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

Financial Supplement

Financial Information

as of December 31, 2007

(UNAUDITED)

The following supplement of information is provided to assist in your understanding of

Platinum Underwriters Holdings, Ltd.

This report is for informational purposes only.  

It should be read in conjunction with documents filed with the SEC by Platinum Underwriters Holdings, Ltd.,

including the Company's Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.

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

Platinum Underwriters Holdings, Ltd.

Overview

December 31, 2007

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 per common share, 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, assist in understanding the Company.  These measures should not be viewed as a substitute for those determined in accordance with GAAP.  Reconciliations of such measures to the most comparable GAAP figures such as income or loss before income tax expense or benefit and total shareholders’ equity are included within this financial supplement 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.

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Platinum Underwriters Holdings, Ltd.

Table of Contents

December 31, 2007

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 - 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 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 - 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. Key Ratios, Share Data, Ratings	19
Investments:
a. Investment Portfolio	20
b. Net Realized Gains (Losses) on Investments - by Country	21
Loss Reserves:
a. Analysis of Losses and LAE	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

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Platinum Underwriters Holdings, Ltd.

Condensed Consolidated Balance Sheets

December 31, 2007

(amounts in thousands, except per share amounts)

	December 31, 2007		September 30, 2007		June 30, 2007		March 31, 2007		December 31, 2006
Assets
Investments	$	3,371,348		3,602,120		3,485,673		3,563,152	$	3,350,162
Cash, cash equivalents and short-term investments		1,090,155		805,132		927,324		811,951		878,775
Reinsurance premiums receivable		244,360		299,295		336,865		364,173		377,183
Accrued investment income		34,696		33,917		35,714		32,597		32,682
Reinsurance balances (prepaid and recoverable)		37,348		43,340		43,877		57,069		67,636
Deferred acquisition costs		70,508		82,602		83,078		84,538		82,610
Funds held by ceding companies		165,604		165,495		227,507		235,319		238,499
Other assets		64,731		168,279		58,544		53,162		66,020
Total assets	$	5,078,750		5,200,180		5,198,582		5,201,961	$	5,093,567
Liabilities
Unpaid losses and loss adjustment expenses	$	2,361,038		2,363,274		2,393,672		2,411,319	$	2,368,482
Unearned premiums		298,498		358,915		354,918		361,147		349,792
Debt obligations		250,000		292,840		292,840		292,840		292,840
Commissions payable		100,204		105,725		118,805		134,749		140,835
Other liabilities		70,633		75,740		47,321		64,623		83,557
Total liabilities		3,080,373		3,196,494		3,207,556		3,264,678		3,235,506
Total shareholders' equity		1,998,377		2,003,686		1,991,026		1,937,283		1,858,061
Total liabilities and shareholders' equity	$	5,078,750		5,200,180		5,198,582		5,201,961	$	5,093,567
Book value per common share  (a)	$	34.04		32.09		30.35		29.58	$	28.33

(a) Book value per common share is determined by dividing shareholders' equity, excluding capital attributable to preferred shares, by actual common shares outstanding including unvested restricted common shares.  Unvested restricted common shares were as follows:

December 31, 2007 - 55,910; September 30, 2007 - 62,053; June 30, 2007 - 81,759; March 31, 2007 - 81,759; December 31, 2006 -  86,937

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Platinum Underwriters Holdings, Ltd.

Consolidated Statements of Operations and Comprehensive Income - Summary

(amounts in thousands, except per share amounts)

	Three Months Ended						Twelve Months Ended
	December 31, 2007			December 31, 2006			December 31, 2007			December 31, 2006
Revenue
Net premiums earned	$	302,012			315,726			1,173,088		$	1,336,701
Net investment income		53,556			50,822			214,222			187,987
Net realized gains (losses) on investments		(94	)		1,068			(2,615	)		1,090
Other expense		(2,142	)		(945	)		(5,787	)		(2,872	)
Total revenue		353,332			366,671			1,378,908			1,522,906
Expenses
Net losses and LAE		145,220			174,936			655,487			760,602
Net acquisition expenses		63,938			65,638			220,330			285,923
Other underwriting expenses		18,159			16,232			74,312			71,296
Corporate expenses		7,959			7,530			29,281			24,194
Net foreign currency exchange (gains) losses		112			(277	)		(2,775	)		(738	)
Interest expense		5,102			5,453			21,470			21,805
Total expenses		240,490			269,512			998,105			1,163,082
Income before income tax expense		112,842			97,159			380,803			359,824
Income tax expense		10,650			11,209			23,825			30,167
Net income		102,192			85,950			356,978			329,657
Preferred dividends		2,602			2,602			10,408			10,382
Net income attributable to common shareholders	$	99,590			83,348			346,570		$	319,275
Basic
Weighted average common shares outstanding		55,838			59,621			58,631			59,371
Basic earnings per common share	$	1.78			1.40			5.91		$	5.38
Diluted
Adjusted weighted average common shares outstanding		63,761			67,091			66,404			66,498
Diluted earnings per common share	$	1.60			1.28			5.38		$	4.96
Comprehensive income
Net income	$	102,192			85,950			356,978		$	329,657
Other comprehensive income (loss), net of deferred taxes		19,772			2,208			19,950			(3,571	)
Comprehensive income	$	121,964			88,158			376,928		$	326,086

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Platinum Underwriters Holdings, Ltd.

