x
|
QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
|
For
the quarterly period ended March 31,
2008
|
|
OR
|
|
o
|
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
|
For
the transition period from __________ to
__________
|
Platinum
Underwriters Holdings, Ltd.
|
(Exact
name of registrant as specified in its
charter)
|
Bermuda
|
98-0416483
|
|
(State
or other jurisdiction of incorporation or organization)
|
(I.R.S.
Employer Identification No.)
|
The
Belvedere Building
69
Pitts Bay Road
Pembroke,
Bermuda
|
HM
08
|
|
(Address
of principal executive offices)
|
(Zip
Code)
|
Large
accelerated filer
|
X
|
Accelerated
filer
|
Non-accelerated
filer
|
(Do not check if a smaller reporting company)
|
Smaller
Reporting Company
|
Page
|
|
PART
I – FINANCIAL INFORMATION
|
|
Item
1.Condensed Consolidated Financial Statements
|
|
Consolidated
Balance Sheets as of March 31, 2008 (Unaudited) and December 31,
2007
|
1
|
Consolidated
Statements of Operations and Comprehensive Income for the Three Months
Ended March 31, 2008 and 2007 (Unaudited)
|
2
|
Consolidated
Statements of Changes in Shareholders’ Equity for the Three Months Ended
March 31, 2008 and 2007 (Unaudited)
|
3
|
Consolidated
Statements of Cash Flows for the Three Months Ended March 31,
2008 and 2007 (Unaudited)
|
4
|
Notes
to Condensed Consolidated Financial Statements for the Three Months Ended
March 31, 2008 and 2007 (Unaudited)
|
5
|
Item
2.Management's Discussion and Analysis of Financial Condition and Results
of Operations
|
12
|
Item
3.Quantitative and Qualitative Disclosures about Market
Risk
|
20
|
Item
4.Controls and Procedures
|
21
|
PART
II – OTHER INFORMATION
|
|
Item
2.Unregistered Sales of Equity Securities and Use of
Proceeds
|
22
|
Item
6.Exhibits
|
22
|
SIGNATURES
|
23
|
ITEM
1. CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS
|
(Unaudited)
|
|||||||
March 31,
2008
|
December 31,
2007
|
||||||
ASSETS
|
|||||||
Investments:
|
|||||||
Fixed
maturity available-for-sale securities at fair value
(amortized
cost – $3,061,191 and $3,214,981, respectively)
|
$ | 3,036,179 | $ | 3,191,923 | |||
Fixed
maturity trading securities at fair value
(amortized
cost – $167,264 and $170,952,
respectively)
|
169,021 | 169,818 | |||||
Preferred
stocks (cost – $12,246 and $12,246, respectively)
|
10,066 | 9,607 | |||||
Short-term
investments
|
135,418 | 13,876 | |||||
Total
investments
|
3,350,684 | 3,385,224 | |||||
Cash
and cash equivalents
|
1,034,344 | 1,076,279 | |||||
Accrued
investment income
|
29,097 | 34,696 | |||||
Reinsurance
premiums receivable
|
304,240 | 244,360 | |||||
Reinsurance
recoverable on ceded losses and loss adjustment expenses
|
22,074 | 27,979 | |||||
Prepaid
reinsurance premiums
|
8,446 | 9,369 | |||||
Funds
held by ceding companies
|
165,023 | 165,604 | |||||
Deferred
acquisition costs
|
68,084 | 70,508 | |||||
Deferred
tax assets
|
43,346 | 43,342 | |||||
Other
assets
|
18,318 | 21,389 | |||||
Total
assets
|
$ | 5,043,656 | $ | 5,078,750 | |||
LIABILITIES
AND SHAREHOLDERS’ EQUITY
|
|||||||
Liabilities
|
|||||||
Unpaid
losses and loss adjustment expenses
|
$ | 2,410,227 | $ | 2,361,038 | |||
Unearned
premiums
|
293,148 | 298,498 | |||||
Debt
obligations
|
250,000 | 250,000 | |||||
Ceded
premiums payable
|
130 | 4,559 | |||||
Commissions
payable
|
111,908 | 100,204 | |||||
Other
liabilities
|
49,135 | 66,074 | |||||
Total
liabilities
|
3,114,548 | 3,080,373 | |||||
Shareholders’
Equity
|
|||||||
Preferred
shares, $.01 par value, 25,000,000 shares authorized, 5,750,000 shares
issued and outstanding
|
57 | 57 | |||||
Common
shares, $.01 par value, 200,000,000 shares authorized, 48,923,952 and
53,779,914 shares issued and outstanding, respectively
|
489 | 538 | |||||
Additional
paid-in capital
|
1,174,952 | 1,338,466 | |||||
Accumulated
other comprehensive loss
|
(28,460 | ) | (24,339 | ) | |||
Retained
earnings
|
782,070 | 683,655 | |||||
Total
shareholders' equity
|
1,929,108 | 1,998,377 | |||||
Total
liabilities and shareholders' equity
|
$ | 5,043,656 | $ | 5,078,750 |
2008
|
2007
|
||||||
Revenue:
|
|||||||
Net
premiums earned
|
$ | 301,851 | $ | 284,848 | |||
Net
investment income
|
49,062 | 51,699 | |||||
Net
realized gains (losses) on investments
|
45 | (18 | ) | ||||
Other
income (expense)
|
2,021 | (780 | ) | ||||
Total
revenue
|
352,979 | 335,749 | |||||
Expenses:
|
|||||||
Net
losses and loss adjustment expenses
|
160,203 | 181,913 | |||||
Net
acquisition expenses
|
60,542 | 48,120 | |||||
Operating
expenses
|
21,690 | 23,206 | |||||
Net
foreign currency exchange gains
|
(4,869 | ) | (42 | ) | |||
Interest
expense
|
4,750 | 5,455 | |||||
Total
expenses
|
242,316 | 258,652 | |||||
Income
before income tax expense
|
110,663 | 77,097 | |||||
Income
tax expense
|
5,492 | 4,264 | |||||
Net
income
|
105,171 | 72,833 | |||||
Preferred
dividends
|
2,602 | 2,602 | |||||
Net
income attributable to common shareholders
|
$ | 102,569 | $ | 70,231 | |||
Earnings
per share:
|
|||||||
Basic
earnings per share
|
$ | 1.97 | $ | 1.18 | |||
Diluted
earnings per share
|
$ | 1.76 | $ | 1.08 | |||
Comprehensive
income:
|
|||||||
