Bermuda-based Platinum Underwriters Holdings, Ltd. has reported a net loss to common shareholders of $103.3 million, or $1.94 per basic common share, for the quarter ended December 31, 2005 and a net loss of $138.2 million, or $3.01 per basic common share, for the year ended December 31, 2005.
The bulletin said: “The results for the quarter ended December 31, 2005 include the estimated net after-tax negative impact of approximately $153.4 million from hurricane Wilma, adverse development of $30.9 million related to hurricanes Katrina and Rita, net favorable development of $12.0 million from prior years and net investment income of $37.2 million, an increase of 41.7 percent from the quarter ended December 31, 2004. Platinum’s combined ration for the period was 131.9 percent.
“The results for the year ended December 31, 2005 include the aggregate estimated net after-tax negative impact of approximately $459.0 million from hurricanes Katrina, Rita and Wilma, net favorable development of $79.3 million from prior years and net investment income of $129.4 million, an increase of 53.1 percent from the year ended December 31, 2004.”
CEO Michael D. Price commented: “2005 was the worst year on record for insured catastrophe losses and a challenging year for Platinum. Our share of these losses overshadowed the strong underwriting results in our non-catastrophe business.”
He added that “despite the unprecedented events of 2005, we were well- positioned for the January 1, 2006 renewal season and we competed successfully. Market conditions are good in many classes of business and we believe we have strong underwriting prospects for the remainder of the year.”
The entire report can be obtained on the Company’s Website at: http://www.platinumre.com. In addition Platinum hosted an earnings
Teleconference on Feb 27. A replay will be available on the Website from 11:00 a.m. Eastern Time on Monday, February 27, 2006 until midnight Eastern Time on Monday March 6, 2006. To access the replay by telephone, dial 888-203-1112 (U.S. callers) or 719-457-0820 (international callers) and specify passcode: 4636274.
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