Consolidated Statements of Operations and Comprehensive Income - by Quarter

(amounts in thousands, except per share amounts)

	Three Months Ended
	December 31, 2007			September 30, 2007			June 30, 2007			March 31, 2007			December 31, 2006
Revenue
Net premiums earned	$	302,012			290,310			295,918			284,848		$	315,726
Net investment income		53,556			54,283			54,684			51,699			50,822
Net realized gains (losses) on investments		(94	)		(864	)		(1,639	)		(18	)		1,068
Other expense		(2,142	)		(659	)		(2,206	)		(780	)		(945	)
Total revenue		353,332			343,070			346,757			335,749			366,671
Expenses
Net losses and LAE		145,220			163,923			164,431			181,913			174,936
Net acquisition expenses		63,938			51,445			56,827			48,120			65,638
Other underwriting expenses		18,159			20,757			17,617			17,779			16,232
Corporate expenses		7,959			7,404			8,491			5,427			7,530
Net foreign currency exchange (gains) losses		112			(1,429	)		(1,416	)		(42	)		(277	)
Interest expense		5,102			5,457			5,456			5,455			5,453
Total expenses		240,490			247,557			251,406			258,652			269,512
Income before income tax expense		112,842			95,513			95,351			77,097			97,159
Income tax expense		10,650			4,210			4,701			4,264			11,209
Net income		102,192			91,303			90,650			72,833			85,950
Preferred dividends		2,602			2,602			2,602			2,602			2,602
Net income attributable to common shareholders	$	99,590			88,701			88,048			70,231		$	83,348
Basic
Weighted average common shares outstanding		55,838			58,946			60,061			59,718			59,621
Basic earnings per common share	$	1.78			1.50			1.47			1.18		$	1.40
Diluted
Adjusted weighted average common shares outstanding		63,761			66,710			67,857			67,257			67,091
Diluted earnings per common share	$	1.60			1.37			1.34			1.08		$	1.28
Comprehensive income
Net income	$	102,192			91,303			90,650			72,833		$	85,950
Other comprehensive income (loss), net of deferred taxes		19,772			23,719			(32,926	)		9,385			2,208
Comprehensive income	$	121,964			115,022			57,724			82,218		$	88,158

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Platinum Underwriters Holdings, Ltd.

Computation of Basic and Diluted Earnings Per Common Share - Summary

(amounts in thousands, except per share amounts)

	Three Months Ended				Twelve Months Ended
	December 31, 2007		December 31, 2006		December 31, 2007		December 31, 2006
Earnings
Basic
Net income attributable to common shareholders	$	99,590		83,348		346,570	$	319,275
Diluted
Net income attributable to common shareholders		99,590		83,348		346,570		319,275
Effect of dilutive securities:
Preferred share dividends		2,602		2,602		10,408		10,382
Adjusted net income for diluted earnings per share	$	102,192		85,950		356,978	$	329,657
Common Shares
Basic
Weighted average common shares outstanding		55,838		59,621		58,631		59,371
Diluted
Weighted average common shares outstanding		55,838		59,621		58,631		59,371
Effect of dilutive securities:
Conversion of preferred shares		4,825		5,673		5,117		5,750
Common share options		2,817		1,666		2,439		1,300
Restricted common shares and common share units		281		131		217		77
Adjusted weighted average common shares outstanding		63,761		67,091		66,404		66,498
Earnings Per Common Share
Basic earnings per common share	$	1.78		1.40		5.91	$	5.38
Diluted earnings per common share	$	1.60		1.28		5.38	$	4.96

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Platinum Underwriters Holdings, Ltd.

Computation of Basic and Diluted Earnings Per Common Share - by Quarter

(amounts in thousands, except per share amounts)

	Three Months Ended
	December 31, 2007		September 30, 2007		June 30, 2007		March 31, 2007		December 31, 2006
Earnings
Basic
Net income attributable to common shareholders	$	99,590		88,701		88,048		70,231	$	83,348
Diluted
Net income attributable to common shareholders		99,590		88,701		88,048		70,231		83,348
Effect of dilutive securities:
Preferred share dividends		2,602		2,602		2,602		2,602		2,602
Adjusted net income for diluted earnings per share	$	102,192		91,303		90,650		72,833	$	85,950
Common Shares
Basic
Weighted average common shares outstanding		55,838		58,946		60,061		59,718		59,621
Diluted
Weighted average common shares outstanding		55,838		58,946		60,061		59,718		59,621
Effect of dilutive securities:
Conversion of preferred shares		4,825		5,053		5,086		5,574		5,673
Common share options		2,817		2,461		2,526		1,816		1,666
Restricted common shares and common share units		281		250		184		149		131
Adjusted weighted average common shares outstanding		63,761		66,710		67,857		67,257		67,091
Earnings Per Common Share
Basic earnings per common share	$	1.78		1.50		1.47		1.18	$	1.40
Diluted earnings per common share	$	1.60		1.37		1.34		1.08	$	1.28

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Platinum Underwriters Holdings, Ltd.