Net
income
|
$ | 105,171 | $ | 72,833 | |||
Other
comprehensive income (loss):
|
|||||||
Net
change in unrealized gains and losses on available-for-sale securities,
net of deferred taxes
|
(4,121 | ) | 9,429 | ||||
Cumulative
translation adjustments, net of deferred taxes
|
– | (44 | ) | ||||
Comprehensive
income
|
$ | 101,050 | $ | 82,218 | |||
Shareholder
dividends:
|
|||||||
Preferred
dividends declared
|
$ | 2,602 | $ | 2,602 | |||
Preferred
dividends declared per share
|
0.45 | 0.45 | |||||
Common
dividends declared
|
4,154 | 4,784 | |||||
Common
dividends declared per share
|
$ | 0.08 | $ | 0.08 |
2008
|
2007
|
||||||
Preferred
shares:
|
|||||||
Balances
at beginning and end of periods
|
$ | 57 | $ | 57 | |||
Common
shares:
|
|||||||
Balances
at beginning of period
|
538 | 597 | |||||
Exercise
of common share options
|
– | 1 | |||||
Issuance
of common shares
|
1 | – | |||||
Purchase
of common shares
|
(50 | ) | – | ||||
Balances
at end of period
|
489 | 598 | |||||
Additional
paid-in-capital:
|
|||||||
Balances
at beginning of period
|
1,338,466 | 1,545,979 | |||||
Exercise
of common share options
|
– | 2,991 | |||||
Issuance
of common shares
|
1,647 | – | |||||
Share
based compensation
|
3,027 | 1,398 | |||||
Settlement
of equity awards
|
(296 | ) | – | ||||
Purchase
of common shares
|
(167,892 | ) | – | ||||
Balances
at end of period
|
1,174,952 | 1,550,368 | |||||
Accumulated other
comprehensive loss:
|
|||||||
Balances
at beginning of period
|
(24,339 | ) | (44,289 | ) | |||
Net
change in unrealized gains and losses on available-for-sale securities,
net of deferred tax
|
(4,121 | ) | 9,429 | ||||
Net
change in cumulative translation adjustments, net of deferred
tax
|
– | (44 | ) | ||||
Balances
at end of period
|
(28,460 | ) | (34,904 | ) | |||
Retained
earnings:
|
|||||||
Balances
at beginning of period
|
683,655 | 355,717 | |||||
Net
income
|
105,171 | 72,833 | |||||
Preferred
share dividends
|
(2,602 | ) | (2,602 | ) | |||
Common
share dividends
|
(4,154 | ) | (4,784 | ) | |||
Balances
at end of period
|
782,070 | 421,164 | |||||
Total
shareholders’ equity
|
$ | 1,929,108 | $ | 1,937,283 |
2008
|
2007
|
||||||
Operating
Activities:
|
|||||||
Net
income
|
$ | 105,171 | $ | 72,833 | |||
Adjustments
to reconcile net income to cash provided by operations:
|
|||||||
Depreciation
and amortization
|
2,136 | 3,586 | |||||
Net
realized (gains) losses on investments
|
(45 | ) | 18 | ||||
Net
foreign currency exchange gains
|
(4,869 | ) | (42 | ) | |||
Share
based compensation
|
3,053 | 1,398 | |||||
Deferred
income tax expense
|
(2,625 | ) | (3,411 | ) | |||
Trading
securities activities
|
7,554 | 2,230 | |||||
Changes
in assets and liabilities:
|
|||||||
Decrease
in accrued investment income
|
5,599 | 85 | |||||
(Increase)
decrease in reinsurance premiums receivable
|
(55,773 | ) | 13,221 | ||||
Decrease
in funds held by ceding companies
|
581 | 3,180 | |||||
(Increase)
decrease in deferred acquisition costs
|
2,424 | (1,928 | ) | ||||
Increase
in net unpaid losses and loss adjustment expenses
|
46,339 | 49,136 | |||||
Increase
(decrease) in net unearned premiums
|
(4,427 | ) | 14,310 | ||||
Decrease
in ceded premiums payable
|
(4,429 | ) | (11,542 | ) | |||
Increase
(decrease) in commissions payable
|
11,704 | (6,086 | ) | ||||
Net
changes in other assets and liabilities
|
(10,071 | ) | (17,826 | ) | |||
Other
net
|
2,512 | 384 | |||||
Net
cash provided by operating activities
|
104,834 | 119,546 | |||||
Investing
Activities:
|
|||||||
Proceeds
from sale of available-for-sale fixed maturity securities
|
6,177 | – | |||||
Proceeds
from maturity or paydown of available-for-sale fixed maturity
securities
|
442,368 | 271,035 | |||||
Acquisition
of available-for-sale fixed maturity securities
|
(299,553 | ) | (457,939 | ) | |||
Proceeds
from sale of other invested asset
|
– | 4,745 | |||||
Net
change in short-term investments
|
(121,064 | ) | 19,006 | ||||
Net
cash provided by (used in) investing activities
|
27,928 | (163,153 | ) | ||||
Financing
Activities:
|
|||||||
Dividends
paid to preferred shareholders
|
(2,602 | ) | (2,602 | ) | |||
Dividends
paid to common shareholders
|
(4,154 | ) | (4,784 | ) | |||
Proceeds
from exercise of share options
|
– | 2,993 | |||||
Purchase
of common shares
|
(167,941 | ) | – | ||||
Net
cash used in financing activities
|
(174,697 | ) | (4,393 | ) | |||
Net
decrease in cash and cash equivalents
|
(41,935 | ) | (48,000 | ) | |||
Cash
and cash equivalents at beginning of period
|
1,076,279 | 851,652 | |||||
- | |||||||
Cash
and cash equivalents at end of period
|
$ | 1,034,344 | $ | 803,652 | |||
Supplemental
disclosures of cash flow information:
|
|||||||
Income
taxes paid
|
$ | 2,125 | $ | 20 | |||
Interest
paid
|
$ | – | $ | – |
1.
Basis of
Presentation
|
2.
Investments
|
2008
|
2007
|
||||||
Net
change in fair value
|
$ | (1,501 | ) | $ | 10,808 | ||
Deferred
taxes
|
(2,620 | ) | (1,379 | ) | |||
Net
change in unrealized investment gains and losses
|
$ | (4,121 | ) | $ | 9,429 |
Fair
Value
|
Unrealized
Loss
|
||||||
Less than twelve
months:
|
|||||||
U.S.
