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

Exhibit 99.1

Contact:                 Lily Outerbridge

Investor Relations

(441) 298-0760

PLATINUM UNDERWRITERS HOLDINGS, LTD. REPORTS FIRST

QUARTER 2009 FINANCIAL RESULTS

HAMILTON, BERMUDA, April 22, 2009 – Platinum Underwriters Holdings, Ltd. (NYSE: PTP) today reported net income of $84.9 million, or $1.58 per diluted common share, for the quarter ended March 31, 2009.

The results for the quarter include net premiums earned of $247.8 million, a decrease of 17.9% from the same quarter last year, net favorable development of $22.1 million, compared with net favorable development of $29.5 million in the same quarter last year, and net investment income and net realized gains on investments of $54.8 million, an increase of 5.3% from the same quarter last year.

Michael D. Price, Platinum’s Chief Executive Officer, commented, “Platinum’s results in the quarter reflect strong current period underwriting gains, favorable prior period development, solid investment performance and active capital management.  Our book value per share was $35.76 as of March 31, 2009, an increase of 3.4% from December 31, 2008, and reflects share repurchases and the conversion of our preferred shares during the quarter.”

Mr. Price added, “During the quarter, we experienced more attractive underwriting conditions for property and marine than for casualty.  The U.S. property catastrophe market continues to improve and we expect increased demand and higher pricing for the balance of the year.”

Results for the quarter ended March 31, 2009 are summarized as follows:

·Net income was $84.9 million or $1.58 per diluted common share.

·Net premiums written were $245.3 million and net premiums earned were $247.8 million.

·GAAP combined ratio was 80.1%.

·Net investment income was $34.2 million.

·Net realized gains on investments were $20.6 million.

Results for the quarter ended March 31, 2009 compared with the quarter ended March 31, 2008 are summarized as follows:

·Net income decreased $20.2 million (or 19.3%).

·      Net premiums written decreased $51.0 million (or 17.2%) and net premiums earned decreased $54.1 million (or 17.9%).

·GAAP combined ratio increased 1.7 percentage points.

·Net investment income decreased $14.8 million (or 30.2%).

·Net realized gains on investments increased $17.6 million.

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Net premiums written for Platinum’s Property and Marine, Casualty and Finite Risk segments for the quarter ended March 31, 2009 were $141.8 million, $98.0 million and $5.5 million, respectively, representing 57.8%, 40.0% and 2.2%, respectively, of total net premiums written. Combined ratios for these segments were 77.0%, 82.8% and 107.8%, respectively. Compared with the quarter ended March 31, 2008, net premiums written decreased $27.1 million (or 16.0%) in the Property and Marine segment, $27.6 million (or 22.0%) in the Casualty segment and increased $3.6 million in Finite Risk segment.

Total assets were $4.99 billion as of March 31, 2009, an increase of $63.8 million (or 1.3%) from $4.93 billion as of December 31, 2008. The increase in total assets reflects positive cash flow from operations, partially offset by share repurchases in the quarter.  Cash, cash equivalents and fixed maturity investments were $4.31 billion as of March 31, 2009, an increase of $54.7 million (or 1.3%) from $4.26 billion as of December 31, 2008.

Shareholders’ equity was $1.83 billion as of March 31, 2009, an increase of $20.1 million (or 1.1%) from $1.81 billion as of December 31, 2008.  Book value per common share was $35.76 as of March 31, 2009 based on 51.2 million common shares outstanding, an increase of $1.18 (or 3.4%) from $34.58 as of December 31, 2008 based on 47.5 million common shares outstanding.  Book value reflects share repurchases of $60.0 million at an average price of $26.66 per share and the conversion of our preferred shares during the quarter.

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 Thursday, April 23, 2009 at 8:00 a.m. Eastern time.  The call may be accessed by dialing 800-811-8824 (US callers) or 913-312-9324 (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 Thursday, April 23, 2009 until midnight Eastern time on Thursday, April 30, 2009.  To access the replay by telephone, dial 888-203-1112 (US callers) or 719-457-0820 (international callers) and specify passcode 4736162. 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) 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. A reconciliation of such measures to the most comparable GAAP figures such as income or loss before income tax expense or benefit 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 Forward-Looking Statements:

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934 (the “Exchange Act”).  Forward-looking statements are based on our current plans or expectations that are inherently subject to significant business, economic and competitive uncertainties and contingencies.  These uncertainties and contingencies can affect actual results and could cause actual results to differ materially from those expressed in any forward-looking statements made by, or on behalf of, us.  In particular, statements using words such as “may,” “should,” “estimate,” “expect,” “anticipate,” “intend,” “believe,” “predict,” “potential,” or words of similar import generally involve forward-looking statements.�� The inclusion of forward-looking statements in this press relese should not be considered as a representation by us or any other person that our current plans or expectations will be achieved.  Numerous factors could cause our actual results to differ materially from those in forward-looking statements, including, but not limited to, severe catastrophic events over which we have no control, the effectiveness of our loss limitation methods and pricing models, the adequacy of our liability for unpaid losses and loss adjustment expenses, our ability to maintain our A.M. Best Company, Inc. rating, the cyclicality of the property and casualty reinsurance business, conducting operations in a competitive environment, our ability to maintain our business relationships with reinsurance brokers, the availability of retrocessional reinsurance on acceptable terms, market volatility and interest rate and currency exchange rate fluctuation, tax, regulatory or legal restrictions or limitations applicable to us or the property and casualty reinsurance business generally, general political and economic conditions, including the effects of civil unrest, acts of terrorism, war or a prolonged United States or global economic downturn or recession; and changes in our plans, strategies, objectives, expectations or intentions, which may happen at any time at our discretion. As a consequence, our future financial condition and results may differ from those expressed in any forward-looking statements made by or on behalf of us.  The foregoing factors should not be construed as exhaustive.  Additionally, forward-looking statements speak only as of the date they are made, and we undertake no obligation to revise or update 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 March 31, 2009 and December 31, 2008