Fully Converted Book Value Per Common Share

December 31, 2007

	Conversion		Conversion
	Multiple /		Amount	Shares		Book Value Per
	Strike Price		($000)	(000)		Common Share
Total shareholders' equity as of December 31, 2007			$      1,998,377
Equity from issuance of preferred shares			(167,509)
Book value per common share			$      1,830,868	53,780	(a)	$    34.04
Preferred shares:
Conversion of preferred shares to common shares	0.8313		167,509	4,780	(b)	0.07
Common share options:
The Travelers Companies, Inc.	27.00		-	1,477		(0.78)
Renaissance Re Holdings, Ltd.	27.00		-	615		(0.33)
Management and directors' options	26.22	(c)	76,700	2,926		(0.36)
Directors' and officers' restricted common share units			-	633		(0.32)
Fully converted book value per common share as of December 31, 2007			$   2,075,077	64,211		$    32.32

(a) As of December 31, 2007 there were 53,779,914 common shares issued and outstanding.  Included in this number were 55,910 of restricted common shares issued but unvested.

(b) On February 15, 2009, the mandatory conversion date of the preferred shares, 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 December 31, 2007.  However, if any preferred shares are actually tendered for conversion prior to the mandatory conversion date, such shares will convert to common shares at a rate of 0.7874.  If the 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 $35.56, the closing share price at December 31, 2007.

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

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Platinum Underwriters Holdings, Ltd.

Condensed Statements of Cash Flows - Summary

($ in thousands)

	Three Months Ended						Twelve Months Ended
	December 31, 2007			December 31, 2006			December 31, 2007			December 31, 2006
Net cash provided by operating activities	$	99,747			66,803			443,562		$	526,801
Net cash provided by (used in) investing activities		377,730			18,157			70,182			(480,023	)
Net cash used in financing activities		(172,728	)		(6,631	)		(289,117	)		(15,872	)
Net increase in cash and cash equivalents	$	304,749			78,329			224,627		$	30,906

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Platinum Underwriters Holdings, Ltd.

Condensed Statements of Cash Flows - by Quarter

($ in thousands)

	Three Months Ended
	December 31, 2007			September 30, 2007			June 30, 2007			March 31, 2007			December 31, 2006
Net cash provided by operating activities	$	99,747			130,349			93,920			119,546		$	66,803
Net cash provided by (used in) investing activities		377,730			(175,487	)		31,092			(163,153	)		18,157
Net cash used in financing activities		(172,728	)		(105,807	)		(6,189	)		(4,393	)		(6,631	)
Net increase (decrease) in cash and cash equivalents	$	304,749			(150,945	)		118,823			(48,000	)	$	78,329

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Platinum Underwriters Holdings, Ltd.

Segment Reporting - Three Month Summary

($ in thousands)

	Three Months Ended December 31, 2007												Three Months Ended December 31, 2006
	Property and Marine			Casualty			Finite Risk			Total			Property and Marine			Casualty			Finite Risk			Total
Net premiums written	$	105,581			128,660			6,794		$	241,035		$	91,023			173,725			10,825		$	275,573
Net premiums earned		129,065			166,054			6,893			302,012			106,637			191,173			17,916			315,726
Net losses and LAE		46,133			103,961			(4,874	)		145,220			41,024			128,728			5,184			174,936
Net acquisition expenses		17,603			40,470			5,865			63,938			15,122			47,692			2,824			65,638
Other underwriting expenses		9,726			7,731			702			18,159			12,245			3,535			452			16,232
Total underwriting expenses		73,462			152,162			1,693			227,317			68,391			179,955			8,460			256,806
Segment underwriting income	$	55,603			13,892			5,200			74,695		$	38,246			11,218			9,456			58,920
Net investment income											53,556												50,822
Net realized gains (losses) on investments											(94	)											1,068
Net foreign currency exchange gains (losses)											(112	)											277
Other expense											(2,142	)											(945	)
Corporate expenses not allocated to segments											(7,959	)											(7,530	)
Interest expense											(5,102	)											(5,453	)
Income before income tax expense										$	112,842											$	97,159
GAAP underwriting ratios:
Loss and LAE		35.7	%		62.6	%		(70.7	%)		48.1	%		38.5	%		67.3	%		28.9	%		55.4	%
Acquisition expense		13.6	%		24.4	%		85.1	%		21.2	%		14.2	%		24.9	%		15.8	%		20.8	%
Other underwriting expense		7.5	%		4.7	%		10.2	%		6.0	%		11.5	%		1.8	%		2.5	%		5.1	%
Combined		56.8	%		91.7	%		24.6	%		75.3	%		64.2	%		94.0	%		47.2	%		81.3	%
Statutory underwriting ratios:
Loss and LAE		35.7	%		62.6	%		(70.7	%)		48.1	%		38.5	%		67.3	%		28.9	%		55.4	%
Acquisition expense		13.4	%		24.7	%		86.0	%		21.5	%		13.7	%		25.3	%		13.0	%		21.0	%
Other underwriting expense		9.2	%		6.0	%		10.3	%		7.5	%		13.5	%		2.0	%		4.2	%		5.9	%
Combined		58.3	%		93.3	%		25.6	%		77.1	%		65.7	%		94.6	%		46.1	%		82.3	%

