Platinum Puts Frances Losses at $25 to $40 Million

Bermuda-based Platinum Underwriters Holdings, Ltd. announced that on the basis of currently available information, it estimates that after-tax losses from Hurricane Frances, net of reinstatement premiums, will range from $25 million to $40 million.

The Company noted that very few clients have 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 vary widely up to $9 billion.

It added: “Based on the current industry environment, the mix of business underwritten and normal catastrophe losses for the remainder of this year, the Company expects that its 2004 earnings per diluted common share will be approximately $3.00, based on an estimate of 51 million diluted shares.”