Financial Supplement Financial Information as of June 30, 2011

(UNAUDITED)

The following supplement of information is provided to assist in your understanding of Platinum Underwriters Holdings, Ltd.

This report is for informational purposes only. It should be read in conjunction with documents filed with the Securities and Exchange Commission by Platinum Underwriters Holdings, Ltd., including the Company's Annual Report on Form 10-K. Our Investor Relations Department can be reached at (441) 298-0760.

Platinum Underwriters Holdings, Ltd.

Overview June 30, 2011

Address: Platinum Underwriters Holdings, Ltd. The Belvedere Building 69 Pitts Bay Road Pembroke, HM 08 Bermuda Website: www.platinumre.com

Investor Information: Lily Outerbridge Vice President, Director of Investor Relations Tel: (441) 298-0760 Fax: (441) 296-0528 Email: louterbridge@platinumre.com

Definitions and presentation: All financial information contained herein is unaudited except for the information for the fiscal year ended December 31, 2010. Amounts may not reconcile exactly due to rounding differences. In presenting the Company's results, management has included certain schedules containing financial measures that are not calculated under standards or rules that comprise accounting principles generally accepted in the United States (GAAP). Such measures, including segment underwriting income or loss (pages 14-18), operating income or loss (page 7), related underwriting ratios (pages 14-18), book value per common share and fully converted book value per common share (page 11), are referred to as non-GAAP. These non-GAAP measures may be defined or calculated differently by other companies. Management believes these measures, which are used to monitor the results of operations, allow for a more complete understanding of the underlying business. These measures should not be viewed as a substitute for those determined in accordance with GAAP. Reconciliations of such measures to the most comparable GAAP figures are included within this financial supplement in accordance with Regulation G.

Safe Harbor Statement Regarding Forward-Looking Statements: This financial supplement contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are based on our current plans or expectations that are inherently subject to significant business, economic and competitive uncertainties and contingencies. These uncertainties and contingencies can affect actual results and could cause actual results to differ materially from those expressed in any forward-looking statements made by, or on behalf of, us. In particular, statements using words such as may, should, estimate, expect, anticipate, intend, believe, predict, potential, or words of similar import generally involve forward-looking statements. The inclusion of forward-looking statements in this financial supplement should not be considered as a representation by us or any other person that our current plans or expectations will be achieved. Numerous factors could cause our actual results to differ materially from those in forwardlooking statements, including, but not limited to, the occurrence of severe natural or man-made catastrophic events; the effectiveness of our loss limitation methods and pricing models; the adequacy of our ceding companies ability to assess the risks they underwrite; the adequacy of our liability for unpaid losses and loss adjustment expenses; the effects of emerging claim and coverage issues on our business; our ability to maintain our A.M. Best and S&P ratings; our ability to raise capital on acceptable terms if necessary; our exposure to credit loss from counterparties in the normal course of business; our ability to provide reinsurance from Bermuda to insurers domiciled in the United States; the cyclicality of the property and casualty reinsurance business; the highly competitive nature of the property and casualty reinsurance industry; losses that we could face from terrorism, political unrest and war; our dependence on the business provided to us by reinsurance brokers and our exposure to credit risk associated with our brokers during the premium and loss settlement process; the availability of catastrophic loss protection on acceptable terms; foreign currency exchange rate fluctuation; our ability to maintain and enhance effective operating procedures and internal controls over financial reporting; the preparation of our financial statements requires us to make many estimates and judgments; the representations, warranties and covenants in our credit facilities limit our financial and operational flexibility; our ability to retain key executives and attract and retain additional qualified personnel in the future; the performance of our investment portfolio; fluctuations in the mortgage-backed and assetbacked securities markets; the effects of changes in market interest rates on our investment portfolio; the concentration of our investment portfolio in any particular industry, asset class or geographic region; the possibility that we may become subject to taxes in Bermuda after 2016; the effects that the imposition of U.S. corporate income tax would have on Platinum Underwriters Holdings, Ltd. and its non-U.S. subsidiaries; the risk that U.S. persons who hold our shares will be subject to adverse U.S. federal income tax consequences if we are considered to be a passive foreign investment company for U.S. federal income tax purposes; under certain circumstances, our shareholders may be required to pay taxes on their pro rata share of the related person insurance income of Platinum Underwriters Bermuda, Ltd.; U.S. persons who dispose of our shares may be subject to U.S. federal income taxation at the rates applicable to dividends on all or a portion of their gains, if any; holders of 10% or more of our shares may be subject to U.S. income taxation under the controlled foreign corporation rules; the effect of changes in U.S. federal income tax law on an investment in our shares; the impact of Bermuda's commitment to the Organization for Economic Cooperation and Development to eliminate harmful tax practices on our tax status in Bermuda is uncertain; the effect of potential changes in the regulatory system under which we operate; the impact of regulatory regimes and changes to accounting rules on our financial results, irrespective of business operations; the impact of the Dodd-Frank Act on our business; the dependence of the cash flows of Platinum Underwriters Holdings, Ltd., a holding company, on dividends, interest and other permissible payments from its subsidiaries; the risk that our shareholders may have greater difficulty in protecting their interests than would shareholders of a U.S. corporation; and limitations on the ownership, transfer and voting rights of our common shares. As a consequence, our future financial condition and results may differ from those expressed in any forward-looking statements made by, or on behalf of, us. The foregoing factors should not be construed as exhaustive. Additionally, forward-looking statements speak only as of the date they are made, and we undertake no obligation to revise or update forward-looking statements to reflect new information or circumstances after the date hereof or to reflect the occurrence of future events. For a detailed discussion of our risk factors, refer to Item 1A, "Risk Factors," in our Annual Report on Form 10-K for the year ended December 31, 2010.

