Bermuda-registered Platinum Underwriters Holdings Ltd., the reinsurance unit of insurer St. Paul Cos., raised $677 million in an initial public share sale yesterday, as investors bet that rising premiums will translate into profits.

Reuters reported last night that the Bermuda-based insurer sold 30.04 million shares for $22.52 each, within the expected range of $22 to $23, according to investment bank Goldman Sachs, which helped manage the sale.

Platinum raised another $125 million from the sale of 5 million security units for $25 each. The units are each worth one share plus 2.5 percent of a $1,000 note to be issued by the company's Platinum Underwriters Finance unit.

The IPO was completed after Platinum failed in an earlier attempt in July. Since first announcing the IPO last April, the expected proceeds had been reduced from as much as $1.24 billion through numerous changes to the share price and the deal's structure.

The IPO received a boost last month when Bermuda-based RenaissanceRe agrred to take a significant stake in the reinsurer.

Platinum follows the sale of Bermuda competitor Montpelier Re Holdings Ltd. Montpelier's stock has risen by 30 percent since the company raised $190 million from an IPO on October 9.

Banks Merrill Lynch and Citigroup's Salomon Smith Barney also helped manage Platinum's IPO. The company is expected to trade on the New York Stock Exchange today under the symbol "PTP".