Months Ended						Six Months Ended
	June 30, 2006			June 30, 2005			June 30, 2006			June 30, 2005
Net Realized Capital Gains (Losses):
United States	$	15			36			79		$	189
United Kingdom		—			(42	)		(2	)		(80	)
Bermuda		(1	)		(549	)		2			(292	)
Total	$	14			(555	)		79		$	(183	)

Page 21 of 24

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

	Analysis of Losses and Loss Adjustment Expenses Incurred
	Six Months Ended June 30, 2006(a)										Year Ended December 31, 2005(b)
								Paid to									Paid to
	Gross		Ceded			Net		Incurred %			Gross		Ceded		Net		Incurred %
Paid	$	398,750		13,403			385,347		97.7	%		636,640		35,736	$	600,904		39.9	%
Change in unpaid losses and loss adjustment expenses		8,180		(711	)		8,891					958,128		53,607		904,521
Losses and loss adjustment expenses incurred	$	406,930		12,692			394,238					1,594,768		89,343	$	1,505,425

	Analysis of Unpaid Losses and Loss Adjustment Expenses
	As of June 30, 2006									As of December 31, 2005
	Gross		Ceded		Net		%			Gross		Ceded		Net		%
Outstanding losses and loss adjustment expenses	$	707,099		13,113		693,986		30.3	%		511,745		13,576	$	498,169		22.0	%
Incurred but not reported		1,636,506		41,575		1,594,931		69.7	%		1,812,245		41,759		1,770,486		78.0	%
Unpaid losses and loss adjustment expenses	$	2,343,605		54,688		2,288,917		100.0	%		2,323,990		55,335	$	2,268,655		100.0	%

(a)	Gross and ceded losses incurred includes effects of foreign currency exchange rate movements of $11,435 and $64, respectively
(b)	Gross losses incurred includes effects of foreign currency exchange rate movements of $15,093.

Page 22 of 24

Platinum Underwriters Holdings, Ltd.
Summary of Favorable (Unfavorable) Development of Losses and Related Premiums & Commissions
($ in thousands)

	Three Months Ended June 30, 2006												Three Months Ended June 30, 2005
	Property and													Property and
	Marine			Casualty			Finite Risk			Total				Marine			Casualty		Finite Risk			Total
Non-Catastrophe Favorable (Unfavorable) Development:
Net loss development related to prior years	$	21,276			(8	)		(3,710	)		17,558				15,340			4,935		785		$	21,060
Net premium adjustments related to loss development		—			—			—			—				—			—		—			—
Net commission adjustments related to loss development		(682	)		—			(134	)		(816	)			(2,441	)				(852	)		(3,293	)
Net favorable (unfavorable) development	$	20,594			(8	)		(3,844	)		16,742				12,899			4,935		(67	)	$	17,767
Catastrophe Favorable (Unfavorable) Development:
Net loss development related to prior years	$	(1,268	)		—			—			(1,268	)			(10,103	)		—		6,299		$	(3,804	)
Net premium adjustments related to loss development		(2,131	)		—			—			(2,131	)			1,147			—		47			1,194
Net commission adjustments related to loss development		—			—			—			—				—			—		—			—
Net favorable (unfavorable) development	$	(3,399	)		—			—			(3,399	)			(8,956	)		—		6,346		$	(2,610	)
Total net favorable (unfavorable) development	$	17,195			(8	)		(3,844	)		13,343				3,943			4,935		6,279		$	15,157
	Six Months Ended June 30, 2006													Six Months Ended June 30, 2005
	Property and													Property and
	Marine			Casualty			Finite Risk			Total				Marine			Casualty		Finite Risk			Total
Non-Catastrophe Favorable (Unfavorable) Development:
Net loss development related to prior years	$	30,446			894			(5,975	)		25,365				26,568			11,809		5,924		$	44,301
Net premium adjustments related to loss development		—			—			—			—				—			—		—			—
Net commission adjustments related to loss development		(1,024	)		1,434			325			735				(2,441	)		—		2,226			(215	)
Net favorable (unfavorable) development	$	29,422			2,328			(5,650	)		26,100				24,127			11,809		8,150		$	44,086
Catastrophe Favorable (Unfavorable) Development:
Net loss development related to prior years	$	(13,054	)		—			(380	)		(13,434	)			(17,482	)		—		6,299		$	(11,183	)
Net premium adjustments related to loss development		(692	)		—			124			(568	)			2,683			—		47			2,730
Net commission adjustments related to loss development		—			—			—			—				—			—		—			—
Net favorable (unfavorable) development	$	(13,746	)		—			(256	)		(14,002	)			(14,799	)		—		6,346		$	(8,453	)
Total net favorable (unfavorable) development	$	15,676			2,328			(5,906	)		12,098				9,328			11,809		14,496		$	35,633

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Platinum Underwriters Holdings, Ltd.
Estimated Exposures to Peak Zone Property Catastrophe Losses
As of July 1, 2006
($ in millions)

Estimated Probable Maximum Losses by Zone and Peril:

		20 Year Return Period				100 Year Return Period				250 Year Return Period
		Estimated		Estimated		Estimated		Estimated		Estimated		Estimated
Zones	Perils	Gross Loss		Net Loss		Gross Loss		Net Loss		Gross Loss		Net Loss
United States / Caribbean	Hurricane	$	223		133		437		247		497	$	311
United States	Earthquake		124		65		373		253		463		329
Pan-European	Windstorm		126		102		250		202		299		243
Japan	Earthquake		19		19		136		135		319		312
Japan	Typhoon	$	20		20		133		133		158	$	156

Indicative Catastrophe Scenarios:

	Estimated Company Net Loss
Catastrophe Scenarios	Interquartile Range
Category 3 U.S. / Caribbean Hurricane	$	5 - 25
Category 4 U.S. / Caribbean Hurricane		20 - 70
Magnitude 6.9 California Earthquake		1 - 17
Magnitude 7.5 California Earthquake	$	2 - 77

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

Gross loss estimates are before income tax and net of reinstatement premiums. Net loss estimates are before income tax, net of reinstatement premiums, and net of retrocessional recoveries. Ranges shown for indicative catastrophe scenarios are interquartile reflecting the middle 50% of indications. That is, 25% of indications fall below the low end of a given range and 25% of indications fall above the high end of that range. Thus, an actual event may produce losses that fall materially outside the indicated ranges.

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

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