Platinum Underwriters (PTP) 8-K Results of Operations and Financial Condition

Exhibit 99.1

Contact: Lily Outerbridge

Investor Relations

(441) 298-0760

PLATINUM UNDERWRITERS HOLDINGS, LTD.  REPORTS FINANCIAL RESULTS FOR THE THIRD QUARTER AND NINE MONTHS ENDED SEPTEMBER 30, 2008

HAMILTON, BERMUDA, October 21, 2008 – Platinum Underwriters Holdings, Ltd. (“Platinum”) (NYSE: PTP) today reported a net loss of $45.3 million, or $0.99 per basic common share, for the quarter ended September 30, 2008.

The results for the quarter are consistent with previously announced ultimate loss estimates from Hurricanes Gustav and Ike of approximately $120 million, net of reinstatement premiums and tax benefit, and other-than-temporary impairments and realized losses of $18.2 million associated with certain securities held in Platinum’s investment portfolio.  The results for the quarter include net premiums earned of $280.7 million, a decrease of 3.3% from the same quarter last year, net favorable development of $32.0 million, compared with net favorable development of $13.4 million for the same quarter last year, and net investment income of $48.0 million, a decrease of 11.5% from the same quarter last year.

Michael D. Price, Chief Executive Officer, commented, “Significant catastrophe activity and the impact of the global financial crisis on our investment portfolio adversely affected our results in the quarter.  Our book value per share was $33.64 as of September 30, 2008, a decrease of 9.1% for the quarter and a decrease of 1.2% for the nine months ending September 30, 2008.”

Mr. Price added, “Our outlook for market conditions is cautiously optimistic. Given the challenging state of the credit and equity markets, we expect increasing demand for reinsurance. However, reinsurers may be reluctant to provide capacity without appropriate rate increases.  We believe we are well capitalized and have the financial strength to continue writing a significant multi-class reinsurance portfolio and buying back shares, provided the business performs as expected.”

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

·Net loss was $45.3 million, or $0.99 per basic common share.

·Net premiums written were $279.1 million and net premiums earned were $280.7 million.

·GAAP combined ratio was 122.6%.

·Net investment income was $48.0 million.

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

·Net loss of  $45.3 million compared to net income of $91.3 million.

·Net premiums written decreased $13.0 million (or 4.4%) and net premiums earned decreased $9.6 million (or 3.3%).

·GAAP combined ratio increased 41.3 percentage points.

·Net investment income decreased $6.2 million (or 11.5%).

Net premiums written for Platinum’s Property and Marine, Casualty and Finite Risk segments for the quarter ended September 30, 2008 were $167.1 million, $106.8 million and $5.2 million, respectively, representing 59.9%, 38.3% and 1.8%, respectively, of the total net premiums written. Combined ratios for these segments were 144.3%, 96.7% and 102.8%, respectively, for the quarter. Compared to the quarter ended September 30, 2007, net premiums written increased by $24.6 million (or 17.2%) in the Property and Marine segment and decreased $34.4 million (or 24.4%) and $3.2 million (or 38.1%) in the Casualty and Finite Risk segments, respectively.

Results for the nine months ended September 30, 2008 were summarized as follows:

·Net income was $162.2 million, or $2.83 per diluted common share.

·Net premiums written were $800.3 million and net premiums earned were $840.6 million.

·GAAP combined ratio was 90.1%.

·Net investment income was $144.0 million.

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

·Net income decreased $92.6 million (or 36.3%).

·Net premiums written decreased $78.5 million (or 8.9%) and net premiums earned decreased $30.5 million (or 3.5%).

·GAAP combined ratio increased 7.1 percentage points.

·Net investment income decreased $16.7 million (or 10.4%).

Net premiums written for Platinum’s Property and Marine, Casualty and Finite Risk segments for the nine months ended September 30, 2008 were $454.5 million, $335.3 million, and $10.4 million, respectively, representing 56.8%, 41.9% and 1.3%, respectively, of the total net premiums written.  Combined ratios for these segments were 84.7%, 96.1% and 104.4%, respectively, for the nine months ended September 30, 2008.  Compared to the nine months ended September 30, 2007, net premiums written increased $55.1 million (or 13.8%) in the Property and Marine segment and decreased $120.7 million (or 26.5%) and $13.0 million (or 55.4%) in the Casualty and Finite Risk segments, respectively.

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Total assets were $4.91 billion as of September 30, 2008, a decrease of $173.4 million (or 3.4%) from $5.08 billion as of December 31, 2007.  The decrease in total assets reflects an increase of $156.2 million in the unrealized loss on fixed maturity securities to $183.0 million as of September 30, 2008. Cash, cash equivalents and fixed maturity investments were $4.26 billion as of September 30, 2008, a decrease of $202.8 million (or 4.6%) from December 31, 2007.

