Platinum Underwriters 8K Holdings, LTD. Reports | PTP 7 Feb 12

Exhibit 99.2

Financial Supplement

Financial Information

as of December 31, 2011

(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 Securities and Exchange Commission by Platinum Underwriters Holdings, Ltd.,

including the Company's Annual Report on Form 10-K.

Our Investor Relations Department can be reached at (203) 252-5833.

Platinum Underwriters Holdings, Ltd.

Overview

December 31, 2011

Address:

Investor Information:

Platinum Underwriters Holdings, Ltd.

Kenneth A. Kurtzman

The Belvedere Building

Tel: (203) 252-5833

69 Pitts Bay Road

Email: kkurtzman@platinumre.com

Pembroke, HM 08 Bermuda

Website: www.platinumre.com

Definitions and presentation:

All financial information contained herein is unaudited except for the information for the fiscal year ended December 31, 2010. Amounts may not reconcile exactly due to rounding differences.

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 (pages 14-18), operating income or loss (page 7), related underwriting ratios (pages 14-18), book value per common share and fully converted book value per common share (page 11), are referred to as non-GAAP measures. 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. Reconciliations of such measures to the most comparable GAAP figures are included within this financial supplement in accordance with Regulation G.

Safe Harbor Statement Regarding Forward-Looking Statements:

This financial supplement contains 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 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 financial supplement 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, the occurrence of severe natural or man-made catastrophic events; the effectiveness of our loss limitation methods and pricing models; the adequacy of our ceding companies’ ability to assess the risks they underwrite; the adequacy of our liability for unpaid losses and loss adjustment expenses; the effects of emerging claim and coverage issues on our business; our ability to maintain our A.M. Best and S&P ratings; our ability to raise capital on acceptable terms if necessary; our exposure to credit loss from counterparties in the normal course of business; our ability to provide reinsurance from Bermuda to insurers domiciled in the United States; the effect on our business of the cyclicality of the property and casualty reinsurance business; the effect on our business of the highly competitive nature of the property and casualty reinsurance industry; losses that we could face from terrorism, political unrest and war; our dependence on the business provided to us by reinsurance brokers and our exposure to credit risk associated with our brokers during the premium and loss settlement process; the availability of catastrophic loss protection on acceptable terms; foreign currency exchange rate fluctuation; our ability to maintain and enhance effective operating procedures and internal controls over financial reporting; our need to make many estimates and judgments in the preparation of our financial statements; the limitations placed on our financial and operational flexibility by the representations, warranties and covenants in our debt and credit facilities; our ability to retain key executives and attract and retain additional qualified personnel in the future; the performance of our investment portfolio; fluctuations in the mortgage-backed and asset-backed securities markets; the effects of changes in market interest rates on our investment portfolio; the concentration of our investment portfolio in any particular industry, asset class or geographic region; the effects that the imposition of U.S. corporate income tax would have on Platinum Underwriters Holdings, Ltd. and its non-U.S. subsidiaries; the risk that U.S. persons who hold our shares will be subject to adverse U.S. federal income tax consequences under certain circumstances; the risk that U.S. persons who dispose of our shares may be subject to U.S. federal income taxation at the rates applicable to dividends on all or a portion of their gains, if any; the risk that holders of 10% or more of our shares may be subject to U.S. income taxation under the “controlled foreign corporation” rules; the effect of changes in U.S. federal income tax law on an investment in our shares; the possibility that we may become subject to taxes in Bermuda; the effect on our business of potential changes in the regulatory system under which we operate; the impact of regulatory regimes and changes to accounting rules on our financial results, irrespective of business operations; the uncertain impact on our business of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010; the dependence of the cash flows of Platinum Underwriters Holdings, Ltd., a holding company, on dividends, interest and other permissible payments from its subsidiaries to meet its obligations; the risk that our shareholders may have greater difficulty in protecting their interests than would shareholders of a U.S. corporation; and limitations on the ownership, transfer and voting rights of our common shares. 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.

Table of Contents

		Section:	Page:

		Financial Highlights:
		a. Financial Highlights	3

		Balance Sheet:
		a. Condensed Consolidated Balance Sheets - by Quarter	4

		Statements of Operations:
		a. Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)	5
		b. Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - by Quarter	6

		Other Company Data:
		a. Computation of Net Operating Income (Loss) and Net Operating Income (Loss) per Diluted Common Share	7
		b. Key Ratios, Share Data, Ratings	8

		Earnings (Loss) and Book Value Per Common Share Analysis:
		a. Computation of Basic and Diluted Earnings (Loss) Per Common Share	9
		b. Computation of Basic and Diluted Earnings (Loss) Per Common Share - by Quarter	10
		c. Book Value Per Common Share – by Quarter	11

		Statements of Cash Flow:
		a. Condensed Consolidated Statements of Cash Flows	12
		b. Condensed Consolidated Statements of Cash Flows - by Quarter	13

		Segment Data:
		a. Segment Reporting - Three Month Summary	14
		b. Segment Reporting - Twelve Month Summary	15
		c. Property and Marine Segment - by Quarter	16
		d. Casualty Segment - by Quarter	17
		e. Finite Risk Segment - by Quarter	18

		Net Premiums Written Data:
		a. Net Premiums Written - Supplemental Information	19
		b. Premiums by Line of Business - Three Month Summary	20
		c. Premiums by Line of Business - Twelve Month Summary	21

		Investments:
		a. Investments	22
		b. Fixed Maturity Available-for-Sale Securities Detail	23
		c. Corporate Bonds Detail	24
		d. Municipal Bonds Detail	25
		e. Net Realized Gains (Losses) on Investments and Net Impairment Losses on Investments	26

		Loss Reserves:
		a. Analysis of Losses and Loss Adjustment Expenses	27
		b. Summary of Favorable (Unfavorable) Development of Losses and Related Premiums and Commissions	28

		Exposures:
		a. Estimated Exposure to Peak Zone Property Catastrophe Losses	29

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Platinum Underwriters Holdings, Ltd.

Financial Highlights

December 31, 2011 and 2010

($ and amounts in thousands, except per share data)

	Three Months Ended						Twelve Months Ended
	December 31,			December 31,			December 31,			December 31,
	2011			2010			2011			2010

Highlights
Net premiums written	$	153,718		$	162,017		$	651,514		$	760,589
Net premiums earned		167,322			184,980			689,452			779,994
Underwriting income (loss)		(3,719	)		(14,497	)		(296,726	)		108,869
Net investment income		29,758			30,430			125,863			134,385
Net operating income (loss) (1)		19,254			(9,108	)		(208,832	)		159,180
Net realized gains (losses) on investments		718			8,494			3,934			107,791
Net impairment losses on investments		(14,746	)		(11,050	)		(22,370	)		(36,610	)
Net income (loss)	$	7,064		$	(17,724	)	$	(224,064	)	$	215,498

Total assets	$	4,551,611		$	4,614,313		$	4,551,611		$	4,614,313
Investments and cash		4,170,044			4,212,498			4,170,044			4,212,498
Total shareholders' equity		1,690,859			1,895,455			1,690,859			1,895,455
Unpaid losses and loss adjustment expenses	$	2,389,614		$	2,217,378		$	2,389,614		$	2,217,378

Per share data
Common shares outstanding		35,526			37,758			35,526			37,758
Weighted average common shares outstanding - basic		36,117			38,670			36,901			41,930
Adjusted weighted average common shares outstanding - diluted		36,302			40,953			37,260			45,052
Basic earnings (loss) per common share	$	0.20		$	(0.46	)	$	(6.04	)	$	5.14
Diluted earnings (loss) per common share		0.19			(0.46	)		(6.04	)		4.78
Operating income (loss) per common share - diluted (1)		0.53			(0.24	)		(5.63	)		3.52
Dividends per common share		0.08			0.08			0.32			0.32
Basic book value per common share (2)	$	47.59		$	50.20		$	47.59		$	50.20

(1) See computation of net operating income (loss) on page 7.

