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

Exhibit 99.2

Financial Supplement

Financial Information

as of September 30, 2008

(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

September 30, 2008

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

September 30, 2008

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 (Loss) 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 - Nine 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 - Nine Month Summary	18
Other Company Data:
a. Key Ratios, Share Data, Ratings	19
Investments:
a. Investment Portfolio	20
b. Investment Portfolio Detail	21
c. Corporate Bonds	22
d. Net Realized Gains (Losses) on Investments	23
Loss Reserves:
a. Analysis of Losses and LAE	24
b. Summary of Favorable (Unfavorable) Development of Losses and Related Premiums & Commissions	25
Exposures:
a. Estimated Exposures to Peak Zone Property Catastrophe Losses	26

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Platinum Underwriters Holdings, Ltd.

Condensed Consolidated Balance Sheets

September 30, 2008

(amounts in thousands, except per share amounts)

	September 30, 2008		June 30, 2008		March 31, 2008		December 31, 2007		September 30, 2007
Assets
Investments	$	3,562,033		3,425,356		3,215,266		3,371,348	$	3,602,120
Cash, cash equivalents and short-term investments		696,660		953,059		1,169,762		1,090,155		805,132
Reinsurance premiums receivable		295,914		262,128		304,240		244,360		299,295
Accrued investment income		30,932		34,429		29,097		34,696		33,917
Reinsurance balances (prepaid and recoverable)		27,131		27,650		30,520		37,348		43,340
Deferred acquisition costs		58,731		62,237		68,084		70,508		82,602
Funds held by ceding companies		146,470		157,603		165,023		165,604		165,495
Other assets		87,502		66,342		61,664		64,731		168,279
Total assets	$	4,905,373		4,988,804		5,043,656		5,078,750	$	5,200,180
Liabilities
Unpaid losses and loss adjustment expenses	$	2,460,185		2,352,116		2,410,227		2,361,038	$	2,363,274
Unearned premiums		261,979		263,672		293,148		298,498		358,915
Debt obligations		250,000		250,000		250,000		250,000		292,840
Commissions payable		122,699		110,346		111,908		100,204		105,725
Other liabilities		38,118		44,078		49,265		70,633		75,740
Total liabilities		3,132,981		3,020,212		3,114,548		3,080,373		3,196,494
Total shareholders' equity		1,772,392		1,968,592		1,929,108		1,998,377		2,003,686
Total liabilities and shareholders' equity	$	4,905,373		4,988,804		5,043,656		5,078,750	$	5,200,180
Book value per common share  (a)	$	33.64		36.99		36.01		34.04	$	32.09

(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; June 30, 2008 -50,732; March 31, 2008 - 50,732; December 31, 2007 - 55,910; September 30, 2007 - 62,053

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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						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.

Consolidated Statements of Operations and Comprehensive Income - by Quarter

(amounts in thousands, except per share amounts)

	Three Months Ended
	September 30, 2008			June 30, 2008			March 31, 2008			December 31, 2007			September 30, 2007
Revenue
Net premiums earned	$	280,725			257,982			301,851			302,012		$	290,310
Net investment income		48,043			46,932			49,062			53,556			54,283
Net realized gains (losses) on investments		(18,214	)		(184	)		45			(94	)		(864	)
Other income (expense)		(1,686	)		(6,227	)		2,021			(2,142	)		(659	)
Total revenue		308,868			298,503			352,979			353,332			343,070
Expenses
Net losses and LAE		270,863			93,392			160,203			145,220			163,923
Net acquisition expenses		56,320			66,137			60,542			63,938			51,445
Other underwriting expenses		16,777			16,991			15,701			18,159			20,757
Corporate expenses		4,376			8,109			5,989			7,959			7,404
Net foreign currency exchange (gains) losses		6,134			1,998			(4,869	)		112			(1,429	)
Interest expense		4,752			4,751			4,750			5,102			5,457
Total expenses		359,222			191,378			242,316			240,490			247,557
Income (loss) before income tax expense (benefit)		(50,354	)		107,125			110,663			112,842			95,513
Income tax expense (benefit)		(5,014	)		4,768			5,492			10,650			4,210
Net income (loss)		(45,340	)		102,357			105,171			102,192			91,303
Preferred dividends		2,602			2,602			2,602			2,602			2,602
Net income (loss) attributable to common shareholders	$	(47,942	)		99,755			102,569			99,590		$	88,701
Basic
Weighted average common shares outstanding		48,260			48,468			52,104			55,838			58,946
Basic earnings (loss) per common share	$	(0.99	)		2.06			1.97			1.78		$	1.50
Diluted
Adjusted weighted average common shares outstanding		48,260			56,097			59,874			63,761			66,710
Diluted earnings (loss) per common share	$	(0.99	)		1.82			1.76			1.60		$	1.37
Comprehensive income (loss)
Net income (loss)	$	(45,340	)		102,357			105,171			102,192		$	91,303
Other comprehensive income (loss), net of deferred taxes		(102,921	)		(38,876	)		(4,121	)		19,772			23,719
Comprehensive income (loss)	$	(148,261	)		63,481			101,050			121,964		$	115,022

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Platinum Underwriters Holdings, Ltd.