See Note on Non-GAAP Financial Measures on page 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) Net losses & LAE are divided by net premiums earned;

 (2) Net 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.

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Platinum Underwriters Holdings, Ltd.

Segment Reporting - Twelve Month Summary

($ in thousands)

	Twelve Months Ended December 31, 2007												Twelve Months Ended December 31, 2006
	Property and Marine			Casualty			Finite Risk			Total			Property and Marine			Casualty			Finite Risk			Total
Net premiums written	$	505,010			584,605			30,192		$	1,119,807		$	424,929			757,675			(5,991	)	$	1,176,613
Net premiums earned		502,291			637,856			32,941			1,173,088			448,959			764,341			123,401			1,336,701
Net losses and LAE		195,398			444,701			15,388			655,487			145,900			522,815			91,887			760,602
Net acquisition expenses		68,351			145,969			6,010			220,330			70,905			188,717			26,301			285,923
Other underwriting expenses		42,422			29,194			2,696			74,312			39,887			27,022			4,387			71,296
Total underwriting expenses		306,171			619,864			24,094			950,129			256,692			738,554			122,575			1,117,821
Segment underwriting income	$	196,120			17,992			8,847			222,959		$	192,267			25,787			826			218,880
Net investment income											214,222												187,987
Net realized gains (losses) on investments											(2,615	)											1,090
Net foreign currency exchange gains											2,775												738
Other expense											(5,787	)											(2,872	)
Corporate expenses not allocated to segments											(29,281	)											(24,194	)
Interest expense											(21,470	)											(21,805	)
Income before income tax expense										$	380,803											$	359,824
GAAP underwriting ratios:
Loss and LAE		38.9	%		69.7	%		46.7	%		55.9	%		32.5	%		68.4	%		74.5	%		56.9	%
Acquisition expense		13.6	%		22.9	%		18.2	%		18.8	%		15.8	%		24.7	%		21.3	%		21.4	%
Other underwriting expense		8.4	%		4.6	%		8.2	%		6.3	%		8.9	%		3.5	%		3.6	%		5.3	%
Combined		60.9	%		97.2	%		73.1	%		81.0	%		57.2	%		96.6	%		99.4	%		83.6	%
Statutory underwriting ratios:
Loss and LAE		38.9	%		69.7	%		46.7	%		55.9	%		32.5	%		68.4	%		74.5	%		56.9	%
Acquisition expense		13.7	%		22.7	%		21.0	%		18.6	%		15.6	%		24.7	%		275.7	%		20.1	%
Other underwriting expense		8.4	%		5.0	%		8.9	%		6.6	%		9.4	%		3.6	%		(73.2	%)		6.1	%
Combined		61.0	%		97.4	%		76.6	%		81.1	%		57.5	%		96.7	%		277.0	%		83.1	%

See Note on Non-GAAP Financial Measures on page 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) Net losses & LAE are divided by net premiums earned;

 (2) Net 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.

- 12 of 24 -

Platinum Underwriters Holdings, Ltd.

Property and Marine Segment - by Quarter

($ in thousands)

	Three Months Ended
	December 31, 2007			September 30, 2007		June 30, 2007			March 31, 2007			December 31, 2006
Net premiums written	$	105,581		142,549			119,226			137,654		$	91,023
Net premiums earned		129,065		128,380			125,136			119,710			106,637
Net losses and LAE		46,133		43,396			43,242			62,627			41,024
Net acquisition expenses		17,603		18,549			16,264			15,935			15,122
Other underwriting expenses		9,726		12,086			10,582			10,028			12,245
Total underwriting expenses		73,462		74,031			70,088			88,590			68,391
Segment underwriting income	$	55,603		54,349			55,048			31,120		$	38,246
GAAP underwriting ratios:
Loss and LAE		35.7	%	33.8	%		34.6	%		52.3	%		38.5	%
Acquisition expense		13.6	%	14.4	%		13.0	%		13.3	%		14.2	%
Other underwriting expense		7.5	%	9.4	%		8.5	%		8.4	%		11.5	%
Combined		56.8	%	57.6	%		56.1	%		74.0	%		64.2	%
Statutory underwriting ratios:
Loss and LAE		35.7	%	33.8	%		34.6	%		52.3	%		38.5	%
Acquisition expense		13.4	%	14.2	%		14.1	%		12.9	%		13.7	%
Other underwriting expense		9.2	%	8.5	%		8.9	%		7.3	%		13.5	%
Combined		58.3	%	56.5	%		57.6	%		72.5	%		65.7	%

See Note on Non-GAAP Financial Measures on page 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) Net losses & LAE are divided by net premiums earned;

 (2) Net 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.

