Bermuda-based Platinum Underwriters Holdings, Ltd. reported net income of $72.8 million, or $1.08 per diluted common share, for the quarter ended March 31, 2007. The bulletin said the results for the quarter include net premiums earned of $284.8 million, a decrease of 17.3 percent from the same quarter last year; net favorable development of $13.9 million, compared with net unfavorable development of $1.2 million from the same quarter last year, and net investment income of $51.7 million, an increase of 18.8 percent from the same quarter last year.
CEO Michael D. Price commented: “Our strong first quarter results reflect solid underwriting performance and continued growth in investment income. Our book value per share increased 4.4 percent to $29.58 as of March 31, 2007. Net premiums earned were down compared with the same quarter last year primarily due to a greater focus on excess-of-loss business and the mild softening of the casualty market over time.”
He added that the company believes “market conditions will remain good for the balance of the year and that we are well positioned with excellent ratings and incumbent status on a diverse and well priced portfolio of reinsurance business.”
The entire report may be obtained on the company’s web site at: www.platinumre.com.
Platinum will host a teleconference to discuss the financial results today, April 25, 2007 at 8:00 a.m. ET. The call may be accessed by dialing 866-454-4208 (US callers) or 913-312-1238 (international callers), or in a listen-only mode via the Investor Relations section of the web site. Those who intend to participate in the teleconference should register at least ten minutes in advance to ensure access to the call.
The teleconference will be recorded and a replay will be available from 11:00 a.m. ET on Wednesday, April 25, 2007 until midnight Wednesday, May 2, 2007. To access the replay by telephone, dial 888- 203-1112 (US callers) or 719-457-0820 (international callers) and specify passcode 3003974. The teleconference will also be archived on the Investor Relations section of Platinum’s web site.
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