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Platinum Underwriters Reports Net Income Of $109.5m For Q3 2009

Net premiums earned is $229.5 million, a decrease of 18.2% from the same quarter last year

Platinum Underwriters Holdings has reported a net income of $109.5 million, $2.10 per diluted common share, for the quarter ended September 30, 2009.

The results for the quarter include net premiums earned of $229.5 million, a decrease of 18.2% from the same quarter last year and net favorable development of $20.3 million, as compared with net favorable development of $32.0 million for the same quarter last year.

Michael D. Price, CEO of Platinum, said: Our record net income per diluted common share reflects disciplined underwriting, lower than expected catastrophe activity, investment results on a total return basis and net favorable reserve development. Our book value per share was $43.55 as of September 30, 2009, an increase of 11.0% from June 30, 2009 and 25.9% from December 31, 2008.

The net premiums written for Platinum’s Property and Marine, Casualty and Finite Risk segments for the quarter ended September 30, 2009 were $147.4 million, $88.5 million and $7.7 million, respectively, representing 60.5%, 36.3% and 3.2%, respectively, of the total net premiums written.

The net premiums written for Platinum’s Property and Marine, Casualty and Finite Risk segments for the nine months ended September 30, 2009 were $402.6 million, $273.9 million, and $20.5 million, respectively, representing 57.8%, 39.3% and 2.9%, respectively, of the total net premiums written.