Government
|
$ | – | $ | – | |||
Corporate
bonds
|
207,474 | 5,861 | |||||
Mortgage-backed
and asset-backed securities
|
424,815 | 20,661 | |||||
Municipal
bonds
|
44,785 | 587 | |||||
Foreign
governments and states
|
3,013 | 2 | |||||
Preferred
stocks
|
970 | 30 | |||||
Total
|
$ | 681,057 | $ | 27,141 | |||
Twelve months or
more:
|
|||||||
U.S.
Government
|
$ | 2,659 | $ | 9 | |||
Corporate
bonds
|
164,689 | 12,589 | |||||
Mortgage-backed
and asset-backed securities
|
271,698 | 19,903 | |||||
Municipal
bonds
|
8,179 | 387 | |||||
Foreign
governments and states
|
– | – | |||||
Preferred
stocks
|
9,096 | 2,150 | |||||
Total
|
$ | 456,321 | $ | 35,038 | |||
Total unrealized
losses:
|
|||||||
U.S.
Government
|
$ | 2,659 | $ | 9 | |||
Corporate
bonds
|
372,163 | 18,450 | |||||
Mortgage-backed
and asset-backed securities
|
696,513 | 40,564 | |||||
Municipal
bonds
|
52,964 | 974 | |||||
Foreign
governments and states
|
3,013 | 2 | |||||
Preferred
stocks
|
10,066 | 2,180 | |||||
Total
|
$ | 1,137,378 | $ | 62,179 |
Fair
Value Measurement at
Reporting Date Using:
|
|||||||||||||||
Total
|
Level
1
|
Level
2
|
Level
3
|
||||||||||||
Assets:
|
|||||||||||||||
Fixed
maturity available-for-sale securities
|
$ | 3,036,179 | 112,197 | 2,923,982 | $ | – | |||||||||
Fixed
maturity trading securities
|
169,021 | 54,658 | 114,363 | – | |||||||||||
Preferred
stocks
|
10,066 | 7,125 | 2,941 | – | |||||||||||
Short-term
investments
|
135,418 | 34,931 | 100,487 | – | |||||||||||
Derivative
instruments
|
5,950 | – | – | 5,950 | |||||||||||
Total
|
$ | 3,356,634 | 208,911 | 3,141,773 | $ | 5,950 |
Beginning
balance at January 1, 2008
|
$ | – | |
Purchases,
issuances, and settlements
|
6,760 | ||
Total
realized losses included in earnings
|
(810 | ) | |
Ending
balance at March 31, 2008
|
5,950 | ||
Losses
for the period attributable to the change in realized losses relating to
assets still held
|
$ | (810 | ) |
3.
Earnings Per
Share
|
Net
Income
|
Weighted
Average
Common
Shares
Outstanding
|
Earnings
Per
Common
Share
|
||||||||
Three Months Ended
March 31, 2008:
|
||||||||||
Basic
earnings per share:
|
||||||||||
Net
income attributable to common shareholders
|
$ | 102,569 | 52,104 | $ | 1.97 | |||||
Effect
of dilutive securities:
|
||||||||||
Common
share options, restricted common shares and common share
units
|
– | 2,662 | ||||||||
Conversion
of preferred shares
|
– | 5,108 | ||||||||
Preferred
share dividends
|
2,602 | – | ||||||||
Adjusted
net income for diluted earnings per share
|
$ | 105,171 | 59,874 | $ | 1.76 | |||||
Three Months Ended
March 31, 2007:
|
||||||||||
Basic
earnings per share:
|
||||||||||
Net
income attributable to common shareholders
|
$ | 70,231 | 59,718 | $ | 1.18 | |||||
Effect
of dilutive securities:
|
||||||||||
Common
share options, restricted common shares and common share
units
|
– | 1,965 | ||||||||
Conversion
of preferred shares
|
– | 5,574 | ||||||||
Preferred
share dividends
|
2,602 | – | ||||||||
Adjusted
net income for diluted earnings per share
|
$ | 72,833 | 67,257 | $ | 1.08 |
4.
Operating
Segment Information
|
Property
and
Marine
|
Casualty
|
Finite
Risk
|
Total
|
|||||||||||
Three months ended
March 31, 2008:
|
||||||||||||||
Net
premiums written
|
$ | 168,817 | 125,576 | 1,878 | $ | 296,271 | ||||||||
Net
premiums earned
|
153,390 | 147,495 | 966 | 301,851 | ||||||||||
Net
losses and loss adjustment expenses
|
62,039 | 99,393 | (1,229 | ) | 160,203 | |||||||||
Net
acquisition expenses
|
20,654 | 37,488 | 2,400 | 60,542 | ||||||||||
Other
underwriting expenses
|
8,596 | 6,795 | 310 | 15,701 | ||||||||||
Segment
underwriting income (loss)
|
$ | 62,101 | 3,819 | (515 | ) | 65,405 | ||||||||
Net
investment income
|
49,062 | |||||||||||||
Net
realized gains on investments
|
45 | |||||||||||||
Net
foreign currency exchange gains
|
4,869 | |||||||||||||
Other
income
|
2,021 | |||||||||||||
Corporate
expenses not allocated to segments
|
(5,989 | ) | ||||||||||||
Interest
expense
|
(4,750 | ) | ||||||||||||
Income
before income tax expense
|
$ | 110,663 | ||||||||||||
Ratios:
|
||||||||||||||
Net
loss and loss adjustment expense
|
40.4 | % | 67.4 | % | (127.2 | %) | 53.1 | % | ||||||
Net
acquisition expense
|
13.5 | % | 25.4 | % | 248.4 | % | 20.1 | % | ||||||
Other
underwriting expense
|
5.6 | % | 4.6 | % | 32.1 | % | 5.2 | % | ||||||
Combined
|
59.5 | % | 97.4 | % | 153.3 | % | 78.4 | % | ||||||
Three months ended
March 31, 2007:
|
||||||||||||||
Net
premiums written
|
$ | 137,654 | 152,183 | 9,080 | $ | 298,917 | ||||||||
Net
premiums earned
|
119,710 | 154,019 | 11,119 | 284,848 | ||||||||||
Net
losses and loss adjustment expenses
|
62,627 | 112,382 | 6,904 | 181,913 | ||||||||||
Net
acquisition expenses
|
15,935 | 32,035 | 150 | 48,120 | ||||||||||
Other
underwriting expenses
|
10,028 | 6,717 | 1,034 | 17,779 | ||||||||||
Segment
underwriting income
|
$ | 31,120 | 2,885 | 3,031 | 37,036 | |||||||||
Net
investment income
|
51,699 | |||||||||||||
Net
realized losses on investments
|
(18 | ) | ||||||||||||
Net
foreign currency exchange gains
|
42 | |||||||||||||
Other
expense
|
(780 | ) | ||||||||||||
Corporate
expenses not allocated to segments
|
(5,427 | ) | ||||||||||||
Interest
expense
|
(5,455 | ) | ||||||||||||
Income
before income tax expense
|
$ | 77,097 | ||||||||||||
Ratios:
|
||||||||||||||
Net
loss and loss adjustment expense
|
52.3 | % | 73.0 | % | 62.1 | % | 63.9 | % | ||||||
Net
acquisition expense
|
13.3 | % | 20.8 | % | 1.3 | % | 16.9 | % | ||||||
Other
underwriting expense
|
8.4 | % | 4.4 | % | 9.3 | % | 6.2 | % | ||||||
Combined
|
74.0 | % | 98.2 | % | 72.7 | % | 87.0 | % |
5.
