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

Exhibit 99.1

Contact: Lily Outerbridge

Investor Relations

(441) 298-0760

PLATINUM UNDERWRITERS HOLDINGS, LTD.  REPORTS FINANCIAL RESULTS

FOR THE SECOND QUARTER AND SIX MONTHS ENDED JUNE 30, 2008

HAMILTON, BERMUDA, July 22, 2008 – Platinum Underwriters Holdings, Ltd. (NYSE: PTP) today reported net income of $102.4 million, or $1.82 per diluted common share, for the quarter ended June 30, 2008.  The results for the quarter include net premiums earned of $258.0 million, a decrease of 12.8% from the same quarter last year, net favorable development of $36.8 million, compared with net favorable development of $22.2 million for the same quarter last year, and net investment income of $46.9 million, a decrease of 14.2% from the same quarter last year.

Michael D. Price, Chief Executive Officer, commented, “Our results reflect disciplined underwriting, favorable reserve development, lower than expected catastrophe activity, significant investment income, and active capital management.  Our net income was very strong and resulted in record earnings per diluted common share.  Our book value per share growth of 2.7% for the quarter and 8.7% year to date reflected an increase in unrealized losses in our investment portfolio.”

Mr. Price added, “Reinsurers face challenging market conditions for both their underwriting and investment activities.  Through this turbulent period, we will continue taking risk on both sides of the balance sheet provided we believe we are being adequately compensated for doing so.”

Results for the quarter ended June 30, 2008 were summarized as follows:

·Net income was $102.4 million, or $1.82 per diluted common share.

·Net premiums written were $224.9 million and net premiums earned were $258.0 million.

·GAAP combined ratio was 68.4%.

·Net investment income was $46.9 million.

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Results for the quarter ended June 30, 2008 compared to the quarter ended June 30, 2007 were summarized as follows:

·Net income increased $11.7 million (or 12.9%).

·Net premiums written decreased $62.9 million (or 21.8%) and net premiums earned decreased $37.9 million (or 12.8%)

·GAAP combined ratio decreased 12.4 percentage points.

·Net investment income decreased $7.8 million (or 14.2%).

Net premiums written for Platinum’s Property and Marine, Casualty and Finite Risk segments for the quarter ended June 30, 2008 were $118.6 million, $102.9 million and $3.4 million, respectively, representing 52.7%, 45.8% and 1.5%, respectively, of the total net premiums written. Combined ratios for these segments were 47.8%, 93.6% and 91.2%, respectively, for the quarter. Compared to the quarter ended June 30, 2007, net premiums written decreased by $0.6 million (or 0.5%), $59.7 million (or 36.7%) and $2.6 million (or 43.2%) in the Property and Marine, Casualty and Finite Risk segments, respectively.

Results for the six months ended June 30, 2008 were summarized as follows:

·Net income was $207.5 million, or $3.58 per diluted common share.

·Net premiums written were $521.1 million and net premiums earned were $559.8 million.

·GAAP combined ratio was 73.7%.

·Net investment income was $96.0 million.

Results for the six months ended June 30, 2008 compared to the six months ended June 30, 2007 were summarized as follows:

·Net income increased $44.0 million (or 26.9%).

·Net premiums written decreased $65.5 million (or 11.2%) and net premiums earned decreased $20.9 million (or 3.6%).

·GAAP combined ratio decreased 10.1 percentage points.

·Net investment income decreased $10.4 million (or 9.8%).

Net premiums written for Platinum’s Property and Marine, Casualty and Finite Risk segments for the six months ended June 30, 2008 were $287.4 million, $228.5 million, and $5.2 million, respectively, representing 55.2%, 43.8% and 1.0%, respectively, of the total net premiums written.  Combined ratios for these segments were 53.9%, 95.7% and 106.3%, respectively, for the six months ended June 30, 2008.  Compared to the six months ended June 30, 2007, net premiums written increased $30.5 million (or 11.9%) in the Property and Marine segment and decreased $86.3 million (or 27.4%) and $9.8 million (or 65.0%) in the Casualty and Finite Risk segments, respectively.

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Total assets were $4.99 billion as of June 30, 2008, a decrease of $89.9 million (or 1.8%) from $5.08 billion as of December 31, 2007.  Cash, cash equivalents and fixed maturity investments were $4.38 billion as of June 30, 2008, a decrease of $83.1 million (or 1.9%) from December 31, 2007.

Shareholders’ equity was $1.97 billion as of June 30, 2008, a decrease of $29.8 million (or 1.5%) from December 31, 2007.  Book value per common share was $36.99 as of June 30, 2008 based on 48.7 million common shares outstanding, an increase of $2.95 (or 8.7%) from $34.04 as of December 31, 2007 based on 53.8 million common shares outstanding.

Financial Supplement

Platinum has posted a financial supplement on the Financial Reports page of the Investor Relations section of its website (Financial Supplement).  The financial supplement provides additional detail regarding the financial performance of Platinum and its business segments.