(2) See computation of book value per common share on page 11.

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Platinum Underwriters Holdings, Ltd.

Condensed Consolidated Balance Sheets – by Quarter

($ in thousands, except per share data)

	December 31,		September 30,		June 30,		March 31,			December 31,
	2011		2011		2011		2011			2010
Assets
Investments:
Fixed maturity securities	$	2,788,700	$	2,657,325	$	2,711,289	$	2,978,381		$	3,047,973
Short-term investments		588,834		538,887		226,307		97,153			176,648
Cash and cash equivalents		792,510		1,127,305		1,318,773		1,064,731			987,877
Accrued investment income		29,440		32,682		31,724		33,855			31,288
Reinsurance premiums receivable		159,387		152,633		149,616		208,959			162,682
Reinsurance balances (prepaid and recoverable)		14,662		57,025		64,858		49,992			18,434
Funds held by ceding companies		94,546		91,886		90,507		76,914			84,078
Deferred acquisition costs		28,779		31,417		32,143		36,417			36,584
Other assets		54,753		58,835		57,180		70,372			68,749
Total assets	$	4,551,611	$	4,747,995	$	4,682,397	$	4,616,774		$	4,614,313

Liabilities
Unpaid losses and loss adjustment expenses	$	2,389,614	$	2,468,987	$	2,472,861	$	2,428,477		$	2,217,378
Unearned premiums		121,164		141,814		139,767		167,516			154,975
Debt obligations		250,000		250,000		250,000		250,000			250,000
Commissions payable		62,773		56,413		54,112		64,816			59,388
Other liabilities		37,201		103,869		69,947		40,792			37,117
Total liabilities	$	2,860,752	$	3,021,083	$	2,986,687	$	2,951,601		$	2,718,858

Shareholders' Equity
Common shares	$	355	$	373	$	373	$	373		$	377
Additional paid-in capital		313,730		373,790		372,882		371,493			453,619
Accumulated other comprehensive income (loss)		146,635		126,838		40,034		(12,484	)		(24,488	)
Retained earnings		1,230,139		1,225,911		1,282,421		1,305,791			1,465,947
Total shareholders' equity	$	1,690,859	$	1,726,912	$	1,695,710	$	1,665,173		$	1,895,455

Total liabilities and shareholders' equity	$	4,551,611	$	4,747,995	$	4,682,397	$	4,616,774		$	4,614,313

Book value per common share (1)	$	47.59	$	46.26	$	45.43	$	44.68		$	50.20

(1) Book value per common share is a non-GAAP financial measure as defined by Regulation G. See computation of book value per common share on page 11.

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Platinum Underwriters Holdings, Ltd.

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)

($ and amounts in thousands, except per share data)

	Three Months Ended						Twelve Months Ended
	December 31,			December 31,			December 31,			December 31,
	2011			2010			2011			2010
Revenue
Net premiums earned	$	167,322		$	184,980		$	689,452		$	779,994
Net investment income		29,758			30,430			125,863			134,385
Net realized gains on investments		718			8,494			3,934			107,791
Net impairment losses on investments		(14,746	)		(11,050	)		(22,370	)		(36,610	)
Other income (expense)		(193	)		(165	)		645			(207	)
Total revenue		182,859			212,689			797,524			985,353

Expenses
Net losses and loss adjustment expenses		125,032			152,283			805,437			467,420
Net acquisition expenses		34,904			32,742			133,177			146,676
Net changes in fair value of derivatives		(965	)		3,089			4,329			9,588
Operating expenses		14,168			20,731			63,179			82,636
Net foreign currency exchange losses (gains)		(294	)		2,446			(473	)		1,385
Interest expense		4,770			4,764			19,072			18,996
Total expenses		177,615			216,055			1,024,721			726,701
Income (loss) before income taxes		5,244			(3,366	)		(227,197	)		258,652
Income tax expense (benefit)		(1,820	)		14,358			(3,133	)		43,154
Net income (loss)	$	7,064		$	(17,724	)	$	(224,064	)	$	215,498

Basic
Weighted average common shares outstanding		36,117			38,670			36,901			41,930
Basic earnings (loss) per common share	$	0.20		$	(0.46	)	$	(6.04	)	$	5.14

Diluted
Adjusted weighted average common shares outstanding		36,302			40,953			37,260			45,052
Diluted earnings (loss) per common share (1)	$	0.19		$	(0.46	)	$	(6.04	)	$	4.78

Comprehensive income (loss)
Net income (loss)	$	7,064		$	(17,724	)	$	(224,064	)	$	215,498
Other comprehensive income (loss), net of deferred taxes		19,797			(83,083	)		171,123			45,517
Comprehensive income (loss)	$	26,861		$	(100,807	)	$	(52,941	)	$	261,015

(1) During a period of loss, the basic weighted average common shares outstanding is used in the denominator of the diluted loss per common share computation as the effect of including potential dilutive shares would be anti-dilutive.

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Platinum Underwriters Holdings, Ltd.

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) – by Quarter

($ and amounts in thousands, except per share data)

	Three Months Ended
	December 31,			September 30,			June 30,			March 31,			December 31,
	2011			2011			2011			2011			2010
Revenue
Net premiums earned	$	167,322		$	166,813		$	172,436		$	182,881		$	184,980
Net investment income		29,758			29,762			33,965			32,378			30,430
Net realized gains (losses) on investments		718			7,498			(4,689	)		407			8,494
Net impairment losses on investments		(14,746	)		(4,451	)		(1,666	)		(1,507	)		(11,050	)
Other income (expense)		(193	)		(198	)		(60	)		1,096			(165	)
Total revenue		182,859			199,424			199,986			215,255			212,689

Expenses
Net losses and loss adjustment expenses		125,032			201,453			159,357			319,595			152,283
Net acquisition expenses		34,904			30,208			34,115			33,950			32,742
Net changes in fair value of derivatives		(965	)		4,546			4,474			(3,726	)		3,089
Operating expenses		14,168			14,755			17,105			17,151			20,731
Net foreign currency exchange losses (gains)		(294	)		(982	)		614			189			2,446
Interest expense		4,770			4,769			4,767			4,766			4,764
Total expenses		177,615			254,749			220,432			371,925			216,055
Income (loss) before income taxes		5,244			(55,325	)		(20,446	)		(156,670	)		(3,366	)
Income tax expense (benefit)		(1,820	)		(1,790	)		(45	)		522			14,358
Net income (loss)	$	7,064		$	(53,535	)	$	(20,401	)	$	(157,192	)	$	(17,724	)

Basic
Weighted average common shares outstanding		36,117			37,183			37,113			37,199			38,670
Basic earnings (loss) per common share	$	0.20		$	(1.43	)	$	(0.55	)	$	(4.20	)	$	(0.46	)

Diluted
Adjusted weighted average common shares outstanding		36,302			37,360			37,399			38,022			40,953
Diluted earnings (loss) per common share (1)	$	0.19		$	(1.43	)	$	(0.55	)	$	(4.20	)	$	(0.46	)

Comprehensive income (loss)
Net income (loss)	$	7,064		$	(53,535	)	$	(20,401	)	$	(157,192	)	$	(17,724	)
Other comprehensive income (loss), net of deferred taxes		19,797			86,804			52,518			12,004			(83,083	)
Comprehensive income (loss)	$	26,861		$	33,269		$	32,117		$	(145,188	)	$	(100,807	)

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Platinum Underwriters Holdings, Ltd.