Income
Taxes
|
2008
|
2007
|
|||||
Expected
income tax expense at 35%
|
$ | 38,732 | $ | 26,984 | ||
Effect
of foreign income subject to tax at rates other than 35%
|
(32,704 | ) | (22,235 | ) | ||
Tax
exempt investment income
|
(454 | ) | (389 | ) | ||
Other,
net
|
(82 | ) | (96 | ) | ||
Income
tax expense
|
$ | 5,492 | $ | 4,264 |
6.
Condensed
Consolidating Financial
Information
|
Condensed
Consolidating Balance Sheet
March 31,
2008
|
Platinum
Holdings
|
Platinum
Finance
|
Non-guarantor
Subsidiaries
|
Consolidating
Adjustments
|
Consolidated
|
||||||||||
ASSETS
|
|||||||||||||||
Total
investments
|
$ | – | 6,626 | 3,344,058 | – | $ | 3,350,684 | ||||||||
Investment
in subsidiaries
|
1,883,867 | 522,967 | 322,241 | (2,729,075 | ) | – | |||||||||
Cash
and cash equivalents
|
36,902 | 18,488 | 978,954 | – | 1,034,344 | ||||||||||
Reinsurance
assets
|
– | – | 567,867 | – | 567,867 | ||||||||||
Other
assets
|
12,946 | 3,116 | 74,699 | – | 90,761 | ||||||||||
Total
assets
|
$ | 1,933,715 | 551,197 | 5,287,819 | (2,729,075 | ) | $ | 5,043,656 | |||||||
LIABILITIES
AND
SHAREHOLDERS’
EQUITY
|
|||||||||||||||
Liabilities
|
|||||||||||||||
Reinsurance
liabilities
|
$ | – | – | 2,815,413 | – | $ | 2,815,413 | ||||||||
Debt
obligations
|
– | 250,000 | – | – | 250,000 | ||||||||||
Other
liabilities
|
4,607 | 5,934 | 38,594 | – | 49,135 | ||||||||||
Total
liabilities
|
4,607 | 255,934 | 2,854,007 | – | 3,114,548 | ||||||||||
Shareholders’
Equity
|
|||||||||||||||
Preferred
shares
|
57 | – | – | – | 57 | ||||||||||
Common
shares
|
489 | – | 6,250 | (6,250 | ) | 489 | |||||||||
Additional
paid-in capital
|
1,174,952 | 193,054 | 1,896,161 | (2,089,215 | ) | 1,174,952 | |||||||||
Accumulated
other comprehensive income (loss)
|
(28,460 | ) | 2,355 | (26,081 | ) | 23,726 | (28,460 | ) | |||||||
Retained
earnings
|
782,070 | 99,854 | 557,482 | (657,336 | ) | 782,070 | |||||||||
Total
shareholders' equity
|
1,929,108 | 295,263 | 2,433,812 | (2,729,075 | ) | 1,929,108 | |||||||||
Total
liabilities and shareholders’ equity
|
$ | 1,933,715 | 551,197 | 5,287,819 | (2,729,075 | ) | $ | 5,043,656 |
Condensed
Consolidating Balance Sheet
December
31, 2007
|
Platinum
Holdings
|
Platinum
Finance
|
Non-guarantor
Subsidiaries
|
Consolidating
Adjustments
|
Consolidated
|
||||||||||
ASSETS
|
|||||||||||||||
Total
investments
|
$ | – | 6,661 | 3,378,563 | – | $ | 3,385,224 | ||||||||
Investment
in subsidiaries
|
1,958,019 | 504,642 | 306,373 | (2,769,034 | ) | – | |||||||||
Cash
and cash equivalents
|
39,593 | 18,348 | 1,018,338 | – | 1,076,279 | ||||||||||
Reinsurance
assets
|
– | – | 517,820 | – | 517,820 | ||||||||||
Other
assets
|
10,815 | 2,106 | 86,506 | – | 99,427 | ||||||||||
Total
assets
|
$ | 2,008,427 | 531,757 | 5,307,600 | (2,769,034 | ) | $ | 5,078,750 | |||||||
LIABILITIES
AND
SHAREHOLDERS’
EQUITY
|
|||||||||||||||
Liabilities
|
|||||||||||||||
Reinsurance
liabilities
|
$ | – | – | 2,764,299 | – | $ | 2,764,299 | ||||||||
Debt
obligations
|
– | 250,000 | – | – | 250,000 | ||||||||||
Other
liabilities
|
10,050 | 1,714 | 54,310 | – | 66,074 | ||||||||||
Total
liabilities
|
10,050 | 251,714 | 2,818,609 | – | 3,080,373 | ||||||||||
Shareholders’
Equity
|
|||||||||||||||
Preferred
shares
|
57 | – | – | – | 57 | ||||||||||
Common
shares
|
538 | – | 6,250 | (6,250 | ) | 538 | |||||||||
Additional
paid-in capital
|
1,338,466 | 193,054 | 1,896,161 | (2,089,215 | ) | 1,338,466 | |||||||||
Accumulated
other comprehensive loss
|
(24,339 | ) | (2,513 | ) | (26,814 | ) | 29,327 | (24,339 | ) | ||||||
Retained
earnings
|
683,655 | 89,502 | 613,394 | (702,896 | ) | 683,655 | |||||||||
Total
shareholders' equity
|
1,998,377 | 280,043 | 2,488,991 | (2,769,034 | ) | 1,998,377 | |||||||||
Total
liabilities and shareholders’ equity
|
$ | 2,008,427 | 531,757 | 5,307,600 | (2,769,034 | ) | $ | 5,078,750 |
Consolidating
Statement of Operations
For
the Three Months Ended March 31, 2008
|
Platinum
Holdings
|
Platinum
Finance
|
Non-guarantor
Subsidiaries
|
Consolidating
Adjustments
|
Consolidated
|
||||||||||
Revenue:
|
|||||||||||||||
Net
premiums earned
|
$ | – | – | 301,851 | – | $ | 301,851 | ||||||||
Net
investment income
|
600 | 225 | 48,237 | – | 49,062 | ||||||||||
Net
realized gains on investments
|