Page 1 of 29

Platinum Underwriters Holdings, Ltd.

Table of Contents Section: Financial Highlights:
a. Financial Highlights

Page: 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29

Balance Sheet:
a. Condensed Consolidated Balance Sheets - by Quarter

Statements of Operations:
a. Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) b. Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - by Quarter

Other Company Data:

a. Computation of Net Operating Income (Loss) and Net Operating Income (Loss) per Diluted Common Share b. Key Ratios, Share Data, Ratings

Earnings (Loss) and Book Value Per Common Share Analysis:

a. Computation of Basic and Diluted Earnings (Loss) Per Common Share b. Computation of Basic and Diluted Earnings (Loss) Per Common Share - by Quarter c. Book Value Per Common Share

Statements of Cash Flow:

a. Condensed Consolidated Statements of Cash Flows b. Condensed Consolidated Statements of Cash Flows - by Quarter

Segment Data:
a. Segment Reporting - Three Month Summary b. Segment Reporting - Six Month Summary c. Property and Marine Segment - by Quarter d. Casualty Segment - by Quarter e. Finite Risk Segment - by Quarter

Net Premiums Written Data:

a. Net Premiums Written - Supplemental Information b. Premiums by Line of Business - Three Month Summary c. Premiums by Line of Business - Six Month Summay

Investments:
a. Investment Portfolio b. Available-for-Sale Security Detail c. Corporate Bonds Detail d. Municipal Bonds Detail e. Net Realized Gains (Losses) on Investments and Net Impairment Losses on Investments

Loss Reserves:
a. Analysis of Losses and Loss Adjustment Expenses b. Summary of Favorable (Unfavorable) Development of Losses and Related Premiums and Commissions

Exposures:
a. Estimated Exposures to Peak Zone Property Catastrophe Losses

Page 2 of 29

Platinum Underwriters Holdings, Ltd.

Financial Highlights June 30, 2011 and 2010
($ and amounts in thousands, except per share data) Three Months Ended June 30, June 30, 2011 2010 Highlights Net premiums written Net premiums earned Underwriting income (loss) Net investment income Net operating income (loss) (a) Net realized gains (losses) on investments Net impairment losses on investments Net income (loss) Total assets Investments and cash Total shareholders' equity Unpaid losses and loss adjustment expenses Per share data Common shares outstanding Weighted average common shares outstanding - basic Adjusted weighted average common shares outstanding - diluted Basic earnings (loss) per common share Diluted earnings (loss) per common share Operating income (loss) per common share - diluted (a) Dividends per common share Book value per common share (b) (a) See computation of net operating income (loss) on page 7. (b) See computation of book value per common share on page 11. $ 125,887 $ 172,436 (33,403) 33,965 (15,642) (4,689) (1,666) (20,401) $ 4,682,397 4,256,369 1,695,710 2,472,861 $ 151,718 191,432 62,182 35,372 83,677 49,489 (3,410) 124,139 4,934,749 4,528,013 2,105,435 2,224,026 $ Six Months Ended June 30, June 30, 2011 2010 320,672 $ 355,317 (216,955) 66,343 (171,385) (4,282) (3,173) (177,593) $ 4,682,397 4,256,369 1,695,710 2,472,861 $ 399,145 411,610 64,956 72,877 106,976 54,946 (21,512) 139,560 4,934,749 4,528,013 2,105,435 2,224,026 Table of Contents

$ $

$ $

37,324 37,113 37,399 (0.55) $ (0.55) (0.42) 0.08 45.43 $

41,095 43,225 46,249 2.87 2.68 1.81 0.08 51.23

37,324 37,155 37,692 (4.75) $ (4.75) (4.59) 0.16 45.43 $

41,095 44,322 47,365 3.15 2.95 2.26 0.16 51.23

Page 3 of 29

Platinum Underwriters Holdings, Ltd.