Shareholders’ equity was $1.77 billion as of September 30, 2008, a decrease of $226.0 million (or 11.3%) from December 31, 2007.  Book value per common share was $33.64 as of September 30, 2008 based on 47.7 million common shares outstanding, a decrease of $0.40 (or 1.2%) 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, October 22, 2008 at 8:00 a.m. Eastern time.  The call may be accessed by dialing 888-812-8569 (US callers) or 913-312-1382 (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, October 22, 2008 until midnight Eastern time on Wednesday, October 29, 2008.  To access the replay by telephone, dial 888-203-1112 (US callers) or 719-457-0820 (international callers) and specify passcode 4379337. 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 September 30, 2008 and December 31, 2007

(amounts in thousands, except per share amounts)

	September 30, 2008		December 31, 2007
	(Unaudited)
Assets
Investments	$	3,562,033	$	3,371,348
Cash, cash equivalents and short-term investments		696,660		1,090,155
Reinsurance premiums receivable		295,914		244,360
Accrued investment income		30,932		34,696
Reinsurance balances (prepaid and recoverable)		27,131		37,348
Deferred acquisition costs		58,731		70,508
Funds held by ceding companies		146,470		165,604
Other assets		87,502		64,731
Total assets	$	4,905,373	$	5,078,750
Liabilities
Unpaid losses and loss adjustment expenses	$	2,460,185	$	2,361,038
Unearned premiums		261,979		298,498
Debt obligations		250,000		250,000
Commissions payable		122,699		100,204
Other liabilities		38,118		70,633
Total liabilities		3,132,981		3,080,373
Total shareholders' equity		1,772,392		1,998,377
Total liabilities and shareholders' equity	$	4,905,373	$	5,078,750
Book value per common share  (a)	$	33.64	$	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: September 30, 2008 - 276,026; 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 Nine Months Ended September 30, 2008 and 2007

(amounts in thousands, except per share amounts)

	Three Months Ended						Nine Months Ended
	September 30, 2008			September 30, 2007			September 30, 2008			September 30, 2007
Revenue
Net premiums earned	$	280,725			290,310			840,558		$	871,076
Net investment income		48,043			54,283			144,037			160,666
Net realized losses on investments		(18,214	)		(864	)		(18,353	)		(2,521	)
Other expense		(1,686	)		(659	)		(5,892	)		(3,645	)
Total revenue		308,868			343,070			960,350			1,025,576
Expenses
Net losses and LAE		270,863			163,923			524,458			510,267
Net acquisition expenses		56,320			51,445			182,999			156,392
Other underwriting expenses		16,777			20,757			49,469			56,153
Corporate expenses		4,376			7,404			18,474			21,322
Net foreign currency exchange (gains) losses		6,134			(1,429	)		3,263			(2,887	)
Interest expense		4,752			5,457			14,253			16,368
Total expenses		359,222			247,557			792,916			757,615
Income (loss) before income tax expense (benefit)		(50,354	)		95,513			167,434			267,961
Income tax expense (benefit)		(5,014	)		4,210			5,246			13,175
Net income (loss)		(45,340	)		91,303			162,188			254,786
Preferred dividends		2,602			2,602			7,806			7,806
Net income (loss) attributable to common shareholders	$	(47,942	)		88,701			154,382		$	246,980
Basic
Weighted average common shares outstanding		48,260			58,946			49,606			59,572
Basic earnings (loss) per common share	$	(0.99	)		1.50			3.11		$	4.15
Diluted
Adjusted weighted average common shares outstanding		48,260			66,710			57,276			67,294
Diluted earnings (loss) per common share	$	(0.99	)		1.37			2.83		$	3.79
Comprehensive income (loss)
Net income (loss)	$	(45,340	)		91,303			162,188		$	254,786
Other comprehensive income (loss), net of deferred taxes		(102,921	)		23,719			(145,918	)		178
Comprehensive income (loss)	$	(148,261	)		115,022			16,270		$	254,964

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Platinum Underwriters Holdings, Ltd.