Computation of Net Operating Income (Loss) and Net Operating Income (Loss) per Diluted Common Share

($ and amounts in thousands, except per share data)

	Three Months Ended						Twelve Months Ended
	December 31,			December 31,			December 31,			December 31,
	2011			2010			2011			2010

Net income (loss) available to common shareholders	$	7,064		$	(17,724	)	$	(224,064	)	$	215,498
Net income (loss) allocated to participating common shareholders (1)		17			-			(1,189	)		-
Net income (loss) allocated to common shareholders	$	7,047		$	(17,724	)	$	(222,875	)	$	215,498

Adjustments for:
Net realized (gains) losses on investments, net of tax	$	(718	)	$	(4,725	)	$	(4,556	)	$	(89,949	)
Net impairment losses on investments, net of tax		13,134			10,926			20,275			32,139
Net foreign currency exchange losses (gains), net of tax		(226	)		2,415			(487	)		1,492
Net operating income (loss) (2)	$	19,237		$	(9,108	)	$	(207,643	)	$	159,180

Per diluted common share:
Net income (loss)	$	0.19		$	(0.46	)	$	(6.04	)	$	4.78
Adjustments for:
Net realized (gains) losses on investments		(0.02	)		(0.12	)		(0.12	)		(2.00	)
Net impairment losses on investments		0.36			0.28			0.54			0.71
Net foreign currency exchange losses (gains)		-			0.06			(0.01	)		0.03
Net operating income (loss) per diluted common share (3)	$	0.53		$	(0.24	)	$	(5.63	)	$	3.52

Adjusted weighted average common shares outstanding - diluted (4)		36,302			38,670			36,901			45,052

(1) Represents earnings attributable to holders of unvested restricted shares issued under the Company's share incentive plans that are considered to be participating securities.

(2) Net operating income (loss) is a non-GAAP measure as defined by Regulation G and represents net income (loss) after taxes excluding net realized gains and losses on investments, net impairment losses on investments and net foreign exchange gains and losses.

(3) Net operating income (loss) per diluted common share is also a non-GAAP measure and is calculated by dividing net operating income (loss) by diluted weighted average shares outstanding for the period.

(4) The adjusted weighted average common shares outstanding - diluted for the three and twelve months ended December 31, 2011 was 36,302 and 37,260, respectively. The adjusted weighted average common shares outstanding - diluted for the three and twelve months ended December 31, 2010 was 40,953 and 45,052, respectively. During a period of loss, the basic weighted average common shares outstanding is used in the denominator of the diluted loss per common share computation as the effect of including potential dilutive shares would be anti-dilutive.

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Platinum Underwriters Holdings, Ltd.

Key Ratios, Share Data, Ratings

	As of and for the Three Months Ended
	December 31,			September 30,			June 30,			March 31,			December 31,
	2011			2011			2011			2011			2010
Key Ratios
Combined ratio (%)		102.2	%		145.6	%		119.4	%		200.4	%		107.8	%
Investable assets to shareholders' equity ratio	2.47:1			2.50:1			2.51:1			2.49:1			2.22:1
Debt to total capital (%)		12.9	%		12.6	%		12.8	%		13.1	%		11.7	%
Net premiums written (annualized) to shareholders' equity		0.36			0.41			0.30			0.47			0.34

Share Data
Book value per common share (1)	$	47.59		$	46.26		$	45.43		$	44.68		$	50.20
Common shares outstanding (000's)		35,526			37,330			37,324			37,270			37,758

Market Price Per Common Share
High	$	35.36		$	35.78		$	38.94		$	46.42		$	45.80
Low		27.53			28.05			32.02			34.70			42.10
Close	$	34.11		$	30.75		$	33.24		$	38.09		$	44.97

Industry Ratings
Financial Strength Ratings:
A.M. Best Company, Inc.		A			A			A			A			A
Standard & Poor's Ratings Services		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		125			129			132			144			144

(1)	See computation of book value per common share on page 11.

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Platinum Underwriters Holdings, Ltd.

Computation of Basic and Diluted Earnings (Loss) per Common Share

($ and amounts in thousands, except per share data)

	Three Months Ended December 31,					Twelve Months Ended December 31,
	2011		2010			2011			2010
Earnings (Loss)
Basic and Diluted
Net income (loss) available to common shareholders	$	7,064	$	(17,724	)	$	(224,064	)	$	215,498
Net income (loss) allocated to participating common shareholders (1)		17		-			(1,189	)		-
Net income (loss) allocated to common shareholders	$	7,047	$	(17,724	)	$	(222,875	)	$	215,498

Common Shares
Basic
Weighted average common shares outstanding		36,117		38,670			36,901			41,930

Diluted
Weighted average common shares outstanding		36,117		38,670			36,901			41,930
Effect of dilutive securities:
Common share options		59		1,703			164			2,610
Restricted share units		126		580			195			512
Adjusted weighted average common shares outstanding		36,302		40,953			37,260			45,052

Earnings (Loss) Per Common Share
Basic earnings (loss) per common share	$	0.20	$	(0.46	)	$	(6.04	)	$	5.14
Diluted earnings (loss) per common share (2)	$	0.19	$	(0.46	)	$	(6.04	)	$	4.78

(1) Represents earnings attributable to holders of unvested restricted shares issued under the Company's share incentive plans that are considered to be participating securities.

(2) During a period of loss, the basic weighted average common shares outstanding is used in the denominator of the diluted loss per common share computation as the effect of including potential dilutive shares would be anti-dilutive.

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Platinum Underwriters Holdings, Ltd.

Computation of Basic and Diluted Earnings (Loss) per Common Share – by Quarter

($ and amounts in thousands, except per share data)

	Three Months Ended
	December 31,		September 30,			June 30,			March 31,			December 31,
	2011		2011			2011			2011			2010
Earnings (Loss)
Basic and diluted
Net income (loss) available to common shareholders	$	7,064	$	(53,535	)	$	(20,401	)	$	(157,192	)	$	(17,724	)
Net income (loss) allocated to participating common shareholders (1)		17		(251	)		(137	)		(932	)		-
Net income (loss) allocated to common shareholders	$	7,047	$	(53,284	)	$	(20,264	)	$	(156,260	)	$	(17,724	)

Common shares
Basic
Weighted average common shares outstanding		36,117		37,183			37,113			37,199			38,670

Diluted
Weighted average common shares outstanding		36,117		37,183			37,113			37,199			38,670
Effect of dilutive securities:
Common share options		59		52			127			438			1,703
Restricted share units		126		125			159			385			580
Adjusted weighted average common shares outstanding		36,302		37,360			37,399			38,022			40,953

Earnings (Loss) Per Common Share
Basic earnings (loss) per common share	$	0.20	$	(1.43	)	$	(0.55	)	$	(4.20	)	$	(0.46	)
Diluted earnings (loss) per common share (2)	$	0.19	$	(1.43	)	$	(0.55	)	$	(4.20	)	$	(0.46	)

(1) Represents earnings attributable to holders of unvested restricted shares issued under the Company's share incentive plans that are considered to be participating securities.

