Platinum Announces 2004 Goals

Bermuda-based Platinum Underwriters Holdings, Ltd. announced that it estimates that net premiums written for 2004 will be approximately $1.4 billion, and its GAAP combined ratio will be in the range of 90 to 95 percent.

The announcement cautioned that the estimates were “based on the current industry environment, the mix of business underwritten, and in the absence of any unusual catastrophe activity.”

Platinum said it “expects its combined portfolio of cash and fixed maturity investments will exceed $2.1 billion at year-end 2004,” and on that basis it projects that earnings for 2004 will exceed $3.00 per diluted common share based on an estimate of 51,000,000 diluted shares.”