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Platinum Underwriters reports drop in Q4 earnings

Platinum Underwriters Holdings has reported a net income of $64.05 million, or $1.18 per diluted share, for the fourth quarter ended December 31, 2008, compared to $102.19 million, or $1.60 per diluted share, for the fourth quarter ended December 31, 2007.

Total revenue for the fourth quarter of 2008 was $359.51 million, as compared to $355.34 million for the corresponding quarter of 2007. For the fourth quarter of 2008, net premiums earned decreased to $274.24 million from $302.01 million for the same quarter of 2007.

Net income was $226.2 million, or $3.98 per diluted share, for the year ended December 31, 2008, as compared to $356.98 million, or $5.38 per diluted share, for the year ended December 31, 2007.

For the year 2008, total revenue was $1.33 billion, compared to $1.38 billion for the year 2007. Net premiums earned for the year 2008 were $1.11 billion, as compared to $1.17 billion for the year 2007.

Total assets were $4.93 billion as of December 31, 2008, a decrease of 3% from $5.08 billion as of December 31, 2007. Shareholders’ equity was $1.81 billion as of December 31, 2008, a decrease of 9.5% from $2 billion as of December 31, 2007.