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Platinum Underwriters Holdings, Ltd. Reports Record Fourth Quarter and Year Ended December 31, 2007 Financial Results
Date:2/19/2008

HAMILTON, Bermuda, Feb. 19 /PRNewswire-FirstCall/ -- Platinum Underwriters Holdings, Ltd. (NYSE: PTP) today reported net income of $102.2 million, or $1.60 per diluted common share, for the quarter ended December 31, 2007 and net income of $357.0 million, or $5.38 per diluted common share, for the year ended December 31, 2007. The results for the quarter ended December 31, 2007 include net premiums earned of $302.0 million, a decrease of 4.3% from the same quarter last year, net favorable development of $28.3 million, compared with net favorable development of $23.7 million in the same quarter last year, and net investment income of $53.6 million, an increase of 5.4% from the same quarter last year.

Michael D. Price, Chief Executive Officer, commented, "Platinum produced record results in 2007 reflecting solid current period underwriting margins, strong investment income, the absence of major catastrophes and favorable prior period development. Our book value per share increased 20.2% from December 31, 2006 to $34.04 and reflects share repurchases during the year of $240.5 million at an average price of $34.68."

Mr. Price added, "In response to deteriorating reinsurance market conditions, we cut back our underwriting activity at January 1st. Our underwriting discipline coupled with greater retention by ceding companies has resulted in approximately 18% less premium bound at January 1st as compared to last year."

Mr. Price also stated, "Overall, 2007 was another successful year for Platinum. We produced excellent returns while maintaining prudent risk levels. We are strongly capitalized and if the business performs as expected, we anticipate generating excess capital allowing us to continue actively managing our capital
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SOURCE Platinum Underwriters Holdings, Ltd.
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