- 10 -

Platinum Underwriters Holdings, Ltd.

Book Value Per Common Share – by Quarter

($ and amounts in thousands, except per share data)

	December 31,		September 30,		June 30,		March 31,		December 31,
	2011		2011		2011		2011		2010

Price per share at period end	$	34.11	$	30.75	$	33.24	$	38.09	$	44.97

Shareholders' equity	$	1,690,859	$	1,726,912	$	1,695,710	$	1,665,173	$	1,895,455
Add: Assumed exercise of share options		18,925		7,418		10,543		33,488		34,213
Shareholders' equity - diluted	$	1,709,784	$	1,734,330	$	1,706,253	$	1,698,661	$	1,929,668

Basic common shares outstanding (1)		35,526		37,330		37,324		37,270		37,758
Add: Common share options (2)		-		-		-		-		1,010
Add: Management and directors' options (3)		624		276		379		1,054		1,081
Add: Directors' and officers' restricted share units		321		363		413		505		790
Diluted common shares outstanding		36,471		37,969		38,116		38,829		40,639

Book value per common share*
Basic book value per common share	$	47.59	$	46.26	$	45.43	$	44.68	$	50.20
Fully converted book value per common share	$	46.88	$	45.68	$	44.76	$	43.75	$	47.48

* Book value per common share and fully converted book value per common share are non-GAAP financial measures as defined by Regulation G.

(1) As of December 31, 2011 there were 35,526 common shares issued and outstanding. Included in this number were 146 restricted shares issued but unvested.

(2) Options with a price of $27.00.

(3) As of December 31, 2011 these are options with a price below the closing share price of $34.11.

- 11 -

Platinum Underwriters Holdings, Ltd.

Condensed Consolidated Statements of Cash Flows

($ in thousands)

	Three Months Ended						Twelve Months Ended
	December 31, 2011			December 31, 2010			December 31, 2011			December 31, 2010

Net cash provided by (used in) operating activities	$	(71,852	)	$	(38,042	)	$	(33,706	)	$	24,729

Net cash provided by (used in) investing activities		(207,148	)		(301,531	)		(24,211	)		738,318

Net cash provided by (used in) financing activities		(63,601	)		(171,626	)		(153,093	)		(456,973	)

Effect of foreign currency exchange rate changes on cash		7,806			450			15,643			(981	)

Net increase (decrease) in cash and cash equivalents	$	(334,795	)	$	(510,749	)	$	(195,367	)	$	305,093

- 12 -

Platinum Underwriters Holdings, Ltd.

Condensed Consolidated Statements of Cash Flows – by Quarter

($ in thousands)

	Three Months Ended
	December 31, 2011			September 30, 2011			June 30, 2011			March 31, 2011			December 31, 2010

Net cash provided by (used in) operating activities	$	(71,852	)	$	4,858		$	38,516		$	(5,228	)	$	(38,042	)

Net cash provided by (used in) investing activities		(207,148	)		(185,555	)		205,333			163,159			(301,531	)

Net cash provided by (used in) financing activities		(63,601	)		(2,884	)		(2,562	)		(84,046	)		(171,626	)

Effect of foreign currency exchange rate changes on cash		7,806			(7,887	)		12,755			2,969			450

Net increase (decrease) in cash and cash equivalents	$	(334,795	)	$	(191,468	)	$	254,042		$	76,854		$	(510,749	)

- 13 -

Platinum Underwriters Holdings, Ltd.

Segment Reporting – Three Month Summary

($ in thousands)

	Three Months Ended December 31, 2011												Three Months Ended December 31, 2010
	Property and Marine			Casualty			Finite Risk			Total			Property and Marine			Casualty			Finite Risk			Total

Net premiums written	$	76,836		$	74,547		$	2,335		$	153,718		$	76,900		$	82,656		$	2,461		$	162,017

Net premiums earned		81,980			82,785			2,557			167,322			92,065			90,307			2,608			184,980
Net losses and loss adjustment expenses		76,194			52,459			(3,621	)		125,032			111,215			39,935			1,133			152,283
Net acquisition expenses		11,645			19,251			4,008			34,904			12,635			18,600			1,507			32,742
Other underwriting expenses		6,341			4,541			223			11,105			8,354			5,796			302			14,452
Segment underwriting income (loss)*	$	(12,200	)	$	6,534		$	1,947			(3,719	)	$	(40,139	)	$	25,976		$	(334	)		(14,497	)

Net investment income											29,758												30,430
Net realized gains (losses) on investments											718												8,494
Net impairment losses on investments											(14,746	)											(11,050	)
Other income (expense)											(193	)											(165	)
Net changes in fair value of derivatives											965												(3,089	)
Corporate expenses not allocated to segments											(3,063	)											(6,279	)
Net foreign currency exchange (losses) gains											294												(2,446	)
Interest expense											(4,770	)											(4,764	)
Income (loss) before income taxes										$	5,244											$	(3,366	)

Underwriting ratios:*
Net loss and loss adjustment expense		92.9	%		63.4	%		(141.6	%)		74.7	%		120.8	%		44.2	%		43.4	%		82.3	%
Net acquisition expense		14.2	%		23.3	%		156.7	%		20.9	%		13.7	%		20.6	%		57.8	%		17.7	%
Other underwriting expense		7.7	%		5.5	%		8.7	%		6.6	%		9.1	%		6.4	%		11.6	%		7.8	%
Combined		114.8	%		92.2	%		23.8	%		102.2	%		143.6	%		71.2	%		112.8	%		107.8	%
Statutory underwriting ratios:*
Net loss and loss adjustment expense		92.9	%		63.4	%		(141.6	%)		74.7	%		120.8	%		44.2	%		43.4	%		82.3	%
Net acquisition expense		14.0	%		23.5	%		169.9	%		21.0	%		14.6	%		20.3	%		60.2	%		18.2	%
Other underwriting expense		8.3	%		6.1	%		9.6	%		7.2	%		10.9	%		7.0	%		12.3	%		8.9	%
Combined		115.2	%		93.0	%		37.9	%		102.9	%		146.3	%		71.5	%		115.9	%		109.4	%

* Segment underwriting income or loss and underwriting ratios are non-GAAP financial measures as defined by Regulation G.

The 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.