Computation of Basic and Diluted Earnings (Loss) Per Common Share - Summary

(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
Earnings
Basic
Net income (loss) attributable to common shareholders	$	(47,942	)		88,701		154,382	$	246,980
Diluted
Net income (loss) attributable to common shareholders		(47,942	)		88,701		154,382		246,980
Effect of dilutive securities:
Preferred share dividends		-			2,602		7,806		7,806
Adjusted net income (loss) for diluted earnings per share	$	(47,942	)		91,303		162,188	$	254,786
Common Shares
Basic
Weighted average common shares outstanding		48,260			58,946		49,606		59,572
Diluted
Weighted average common shares outstanding		48,260			58,946		49,606		59,572
Effect of dilutive securities:
Conversion of preferred shares		-			5,053		4,996		5,223
Common share options		-			2,461		2,338		2,296
Restricted common shares and common share units		-			250		336		203
Adjusted weighted average common shares outstanding		48,260			66,710		57,276		67,294
Earnings (Loss) Per Common Share
Basic earnings (loss) per common share	$	(0.99	)		1.50		3.11	$	4.15
Diluted earnings (loss) per common share	$	(0.99	)		1.37		2.83	$	3.79

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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
	September 30, 2008			June 30, 2008		March 31, 2008		December 31, 2007		September 30, 2007
Earnings
Basic
Net income (loss) attributable to common shareholders	$	(47,942	)		99,755		102,569		99,590	$	88,701
Diluted
Net income (loss) attributable to common shareholders		(47,942	)		99,755		102,569		99,590		88,701
Effect of dilutive securities:
Preferred share dividends		-			2,602		2,602		2,602		2,602
Adjusted net income (loss) for diluted earnings per share	$	(47,942	)		102,357		105,171		102,192	$	91,303
Common Shares
Basic
Weighted average common shares outstanding		48,260			48,468		52,104		55,838		58,946
Diluted
Weighted average common shares outstanding		48,260			48,468		52,104		55,838		58,946
Effect of dilutive securities:
Conversion of preferred shares		-			4,953		5,108		4,825		5,053
Common share options		-			2,351		2,364		2,817		2,461
Restricted common shares and common share units		-			325		298		281		250
Adjusted weighted average common shares outstanding		48,260			56,097		59,874		63,761		66,710
Earnings (Loss) Per Common Share
Basic earnings (loss) per common share	$	(0.99	)		2.06		1.97		1.78	$	1.50
Diluted earnings (loss) per common share	$	(0.99	)		1.82		1.76		1.60	$	1.37

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Platinum Underwriters Holdings, Ltd.

Fully Converted Book Value Per Common Share

September 30, 2008

	Conversion		Conversion
	Multiple /		Amount	Shares		Book Value Per
	Strike Price		($000)	(000)		Common Share
Total shareholders' equity as of September 30, 2008			$   1,772,392
Equity from issuance of preferred shares			(167,509)
Book value per common share			$   1,604,883	47,707	(a)	$   33.64
Preferred shares:
Conversion of preferred shares to common shares	0.8424		167,509	4,844	(b)	0.08
Common share options:
The Travelers Companies, Inc.	27.00		-	1,294		(0.76)
Renaissance Re Holdings, Ltd.	27.00		-	539		(0.32)
Management and directors' options	29.15	(c)	60,509	2,076	(d)	(0.17)
Directors' and officers' restricted common share units			-	739		(0.43)
Fully converted book value per common share as of September 30, 2008			$   1,832,901	57,199		$   32.04

(a) As of September 30, 2008 there were 47,706,861 common shares issued and outstanding.  Included in this number were 276,026 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 September 30, 2008.  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 $35.48, the closing share price at September 30, 2008.

(d) Excludes 500,000 options with a strike price above $35.48, and a weighted average strike price of $36.00.

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						Nine Months Ended
	September 30, 2008			September 30, 2007			September 30, 2008			September 30, 2007
Net cash provided by operating activities	$	51,061			130,349			260,206		$	343,815
Net cash used in investing activities		(224,035	)		(175,487	)		(481,523	)		(307,548	)
Net cash used in financing activities		(51,453	)		(105,807	)		(254,281	)		(116,389	)
Net decrease in cash and cash equivalents	$	(224,427	)		(150,945	)		(475,598	)	$	(80,122	)

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Platinum Underwriters Holdings, Ltd.