Teleconference

Platinum will host a teleconference to discuss its financial results on Wednesday, July 23, 2008 at 8:30 a.m. Eastern time.  The call may be accessed by dialing 888-802-2275 (US callers) or 913-312-1508 (international callers), or in a listen-only mode via the Investor Relations section of Platinum’s website at www.platinumre.com.  Those who intend to participate in the teleconference should register at least ten minutes in advance to ensure access to the call.

The teleconference will be recorded and a replay will be available from 11:00 a.m. Eastern time on Wednesday, July 23, 2008 until midnight Eastern time on Wednesday, July 30, 2008.  To access the replay by telephone, dial 888-203-1112 (US callers) or 719-457-0820 (international callers) and specify passcode 9206842. The teleconference will also be archived on the Investor Relations section of Platinum’s website at www.platinumre.com for the same period of time.

Non-GAAP Financial Measures

In presenting the Company's results, management has included and discussed 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) and related underwriting ratios 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.

About Platinum

Platinum Underwriters Holdings, Ltd. (NYSE: PTP) is a leading provider of property, casualty and finite risk reinsurance coverages, through reinsurance intermediaries, to a diverse clientele on a worldwide basis.  Platinum operates through its principal subsidiaries in Bermuda and the United States.  The Company has a financial strength rating of A (Excellent) from A.M. Best Company, Inc.  For further information, please visit Platinum’s website at www.platinumre.com.

Safe Harbor Statement Regarding Forwarding-Looking Statements

Management believes certain statements in this press release 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.
Condensed Consolidated Balance Sheets
As of June 30, 2008 and December 31, 2007
(amounts in thousands, except per share amounts)
	June 30, 2008		December 31, 2007
	(Unaudited)
Assets
Investments	$	3,425,356	$	3,371,348
Cash, cash equivalents and short-term investments		953,059		1,090,155
Reinsurance premiums receivable		262,128		244,360
Accrued investment income		34,429		34,696
Reinsurance balances (prepaid and recoverable)		27,650		37,348
Deferred acquisition costs		62,237		70,508
Funds held by ceding companies		157,603		165,604
Other assets		66,342		64,731
Total assets	$	4,988,804	$	5,078,750
Liabilities
Unpaid losses and loss adjustment expenses	$	2,352,116	$	2,361,038
Unearned premiums		263,672		298,498
Debt obligations		250,000		250,000
Commissions payable		110,346		100,204
Other liabilities		44,078		70,633
Total liabilities		3,020,212		3,080,373
Total shareholders' equity		1,968,592		1,998,377
Total liabilities and shareholders' equity	$	4,988,804	$	5,078,750
Book value per common share  (a)	$	36.99	$	34.04

(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:  June 30, 2008 -50,732; December 31, 2007 - 55,910

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Platinum Underwriters Holdings, Ltd.
Consolidated Statements of Operations and Comprehensive Income (Unaudited)
For the Three and Six Months Ended June 30, 2008 and 2007
(amounts in thousands, except per share amounts)
	Three Months Ended						Six Months Ended
	June 30, 2008			June 30, 2007			June 30, 2008			June 30, 2007
Revenue
Net premiums earned	$	257,982			295,918			559,833		$	580,766
Net investment income		46,932			54,684			95,994			106,383
Net realized losses on investments		(184	)		(1,639	)		(139	)		(1,657	)
Other expense		(6,227	)		(2,206	)		(4,206	)		(2,986	)
Total revenue		298,503			346,757			651,482			682,506
Expenses
Net losses and LAE		93,392			164,431			253,595			346,344
Net acquisition expenses		66,137			56,827			126,679			104,947
Other underwriting expenses		16,991			17,617			32,692			35,396
Corporate expenses		8,109			8,491			14,098			13,918
Net foreign currency exchange gains (losses)		1,998			(1,416	)		(2,871	)		(1,458	)
Interest expense		4,751			5,456			9,501			10,911
Total expenses		191,378			251,406			433,694			510,058
Income before income tax expense		107,125			95,351			217,788			172,448
Income tax expense		4,768			4,701			10,260			8,965
Net income		102,357			90,650			207,528			163,483
Preferred dividends		2,602			2,602			5,204			5,204
Net income attributable to common shareholders	$	99,755			88,048			202,324		$	158,279
Basic
Weighted average common shares outstanding		48,468			60,061			50,286			59,891
Basic earnings per common share	$	2.06			1.47			4.02		$	2.64
Diluted
Adjusted weighted average common shares outstanding		56,097			67,857			58,021			67,578
Diluted earnings per common share	$	1.82			1.34			3.58		$	2.42
Comprehensive income
Net income	$	102,357			90,650			207,528		$	163,483
Other comprehensive loss, net of deferred taxes		(38,876	)		(32,926	)		(42,997	)		(23,541	)
Comprehensive income	$	63,481			57,724			164,531		$	139,942

