Platinum: Rita Loss at $45 Million Net

Bermuda-based Platinum Underwriters Holdings, Ltd. announced that, based on currently available information, it estimates that its losses, net of reinstatement premiums, tax benefits and retrocessional recoveries, from Hurricane Rita will be approximately $45 million.

The Company stressed that its “loss estimates from Rita are preliminary and based on portfolio modelling, a review of individual contracts and preliminary indications from clients and brokers. The Company has received very few claims notices to date. Consequently, the actual impact on the Company’s results arising from Rita may differ materially from the current estimate.”

Platinum indicated, however, that it still “expects to be profitable for the full year of 2005, assuming no significant catastrophe losses or other unusual adverse events for the balance of the year.”

The company will provide further details when it reports its financial results for the quarter ended Sept. 30, 2005 after the close of the New York Stock Exchange on Thursday, Oct. 27, 2005.