Platinum Reports Net Income Of $63.7 Million

April 17, 2014

Bermuda-based Platinum Underwriters Holdings, Ltd. reported net income of $63.7 million and diluted earnings per common share of $2.27 for the quarter ended March 31, 2014.

The results for the quarter include net premiums earned of $126.3 million, net favorable development of $47.0 million and net investment income of $17.7 million.

Michael D. Price, Platinum’s Chief Executive Officer, commented, “Our results reflect favorable prior period development, the absence of major catastrophe activity, strong investment results on a total return basis and active capital management. Our book value per common share grew to $65.35 as of March 31, 2014, an increase of 5.3% from December 31, 2013.”

Mr. Price added, “Absent major events in the insurance or capital markets, we expect continued downward pressure on overall reinsurance rate adequacy. Our present balance sheet composition and broad market access leave us well positioned to take advantage of quality reinsurance underwriting, investment and capital management opportunities as they arise.”

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