Segment Reporting

For the Three Months Ended September 30, 2008 and 2007

($ in thousands)

Three Months Ended September 30, 2008 (Unaudited)
Segment underwriting results	Property and Marine			Casualty			Finite Risk			Total
Net premiums written	$	167,136			106,826			5,180		$	279,142
Net premiums earned		151,763			124,319			4,643			280,725
Net losses and LAE		183,759			86,057			1,047			270,863
Net acquisition expenses		23,691			29,191			3,438			56,320
Other underwriting expenses		11,543			4,948			286			16,777
Total underwriting expenses		218,993			120,196			4,771			343,960
Segment underwriting income (loss)	$	(67,230	)		4,123			(128	)		(63,235	)
Net investment income											48,043
Net realized losses on investments											(18,214	)
Net foreign currency exchange losses											(6,134	)
Other expense											(1,686	)
Corporate expenses not allocated to segments											(4,376	)
Interest expense											(4,752	)
Loss before income tax benefit										$	(50,354	)
GAAP underwriting ratios:
Loss and LAE		121.1	%		69.2	%		22.6	%		96.5	%
Acquisition expense		15.6	%		23.5	%		74.0	%		20.1	%
Other underwriting expense		7.6	%		4.0	%		6.2	%		6.0	%
Combined		144.3	%		96.7	%		102.8	%		122.6	%
Three Months Ended September 30, 2007 (Unaudited)
Segment underwriting results
Net premiums written	$	142,549			141,214			8,369		$	292,132
Net premiums earned		128,380			153,938			7,992			290,310
Net losses and LAE		43,396			110,365			10,162			163,923
Net acquisition expenses		18,549			33,403			(507	)		51,445
Other underwriting expenses		12,086			8,304			367			20,757
Total underwriting expenses		74,031			152,072			10,022			236,125
Segment underwriting income (loss)	$	54,349			1,866			(2,030	)		54,185
Net investment income											54,283
Net realized losses on investments											(864	)
Net foreign currency exchange gains											1,429
Other expense											(659	)
Corporate expenses not allocated to segments											(7,404	)
Interest expense											(5,457	)
Income before income tax expense										$	95,513
GAAP underwriting ratios:
Loss and LAE		33.8	%		71.7	%		127.2	%		56.5	%
Acquisition expense		14.4	%		21.7	%		(6.3	%)		17.7	%
Other underwriting expense		9.4	%		5.4	%		4.6	%		7.1	%
Combined		57.6	%		98.8	%		125.5	%		81.3	%
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 Nine Months Ended September 30, 2008 and 2007

($ in thousands)

Nine Months Ended September 30, 2008 (Unaudited)
Segment underwriting results	Property and Marine			Casualty			Finite Risk			Total
Net premiums written	$	454,541			335,295			10,437		$	800,273
Net premiums earned		446,869			385,059			8,630			840,558
Net losses and LAE		279,165			252,233			(6,940	)		524,458
Net acquisition expenses		69,119			98,893			14,987			182,999
Other underwriting expenses		29,774			18,734			961			49,469
Total underwriting expenses		378,058			369,860			9,008			756,926
Segment underwriting income (loss)	$	68,811			15,199			(378	)		83,632
Net investment income											144,037
Net realized losses on investments											(18,353	)
Net foreign currency exchange losses											(3,263	)
Other expense											(5,892	)
Corporate expenses not allocated to segments											(18,474	)
Interest expense											(14,253	)
Income before income tax expense										$	167,434
GAAP underwriting ratios:
Loss and LAE		62.5	%		65.5	%		(80.4	%)		62.4	%
Acquisition expense		15.5	%		25.7	%		173.7	%		21.8	%
Other underwriting expense		6.7	%		4.9	%		11.1	%		5.9	%
Combined		84.7	%		96.1	%		104.4	%		90.1	%
Nine Months Ended September 30, 2007 (Unaudited)
Segment underwriting results
Net premiums written	$	399,429			455,945			23,398		$	878,772
Net premiums earned		373,226			471,802			26,048			871,076
Net losses and LAE		149,265			340,740			20,262			510,267
Net acquisition expenses		50,748			105,499			145			156,392
Other underwriting expenses		32,696			21,463			1,994			56,153
Total underwriting expenses		232,709			467,702			22,401			722,812
Segment underwriting income	$	140,517			4,100			3,647			148,264
Net investment income											160,666
Net realized losses on investments											(2,521	)
Net foreign currency exchange gains											2,887
Other expense											(3,645	)
Corporate expenses not allocated to segments											(21,322	)
Interest expense											(16,368	)
Income before income tax expense										$	267,961
GAAP underwriting ratios:
Loss and LAE		40.0	%		72.2	%		77.8	%		58.6	%
Acquisition expense		13.6	%		22.4	%		0.6	%		18.0	%
Other underwriting expense		8.8	%		4.5	%		7.7	%		6.4	%
Combined		62.4	%		99.1	%		86.1	%		83.0	%
The GAAP underwriting ratios are calculated by dividing each item above by net premiums earned.

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