Platinum Estimates Net Impact From Hurricane Charley at $20 Million to $35 Million

August 24, 2004

Platinum Underwriters Holdings, Ltd. announced that on the basis of currently available information, it estimates that after-tax losses from Hurricane Charley, net of reinstatement premiums, will range from $20 million to $35 million.

The Company noted that very few clients have yet reported actual losses under its reinsurance treaties and consequently, “the estimates are based on the output of commercial and proprietary catastrophe models as well as consideration of total industry loss estimates that currently range from $6 billion to $10 billion.”

Platinum added that “based on the current industry environment, the mix of business underwritten and barring any further significant catastrophe losses this year, the Company expects that its 2004 earnings per diluted common share will exceed $3.75, based on an estimate of 51 million diluted shares.”

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