(amounts in thousands, except per share amounts)

	March 31, 2009		December 31, 2008
	(Unaudited)
Assets
Investments	$	3,968,831	$	3,371,886
Cash, cash equivalents and short-term investments		345,810		888,053
Reinsurance premiums receivable		356,736		307,539
Accrued investment income		32,817		29,041
Reinsurance balances (prepaid and recoverable)		18,220		23,310
Deferred acquisition costs		47,828		50,719
Funds held by ceding companies		136,944		136,278
Other assets		83,810		120,337
Total assets	$	4,990,996	$	4,927,163
Liabilities
Unpaid losses and loss adjustment expenses	$	2,494,997	$	2,463,506
Unearned premiums		213,638		218,890
Debt obligations		250,000		250,000
Commissions payable		127,195		125,551
Other liabilities		75,707		59,819
Total liabilities		3,161,537		3,117,766
Total shareholders' equity		1,829,459		1,809,397
Total liabilities and shareholders' equity	$	4,990,996	$	4,927,163
Book value per common share  (a)	$	35.76	$	34.58

(a) Book value per common share is determined by dividing shareholders' equity, excluding capital attributable to preferred shares, by actual common shares outstanding.

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Platinum Underwriters Holdings, Ltd.

Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited)

For the Three Months Ended March 31, 2009 and 2008

(amounts in thousands, except per share amounts)

	Three Months Ended
	March 31, 2009			March 31, 2008
Revenue
Net premiums earned	$	247,752		$	301,851
Net investment income		34,246			49,062
Net realized gains on investments		20,570			2,972
Other income (expense)		232			(96	)
Total revenue		302,800			353,789
Expenses
Net losses and LAE		144,164			160,203
Net acquisition expenses		40,156			60,542
Net change in fair value of derivatives		2,417			810
Net impairment losses		3,408			-
Operating expenses		20,868			21,690
Net foreign currency exchange (gains) losses		996			(4,869	)
Interest expense		4,755			4,750
Total expenses		216,764			243,126
Income before income tax expense		86,036			110,663
Income tax expense		1,114			5,492
Net income		84,922			105,171
Preferred dividends		1,301			2,602
Net income attributable to common shareholders	$	83,621		$	102,569
Basic
Weighted average common shares outstanding		49,521			52,104
Basic earnings per common share	$	1.69		$	1.97
Diluted
Adjusted weighted average common shares outstanding		53,702			59,874
Diluted earnings per common share	$	1.58		$	1.76
Comprehensive income
Net income	$	84,922		$	105,171
Other comprehensive loss, net of deferred taxes		(1,576	)		(4,121	)
Comprehensive income	$	83,346		$	101,050

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Platinum Underwriters Holdings, Ltd.

Segment Reporting

For the Three Months Ended March 31, 2009 and 2008

($ in thousands)

Three Months Ended March 31, 2009 (Unaudited)
Segment underwriting results	Property and Marine			Casualty			Finite Risk			Total
Net premiums written	$	141,735			98,014			5,523		$	245,272
Net premiums earned		133,671			109,960			4,121			247,752
Net losses and LAE		77,451			59,141			7,572			144,164
Net acquisition expenses		17,364			26,221			(3,429	)		40,156
Other underwriting expenses		8,159			5,669			300			14,128
Total underwriting expenses		102,974			91,031			4,443			198,448
Segment underwriting income (loss)	$	30,697			18,929			(322	)		49,304
Net investment income											34,246
Net realized gains on investments											20,570
Net impairment losses											(3,408	)
Net change in fair value of derivatives											(2,417	)
Net foreign currency exchange losses											(996	)
Other income											232
Corporate expenses not allocated to segments											(6,740	)
Interest expense											(4,755	)
Income before income tax expense										$	86,036
GAAP underwriting ratios:
Loss and LAE		57.9	%		53.8	%		183.7	%		58.2	%
Acquisition expense		13.0	%		23.8	%		(83.2	%)		16.2	%
Other underwriting expense		6.1	%		5.2	%		7.3	%		5.7	%
Combined		77.0	%		82.8	%		107.8	%		80.1	%
Three Months Ended March 31, 2008
Segment underwriting results
Net premiums written	$	168,817			125,576			1,878		$	296,271
Net premiums earned		153,390			147,495			966			301,851
Net losses and LAE		62,039			99,393			(1,229	)		160,203
Net acquisition expenses		20,654			37,488			2,400			60,542
Other underwriting expenses		8,596			6,795			310			15,701
Total underwriting expenses		91,289			143,676			1,481			236,446
Segment underwriting income (loss)	$	62,101			3,819			(515	)		65,405
Net investment income											49,062
Net realized gains on investments											2,972
Net impairment losses											-
Net change in fair value of derivatives											(810	)
Net foreign currency exchange gains											4,869
Other expense											(96	)
Corporate expenses not allocated to segments											(5,989	)
Interest expense											(4,750	)
Income before income tax expense										$	110,663
GAAP underwriting ratios:
Loss and LAE		40.4	%		67.4	%		(127.2	%)		53.1	%
Acquisition expense		13.5	%		25.4	%		248.4	%		20.1	%
Other underwriting expense		5.6	%		4.6	%		32.1	%		5.2	%
Combined		59.5	%		97.4	%		153.3	%		78.4	%
The GAAP underwriting ratios are calculated by dividing each item above by net premiums earned.

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