Platinum Underwriters Holdings Ltd. second quarter income rose 20 percent to $81.7 million, or $1.24 per share on higher investment income and significant underwriting profitability.

The company?s focus on underwriting profitability and emphasis on excess of loss business resulted in a decline in premium written and earned in the quarter of 27 percent and 22 percent respectively.

Net investment income rose 57 percent year-on-year to $45.3 million.

With market conditions mixed, Michael D. Price, Chief Executive Officer, said, ?While there are excellent opportunities for certain catastrophe exposed business, we are finding increasingly challenging rates, terms, and conditions in other areas. Nevertheless, we believe we will have ample opportunity to underwrite a significant, profitable, and diverse portfolio of treaty reinsurance.?

Platinum shares closed at $28, down 5 cents on a volume of 416,600 shares on the New York Stock Exchange.

Platinum Underwriters Holdings Limited 2Q 06 Report Card:

Results for the quarter ended June 30, 2006 compared to the same period a year ago:

l Net Income: $81.7 million, a 20 percent improvement from $68 million during the second quarter last year

Net income broken down per share: $1.24 per share from $1.39 per share a year ago

Net premiums written: $309.8 million, a 27 percent decrease from $422.9 million in the same period a year ago

Net investment income: $45.3 million, a 57 percent crease from $28.9 million a year ago

Combined ratio: 83.5 percent compared to 84.2 percent during the same period a year ago

Shareholders? equity increased to $1.6 billion at June 30, 2006 from $1.5 billion at December 31, 2005