- 13 of 24 -

Platinum Underwriters Holdings, Ltd.

Casualty Segment - by Quarter

($ in thousands)

	Three Months Ended
	December 31, 2007			September 30, 2007			June 30, 2007			March 31, 2007			December 31, 2006
Net premiums written	$	128,660			141,214			162,548			152,183		$	173,725
Net premiums earned		166,054			153,938			163,845			154,019			191,173
Net losses and LAE		103,961			110,365			117,993			112,382			128,728
Net acquisition expenses		40,470			33,403			40,061			32,035			47,692
Other underwriting expenses		7,731			8,304			6,442			6,717			3,535
Total underwriting expenses		152,162			152,072			164,496			151,134			179,955
Segment underwriting income (loss)	$	13,892			1,866			(651	)		2,885		$	11,218
GAAP underwriting ratios:
Loss and LAE		62.6	%		71.7	%		72.0	%		73.0	%		67.3	%
Acquisition expense		24.4	%		21.7	%		24.5	%		20.8	%		24.9	%
Other underwriting expense		4.7	%		5.4	%		3.9	%		4.4	%		1.8	%
Combined		91.7	%		98.8	%		100.4	%		98.2	%		94.0	%
Statutory underwriting ratios:
Loss and LAE		62.6	%		71.7	%		72.0	%		73.0	%		67.3	%
Acquisition expense		24.7	%		21.9	%		23.3	%		21.0	%		25.3	%
Other underwriting expense		6.0	%		5.9	%		4.0	%		4.4	%		2.0	%
Combined		93.3	%		99.5	%		99.3	%		98.4	%		94.6	%

See Note on Non-GAAP Financial Measures on page 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) Net losses & LAE are divided by net premiums earned;

 (2) Net 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.

- 14 of 24 -

Platinum Underwriters Holdings, Ltd.

Finite Risk Segment - by Quarter

($ in thousands)

	Three Months Ended
	December 31, 2007			September 30, 2007			June 30, 2007			March 31, 2007			December 31, 2006
Net premiums written	$	6,794			8,369			5,949			9,080		$	10,825
Net premiums earned		6,893			7,992			6,937			11,119			17,916
Net losses and LAE		(4,874	)		10,162			3,196			6,904			5,184
Net acquisition expenses		5,865			(507	)		502			150			2,824
Other underwriting expenses		702			367			593			1,034			452
Total underwriting expenses		1,693			10,022			4,291			8,088			8,460
Segment underwriting income (loss)	$	5,200			(2,030	)		2,646			3,031		$	9,456
GAAP underwriting ratios:
Loss and LAE		(70.7	%)		127.2	%		46.1	%		62.1	%		28.9	%
Acquisition expense		85.1	%		(6.3	%)		7.2	%		1.3	%		15.8	%
Other underwriting expense		10.2	%		4.6	%		8.5	%		9.3	%		2.5	%
Combined		24.6	%		125.5	%		61.8	%		72.7	%		47.2	%
Statutory underwriting ratios:
Loss and LAE		(70.7	%)		127.2	%		46.1	%		62.1	%		28.9	%
Acquisition expense		86.0	%		(5.0	%)		11.2	%		2.8	%		13.0	%
Other underwriting expense		10.3	%		4.4	%		10.0	%		11.4	%		4.2	%
Combined		25.6	%		126.6	%		67.3	%		76.3	%		46.1	%

See Note on Non-GAAP Financial Measures on page 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) Net losses & LAE are divided by net premiums earned;

 (2) Net 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.

- 15 of 24 -

Platinum Underwriters Holdings, Ltd.

Net Premiums Written - Supplemental Information

($ in thousands)