Segment Reporting – Twelve Month Summary

($ in thousands)

	Twelve Months Ended December 31, 2011												Twelve Months Ended December 31, 2010
	Property and Marine			Casualty			Finite Risk			Total			Property and Marine			Casualty			Finite Risk			Total

Net premiums written	$	344,682		$	296,989		$	9,843		$	651,514		$	412,675		$	329,397		$	18,517		$	760,589

Net premiums earned		356,976			318,734			13,742			689,452			418,763			343,812			17,419			779,994
Net losses and loss adjustment expenses		628,062			178,650			(1,275	)		805,437			343,509			119,679			4,232			467,420
Net acquisition expenses		49,348			72,738			11,091			133,177			60,224			71,474			14,978			146,676
Other underwriting expenses		27,622			19,002			940			47,564			32,678			23,091			1,260			57,029
Segment underwriting income (loss)*	$	(348,056	)	$	48,344		$	2,986			(296,726	)	$	(17,648	)	$	129,568		$	(3,051	)		108,869

Net investment income											125,863												134,385
Net realized gains (losses) on investments											3,934												107,791
Net impairment losses on investments											(22,370	)											(36,610	)
Other income (expense)											645												(207	)
Net changes in fair value of derivatives											(4,329	)											(9,588	)
Corporate expenses not allocated to segments											(15,615	)											(25,607	)
Net foreign currency exchange (losses) gains											473												(1,385	)
Interest expense											(19,072	)											(18,996	)
Income (loss) before income taxes										$	(227,197	)										$	258,652

Underwriting ratios:*
Net loss and loss adjustment expense		175.9	%		56.0	%		(9.3	%)		116.8	%		82.0	%		34.8	%		24.3	%		59.9	%
Net acquisition expense		13.8	%		22.8	%		80.7	%		19.3	%		14.4	%		20.8	%		86.0	%		18.8	%
Other underwriting expense		7.7	%		6.0	%		6.8	%		6.9	%		7.8	%		6.7	%		7.2	%		7.3	%
Combined		197.4	%		84.8	%		78.2	%		143.0	%		104.2	%		62.3	%		117.5	%		86.0	%

Statutory underwriting ratios:*
Net loss and loss adjustment expense		175.9	%		56.0	%		(9.3	%)		116.8	%		82.0	%		34.8	%		24.3	%		59.9	%
Net acquisition expense		13.9	%		22.6	%		104.1	%		19.2	%		14.4	%		20.7	%		82.0	%		18.8	%
Other underwriting expense		8.0	%		6.4	%		9.5	%		7.3	%		7.9	%		7.0	%		6.8	%		7.5	%
Combined		197.8	%		85.0	%		104.3	%		143.3	%		104.3	%		62.5	%		113.1	%		86.2	%

* Segment underwriting income or loss and underwriting ratios are non-GAAP financial measures as defined by Regulation G.

The 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.

Property and Marine Segment – by Quarter

($ in thousands)

	Three Months Ended
	December 31,			September 30,			June 30,			March 31,			December 31,
	2011			2011			2011			2011			2010
Net premiums written	$	76,836		$	101,633		$	54,411		$	111,802		$	76,900

Net premiums earned		81,980			85,239			91,852			97,905			92,065
Net losses and loss adjustment expenses		76,194			156,995			116,543			278,330			111,215
Net acquisition expenses		11,645			12,068			12,009			13,626			12,635
Other underwriting expenses		6,341			6,686			7,274			7,321			8,354
Segment underwriting income (loss)*	$	(12,200	)	$	(90,510	)	$	(43,974	)	$	(201,372	)	$	(40,139	)

Underwriting ratios*:
Net loss and loss adjustment expense		92.9	%		184.2	%		126.9	%		284.3	%		120.8	%
Net acquisition expense		14.2	%		14.2	%		13.1	%		13.9	%		13.7	%
Other underwriting expense		7.7	%		7.8	%		7.9	%		7.5	%		9.1	%
Combined		114.8	%		206.2	%		147.9	%		305.7	%		143.6	%

Statutory underwriting ratios*:
Net loss and loss adjustment expense		92.9	%		184.2	%		126.9	%		284.3	%		120.8	%
Net acquisition expense		14.0	%		12.6	%		17.4	%		13.4	%		14.6	%
Other underwriting expense		8.3	%		6.6	%		13.4	%		6.5	%		10.9	%
Combined		115.2	%		203.4	%		157.7	%		304.2	%		146.3	%

* Segment underwriting income or loss and underwriting ratios are non-GAAP financial measures as defined by Regulation G.

The 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.

- 16 -

Platinum Underwriters Holdings, Ltd.

Casualty Segment – by Quarter

($ in thousands)

	Three Months Ended
	December 31,			September 30,			June 30,			March 31,			December 31,
	2011			2011			2011			2011			2010
Net premiums written	$	74,547		$	72,689		$	69,234		$	80,519		$	82,656

Net premiums earned		82,785			78,021			77,104			80,824			90,307
Net losses and loss adjustment expenses		52,459			42,704			43,868			39,619			39,935
Net acquisition expenses		19,251			16,780			18,144			18,563			18,600
Other underwriting expenses		4,541			4,300			4,829			5,332			5,796
Segment underwriting income (loss)*	$	6,534		$	14,237		$	10,263		$	17,310		$	25,976

Underwriting ratios*:
Net loss and loss adjustment expense		63.4	%		54.7	%		56.9	%		49.0	%		44.2	%
Net acquisition expense		23.3	%		21.5	%		23.5	%		23.0	%		20.6	%
Other underwriting expense		5.5	%		5.5	%		6.3	%		6.6	%		6.4	%
Combined		92.2	%		81.7	%		86.7	%		78.6	%		71.2	%

Statutory underwriting ratios*:
Net loss and loss adjustment expense		63.4	%		54.7	%		56.9	%		49.0	%		44.2	%
Net acquisition expense		23.5	%		21.5	%		24.1	%		21.6	%		20.3	%
Other underwriting expense		6.1	%		5.9	%		7.0	%		6.6	%		7.0	%
Combined		93.0	%		82.1	%		88.0	%		77.2	%		71.5	%

* Segment underwriting income or loss and underwriting ratios are non-GAAP financial measures as defined by Regulation G.

The 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.

- 17 -

Platinum Underwriters Holdings, Ltd.

Finite Segment – by Quarter

($ in thousands)

	Three Months Ended
	December 31,			September 30,			June 30,			March 31,			December 31,
	2011			2011			2011			2011			2010
Net premiums written	$	2,335		$	2,802		$	2,242		$	2,464		$	2,461

Net premiums earned		2,557			3,553			3,480			4,152			2,608
Net losses and loss adjustment expenses		(3,621	)		1,754			(1,054	)		1,646			1,133
Net acquisition expenses		4,008			1,360			3,962			1,761			1,507
Other underwriting expenses		223			218			264			235			302
Segment underwriting income (loss)*	$	1,947		$	221		$	308		$	510		$	(334	)

Underwriting ratios*:
Net loss and loss adjustment expense		(141.6	%)		49.4	%		(30.3	%)		39.6	%		43.4	%
Net acquisition expense		156.7	%		38.3	%		113.9	%		42.4	%		57.8	%
Other underwriting expense		8.7	%		6.1	%		7.6	%		5.7	%		11.6	%
Combined		23.8	%		93.8	%		91.2	%		87.7	%		112.8	%

Statutory underwriting ratios*:
Net loss and loss adjustment expense		(141.6	%)		49.4	%		(30.3	%)		39.6	%		43.4	%
Net acquisition expense		169.9	%		42.5	%		164.7	%		56.5	%		60.2	%
Other underwriting expense		9.6	%		7.8	%		11.8	%		9.5	%		12.3	%
Combined		37.9	%		99.7	%		146.2	%		105.6	%		115.9	%

* Segment underwriting income or loss and underwriting ratios are non-GAAP financial measures as defined by Regulation G.

