Exhibit 99.1

Contact:     Justin Cressall
             Treasurer
             (441) 298-0753

           PLATINUM UNDERWRITERS HOLDINGS, LTD. ANNOUNCES $50 MILLION
                            SHARE REPURCHASE PROGRAM

HAMILTON, BERMUDA, AUGUST 4, 2004 - - Platinum Underwriters Holdings, Ltd.
(NYSE: PTP) today announced that it has initiated a share repurchase program
under which the Company may repurchase up to $50 million of its common shares.
The repurchases will be accomplished in open market or privately negotiated
transactions or otherwise, from time to time, depending on market conditions.

Gregory Morrison, Chief Executive Officer of Platinum, remarked: "We are pleased
to announce this initiative. This share repurchase program will provide us the
opportunity to enhance shareholder return through selective repurchases of our
common shares."

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, the United States and the United
Kingdom. 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

Management believes certain statements in this press release may constitute
"forward-looking statements" within the meaning of the Private Securities
Litigation Reform Act of 1995. 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," "will," "expect," "project," "estimate,"
"anticipate," "plan" or "continue." These forward-looking statements are based
upon the Company's current plans or expectations and are subject to a number of
uncertainties and risks that could significantly affect current plans,
anticipated actions and the Company's future financial condition and results.
The uncertainties and risks include, but are not limited to, those relating to
successfully executing the Company's business strategy; the adequacy of the
Company's loss reserves; conducting operations in a competitive environment;
conducting operations in foreign countries; dependence upon the availability of
key executives and reinsurance brokers; general economic conditions, including
the effects of market volatility or a prolonged U.S. or global economic downturn
or recession; variations in political, economic or other factors such as
currency exchange rates, inflation rates and recessionary or expansive trends;
the cyclicality of the property and casualty reinsurance business; tax, legal or
regulatory restrictions or limitations applicable to the Company or the property
and casualty reinsurance business generally, and changes therein; significant
weather-related or other natural or human-made disasters, civil unrest or other
external factors over which the Company has no control; 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 the Company assumes no obligation to update or revise any of them
in light of new information, future events or otherwise.