	Three Months Ended						Twelve Months Ended
	December 31, 2007			December 31, 2006			December 31, 2007		December 31, 2006
Property and Marine
Excess-of-loss	$	85,737			75,606			427,230	$	318,260
Proportional		19,844			15,417			77,780		106,669
Subtotal Property and Marine		105,581			91,023			505,010		424,929
Casualty
Excess-of-loss		116,867			155,125			522,812		663,338
Proportional		11,793			18,600			61,793		94,337
Subtotal Casualty		128,660			173,725			584,605		757,675
Finite Risk
Excess-of-loss		6,865			9,374			26,140		50,220
Proportional		(71	)		1,451			4,052		(56,211	)
Subtotal Finite Risk		6,794			10,825			30,192		(5,991	)
Combined Segments
Excess-of-loss		209,469			240,105			976,182		1,031,818
Proportional		31,566			35,468			143,625		144,795
Total	$	241,035			275,573			1,119,807	$	1,176,613
	Three Months Ended						Twelve Months Ended
	December 31, 2007			December 31, 2006			December 31, 2007		December 31, 2006
Property and Marine
United States	$	66,868			65,489			294,975	$	275,870
International		38,713			25,534			210,035		149,059
Subtotal Property and Marine		105,581			91,023			505,010		424,929
Casualty
United States		114,912			160,627			510,552		686,278
International		13,748			13,098			74,053		71,397
Subtotal Casualty		128,660			173,725			584,605		757,675
Finite Risk
United States		6,794			16,133			29,932		(12,626	)
International		-			(5,308	)		260		6,635
Subtotal Finite Risk		6,794			10,825			30,192		(5,991	)
Combined Segments
United States		188,574			242,249			835,459		949,522
International		52,461			33,324			284,348		227,091
Total	$	241,035			275,573			1,119,807	$	1,176,613

- 16 of 24 -

Platinum Underwriters Holdings, Ltd.

Premiums by Line of Business - Three Month Summary

($ in thousands)

	Three Months Ended December 31, 2007									Three Months Ended December 31, 2006
	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	$	2,168			2,168			5,597			13,431			13,431		$	11,310
North American Property Catastrophe		31,573			29,954			35,544			34,515			25,549			23,319
North American Property Risk		24,128			20,823			21,636			23,174			19,665			22,096
Other Property		14,328			14,328			14,658			6,843			6,843			5,859
Marine / Aviation Proportional		1,483			1,483			1,933			480			480			1,508
Marine / Aviation Excess		7,918			7,916			8,465			8,536			8,531			9,402
International Property Proportional		7,517			7,517			8,243			3,297			3,297			8,801
International Property Catastrophe		17,875			17,916			28,526			12,434			11,182			19,249
International Property Risk		3,476			3,476			4,463			2,045			2,045			5,093
Subtotal		110,466			105,581			129,065			104,755			91,023			106,637
Casualty
Clash		4,579			4,579			4,799			6,170			6,170			6,806
1st Dollar GL		7,322			7,322			7,918			9,115			9,115			9,566
1st Dollar Other		357			357			659			1,258			1,258			1,165
Casualty Excess		92,919			92,919			115,924			129,711			129,711			139,164
Accident & Health		6,282			6,008			9,592			11,661			11,663			13,431
International Casualty		8,125			8,125			10,318			7,880			7,880			12,868
International Motor		962			981			1,115			(981	)		(981	)		(786	)
Financial Lines		8,369			8,369			15,729			8,909			8,909			8,959
Subtotal		128,915			128,660			166,054			173,723			173,725			191,173
Finite Risk
Finite Property		(118	)		(118	)		(118	)		3,371			2,271			2,868
Finite Casualty		6,913			6,912			7,011			8,554			8,554			15,048
Finite Accident & Health		-			-			-			-			-			-
Subtotal		6,795			6,794			6,893			11,925			10,825			17,916
Total	$	246,176			241,035			302,012			290,403			275,573		$	315,726

- 17 of 24 -

Platinum Underwriters Holdings, Ltd.

Premiums by Line of Business - Twelve Month Summary

($ in thousands)

	Twelve Months Ended December 31, 2007							Twelve Months Ended December 31, 2006
	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	$	23,915			23,915		26,994		63,990			63,990		$	70,337
North American Property Catastrophe		155,578			142,946		141,236		134,554			85,290			87,693
North American Property Risk		92,961			84,466		82,029		105,599			89,066			92,785
Other Property		45,179			45,179		43,960		39,910			37,524			38,900
Marine / Aviation Proportional		9,627			9,627		5,885		(151	)		(151	)		6,165
Marine / Aviation Excess		33,346			33,221		33,640		33,268			33,263			32,751
International Property Proportional		36,997			36,997		39,876		28,021			28,021			26,932
International Property Catastrophe		109,863			108,983		108,722		90,386			69,187			74,019
International Property Risk		19,676			19,676		19,949		18,739			18,739			19,377
Subtotal		527,142			505,010		502,291		514,316			424,929			448,959
Casualty
Clash		23,282			23,282		23,524		26,076			26,076			26,500
1st Dollar GL		21,373			21,373		28,828		42,479			42,479			45,523
1st Dollar Other		2,305			2,305		3,833		4,178			4,178			3,995
Casualty Excess		408,373			408,373		443,938		546,943			546,943			535,032
Accident & Health		44,555			44,227		45,462		46,604			46,513			62,267
International Casualty		42,862			42,862		46,008		43,083			43,083			45,354
International Motor		4,162			4,184		4,239		1,866			1,883			1,909
Financial Lines		37,999			37,999		42,024		46,520			46,520			43,761
Subtotal		584,911			584,605		637,856		757,749			757,675			764,341
Finite Risk
Finite Property		(1,860	)		83		83		20,982			11,856			12,019
Finite Casualty		30,110			30,109		32,858		(18,238	)		(18,238	)		110,991
Finite Accident & Health		-			-		-		391			391			391
Subtotal		28,250			30,192		32,941		3,135			(5,991	)		123,401
Total	$	1,140,303			1,119,807		1,173,088		1,275,200			1,176,613		$	1,336,701

- 18 of 24 -

Platinum Underwriters Holdings, Ltd.