– | 3 | 42 | – | 45 | ||||||||||
Other
income, net
|
449 | – | 1,572 | – | 2,021 | ||||||||||
Total
revenue
|
1,049 | 228 | 351,702 | – | 352,979 | ||||||||||
Expenses:
|
|||||||||||||||
Net
losses and loss adjustment expenses
|
– | – | 160,203 | – | 160,203 | ||||||||||
Net
acquisition expenses
|
– | – | 60,542 | – | 60,542 | ||||||||||
Operating
expenses
|
5,849 | 100 | 15,741 | – | 21,690 | ||||||||||
Net
foreign currency exchange gains
|
– | – | (4,869 | ) | – | (4,869 | ) | ||||||||
Interest
expense
|
– | 4,750 | – | – | 4,750 | ||||||||||
Total
expenses
|
5,849 | 4,850 | 231,617 | – | 242,316 | ||||||||||
Income
(loss) before income tax expense (benefit)
|
(4,800 | ) | (4,622 | ) | 120,085 | – | 110,663 | ||||||||
Income
tax expense (benefit)
|
– | (1,508 | ) | 7,000 | – | 5,492 | |||||||||
Income
(loss) before equity in earnings of subsidiaries
|
(4,800 | ) | (3,114 | ) | 113,085 | – | 105,171 | ||||||||
Equity
in earnings of subsidiaries
|
109,971 | 13,465 | 11,007 | (134,443 | ) | – | |||||||||
Net
income
|
105,171 | 10,351 | 124,092 | (134,443 | ) | 105,171 | |||||||||
Preferred
dividends
|
(2,602 | ) | – | – | – | (2,602 | ) | ||||||||
Net
income attributable to common shareholders
|
$ | 102,569 | 10,351 | 124,092 | (134,443 | ) | $ | 102,569 |
Consolidating
Statement of Operations
For
the Three Months Ended March 31, 2007
|
Platinum
Holdings
|
Platinum
Finance
|
Non-guarantor
Subsidiaries
|
Consolidating
Adjustments
|
Consolidated
|
||||||||||
Revenue:
|
|||||||||||||||
Net
premiums earned
|
$ | – | – | 284,848 | – | $ | 284,848 | ||||||||
Net
investment income
|
1,358 | 638 | 49,703 | – | 51,699 | ||||||||||
Net
realized losses on investments
|
– | – | (18 | ) | – | (18 | ) | ||||||||
Other
expense, net
|
(170 | ) | – | (610 | ) | – | (780 | ) | |||||||
Total
revenue
|
1,188 | 638 | 333,923 | – | 335,749 | ||||||||||
Expenses:
|
|||||||||||||||
Net
losses and loss adjustment expenses
|
– | – | 181,913 | – | 181,913 | ||||||||||
Net
acquisition expenses
|
– | – | 48,120 | – | 48,120 | ||||||||||
Operating
expenses
|
5,311 | 96 | 17,799 | – | 23,206 | ||||||||||
Net
foreign currency exchange gains
|
– | – | (42 | ) | – | (42 | ) | ||||||||
Interest
expense
|
– | 5,455 | – | – | 5,455 | ||||||||||
Total
expenses
|
5,311 | 5,551 | 247,790 | – | 258,652 | ||||||||||
Income
(loss) before income tax expense (benefit)
|
(4,123 | ) | (4,913 | ) | 86,133 | – | 77,097 | ||||||||
Income
tax expense (benefit)
|
– | (2,182 | ) | 6,446 | – | 4,264 | |||||||||
Income
(loss) before equity in earnings of subsidiaries
|
(4,123 | ) | (2,731 | ) | 79,687 | – | 72,833 | ||||||||
Equity
in earnings of subsidiaries
|
76,956 | 9,655 | 9,470 | (96,081 | ) | – | |||||||||
Net
income
|
72,833 | 6,924 | 89,157 | (96,081 | ) | 72,833 | |||||||||
Preferred
dividends
|
(2,602 | ) | – | – | – | (2,602 | ) | ||||||||
Net
income attributable to common shareholders
|
$ | 70,231 | 6,924 | 89,157 | (96,081 | ) | $ | 70,231 |
Condensed
Consolidating Statement of Cash Flows
For
the Three Months Ended March 31, 2008
|
Platinum
Holdings
|
Platinum
Finance
|
Non-guarantor
Subsidiaries
|
Consolidating
Adjustments
|
Consolidated
|
||||||||||
Net
cash provided by (used in) operating activities
|
$ | (7,993 | ) | 94 | 112,733 | – | $ | 104,834 | |||||||
Investing
Activities:
|
|||||||||||||||
Proceeds
from sale of available-for-sale fixed maturity securities
|
– | 45 | 6,132 | – | 6,177 | ||||||||||
Proceeds
from maturity or paydown of available-for-sale fixed maturity
securities
|
– | – | 442,368 | – | 442,368 | ||||||||||
Acquisition
of available-for-sale fixed maturities
|
– | – | (299,553 | ) | – | (299,553 | ) | ||||||||
Proceeds
from sale of other invested asset
|
– | – | – | – | – | ||||||||||
Increase
in short-term investments
|
– | – | (121,064 | ) | – | (121,064 | ) | ||||||||
Dividends
from subsidiaries
|
180,000 | – | – | (180,000 | ) | – | |||||||||
Net
cash provided by investing activities
|
180,000 | 45 | 27,883 | (180,000 | ) | 27,928 | |||||||||
Financing
Activities:
|
|||||||||||||||
Dividends
paid to preferred shareholders
|
(2,602 | ) | – | – | (2,602 | ) | |||||||||
Dividends
paid to common shareholders
|
(4,154 | ) | – | (180,000 | ) | 180,000 | (4,154 | ) | |||||||
Proceeds
from exercise of share options