Condensed Statements of Cash Flows - by Quarter

($ in thousands)

	Three Months Ended
	September 30, 2008			June 30, 2008			March 31, 2008			December 31, 2007			September 30, 2007
Net cash provided by operating activities	$	51,061			104,311			104,834			99,747		$	130,349
Net cash provided by (used in) investing activities		(224,035	)		(285,416	)		27,928			377,730			(175,487	)
Net cash used in financing activities		(51,453	)		(28,131	)		(174,697	)		(172,728	)		(105,807	)
Net increase (decrease) in cash and cash equivalents	$	(224,427	)		(209,236	)		(41,935	)		304,749		$	(150,945	)

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Platinum Underwriters Holdings, Ltd.

Segment Reporting - Three Month Summary

($ in thousands)

	Three Months Ended September 30, 2008												Three Months Ended September 30, 2007
	Property and Marine			Casualty			Finite Risk			Total			Property and Marine			Casualty			Finite Risk			Total
Net premiums written	$	167,136			106,826			5,180		$	279,142		$	142,549			141,214			8,369		$	292,132
Net premiums earned		151,763			124,319			4,643			280,725			128,380			153,938			7,992			290,310
Net losses and LAE		183,759			86,057			1,047			270,863			43,396			110,365			10,162			163,923
Net acquisition expenses		23,691			29,191			3,438			56,320			18,549			33,403			(507	)		51,445
Other underwriting expenses		11,543			4,948			286			16,777			12,086			8,304			367			20,757
Total underwriting expenses		218,993			120,196			4,771			343,960			74,031			152,072			10,022			236,125
Segment underwriting income (loss)	$	(67,230	)		4,123			(128	)		(63,235	)	$	54,349			1,866			(2,030	)		54,185
Net investment income											48,043												54,283
Net realized losses on investments											(18,214	)											(864	)
Net foreign currency exchange gains (losses)											(6,134	)											1,429
Other expense											(1,686	)											(659	)
Corporate expenses not allocated to segments											(4,376	)											(7,404	)
Interest expense											(4,752	)											(5,457	)
Income (loss) before income tax expense (benefit)										$	(50,354	)										$	95,513
GAAP underwriting ratios:
Loss and LAE		121.1	%		69.2	%		22.6	%		96.5	%		33.8	%		71.7	%		127.2	%		56.5	%
Acquisition expense		15.6	%		23.5	%		74.0	%		20.1	%		14.4	%		21.7	%		(6.3	%)		17.7	%
Other underwriting expense		7.6	%		4.0	%		6.2	%		6.0	%		9.4	%		5.4	%		4.6	%		7.1	%
Combined		144.3	%		96.7	%		102.8	%		122.6	%		57.6	%		98.8	%		125.5	%		81.3	%
Statutory underwriting ratios:
Loss and LAE		121.1	%		69.2	%		22.6	%		96.5	%		33.8	%		71.7	%		127.2	%		56.5	%
Acquisition expense		14.7	%		23.4	%		69.2	%		19.0	%		14.2	%		21.9	%		(5.0	%)		17.4	%
Other underwriting expense		6.9	%		4.6	%		5.5	%		6.0	%		8.5	%		5.9	%		4.4	%		7.1	%
Combined		142.7	%		97.2	%		97.3	%		121.5	%		56.5	%		99.5	%		126.6	%		81.0	%

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 - Nine Month Summary

($ in thousands)

	Nine Months Ended September 30, 2008												Nine Months Ended September 30, 2007
	Property and Marine			Casualty			Finite Risk			Total			Property and Marine			Casualty			Finite Risk			Total
Net premiums written	$	454,541			335,295			10,437		$	800,273		$	399,429			455,945			23,398		$	878,772
Net premiums earned		446,869			385,059			8,630			840,558			373,226			471,802			26,048			871,076
Net losses and LAE		279,165			252,233			(6,940	)		524,458			149,265			340,740			20,262			510,267
Net acquisition expenses		69,119			98,893			14,987			182,999			50,748			105,499			145			156,392
Other underwriting expenses		29,774			18,734			961			49,469			32,696			21,463			1,994			56,153
Total underwriting expenses		378,058			369,860			9,008			756,926			232,709			467,702			22,401			722,812
Segment underwriting income (loss)	$	68,811			15,199			(378	)		83,632		$	140,517			4,100			3,647			148,264
Net investment income											144,037												160,666
Net realized losses on investments											(18,353	)											(2,521	)
Net foreign currency exchange gains (losses)											(3,263	)											2,887
Other expense											(5,892	)											(3,645	)
Corporate expenses not allocated to segments											(18,474	)											(21,322	)
Interest expense											(14,253	)											(16,368	)
Income before income tax expense										$	167,433											$	267,961
GAAP underwriting ratios:
Loss and LAE		62.5	%		65.5	%		(80.4	%)		62.4	%		40.0	%		72.2	%		77.8	%		58.6	%
Acquisition expense		15.5	%		25.7	%		173.7	%		21.8	%		13.6	%		22.4	%		0.6	%		18.0	%
Other underwriting expense		6.7	%		4.9	%		11.1	%		5.9	%		8.8	%		4.5	%		7.7	%		6.4	%
Combined		84.7	%		96.1	%		104.4	%		90.1	%		62.4	%		99.1	%		86.1	%		83.0	%
Statutory underwriting ratios:
Loss and LAE		62.5	%		65.5	%		(80.4	%)		62.4	%		40.0	%		72.2	%		77.8	%		58.6	%
Acquisition expense		15.2	%		25.9	%		148.4	%		21.4	%		13.7	%		22.1	%		2.2	%		17.8	%
Other underwriting expense		6.6	%		5.6	%		9.2	%		6.2	%		8.2	%		4.7	%		8.5	%		6.4	%
Combined		84.3	%		97.0	%		77.2	%		90.0	%		61.9	%		99.0	%		88.5	%		82.8	%