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Platinum Underwriters Holdings, Ltd.
Segment Reporting
For the Three Months Ended June 30, 2008 and 2007
($ in thousands)
Three Months Ended June 30, 2008 (Unaudited)
Segment underwriting results	Property and Marine			Casualty			Finite Risk			Total
Net premiums written	$	118,588			102,893			3,379		$	224,860
Net premiums earned		141,716			113,245			3,021			257,982
Net losses and LAE		33,367			66,783			(6,758	)		93,392
Net acquisition expenses		24,774			32,214			9,149			66,137
Other underwriting expenses		9,635			6,991			365			16,991
Total underwriting expenses		67,776			105,988			2,756			176,520
Segment underwriting income	$	73,940			7,257			265			81,462
Net investment income											46,932
Net realized losses on investments											(184	)
Net foreign currency exchange losses											(1,998	)
Other expense											(6,227	)
Corporate expenses not allocated to segments											(8,109	)
Interest expense											(4,751	)
Income before income tax expense										$	107,125
GAAP underwriting ratios:
Loss and LAE		23.5	%		59.0	%		(223.7	%)		36.2	%
Acquisition expense		17.5	%		28.4	%		302.8	%		25.6	%
Other underwriting expense		6.8	%		6.2	%		12.1	%		6.6	%
Combined		47.8	%		93.6	%		91.2	%		68.4	%
Three Months Ended June 30, 2007 (Unaudited)
Segment underwriting results
Net premiums written	$	119,226			162,548			5,949		$	287,723
Net premiums earned		125,136			163,845			6,937			295,918
Net losses and LAE		43,242			117,993			3,196			164,431
Net acquisition expenses		16,264			40,061			502			56,827
Other underwriting expenses		10,582			6,442			593			17,617
Total underwriting expenses		70,088			164,496			4,291			238,875
Segment underwriting income (loss)	$	55,048			(651	)		2,646			57,043
Net investment income											54,684
Net realized losses on investments											(1,639	)
Net foreign currency exchange gains											1,416
Other expense											(2,206	)
Corporate expenses not allocated to segments											(8,491	)
Interest expense											(5,456	)
Income before income tax expense										$	95,351
GAAP underwriting ratios:
Loss and LAE		34.6	%		72.0	%		46.1	%		55.6	%
Acquisition expense		13.0	%		24.5	%		7.2	%		19.2	%
Other underwriting expense		8.5	%		3.9	%		8.5	%		6.0	%
Combined		56.1	%		100.4	%		61.8	%		80.8	%
The GAAP underwriting ratios are calculated by dividing each item above by net premiums earned.

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Platinum Underwriters Holdings, Ltd.
Segment Reporting
For the Six Months Ended June 30, 2008 and 2007
($ in thousands)
Six Months Ended June 30, 2008 (Unaudited)
Segment underwriting results	Property and Marine			Casualty			Finite Risk			Total
Net premiums written	$	287,405			228,469			5,257		$	521,131
Net premiums earned		295,106			260,740			3,987			559,833
Net losses and LAE		95,406			166,176			(7,987	)		253,595
Net acquisition expenses		45,428			69,702			11,549			126,679
Other underwriting expenses		18,231			13,786			675			32,692
Total underwriting expenses		159,065			249,664			4,237			412,966
Segment underwriting income (expense)	$	136,041			11,076			(250	)		146,867
Net investment income											95,994
Net realized losses on investments											(139	)
Net foreign currency exchange gains											2,871
Other expense											(4,206	)
Corporate expenses not allocated to segments											(14,098	)
Interest expense											(9,501	)
Income before income tax expense										$	217,788
GAAP underwriting ratios:
Loss and LAE		32.3	%		63.7	%		(200.3	%)		45.3	%
Acquisition expense		15.4	%		26.7	%		289.7	%		22.6	%
Other underwriting expense		6.2	%		5.3	%		16.9	%		5.8	%
Combined		53.9	%		95.7	%		106.3	%		73.7	%
Six Months Ended June 30, 2007 (Unaudited)
Segment underwriting results
Net premiums written	$	256,880			314,731			15,029		$	586,640
Net premiums earned		244,846			317,864			18,056			580,766
Net losses and LAE		105,869			230,375			10,100			346,344
Net acquisition expenses		32,199			72,096			652			104,947
Other underwriting expenses		20,610			13,159			1,627			35,396
Total underwriting expenses		158,678			315,630			12,379			486,687
Segment underwriting income	$	86,168			2,234			5,677			94,079
Net investment income											106,383
Net realized losses on investments											(1,657	)
Net foreign currency exchange gains											1,458
Other expense											(2,986	)
Corporate expenses not allocated to segments											(13,918	)
Interest expense											(10,911	)
Income before income tax expense										$	172,448
GAAP underwriting ratios:
Loss and LAE		43.2	%		72.5	%		55.9	%		59.6	%
Acquisition expense		13.2	%		22.7	%		3.6	%		18.1	%
Other underwriting expense		8.4	%		4.1	%		9.0	%		6.1	%
Combined		64.8	%		99.3	%		68.5	%		83.8	%
The GAAP underwriting ratios are calculated by dividing each item above by net premiums earned.

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