|
– | – | – | – | – | ||||||||||
Purchase
of common shares
|
(167,941 | ) | – | – | – | (167,941 | ) | ||||||||
Net
cash used in financing activities
|
(174,697 | ) | – | (180,000 | ) | 180,000 | (174,697 | ) | |||||||
Net
increase (decrease) in cash and cash equivalents
|
(2,690 | ) | 139 | (39,384 | ) | – | (41,935 | ) | |||||||
Cash
and cash equivalents at beginning of period
|
39,592 | 18,349 | 1,018,338 | – | 1,076,279 | ||||||||||
Cash
and cash equivalents at end of period
|
$ | 36,902 | 18,488 | 978,954 | – | $ | 1,034,344 |
Condensed
Consolidating Statement of Cash Flows
For
the Three Months Ended March 31, 2007
|
Platinum
Holdings
|
Platinum
Finance
|
Non-guarantor
Subsidiaries
|
Consolidating
Adjustments
|
Consolidated
|
||||||||||
Net
cash provided by (used in) operating activities
|
$ | (3,906 | ) | 577 | 122,875 | – | $ | 119,546 | |||||||
Investing
Activities:
|
|||||||||||||||
Proceeds
from maturity or paydown of available-for-sale fixed
maturities
|
– | 599 | 270,436 | – | 271,035 | ||||||||||
Acquisition
of available-for-sale fixed maturities
|
– | – | (457,939 | ) | – | (457,939 | ) | ||||||||
Proceeds
from sale of other invested asset
|
– | – | 4,745 | – | 4,745 | ||||||||||
Increase
in short-term investments
|
– | – | 19,006 | – | 19,006 | ||||||||||
Net
cash provided by (used in) investing activities
|
– | 599 | (163,752 | ) | – | (163,153 | ) | ||||||||
Financing
Activities:
|
|||||||||||||||
Dividends
paid to preferred shareholders
|
(2,602 | ) | – | – | – | (2,602 | ) | ||||||||
Dividends
paid to common shareholders
|
(4,784 | ) | – | – | – | (4,784 | ) | ||||||||
Proceeds
from exercise of share options
|
2,993 | – | – | – | 2,993 | ||||||||||
Net
cash used in financing activities
|
(4,393 | ) | – | – | – | (4,393 | ) | ||||||||
Net
increase (decrease) in cash and cash equivalents
|
(8,299 | ) | 1,176 | (40,877 | ) | – | (48,000 | ) | |||||||
Cash
and cash equivalents at beginning of period
|
106,039 | 39,294 | 706,319 | – | 851,652 | ||||||||||
Cash
and cash equivalents at end of period
|
$ | 97,740 | 40,470 | 665,442 | – | $ | 803,652 |
7.
Company Share
Repurchase
|
ITEM
2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS
|
2008
|
2007
|
Increase
|
||||||||||
Net
income
|
$ | 105,171 | 72,833 | $ | 32,338 |
2008
|
2007
|
Increase
(decrease)
|
||||||||||
Gross
premiums written
|
$ | 300,354 | 303,135 | $ | (2,781 | ) | ||||||
Ceded
premiums written
|
4,083 | 4,218 | ( 135 | ) | ||||||||
Net
premiums written
|
296,271 | 298,917 | (2,646 | ) | ||||||||
Gross
premiums earned
|
306,875 | 292,023 | 14,852 | |||||||||
Ceded
premiums earned
|
5,024 | 7,175 | (2,151 | ) | ||||||||
Net
premiums earned
|
$ | 301,851 | 284,848 | $ | 17,003 |
2008
|
2007
|
Decrease
|
||||||||||
Net
losses and LAE
|
$ | 160,203 | 181,913 | $ | (21,710 | ) | ||||||
Net
loss and LAE ratios
|
53.1 | % | 63.9 | % |
(10.8)
points
|
2008
|
2007
|
Increase
|
||||||||||
Net
acquisition expenses
|
$ | 60,542 | 48,120 | $ | 12,422 | |||||||
Net
acquisition expense ratios
|
20.1 | % | 16.9 | % |
3.2
points
|
2008
|
2007
|
Increase
(decrease)
|
||||||||||
Income
tax expense
|
$ | 5,492 | 4,264 | $ | 1,228 | |||||||
Effective
income tax rates
|
5.0 | % | 5.5 | % |
(0.5)
points
|
Property
and
Marine
|
Casualty
|
Finite
Risk
|
Total
|
|||||||||||||
Three months ended
March 31, 2008:
|
||||||||||||||||
Net
premiums written
|
$ | 168,817 | 125,576 | 1,878 | $ | 296,271 | ||||||||||
Net
premiums earned
|
153,390 | 147,495 | 966 | 301,851 | ||||||||||||
Net
losses and LAE
|
62,039 | 99,393 | (1,229 | ) | 160,203 | |||||||||||
Net
acquisition expenses
|
20,654 | 37,488 | 2,400 | 60,542 | ||||||||||||
Other
underwriting expenses
|
8,596 | 6,795 | 310 | 15,701 | ||||||||||||
Segment
underwriting income (loss)
|
$ | 62,101 | 3,819 | (515 | ) | 65,405 | ||||||||||
Net
investment income
|
49,062 | |||||||||||||||
Net
realized gains on investments
|
45 | |||||||||||||||
Net
foreign currency exchange gains
|
4,869 | |||||||||||||||
Other
income
|
2,021 | |||||||||||||||
Corporate
expenses not allocated to segments
|
(5,989 | ) | ||||||||||||||
Interest
expense
|
(4,750 | ) | ||||||||||||||
Income
before income tax expense
|
$ | 110,663 | ||||||||||||||
Ratios:
|
||||||||||||||||
Net
loss and LAE
|