The 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.

- 18 -

Platinum Underwriters Holdings, Ltd.

Net Premiums Written – Supplemental Information

($ in thousands)

	Three Months Ended				Twelve Months Ended
	December 31,		December 31,		December 31,		December 31,
	2011		2010		2011		2010
Property and Marine
Excess-of-Loss	$	57,034	$	61,174	$	275,879	$	337,464
Proportional		19,802		15,726		68,803		75,211
Subtotal Property and Marine		76,836		76,900		344,682		412,675
Casualty
Excess-of-Loss		61,981		73,073		242,314		292,968
Proportional		12,566		9,583		54,675		36,429
Subtotal Casualty		74,547		82,656		296,989		329,397
Finite Risk
Excess-of-Loss		-		-		531		-
Proportional		2,335		2,461		9,312		18,517
Subtotal Finite Risk		2,335		2,461		9,843		18,517
Combined Segments
Excess-of-Loss		119,015		134,247		518,724		630,432
Proportional		34,703		27,770		132,790		130,157
Total	$	153,718	$	162,017	$	651,514	$	760,589

	Three Months Ended				Twelve Months Ended
	December 31,		December 31,		December 31,		December 31,
		2011		2010		2011		2010
Property and Marine
United States	$	46,954	$	46,960	$	189,442	$	230,914
International		29,882		29,940		155,240		181,761
Subtotal Property and Marine		76,836		76,900		344,682		412,675
Casualty
United States		65,596		69,211		258,450		277,666
International		8,951		13,445		38,539		51,731
Subtotal Casualty		74,547		82,656		296,989		329,397
Finite Risk
United States		2,335		2,461		9,843		18,517
International		-		-		-		-
Subtotal Finite Risk		2,335		2,461		9,843		18,517
Combined Segments
United States		114,885		118,632		457,735		527,097
International		38,833		43,385		193,779		233,492
Total	$	153,718	$	162,017	$	651,514	$	760,589

- 19 -

Platinum Underwriters Holdings, Ltd.

Premiums by Line of Business – Three Month Summary

($ in thousands)

	Three Months Ended December 31, 2011						Three Months Ended December 31, 2010
	Gross Premiums Written		Net Premiums Written		Net Premiums Earned		Gross Premiums Written		Net Premiums Written		Net Premiums Earned
Property and Marine
North American Property Proportional	$	2,688	$	2,688	$	1,996	$	1,785	$	1,785	$	1,843
North American Property Catastrophe		18,966		18,966		20,996		24,649		24,655		26,813
North American Property Risk		11,140		11,140		10,017		11,195		11,299		12,037
Other Property		14,744		14,744		14,866		9,923		9,923		10,114
Marine / Aviation Proportional		937		937		1,028		1,810		1,810		1,703
Marine / Aviation Excess		2,011		2,034		1,647		2,458		2,455		2,930
International Property Proportional		5,280		5,280		5,324		4,686		4,686		3,976
International Property Catastrophe		18,615		17,561		23,167		21,337		17,913		29,924
International Property Risk		3,486		3,486		2,939		2,374		2,374		2,725
Subtotal		77,867		76,836		81,980		80,217		76,900		92,065

Casualty
Clash		2,384		2,384		2,342		3,696		3,696		3,717
1st Dollar GL		3,152		3,152		3,305		1,555		1,555		2,147
1st Dollar Other		2,462		2,462		2,504		1,558		1,558		1,478
Casualty Excess		50,129		50,129		52,799		53,238		53,238		55,654
Accident & Health		6,189		6,189		9,965		6,956		6,956		9,932
International Casualty		4,911		4,911		5,547		6,911		6,911		7,827
International Motor		832		832		953		725		725		843
Financial Lines		4,488		4,488		5,370		8,017		8,017		8,709
Subtotal		74,547		74,547		82,785		82,656		82,656		90,307

Finite Risk
Finite Property		-		-		-		-		-		-
Finite Casualty		2,335		2,335		2,557		2,461		2,461		2,608
Subtotal		2,335		2,335		2,557		2,461		2,461		2,608

Total	$	154,749	$	153,718	$	167,322	$	165,334	$	162,017	$	184,980

- 20 -

Platinum Underwriters Holdings, Ltd.

Premiums by Line of Business – Twelve Month Summary

($ in thousands)

	Twelve Months Ended December 31, 2011						Twelve Months Ended December 31, 2010
	Gross Premiums Written		Net Premiums Written		Net Premiums Earned		Gross Premiums Written		Net Premiums Written		Net Premiums Earned
Property and Marine
North American Property Proportional	$	5,655	$	5,655	$	7,047	$	7,861	$	7,861	$	6,875
North American Property Catastrophe		107,867		92,766		94,912		129,065		118,844		122,941
North American Property Risk		38,464		38,734		40,473		52,165		50,435		55,724
Other Property		55,505		55,505		55,504		56,852		56,852		57,101
Marine / Aviation Proportional		4,877		4,877		5,481		6,014		6,014		6,725
Marine / Aviation Excess		5,534		5,558		7,347		13,150		13,158		13,759
International Property Proportional		18,397		18,397		18,111		16,426		16,426		15,784
International Property Catastrophe		133,340		112,365		117,882		138,640		131,646		128,395
International Property Risk		10,825		10,825		10,219		11,439		11,439		11,459
Subtotal		380,464		344,682		356,976		431,612		412,675		418,763

Casualty
Clash		10,267		10,267		10,187		14,556		14,556		14,425
1st Dollar GL		17,516		17,516		16,533		9,738		9,738		10,076
1st Dollar Other		8,259		8,259		8,882		5,840		5,840		4,904
Casualty Excess		177,808		177,808		189,335		206,705		206,705		218,076
Accident & Health		38,663		38,663		38,761		37,574		37,574		36,938
International Casualty		20,079		20,079		24,418		28,405		28,405		29,648
International Motor		4,053		4,053		4,053		3,663		3,663		3,658
Financial Lines		20,344		20,344		26,565		22,916		22,916		26,087
Subtotal		296,989		296,989		318,734		329,397		329,397		343,812

Finite Risk
Finite Property		531		531		531		-		-		-
Finite Casualty		9,312		9,312		13,211		18,517		18,517		17,419
Subtotal		9,843		9,843		13,742		18,517		18,517		17,419

Total	$	687,296	$	651,514	$	689,452	$	779,526	$	760,589	$	779,994

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Platinum Underwriters Holdings, Ltd.