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 - -

Platinum Underwriters Holdings, Ltd.

Property and Marine Segment - by Quarter

($ in thousands)

	Three Months Ended
	September 30, 2008			June 30, 2008			March 31, 2008			December 31, 2007			September 30, 2007
Net premiums written	$	167,136			118,588			168,817			105,581		$	142,549
Net premiums earned		151,763			141,716			153,390			129,065			128,380
Net losses and LAE		183,759			33,367			62,039			46,133			43,396
Net acquisition expenses		23,691			24,774			20,654			17,603			18,549
Other underwriting expenses		11,543			9,635			8,596			9,726			12,086
Total underwriting expenses		218,993			67,776			91,289			73,462			74,031
Segment underwriting income (loss)	$	(67,230	)		73,940			62,101			55,603		$	54,349
GAAP underwriting ratios:
Loss and LAE		121.1	%		23.5	%		40.4	%		35.7	%		33.8	%
Acquisition expense		15.6	%		17.5	%		13.5	%		13.6	%		14.4	%
Other underwriting expense		7.6	%		6.8	%		5.6	%		7.5	%		9.4	%
Combined		144.3	%		47.8	%		59.5	%		56.8	%		57.6	%
Statutory underwriting ratios:
Loss and LAE		121.1	%		23.5	%		40.4	%		35.7	%		33.8	%
Acquisition expense		14.7	%		18.7	%		13.2	%		13.4	%		14.2	%
Other underwriting expense		6.9	%		8.1	%		5.1	%		9.2	%		8.5	%
Combined		142.7	%		50.3	%		58.7	%		58.3	%		56.5	%

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 - -

Platinum Underwriters Holdings, Ltd.

Casualty Segment - by Quarter

($ in thousands)

	Three Months Ended
	September 30, 2008			June 30, 2008			March 31, 2008			December 31, 2007			September 30, 2007
Net premiums written	$	106,826			102,893			125,576			128,660		$	141,214
Net premiums earned		124,319			113,245			147,495			166,054			153,938
Net losses and LAE		86,057			66,783			99,393			103,961			110,365
Net acquisition expenses		29,191			32,214			37,488			40,470			33,403
Other underwriting expenses		4,948			6,991			6,795			7,731			8,304
Total underwriting expenses		120,196			105,988			143,676			152,162			152,072
Segment underwriting income	$	4,123			7,257			3,819			13,892		$	1,866
GAAP underwriting ratios:
Loss and LAE		69.2	%		59.0	%		67.4	%		62.6	%		71.7	%
Acquisition expense		23.5	%		28.4	%		25.4	%		24.4	%		21.7	%
Other underwriting expense		4.0	%		6.2	%		4.6	%		4.7	%		5.4	%
Combined		96.7	%		93.6	%		97.4	%		91.7	%		98.8	%
Statutory underwriting ratios:
Loss and LAE		69.2	%		59.0	%		67.4	%		62.6	%		71.7	%
Acquisition expense		23.4	%		28.0	%		26.2	%		24.7	%		21.9	%
Other underwriting expense		4.6	%		6.8	%		5.4	%		6.0	%		5.9	%
Combined		97.2	%		93.8	%		99.0	%		93.3	%		99.5	%

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 - -

Platinum Underwriters Holdings, Ltd.

Finite Risk Segment - by Quarter

($ in thousands)