40.4 | % | 67.4 | % | (127.2 | %) | 53.1 | % | ||||||||
Net
acquisition expense
|
13.5 | % | 25.4 | % | 248.4 | % | 20.1 | % | ||||||||
Other
underwriting expense
|
5.6 | % | 4.6 | % | 32.1 | % | 5.2 | % | ||||||||
Combined
|
59.5 | % | 97.4 | % | 153.3 | % | 78.4 | % |
Property
and
Marine
|
Casualty
|
Finite
Risk
|
Total
|
|||||||||||||
Three months ended
March 31, 2007:
|
||||||||||||||||
Net
premiums written
|
$ | 137,654 | 152,183 | 9,080 | $ | 298,917 | ||||||||||
Net
premiums earned
|
119,710 | 154,019 | 11,119 | 284,848 | ||||||||||||
Net
losses and LAE
|
62,627 | 112,382 | 6,904 | 181,913 | ||||||||||||
Net
acquisition expenses
|
15,935 | 32,035 | 150 | 48,120 | ||||||||||||
Other
underwriting expenses
|
10,028 | 6,717 | 1,034 | 17,779 | ||||||||||||
Segment
underwriting income
|
$ | 31,120 | 2,885 | 3,031 | 37,036 | |||||||||||
Net
investment income
|
51,699 | |||||||||||||||
Net
realized losses on investments
|
(18 | ) | ||||||||||||||
Net
foreign currency exchange gains
|
42 | |||||||||||||||
Other
expense
|
(780 | ) | ||||||||||||||
Corporate
expenses not allocated to segments
|
(5,427 | ) | ||||||||||||||
Interest
expense
|
(5,455 | ) | ||||||||||||||
Income
before income tax expense
|
$ | 77,097 | ||||||||||||||
Ratios:
|
||||||||||||||||
Net
loss and LAE
|
52.3 | % | 73.0 | % | 62.1 | % | 63.9 | % | ||||||||
Net
acquisition expense
|
13.3 | % | 20.8 | % | 1.3 | % | 16.9 | % | ||||||||
Other
underwriting expense
|
8.4 | % | 4.4 | % | 9.3 | % | 6.2 | % | ||||||||
Combined
|
74.0 | % | 98.2 | % | 72.7 | % | 87.0 | % |
2008
|
2007
|
Increase
(decrease)
|
||||||||||
Gross
premiums written
|
$ | 172,900 | 143,791 | $ | 29,109 | |||||||
Ceded
premiums written
|
4,083 | 6,137 | (2,054 | ) | ||||||||
Net
premiums written
|
168,817 | 137,654 | 31,163 | |||||||||
Gross
premiums earned
|
158,414 | 128,817 | 29,597 | |||||||||
Ceded
premiums earned
|
5,024 | 9,107 | (4,083 | ) | ||||||||
Net
premiums earned
|
$ | 153,390 | 119,710 | $ | 33,680 |
2008
|
2007
|
Decrease
|
||||||||||
Net
losses and LAE
|
$ | 62,039 | 62,627 | $ | 588 | |||||||
Net
loss and LAE ratios
|
40.4 | % | 52.3 | % |
11.9
points
|
2008
|
2007
|
Increase
|
||||||||||
Net
acquisition expenses
|
$ | 20,654 | 15,935 | $ | 4,719 | |||||||
Net
acquisition expense ratios
|
13.5 | % | 13.3 | % |
0.2
points
|
2008
|
2007
|
Decrease
|
||||||||||
Gross
premiums written
|
$ | 125,576 | 152,206 | $ | 26,630 | |||||||
Ceded
premiums written
|
– | 23 | 23 | |||||||||
Net
premiums written
|
125,576 | 152,183 | 26,607 | |||||||||
Gross
premiums earned
|
147,495 | 154,029 | 6,534 | |||||||||
Ceded
premiums earned
|
– | 10 | 10 | |||||||||
Net
premiums earned
|
$ | 147,495 | 154,019 | $ | 6,524 |
2008
|
2007
|
Decrease
|
||||||||||
Net
losses and LAE
|
$ | 99,393 | 112,382 | $ | 12,989 | |||||||
Net
loss and LAE ratios
|
67.4 | % | 73.0 | % |
5.6
points
|
2008
|
2007
|
Increase
|
||||||||||
Net
acquisition expenses
|
$ | 37,488 | 32,035 | $ | 5,453 | |||||||
Net
acquisition expense ratios
|
25.4 | % | 20.8 | % |
4.6
points
|
2008
|
2007
|
Increase
(decrease)
|
||||||||||
Gross
premiums written
|
$ | 1,878 | 7,138 | $ | (5,260 | ) | ||||||
Ceded
premiums written
|
– | (1,942 | ) | 1,942 | ||||||||
Net
premiums written
|
1,878 | 9,080 | (7,202 | ) | ||||||||
Gross
premiums earned
|
966 | 9,177 | (8,211 | ) | ||||||||
Ceded
premiums earned
|
– | (1,942 | ) | 1,942 | ||||||||
Net
premiums earned
|
$ | 966 | 11,119 | $ | (10,153 | ) |
2008
|
2007
|
Increase
(decrease)
|
||||||||||
Net
losses and LAE
|
$ | (1,229 | ) | 6,904 | $ | (8,133 | ) | |||||
Net
acquisition expenses
|
2,400 | 150 | 2,250 | |||||||||
Net
losses, LAE and acquisition expenses
|
$ | 1,171 | 7,054 | $ | (5,883 | ) | ||||||
Net
loss, LAE and acquisition expense ratios
|
121.2 | % | 63.4 | % |
57.8
points
|
March 31,
2008
|
December 31,
2007
|
Increase
(decrease)
|
|||||||||
Cash
and cash equivalents
|
$ | 1,034,344 | 1,076,279 | $ | (41,935 | ) | |||||
Fixed
maturity securities
|
3,205,200 | 3,361,741 | (156,541 | ) | |||||||
Preferred
stocks
|
10,066 | 9,607 | 459 | ||||||||
Short-term
investments
|
135,418 | 13,876 | 121,542 | ||||||||
Total
|
$ | 4,385,028 | 4,461,503 | $ | (76,475 | ) |
Amortized
Cost
|
Fair
Value
|
Weighted
Average
Credit
Rating
|
|||||||
U.S.
