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                                                       EXHIBIT 23.1


                        CONSENT OF INDEPENDENT AUDITORS


THE BOARD OF DIRECTORS
THE ST. PAUL COMPANIES, INC.
PLATINUM UNDERWRITERS HOLDINGS, LTD.
PLATINUM UNDERWRITERS FINANCE, INC.:


     We consent to the inclusion in Amendment No. 2 to the Registration
Statement on Form S-1 of Platinum Underwriters Holdings, Ltd. and
Platinum Underwriters Finance, Inc. and the related prospectus of our report
dated April 23, 2002 with respect to the combined statements of
identifiable underwriting assets and liabilities of The St. Paul
Companies Inc. Reinsurance Underwriting Segment (Predecessor) as of
December 31, 2001, 2000 and 1999 and the related combined statements of
underwriting results and identifiable underwriting cash flows for each of the
years in the three-year period ended December 31, 2001, and related
combined financial statement schedules III through V, and of our report dated
August 29, 2002 (except as to Notes 3 and 5, which are as of
September 16, 2002) with respect to the consolidated balance sheet of
Platinum Underwriters Holdings, Ltd. as of June 30, 2002, which reports
appear in the Registration Statement on Form S-1 and to the reference to
our firm under the heading "Experts" in the prospectus of Platinum
Underwriters Holdings, Ltd. and Platinum Underwriters Finance, Inc. The audit
report covering Predecessor's December 31, 2001, 2000 and 1999 combined
statements contains an explanatory paragraph that states that the combined
statements are not intended to be a complete presentation of Predecessor's or
St. Paul's financial position, results of operations or cash flows.


Minneapolis, Minnesota
October 7, 2002

                                       /s/ KPMG LLP