	Three Months Ended
	September 30, 2008			June 30, 2008			March 31, 2008			December 31, 2007			September 30, 2007
Net premiums written	$	5,180			3,379			1,878			6,794		$	8,369
Net premiums earned		4,643			3,021			966			6,893			7,992
Net losses and LAE		1,047			(6,758	)		(1,229	)		(4,874	)		10,162
Net acquisition expenses		3,438			9,149			2,400			5,865			(507	)
Other underwriting expenses		286			365			310			702			367
Total underwriting expenses		4,771			2,756			1,481			1,693			10,022
Segment underwriting income (loss)	$	(128	)		265			(515	)		5,200		$	(2,030	)
GAAP underwriting ratios:
Loss and LAE		22.6	%		(223.7	%)		(127.2	%)		(70.7	%)		127.2	%
Acquisition expense		74.0	%		302.8	%		248.4	%		85.1	%		(6.3	%)
Other underwriting expense		6.2	%		12.1	%		32.1	%		10.2	%		4.6	%
Combined		102.8	%		91.2	%		153.3	%		24.6	%		125.5	%
Statutory underwriting ratios:
Loss and LAE		22.6	%		(223.7	%)		(127.2	%)		(70.7	%)		127.2	%
Acquisition expense		69.2	%		274.1	%		140.7	%		86.0	%		(5.0	%)
Other underwriting expense		5.5	%		10.8	%		16.5	%		10.3	%		4.4	%
Combined		97.3	%		61.2	%		30.0	%		25.6	%		126.6	%

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.

- 15 - -

Platinum Underwriters Holdings, Ltd.

Net Premiums Written - Supplemental Information

($ in thousands)

	Three Months Ended				Nine Months Ended
	September 30, 2008		September 30, 2007		September 30, 2008		September 30, 2007
Property and Marine
Excess-of-loss	$	132,645		121,607		336,603	$	341,493
Proportional		34,491		20,942		117,938		57,936
Subtotal Property and Marine		167,136		142,549		454,541		399,429
Casualty
Excess-of-loss		95,144		123,226		295,376		405,945
Proportional		11,682		17,988		39,919		50,000
Subtotal Casualty		106,826		141,214		335,295		455,945
Finite Risk
Excess-of-loss		403		6,868		973		19,275
Proportional		4,777		1,501		9,464		4,123
Subtotal Finite Risk		5,180		8,369		10,437		23,398
Combined Segments
Excess-of-loss		228,192		251,701		632,952		766,713
Proportional		50,950		40,431		167,321		112,059
Total	$	279,142		292,132		800,273	$	878,772
	Three Months Ended				Nine Months Ended
	September 30, 2008		September 30, 2007		September 30, 2008		September 30, 2007
Property and Marine
United States	$	106,654		81,794		281,844	$	228,107
International		60,482		60,755		172,697		171,322
Subtotal Property and Marine		167,136		142,549		454,541		399,429
Casualty
United States		94,209		123,033		288,523		395,640
International		12,617		18,181		46,772		60,305
Subtotal Casualty		106,826		141,214		335,295		455,945
Finite Risk
United States		4,172		8,369		9,204		23,138
International		1,008		-		1,233		260
Subtotal Finite Risk		5,180		8,369		10,437		23,398
Combined Segments
United States		205,035		213,196		579,571		646,885
International		74,107		78,936		220,702		231,887
Total	$	279,142		292,132		800,273	$	878,772

- 16 - -

Platinum Underwriters Holdings, Ltd.

Premiums by Line of Business - Three Month Summary

($ in thousands)

	Three Months Ended September 30, 2008						Three Months Ended September 30, 2007
	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	$	5,342		5,342		5,829		7,437			7,437		$	7,453
North American Property Catastrophe		62,163		55,959		48,174		47,872			45,169			40,626
North American Property Risk		22,524		19,146		19,545		23,598			21,636			20,703
Other Property		26,588		26,588		26,643		7,935			7,935			7,852
Marine / Aviation Proportional		2,217		2,217		2,582		1,797			1,797			1,358
Marine / Aviation Excess		6,937		6,930		7,732		6,851			6,828			7,176
International Property Proportional		10,713		10,713		10,580		10,305			10,305			12,208
International Property Catastrophe		35,418		35,466		25,979		35,910			36,199			26,181
International Property Risk		4,775		4,775		4,699		5,243			5,243			4,823
Subtotal		176,677		167,136		151,763		146,948			142,549			128,380
Casualty
Clash		5,413		5,413		5,537		6,348			6,348			6,718
1st Dollar GL		4,225		4,225		5,886		7,934			7,934			8,243
1st Dollar Other		1,382		1,382		1,348		394			394			891
Casualty Excess		75,064		75,063		88,293		97,532			97,533			104,714
Accident & Health		6,122		6,122		5,441		8,931			8,931			11,773
International Casualty		7,864		7,864		8,845		10,083			10,083			11,923
International Motor		1,131		1,132		1,010		1,197			1,196			1,078
Financial Lines		5,625		5,625		7,959		8,795			8,795			8,598
Subtotal		106,826		106,826		124,319		141,214			141,214			153,938
Finite Risk
Finite Property		982		982		982		(4	)		(3	)		(3	)
Finite Casualty		4,198		4,198		3,661		8,372			8,372			7,995
Finite Accident & Health		-		-		-		-			-			-
Subtotal		5,180		5,180		4,643		8,368			8,369			7,992
Total	$	288,683		279,142		280,725		296,530			292,132		$	290,310

- 17 - -

Platinum Underwriters Holdings, Ltd.