Investments

($ in thousands)

	December 31, 2011								December 31, 2010
	Fair Value		Weighted Average Book Yield			Weighted Average Market Yield			Fair Value		Weighted Average Book Yield			Weighted Average Market Yield

Fixed maturity available-for-sale securities
U.S. Government	$	5,083		2.7	%		0.6	%	$	391,303		1.9	%		2.4	%
U.S. Government agencies		100,259		0.9	%		0.4	%		100,547		0.7	%		0.3	%
Municipal bonds		1,660,760		4.7	%		3.2	%		1,537,432		4.7	%		4.4	%
Non-U.S. governments		71,266		2.6	%		2.1	%		76,306		2.9	%		1.9	%
Corporate bonds		349,548		4.8	%		2.8	%		366,900		4.9	%		3.2	%
Commercial mortgage-backed securities		204,609		5.6	%		3.8	%		203,313		5.4	%		4.5	%
Residential mortgage-backed securities		251,627		2.9	%		1.3	%		166,458		4.9	%		6.0	%
Asset-backed securities		20,422		1.7	%		8.5	%		23,568		3.6	%		7.6	%
Total fixed maturity available-for-sale securities	$	2,663,574		4.3	%		2.9	%	$	2,865,827		4.2	%		3.9	%

Fixed maturity trading securities
Non-U.S. dollar denominated securities:
Non-U.S. governments	$	125,126		3.6	%		0.9	%	$	140,089		3.6	%		2.2	%
U.S. Government agencies		-		-			-			15,903		1.9	%		1.1	%
Corporate bonds		-		-			-			68		4.5	%		2.3	%
Insurance-linked securities		-		-			-			26,086		10.7	%		6.5	%
Total fixed maturity trading securities	$	125,126		3.6	%		0.9	%	$	182,146		4.5	%		2.7	%


Short-term investments	$	588,834		1.0	%		0.9	%	$	176,648		0.9	%		1.0	%

	December 31, 2011								December 31, 2010
	Amount		% of Total						Amount		% of Total
Credit quality of investments*
Aaa	$	1,504,876		44.6	%				$	1,395,880		43.3	%
Aa		1,037,257		30.7	%					1,033,317		32.0	%
A		556,439		16.5	%					470,525		14.6	%
Baa		206,978		6.1	%					225,928		7.0	%
Below investment grade		71,984		2.1	%					98,971		3.1	%
Total	$	3,377,534		100.0	%				$	3,224,621		100.0	%

Credit quality
Weighted average credit quality	Aa2								Aa2

* Rated using external rating agencies (primarily Moody’s) including credit enhancements from insurance entities. As of December 31, 2011, there were approximately $20.5 million of municipal bonds whose ratings of “Aa” included the benefit of guarantees from third-party insurers that would otherwise be rated as “A” without the existence of such guarantees.

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

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Platinum Underwriters Holdings, Ltd.

Fixed Maturity Available-for-Sale Securities Detail

($ in thousands)

	December 31, 2011
	Fair Value		Net Unrealized Gain (Loss)			Credit Quality		Duration		Weighted Average Life
Fixed maturity available-for-sale securities
U.S. Government	$	5,083	$	381		Aaa			3.6

U.S. Government agencies		100,259		259		Aaa			0.2

Municipal bonds:
State general obligation bonds		877,994		76,112		Aa2			7.1
Essential service bonds*		425,340		39,071		Aa3			7.7
State income tax and sales tax bonds		181,751		21,120		Aa1			7.8
Other municipal bonds		136,291		11,552		Aa2			6.2
Pre-refunded bonds		39,384		2,247		Aa2			2.4
Subtotal		1,660,760		150,102		Aa2			7.2

Non-U.S governments		71,266		1,274		Aa1			2.1

Corporate bonds:
Industrial		226,364		12,183			A3		4.3
Utilities		70,424		5,384			A3		4.9
Insurance		45,292		2,387			A3		3.9
Finance		7,468		376		Baa2			6.4
Subtotal		349,548		20,330			A3		4.4

Commercial mortgage-backed securities		204,609		9,300		Aa2			3.3		3.7

Residential mortgage-backed securities:
U.S. Government agency residential mortgage-backed securities		200,904		2,357		Aaa			0.8		4.8
Non-agency residential mortgage-backed securities		45,559		(11,276	)	Caa2			-		1.0
Alt-A residential mortgage-backed securities		5,164		(641	)	Caa2			-		5.3
Subtotal		251,627		(9,560	)	Aa3			0.6		4.1

Asset-backed securities:
Asset-backed securities		12,710		(890	)	Aaa			-		6.7
Sub-prime asset-backed securities		7,712		(2,332	)	Caa3			0.6		8.4
Subtotal		20,422		(3,222	)	Baa1			0.1		7.3

Total	$	2,663,574	$	168,864		Aa3			5.4

* Essential service bonds include bonds issued for education, transportation and utilities.

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Platinum Underwriters Holdings, Ltd.

Corporate Bonds Detail

($ in thousands)

	December 31, 2011
	Par Value		Fair Value		Net Unrealized Gain (Loss)		Credit Quality

Top 20 Holdings by Issuer
Philip Morris International Inc.	$	14,000	$	15,489	$	1,098		A2
American Electric Power Company, Inc.		13,500		14,759		1,210	Baa1
HCC Insurance Holdings, Inc.		10,000		11,026		958	Baa1
Hewlett-Packard Company		10,000		10,629		352		A2
Mattel, Inc.		10,000		10,479		347	Baa1
Consolidated Edison, Inc.		9,400		10,224		809		A3
MetLife, Inc.		10,000		10,038		38		A3
AT&T Inc.		9,000		9,781		742		A2
Anglo American plc		8,000		9,772		167	Baa1
Diageo plc		7,750		8,274		461		A3
Northeast Utilities		7,300		7,904		614		A3
Wal-Mart Stores, Inc.		5,399		7,748		855	Aa2
Snap-On Incorporated		7,000		7,585		557	Baa1
Encana Corporation		7,000		7,162		116	Baa2
Rio Tinto plc		5,000		6,794		646		A3
CNA Financial Corporation		6,000		6,580		568	Baa3
Hess Corporation		5,000		6,493		509	Baa2
CMS Energy Corporation		5,000		6,294		666		A3
NextEra Energy, Inc.		5,750		6,293		540	Aa3
FirstEnergy Corp.	$	5,000	$	5,576	$	579	Baa2

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Platinum Underwriters Holdings, Ltd.

Municipal Bonds Detail

($ in thousands)

	December 31, 2011
	Par Value		Fair Value			Net Unrealized Gain (Loss)		Credit Quality

Top 10 Exposures by Jurisdiction
Illinois	$	164,680	$	174,057		$	8,347		A1
New York		115,070		130,726			15,340	Aa2
Pennsylvania		114,200		126,047			10,922	Aa1
Connecticut		106,000		120,799			12,855	Aa2
California		97,655		113,829			13,642		A1
Massachusetts		85,655		100,533			13,169	Aa1
District of Columbia		78,495		87,607			9,032	Aa2
New Jersey		75,250		81,472			5,830		A1
Texas		68,565		74,941			6,060	Aa1
Ohio	$	53,795	$	58,375		$	4,436	Aa1

	December 31, 2011
	Par Value		Fair Value			Net Unrealized Gain (Loss)		Credit Quality
Top 10 Holdings by Issuer
State of Illinois	$	120,000	$	125,297		$	4,515		A1
State of California		92,665		108,531			13,486		A1
State of Connecticut		89,000		102,293			11,349	Aa2
State of Pennsylvania		76,700		85,610			8,284	Aa1
New York State Urban Development Corporation		47,000		51,514			4,514	Aaa
State of Mississippi		46,060		51,229			4,180	Aa2
State of Texas		39,900		43,933			3,866	Aaa
State of Ohio		37,550		40,461			2,911	Aa1
State of Hawaii		35,000		40,282			5,157	Aa2
State of Massachusetts	$	34,635	$	39,537		$	3,193	Aa1


	December 31, 2011
	Amount		% of Total
Credit quality of municipal bond portfolio*
Aaa	$	271,784		16.4	%
Aa		986,872		59.4	%
A		391,745		23.6	%
Baa		10,359		0.6	%
Total	$	1,660,760		100.0	%

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

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Platinum Underwriters Holdings, Ltd.

