Platinum Names Price New President/CEO

October 28, 2005

Bermuda-based Platinum Underwriters Holdings, Ltd. announced the appointment of Michael D. Price as President and CEO, succeeding Gregory E. A. Morrison, who has been named Vice Chairman of the Board of Directors.

Price, who was also named to the Company’s Board of Directors, became Platinum’s COO in August 2005. He previously served as President and Chief Underwriting Officer of Platinum Underwriters Reinsurance, Inc.

Chairman Steven H. Newman commented: “I am very pleased to announce the appointment of Michael Price as Platinum’s Chief Executive Officer. Michael has been with the Platinum group since its inception and has done an extraordinary job in building our global reinsurance operations. We are confident that his proven leadership skills and deep understanding of our business and the industry will continue to serve Platinum well.”

Commenting on the outgoing CEO, Newman stated: “Greg Morrison has been instrumental to Platinum’s success and has developed an excellent management team. Through his efforts, we are well positioned to capitalize on the exceptional opportunities that we see in today’s market. We are very pleased that Greg will continue to provide us with guidance and support in his role as Vice Chairman.”

“I look forward to my new and expanded role at Platinum and continuing to work with Steve, Greg and the entire Platinum team,” Price stated.

Platinum also announced that it has “extended its agreement with Mr. Newman, pursuant to which he will continue to serve as Platinum’s Chairman until November 2007. Mr. Newman has been Chairman of the Board of Directors of Platinum since its inception in 2002.”

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