Premiums by Line of Business - Nine Month Summary

($ in thousands)

	Nine Months Ended September 30, 2008						Nine Months Ended September 30, 2007
	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	$	12,474		12,474		14,578		21,747			21,747	$	21,397
North American Property Catastrophe		136,073		122,184		117,482		124,005			112,992		105,692
North American Property Risk		66,914		59,964		62,751		68,833			63,643		60,393
Other Property		88,301		88,301		88,054		30,851			30,851		29,302
Marine / Aviation Proportional		8,865		8,865		9,127		8,144			8,144		3,952
Marine / Aviation Excess		26,981		26,968		27,774		25,428			25,305		25,175
International Property Proportional		30,481		30,481		30,162		29,480			29,480		31,633
International Property Catastrophe		92,621		90,415		83,149		91,988			91,067		80,196
International Property Risk		14,889		14,889		13,792		16,200			16,200		15,486
Subtotal		477,599		454,541		446,869		416,676			399,429		373,226
Casualty
Clash		16,252		16,252		16,453		18,703			18,703		18,725
1st Dollar GL		14,160		14,160		16,619		14,051			14,051		20,910
1st Dollar Other		3,579		3,579		3,345		1,948			1,948		3,174
Casualty Excess		229,194		229,193		270,581		315,454			315,454		328,014
Accident & Health		19,258		19,258		21,134		38,273			38,219		35,870
International Casualty		30,154		30,154		29,605		34,737			34,737		35,690
International Motor		2,657		2,691		2,570		3,200			3,203		3,124
Financial Lines		20,008		20,008		24,752		29,630			29,630		26,295
Subtotal		335,262		335,295		385,059		455,996			455,945		471,802
Finite Risk
Finite Property		931		931		931		(1,742	)		201		201
Finite Casualty		9,506		9,506		7,699		23,197			23,197		25,847
Finite Accident & Health		-		-		-		-			-		-
Subtotal		10,437		10,437		8,630		21,455			23,398		26,048
Total	$	823,298		800,273		840,558		894,127			878,772	$	871,076

- 18 - -

Platinum Underwriters Holdings, Ltd.

Key Ratios, Share Data, Ratings

	As of and for the Three Months Ended
	September 30, 2008			June 30, 2008			March 31, 2008			December 31, 2007			September 30, 2007
Key Ratios
Combined ratio (%)		122.6	%		68.4	%		78.4	%		75.3	%		81.3	%
Invested assets to shareholders' equity ratio	2.4:1			2.22:1			2.27:1			2.23:1			2.20:1
Debt to total capital (%)		12.4	%		11.3	%		11.5	%		11.1	%		12.8	%
Net premiums written (annualized) to shareholders' equity		0.63			0.46			0.61			0.48			0.58
Share Data
Book value per common share (a)	$	33.64		$	36.99		$	36.01		$	34.04		$	32.09
Common shares outstanding (000's)		47,707			48,689			48,924			53,780			57,211
Market Price Per Common Share
High	$	38.76		$	37.00		$	36.60		$	38.07		$	36.39
Low		31.02			32.58			31.70			33.90			31.02
Close	$	35.48		$	32.61		$	32.46		$	35.56		$	35.96
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		151			150			155			154			155

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: September 30, 2008 - 276,026; June 30, 2008 -50,732; March 31, 2008 - 50,732; December 31, 2007 - 55,910; September 30, 2007 - 62,053

- 19 - -

Platinum Underwriters Holdings, Ltd.

Investment Portfolio

($ in thousands)

	September 30, 2008								December 31, 2007
						Weighted Average								Weighted Average
			Weighted Average			Market Yield					Weighted Average			Market Yield
	Fair Value		Book Yield			to Maturity			Fair Value		Book Yield			to Maturity
Securities
U.S. Government	$	483,855		2.7	%		2.9	%	$	96,753		4.6	%		3.7	%
U.S. Government agencies		355,781		4.7	%		4.3	%		579,765		5.1	%		4.5	%
Corporate bonds		689,213		5.0	%		6.8	%		839,468		4.6	%		5.3	%
Mortgage-backed and asset-backed securities		1,458,143		5.3	%		6.5	%		1,388,242		5.2	%		5.3	%
Municipal bonds		356,428		3.8	%		3.9	%		282,961		3.3	%		3.4	%
Foreign governments and states		215,526		4.4	%		4.2	%		174,552		4.2	%		6.7	%
Total Fixed Maturities		3,558,946		4.6	%		5.4	%		3,361,741		4.8	%		5.0	%
Preferred Stocks		3,087		18.1	%		18.1	%		9,607		6.8	%		8.7	%
Total	$	3,562,033		4.6	%		5.4	%	$	3,371,348		4.8	%		5.0	%
	September 30, 2008								December 31, 2007
	Amount		% of Total						Amount		% of Total
Credit Quality of Investment Grades**
Aaa	$	2,524,764		70.9	%				$	2,347,539		69.6	%
Aa		511,443		14.3	%					503,698		14.9	%
A		402,076		11.3	%					393,104		11.7	%
Baa		123,750		3.5	%					127,007		3.8	%
Total	$	3,562,033		100.0	%				$	3,371,348		100.0	%		��
Credit Quality
Weighted average credit quality	Aa1								Aa1