Net Realized Gains (Losses) on Investments and Net Impairment Losses on Investments

($ in thousands)

	Three Months Ended					Twelve Months Ended
	December 31,		December 31,			December 31,			December 31,
	2011		2010			2011			2010

Net realized gains (losses) on investments by entity:
Subsidiary domiciled in Bermuda	$	718	$	(2,274	)	$	5,710		$	56,813
Subsidiaries domiciled in the United States		-		10,768			(1,776	)		50,978
Total	$	718	$	8,494		$	3,934		$	107,791

Net realized gains (losses) on investments by type:
Sale of securities	$	5	$	11,351		$	1,419		$	106,394
Mark-to-market on trading securities		713		(2,857	)		2,515			1,397
Total	$	718	$	8,494		$	3,934		$	107,791

Net impairment losses on investments by entity:
Subsidiary domiciled in Bermuda	$	10,141	$	10,696		$	16,384		$	23,835
Subsidiaries domiciled in the United States		4,605		354			5,986			12,775
Total	$	14,746	$	11,050		$	22,370		$	36,610

Net impairment losses on investments by type of security:
Commercial mortgage-backed securities	$	6	$	-		$	6		$	7,743
Residential mortgage-backed securities		12,660		5,553			18,970			11,178
Asset-backed securities		2,080		5,497			3,394			17,689
Total	$	14,746	$	11,050		$	22,370		$	36,610

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Platinum Underwriters Holdings, Ltd.

Analysis of Losses and Loss Adjustment Expenses

($ in thousands)

	Analysis of Losses and Loss Adjustment Expenses
	Twelve Months Ended December 31, 2011 (1)										Twelve Months Ended December 31, 2010 (2)
	Gross		Ceded			Net		Paid to Incurred %			Gross			Ceded			Net			Paid to Incurred %
Paid losses and loss adjustment expenses	$	672,148	$	38,859		$	633,289		78.6	%	$	604,260		$	10,047		$	594,213			127.1	%
Change in unpaid losses and loss adjustment expenses		167,175		(4,973	)		172,148					(132,171	)		(5,378	)		(126,793	)
Losses and loss adjustment expenses incurred	$	839,323	$	33,886		$	805,437				$	472,089		$	4,669		$	467,420


	Analysis of Unpaid Losses and Loss Adjustment Expenses
	As of December 31, 2011										As of December 31, 2010
	Gross		Ceded			Net		%			Gross			Ceded			Net			%
Outstanding losses and loss adjustment expenses	$	894,403	$	3,914		$	890,489		37.3	%	$	671,846		$	8,149		$	663,697			30.1	%
Incurred but not reported		1,495,211		41			1,495,170		62.7	%		1,545,532			763			1,544,769			69.9	%
Unpaid losses and loss adjustment expenses	$	2,389,614	$	3,955		$	2,385,659		100.0	%	$	2,217,378		$	8,912		$	2,208,466			100.0	%



(1) Gross and ceded losses and loss adjustment expenses incurred includes effects of foreign currency exchange rate losses and gains of $5,061 and $16, respectively.

(2) Gross and ceded losses and loss adjustment expenses incurred includes effects of foreign currency exchange rate gains and losses of $213 and $38, respectively.

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Platinum Underwriters Holdings, Ltd.

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

($ in thousands)

	Three Months Ended December 31, 2011												Three Months Ended December 31, 2010
	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	$	6,987		$	14,049		$	6,428		$	27,464		$	10,619		$	24,096		$	884		$	35,599
Net premium adjustments related to prior years' losses		833			59			-			892			(170	)		607			-			437
Net commission adjustments related to prior years' losses		325			(697	)		(3,425	)		(3,797	)		(144	)		(293	)		(985	)		(1,422	)
Net favorable (unfavorable) development		8,145			13,411			3,003			24,559			10,305			24,410			(101	)		34,614

Catastrophe Favorable (Unfavorable) Development
Net loss development related to prior years		3,100			77			-			3,177			(7,666	)		90			-			(7,576	)
Net premium adjustments related to prior years' losses		(680	)		-			-			(680	)		661			-			-			661
Net commission adjustments related to prior years' losses		-			-			-			-			-			-			-			-
Net favorable (unfavorable) development		2,420			77			-			2,497			(7,005	)		90			-			(6,915	)

Total net favorable (unfavorable) development	$	10,565		$	13,488		$	3,003		$	27,056		$	3,300		$	24,500		$	(101	)	$	27,699


	Twelve Months Ended December 31, 2011												Twelve Months Ended December 31, 2010
	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	$	22,009		$	59,375		$	11,758		$	93,142		$	53,013		$	113,142		$	8,806		$	174,961
Net premium adjustments related to prior years' losses		287			662			-			949			2,538			3,030			-			5,568
Net commission adjustments related to prior years' losses		(179	)		(190	)		(8,148	)		(8,517	)		(5,434	)		4,764			(11,295	)		(11,965	)
Net favorable (unfavorable) development		22,117			59,847			3,610			85,574			50,117			120,936			(2,489	)		168,564

Catastrophe Favorable (Unfavorable) Development
Net loss development related to prior years		19,426			45			371			19,842			(16,160	)		139			-			(16,021	)
Net premium adjustments related to prior years' losses		(1,035	)		-			-			(1,035	)		(692	)		-			-			(692	)
Net commission adjustments related to prior years' losses		(10	)		-			-			(10	)		-			-			-			-
Net favorable (unfavorable) development		18,381			45			371			18,797			(16,852	)		139			-			(16,713	)

Total net favorable (unfavorable) development	$	40,498		$	59,892		$	3,981		$	104,371		$	33,265		$	121,075		$	(2,489	)	$	151,851

- 28 -

Platinum Underwriters Holdings, Ltd.

Estimated Exposure to Peak Zone Property Catastrophe Losses

As of January 1, 2012

($ in millions)

Estimated Probable Maximum Losses by Zone and Peril

		20 Year Return Period				100 Year Return Period				250 Year Return Period
Zones	Peril	Estimated Gross Loss		Estimated Net Loss		Estimated Gross Loss		Estimated Net Loss		Estimated Gross Loss		Estimated Net Loss
United States/Caribbean	Hurricane	$	95	$	82	$	182	$	154	$	228	$	196
United States	Earthquake		13		13		115		115		162		162
Pan-European	Windstorm		71		42		165		83		187		104
Japanese	Typhoon		5		5		48		48		56		56
Japanese	Earthquake		12		9		130		108		241		219
Canadian	Earthquake	$	-	$	-	$	20	$	9	$	75	$	30

The Company has developed the estimates of losses expected from certain catastrophes for its portfolio of property, marine, workers’ compensation, personal accident contracts and catastrophe contributions from insurance-linked securities 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 net of reinstatement premiums but before income tax. Net loss estimates are net of reinstatement premiums and net of retrocessional recoveries but before income tax.

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.

- 29 -

Platinum Underwriters (PTP) Inactive 8-KPlatinum Underwriters Holdings, LTD. Reports