Key Ratios, Share Data, Ratings

	As of and for the Three Months Ended
	December 31, 2007			September 30, 2007			June 30, 2007			March 31, 2007			December 31, 2006
Key Ratios
Combined ratio (%)		75.3	%		81.3	%		80.8	%		87.0	%		81.3	%
Invested assets to shareholders' equity ratio	2.23:1			2.20:1			2.22:1			2.26:1			2.28:1
Debt to total capital (%)		11.1	%		12.8	%		12.8	%		13.1	%		13.6	%
Net premiums written (annualized) to shareholders' equity		0.48			0.58			0.58			0.62			0.59
Share Data
Book value per common share (a)	$	34.04		$	32.09		$	30.35		$	29.58		$	28.33
Common shares outstanding (000's)		53,780			57,211			60,077			59,826			59,672
Market Price Per Common Share
High	$	38.07		$	36.39		$	35.71		$	32.76		$	31.41
Low		33.90			31.02			31.63			29.81			29.51
Close	$	35.56		$	35.96		$	34.75		$	32.08		$	30.94
Industry Ratings
Financial Strength Rating
A.M. Best Company, Inc.			A			A			A			A			A
Counterparty Credit Ratings (senior unsecured)
A.M. Best Company, Inc.	bbb			bbb			bbb			bbb			bbb
Standard & Poor's Ratings Services	BBB			BBB			BBB			BBB			BBB
Supplemental Data
Total employees		154			155			153			155			160

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

(a) Book value per common share is determined by dividing shareholders' equity, excluding capital attributable to preferred shares, by actual common shares outstanding including unvested restricted common shares.  Unvested restricted common shares were as follows:

December 31, 2007 - 55,910; September 30, 2007 - 62,053; June 30, 2007 - 81,759; March 31, 2007 - 81,759; December 31, 2006 -  86,937

- 19 of 24 -

Platinum Underwriters Holdings, Ltd.

Investment Portfolio

($ in thousands)

		December 31, 2007			December 31, 2006
		Fair Market Value	Weighted Average Book Yield		Fair Market Value	Weighted Average Book Yield
Securities
U.S. Government	$	96,753	4.6%	$	153,794	4.4%
Corporate bonds		1,419,233	4.8%		1,527,211	4.5%
Mortgage-backed and asset-backed securities		1,388,242	5.2%		1,328,967	5.1%
Municipal bonds		282,961	3.3%		197,598	3.0%
Foreign governments and states		174,552	4.2%		127,075	3.9%
Total Fixed Maturities		3,361,741	4.8%		3,334,645	4.6%
Preferred Stocks		9,607	6.8%		10,772	5.1%
Total	$	3,371,348	4.8%	$	3,345,417	4.6%
		December 31, 2007			December 31, 2006
		Amount	% of Total		Amount	% of Total
Credit Quality of Investment Grades*
Aaa	$	2,347,539	69.6%	$	2,068,357	61.8%
Aa		503,698	14.9%		512,978	15.3%
A		393,104	11.7%		670,974	20.1%
Baa		127,007	3.8%		93,108	2.8%
Total	$	3,371,348	100.0%	$	3,345,417	100.0%
Credit Quality
Weighted average credit quality		Aa1			Aa2
* Rated using external rating agencies (primarily Moody's).
(Aaa-Best Quality; Aa-High Quality; A-Upper to Medium Quality, Baa - Investment Grade)

- 20 of 24 -

Platinum Underwriters Holdings, Ltd.

Net Realized Gains (Losses) on Investments - by Country

($ in thousands)

		Three Months Ended		Twelve Months Ended
		December 31, 2007	December 31, 2006	December 31, 2007		December 31, 2006
Net Realized Capital Gains (Losses)
United States	$	(113)	56	(330)	$	76
United Kingdom		1	(14)	(551)		(16)
Bermuda		18	1,026	(1,734)		1,030
Total	$	(94)	1,068	(2,615)	$	1,090

- 21 of 24 -

Platinum Underwriters Holdings, Ltd.