* U.S. Government agencies principally comprised of securities issued by Federal Home Loan Banks, Federal National Mortgage Association,

   and Federal Home Loan Mortgage Corporation

** Rated using external rating agencies (primarily Moody's).

   (Aaa-Best Quality; Aa-High Quality; A-Upper to Medium Quality, Baa - Investment Grade)

- 20 - -

Platinum Underwriters Holdings, Ltd.

Investment Portfolio Detail

($ in thousands)

	September 30, 2008
			Unrealized			Credit				Weighted
	Fair Value		Gain (Loss)			Quality		Duration		Average Life
Securities
U.S. Government	$	483,855		(5,389	)	Aaa			4.7
U.S. Government agencies		355,781		(1,279	)	Aaa			2.0
Corporate bonds		689,213		(54,136	)		A1		3.5
Mortgage-backed and asset-backed securities		1,458,143		(117,523	)	Aaa			3.6
Municipal bonds		356,428		(5,039	)	Aa2			4.4
Foreign governments and states		215,526		377		Aa1			2.3
Total Fixed Maturities		3,558,946		(182,989	)	Aa1			3.6
Preferred Stocks		3,087		-			A1		5.9
Total	$	3,562,033		(182,989	)	Aa1			3.6
Corporate bonds
Industrial	$	385,315		(11,069	)		A2		3.0
Finance		162,761		(28,879	)	Aa3			3.8
Utilities		48,614		(1,731	)		A2		4.1
Insurance		53,113		(2,506	)	Aa3			3.0
Preferreds with maturity date		25,008		(7,837	)		A1		8.7
Hybrid trust preferreds		14,402		(2,114	)		A1		3.9
Total	$	689,213		(54,136	)		A1		3.5
Mortgage-backed and asset-backed securities
U.S. Government agency residential mortgage-backed securities	$	721,800		(886	)	Aaa			3.7		5.3
Commercial mortgage-backed securities		420,910		(49,826	)	Aaa			4.1		5.2
Asset-backed securities		153,954		(2,523	)	Aaa			0.8		2.3
Non-agency residential mortgage-backed securities		125,730		(36,774	)	Aaa			4.9		6.8
Sub-prime asset-backed securities		23,394		(18,729	)	Aa3			0.7		7.5
Alt-A residential mortgage-backed securities		12,355		(8,785	)	Aa3			2.0		4.7
Total	$	1,458,143		(117,523	)	Aaa			3.6		5.1

- 21 - -

Platinum Underwriters Holdings, Ltd.

Corporate Bonds

($ in thousands)

		September 30, 2008
				Unrealized	Credit
		Par Value	Fair Value	Gain (Loss)	Quality
Finance
Wachovia Corporation	$	25,250	20,362	(4,866)	A1
General Electric Company		23,775	21,232	(3,124)	Aaa
Morgan Stanley		15,350	10,677	(4,641)	A1
JP Morgan Chase & Co.		13,300	12,413	(751)	Aa3
Credit Suisse Group AG		11,310	11,480	(488)	Aa1
American Express Company		11,025	10,095	(1,015)	Aa3
Merrill Lynch & Co., Inc.		10,500	9,770	(800)	A2
BB&T Corporation		10,000	7,500	(2,535)	A1
Marshall & Ilsley Corporation		9,250	7,425	(1,810)	Aa3
The Bank of New York Mellon Corporation		8,465	8,019	(470)	Aa3
Citigroup Inc.		8,000	6,445	(1,438)	Aa3
The Goldman Sachs Group, Inc.		7,800	7,030	(765)	Aa3
CIT Group Inc.		6,392	4,210	(2,107)	Baa1
Lehman Brothers Holdings Inc.		5,810	744	-	B3
Bank of America Corporation		5,055	3,734	(1,285)	Aa3
Sub-total		171,282	141,136	(26,095)	Aa3
Other		22,366	21,625	(2,784)	Aa3
Total	$	193,648	162,761	(28,879)	Aa3

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Platinum Underwriters Holdings, Ltd.

Net Realized Gains (Losses) on Investments

($ in thousands)

	Three Months Ended						Nine Months Ended
	September 30, 2008			September 30, 2007			September 30, 2008			September 30, 2007
Net Realized Capital Gains (Losses)
Subsidiary domiciled in Bermuda		(13,571	)		(1,293	)		(13,739	)		(1,752	)
Subsidiaries domiciled in the United States	$	(4,643	)		(114	)		(4,614	)	$	(217	)
Subsidiary domiciled in the United Kingdom		-			543			-			(552	)
Total	$	(18,214	)		(864	)		(18,353	)	$	(2,521	)

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Platinum Underwriters Holdings, Ltd.