Government agency mortgage-backed securities
|
$ | 638,388 | $ | 646,273 |
Aaa
|
||||
Commercial
mortgage-backed securities
|
394,029 | 377,900 |
Aaa
|
||||||
Asset-backed
securities
|
203,789 | 194,837 |
Aaa
|
||||||
Residential
mortgage-backed securities
|
195,866 | 184,473 |
Aa
|
||||||
Total
|
$ | 1,432,072 | $ | 1,403,483 |
Aaa
|
Amortized
Cost
|
Fair
Value
|
||||||
Vintage
year 2005 and ratings of Aa or A
|
$ | 38,136 | $ | 28,133 | |||
Vintage
year 2006 and ratings of Aaa
|
3,994 | 2,860 | |||||
Total
|
$ | 42,130 | $ | 30,993 |
ITEM
3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET
RISK
|
Interest
Rate Shift in Basis Points
|
|||||||||||||||||
-
100 bp
|
-
50 bp
|
Current
|
+
50 bp
|
+
100 bp
|
|||||||||||||
Total
market value
|
$ | 3,363,291 | 3,260,467 | 3,205,200 | 3,151,745 | $ | 3,095,661 | ||||||||||
Percent
change in market value
|
4.9 | % | 1.7 | % | (1.7 | %) | (3.4 | %) | |||||||||
Resulting
unrealized appreciation / (depreciation)
|
$ | 134,836 | 32,012 | (23,255 | ) | (76,710 | ) | $ | (132,794 | ) |
Carrying
Amount
|
Fair
Value
|
|||||||
Financial
assets:
|
||||||||
Fixed
maturity securities
|
$ | 3,205,200 | $ | 3,205,200 | ||||
Preferred
stocks
|
10,066 | 10,066 | ||||||
Short-term
investments
|
135,418 | 135,418 | ||||||
Derivative
instruments
|
5,950 | 5,950 | ||||||
Financial
liabilities:
|
||||||||
Debt
obligations
|
$ | 250,000 | $ | 249,750 |
Item
4. CONTROLS AND PROCEDURES
|
|
(1)
|
significant
weather-related or other natural or man-made disasters over which we have
no control;
|
|
(2)
|
the
effectiveness of our loss limitation methods and pricing
models;
|
|
(3)
|
the
adequacy of our liability for unpaid losses and
LAE;
|
|
(4)
|
our
ability to maintain our A.M. Best.
rating;
|
|
(5)
|
the
cyclicality of the property and casualty reinsurance
business;
|
|
(6)
|
conducting
operations in a competitive
environment;
|
(7)
|
our
ability to maintain our business relationships with reinsurance
brokers;
|
(8)
|
the
availability of retrocessional reinsurance on acceptable
terms;
|
(9)
|
market
volatility, interest rate and currency exchange rate fluctuation, and
credit risk on invested assets;
|
(10)
|
tax,
regulatory or legal restrictions or limitations applicable to us or the
property and casualty reinsurance business
generally;
|
(11)
|
general
political and economic conditions, including the effects of civil unrest,
acts of terrorism, war or a prolonged U.S. or global economic downturn or
recession; and
|
(12)
|
changes
in our plans, strategies, objectives, expectations or intentions, which
may happen at any time at our
discretion.
|
Item
2.
|
UNREGISTERED
SALES OF EQUITY SECURITIES AND USE OF
PROCEEDS
|
Period
|
(a)
Total
Number of Shares Purchased
|
(b)
Average
Price paid per Share
|
(c)
Total
Number of Shares Purchased as Part of Publicly Announced Plans or Programs
*
|
(d)
Maximum
Dollar Value of Shares that May Yet Be Purchased Under the Plans or
Programs
|
||||||||||||
January
1, 2008 – January 31, 2008
|
1,162,892 | $ | 35.43 | 1,162,892 | $ | 85,063,000 | ||||||||||
February
1, 2008 – February 29, 2008
|
1,009,500 | 34.77 | 1,009,500 | 214,873,852 | ||||||||||||
March
1, 2008 – March 31, 2008
|
2,754,600 | 33.22 | 2,754,600 | 123,296,579 | ||||||||||||
Total
|
4,926,992 | $ | 34.06 | 4,926,992 | $ | 123,296,579 |
*
|
On
August 4, 2004 our Board of Directors established a program to
repurchase our common shares. On July 26, 2007 our Board of
Directors approved an increase in the then existing repurchase program to
result in authority as of such date to repurchase up to a total of
$250,000,000 of our common shares. After repurchases of our
common shares, on each of October 25, 2007, February 21, 2008 and April
23, 2008 our Board of Directors approved additional increases in the
repurchase program to result in authority as of such dates to repurchase
up to a total of $250,000,000 of our common shares. During the
three months ended March 31, 2008, the Company repurchased 4,926,992
of its common shares in the open market at an aggregate cost of
$167,941,000 and a weighted average cost of $34.09 per
share. The common shares we repurchased were
canceled.
|
Item
6. EXHIBITS
|
Exhibit
Number
|
Description
|
||
10.1
|
Letter
Agreement dated March 3, 2008 between the Company, Steven H. Newman, SHN
Enterprises, Inc. and Platinum US, and exhibits thereto. (1)
|
||
10.2
|
Assignment
of Amended and Restated Option Agreement, effective as of April 1, 2008,
among the Company, The Travelers Companies, Inc. and Unionamerica
Insurance Company Limited.
|
||
10.3
|
Termination
Addendum, effective December 31, 2007, to Casualty and Specialty Quota
Share Retrocession Agreement dated as of January 1, 2007 by and between
Platinum US and Platinum Bermuda.
|
||
31.1
|
Certification
of Michael D. Price, Chief Executive Officer of Platinum Holdings,
pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Exchange
Act.
|
||
31.2
|
Certification
of James A. Krantz, Chief Financial Officer of Platinum
Holdings, pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Exchange
Act.
|
||
32.1
|
Certification
of Michael D. Price, Chief Executive Officer of Platinum Holdings,
pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of
the Sarbanes-Oxley Act of 2002.
|
||
32.2
|
Certification
of James A. Krantz, Chief Financial Officer of Platinum
Holdings, pursuant to 18 U.S.C. section 1350, as adopted pursuant to
section 906 of the Sarbanes-Oxley Act of 2002.
|
(1)
|
Incorporated
by reference from the Company’s Current Report on Form 8-K filed with the
SEC on March 4, 2008.
|
Platinum
Underwriters Holdings, Ltd.
|
Date:
April 29, 2008
|
/s/ MICHAEL
D. PRICE
|
By:
Michael D. Price
|
|
President
and Chief Executive Officer
(Principal
Executive Officer)
|
Date:
April 29, 2008
|
/s/ JAMES
A. KRANTZ
|
By:
James A. Krantz
|
|
Executive
Vice President and Chief Financial Officer
(Principal
Financial and Accounting
Officer)
|