Analysis of Losses and LAE

($ in thousands)

	Analysis of Losses and LAE
	Twelve Months Ended December 31, 2007 (a)											Year Ended December 31, 2006 (b)
	Gross			Ceded			Net		Paid to Incurred %			Gross		Ceded			Net		Paid to Incurred %
Paid losses and LAE	$	667,180			15,167		$	652,013		99.5	%	$	752,093		31,504		$	720,589		94.7	%
Change in unpaid losses and LAE		(20,188	)		(23,662	)		3,474					26,743		(13,270	)		40,013
Losses and LAE incurred	$	646,992			(8,495	)	$	655,487				$	778,836		18,234		$	760,602
	Analysis of Unpaid Losses and LAE
	As of December 31, 2007											As of December 31, 2006
	Gross			Ceded			Net		%			Gross		Ceded			Net		%
Outstanding losses and LAE	$	660,584			13,745		$	646,839		27.6	%	$	719,847		21,597		$	698,250		30.0	%
Incurred but not reported		1,700,454			5,108			1,695,346		72.4	%		1,648,635		20,658			1,627,977		70.0	%
Unpaid losses and LAE	$	2,361,038			18,853		$	2,342,185		100.0	%	$	2,368,482		42,255		$	2,326,227		100.0	%

(a) Gross and ceded losses and LAE incurred includes effects of foreign currency exchange rate movements of $ 12,743 and $ 259, respectively

(b) Gross and ceded losses and LAE incurred includes effects of foreign currency exchange rate movements of $17,749 and $190, respectively

- 22 of 24 -

Platinum Underwriters Holdings, Ltd.

Summary of Favorable (Unfavorable) Development of Losses and Related Premiums & Commissions

($ in thousands)

		Three Months Ended December 31, 2007				Three Months Ended December 31, 2006
		Property and Marine	Casualty	Finite Risk	Total	Property and Marine	Casualty	Finite Risk		Total
Non-Catastrophe Favorable (Unfavorable) Development
Net loss development related to prior years	$	7,545	17,003	8,837	33,385	7,146	9,112	1,741	$	17,999
Net premium adjustments related to loss development		-	-	-	-	-	-	-		-
Net commission adjustments related to loss development		(602)	361	(5,278)	(5,519)	(607)	(1,407)	17		(1,997)
Net favorable (unfavorable) development		6,943	17,364	3,559	27,866	6,539	7,705	1,758		16,002
Catastrophe Favorable (Unfavorable) Development
Net loss development related to prior years		115	(5)	-	110	3,600	-	5,564		9,164
Net premium adjustments related to loss development		326	-	-	326	35	-	(1,511)		(1,476)
Net commission adjustments related to loss development		-	-	-	-	-	-	-		-
Net favorable (unfavorable) development		441	(5)	-	436	3,635	-	4,053		7,688
Total net favorable (unfavorable) development	$	7,384	17,359	3,559	28,302	10,174	7,705	5,811	$	23,690
		Twelve Months Ended December 31, 2007				Twelve Months Ended December 31, 2006
		Property and Marine	Casualty	Finite Risk	Total	Property and Marine	Casualty	Finite Risk		Total
Non-Catastrophe Favorable (Unfavorable) Development
Net loss development related to prior years	$	31,344	19,514	11,599	62,457	50,869	9,424	(4,179)	$	56,114
Net premium adjustments related to loss development		-	-	-	-	-	-	-		-
Net commission adjustments related to loss development		(1,677)	4,912	(6,526)	(3,291)	(3,067)	318	464		(2,285)
Net favorable (unfavorable) development		29,667	24,426	5,073	59,166	47,802	9,742	(3,715)		53,829
Catastrophe Favorable (Unfavorable) Development
Net loss development related to prior years		17,164	(40)	1,585	18,709	3,448	-	1,184		4,632
Net premium adjustments related to loss development		(178)	-	109	(69)	(1,306)	-	(1,387)		(2,693)
Net commission adjustments related to loss development		-	-	-	-	-	-	-		-
Net favorable (unfavorable) development		16,986	(40)	1,694	18,640	2,142	-	(203)		1,939
Total net favorable (unfavorable) development	$	46,653	24,386	6,767	77,806	49,944	9,742	(3,918)	$	55,768

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Platinum Underwriters Holdings, Ltd.

Estimated Exposures to Peak Zone Property Catastrophe Losses

As of December 31, 2007

($ in millions)

Estimated Probable Maximum Losses by Zone and Peril
			20 Year Return Period			100 Year Return Period		250 Year Return Period
Zones	Perils		Estimated Gross Loss		Estimated Net Loss	Estimated Gross Loss	Estimated Net Loss	Estimated Gross Loss		Estimated Net Loss
United States / Caribbean	Hurricane	$	205		204	410	381	480	$	467
United States	Earthquake		119		119	342	300	432		411
Pan-European	Windstorm		173		167	358	331	420		390
Japan	Earthquake		13		13	127	127	280		280
Japan	Typhoon	$	7		7	105	105	150	$	150
Indicative Catastrophe Scenarios
Catastrophe Scenarios			Estimated Company Net Loss Interquartile Range
Category 3 U.S. / Caribbean Hurricane		$	14	-	44
Category 4 U.S. / Caribbean Hurricane			24	-	117
Magnitude 6.9 California Earthquake			1	-	19
Magnitude 7.5 California Earthquake		$	4	-	100

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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