Analysis of Losses and LAE

($ in thousands)

	Analysis of Losses and LAE
	Nine Months Ended September 30, 2008 (a)										Twelve Months Ended December 31, 2007 (b)
	Gross		Ceded			Net		Paid to Incurred %			Gross			Ceded			Net		Paid to Incurred %
Paid losses and LAE	$	413,518		8,883		$	404,635		77.2	%	$	667,180			15,167		$	652,013		99.5	%
Change in unpaid losses and LAE		110,615		(9,208	)		119,823					(20,188	)		(23,662	)		3,474
Losses and LAE incurred	$	524,133		(325	)	$	524,458				$	646,992			(8,495	)	$	655,487
																��
	Analysis of Unpaid Losses and LAE
	As of September 30, 2008										As of December 31, 2007
	Gross		Ceded			Net		%			Gross			Ceded			Net		%
Outstanding losses and LAE	$	650,885		7,416		$	643,469		26.3	%	$	660,584			13,745		$	646,839		27.6	%
Incurred but not reported		1,809,300		2,220			1,807,080		73.7	%		1,700,454			5,108			1,695,346		72.4	%
Unpaid losses and LAE	$	2,460,185		9,636		$	2,450,549		100.0	%	$	2,361,038			18,853		$	2,342,185		100.0	%
(a) Gross and ceded losses and LAE incurred includes effects of foreign currency exchange rate movements of $ 11,468 and $ 8, respectively
(b) Gross and ceded losses and LAE incurred includes effects of foreign currency exchange rate movements of $12,743 and $259, respectively

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Platinum Underwriters Holdings, Ltd.

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

($ in thousands)

	Three Months Ended September 30, 2008												Three Months Ended September 30, 2007
	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	$	15,110			12,538			1,260			28,908			10,822			(896	)		(2,464	)	$	7,462
Net premium adjustments related to prior years' losses		496			490			-			986			-			-			-			-
Net commission adjustments related to prior years' losses		(2,054	)		670			(2,227	)		(3,611	)		(1,540	)		2,968			1,054			2,482
Net favorable (unfavorable) development		13,552			13,698			(967	)		26,283			9,282			2,072			(1,410	)		9,944
Catastrophe Favorable (Unfavorable) Development
Net loss development related to prior years		7,040			(69	)		-			6,971			3,075			(58	)		-			3,017
Net premium adjustments related to prior years' losses		(1,223	)		-			-			(1,223	)		455			-			-			455
Net commission adjustments related to prior years' losses		-			-			-			-			-			-			-			-
Net favorable (unfavorable) development		5,817			(69	)		-			5,748			3,530			(58	)		-			3,472
Total net favorable (unfavorable) development	$	19,369			13,629			(967	)		32,031			12,812			2,014			(1,410	)	$	13,416
	Nine Months Ended September 30, 2008												Nine Months Ended September 30, 2007
	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	$	44,638			40,286			11,958			96,882			23,799			2,511			2,762		$	29,072
Net premium adjustments related to prior years' losses		9,112			982			6			10,100			-			-			-			-
Net commission adjustments related to prior years' losses		(5,099	)		(4,742	)		(12,725	)		(22,566	)		(1,075	)		4,551			(1,248	)		2,228
Net favorable (unfavorable) development		48,651			36,526			(761	)		84,416			22,724			7,062			1,514			31,300
Catastrophe Favorable (Unfavorable) Development
Net loss development related to prior years		15,600			(162	)		-			15,438			17,049			(35	)		1,585			18,599
Net premium adjustments related to prior years' losses		(1,542	)		-			-			(1,542	)		(504	)		-			109			(395	)
Net commission adjustments related to prior years' losses		-			-			-			-			-			-			-			-
Net favorable (unfavorable) development		14,058			(162	)		-			13,896			16,545			(35	)		1,694			18,204
Total net favorable (unfavorable) development	$	62,709			36,364			(761	)		98,312			39,269			7,027			3,208		$	49,504

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Platinum Underwriters Holdings, Ltd.

Estimated Exposures to Peak Zone Property Catastrophe Losses

As of September 30, 2008

($ in millions)

		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		172		429	347	496	$	418
United States	Earthquake		107		96		332	290	424		392
Pan-European	Windstorm		165		159		350	309	409		367
Japan	Earthquake		15		15		122	122	254		254
Japan	Typhoon	$	5		5		73	73	105	$	105
Indicative Catastrophe Scenarios
Catastrophe Scenarios		Estimated Company Net Loss Interquartile Range
Category 3 U.S. / Caribbean Hurricane		$	13	-	43
Category 4 U.S. / Caribbean Hurricane			22	-	107
Magnitude 6.9 California Earthquake			1	-	20
Magnitude 7.5 California Earthquake		$	4	-	90

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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