Platinum Underwriters Announces Management Changes, Dividend

July 29, 2005

Bermuda-based Platinum Underwriters Holdings Ltd. announced it has appointed Michael D. Price to serve as its chief operating officer, subject to the approval of the Bermuda Department of Immigration. In this capacity, Price will be responsible for supervising the group’s underwriting and investment management functions.

Additionally, H. Elizabeth Mitchell was named to succeed Price as president of Platinum Underwriters Reinsurance Inc. (Platinum US), the U.S. operating subsidiary of Platinum.

Platinum also reported that Michael E. Lombardozzi has been named its executive vice president – general counsel and chief administrative afficer, subject to the approval of the Bermuda Department of Immigration. In this capacity, Lombardozzi will be responsible for the group’s legal, compliance, human resources and corporate communications functions, as well as other matters pertaining to corporate development.

Price has been president and chief underwriting officer of Platinum US since Platinum’s initial public offering in November 2002. Price will relocate to Platinum’s headquarters in Bermuda in connection with this appointment.

Mitchell has been executive vice president of Platinum US since November 2002 and chief operating officer of Platinum US since September 2003. Prior to Platinum’s initial public offering, she was executive vice president – North American Casualty of St. Paul Re, the predecessor company to Platinum US.

Lombardozzi has been executive vice president, general counsel and secretary of Platinum since November 2002. Prior to joining Platinum, he was senior vice president – Planning and Operations of W.R. Berkley Corporation.

The company also said its Board of Directors has declared a quarterly dividend of $0.08 per common share. The dividend is payable on Sept. 30, 2005 to shareholders of record on Sept. 1, 2005.

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