Condensed Consolidated Balance Sheets - by Quarter
($ in thousands, except per share data) June 30, 2011 Assets Investments Cash, cash equivalents and short-term investments Accrued investment income Reinsurance premiums receivable Reinsurance balances (prepaid and recoverable) Funds held by ceding companies Deferred acquisition costs Other assets Total assets Liabilities Unpaid losses and loss adjustment expenses Unearned premiums Debt obligations Commissions payable Other liabilities Total liabilities Shareholders' Equity Common shares Additional paid-in capital Accumulated other comprehensive income (loss) Retained earnings Total shareholders' equity Total liabilities and shareholders' equity $ 2,711,289 1,545,080 31,724 149,616 64,858 90,507 32,143 57,180 4,682,397 $ March 31, 2011 2,978,381 1,161,884 33,855 208,959 49,992 76,914 36,417 70,372 4,616,774 $ December 31, 2010 3,047,973 1,164,525 31,288 162,682 18,434 84,078 36,584 68,749 4,614,313 $ September 30, 2010 2,874,351 1,664,833 27,315 175,914 24,253 82,428 39,841 47,324 4,936,259 $ June 30, 2010 3,335,914 1,192,099 28,373 160,729 28,036 85,030 38,994 65,574 4,934,749 Table of Contents

2,472,861 139,767 250,000 54,112 69,947 2,986,687

2,428,477 167,516 250,000 64,816 40,792 2,951,601

2,217,378 154,975 250,000 59,388 37,117 2,718,858

2,194,173 180,432 250,000 58,460 88,321 2,771,386

2,224,026 168,545 250,000 57,370 129,373 2,829,314

373 372,882 40,034 1,282,421 1,695,710 4,682,397

373 $ 371,493 (12,484) 1,305,791 1,665,173 4,616,774 $ $

377 $ 453,619 (24,488) 1,465,947 1,895,455 4,614,313 $ $

393 619,112 58,595 1,486,773 2,164,873 4,936,259

411 695,967 12,700 1,396,357 2,105,435 4,934,749

$ $

$ $

$ $

Book value per common share (a)

45.43

44.68

50.20

55.13

51.23

(a) Book value per common share is a non-GAAP financial measure as defined by Regulation G. See computation of book value per common share on page 11.

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Platinum Underwriters Holdings, Ltd.

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)
($ and amounts in thousands, except per share data) Table of Contents

Three Months Ended June 30, June 30, 2011 2010 Revenue Net premiums earned Net investment income Net realized gains (losses) on investments Net impairment losses on investments Other income (expense) Total revenue Expenses Net losses and loss adjustment expenses Net acquisition expenses Net changes in fair value of derivatives Operating expenses Net foreign currency exchange losses (gains) Interest expense Total expenses Income (loss) before income taxes Income tax expense (benefit) Net income (loss) Basic Weighted average common shares outstanding Basic earnings (loss) per common share Diluted Adjusted weighted average common shares outstanding Diluted earnings (loss) per common share Comprehensive income (loss) Net income (loss) Other comprehensive income, net of deferred taxes Comprehensive income (loss) $ $ 172,436 $ 33,965 (4,689) (1,666) (60) 199,986 159,357 34,115 4,474 17,105 614 4,767 220,432 (20,446) (45) (20,401) $ 191,432 35,372 49,489 (3,410) (144) 272,739 71,475 44,088 30 20,160 (67) 4,709 140,395 132,344 8,205 124,139 $ $

Six Months Ended June 30, June 30, 2011 2010 355,317 $ 66,343 (4,282) (3,173) 1,036 415,241 478,952 68,065 748 34,256 803 9,533 592,357 (177,116) 477 (177,593) $ 411,610 72,877 54,946 (21,512) 129 518,050 236,043 81,417 2,345 41,901 (1,296) 9,469 369,879 148,171 8,611 139,560

37,113 (0.55) $ 37,399 (0.55) $

43,225 2.87 46,249 2.68

37,155 (4.75) $ 37,692 (4.75) $

44,322 3.15 47,365 2.95

$ $

(20,401) $ 52,518 32,117 $

124,139 34,833 158,972

$ $

(177,593) $ 64,522 (113,071) $

139,560 82,705 222,265

Page 5 of 29

Platinum Underwriters Holdings, Ltd.

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - by Quarter
($ and amounts in thousands, except per share data) Table of Contents

June 30, 2011 Revenue Net premiums earned Net investment income Net realized gains (losses) on investments Net impairment losses on investments Other income (expense) Total revenue Expenses Net losses and loss adjustment expenses Net acquisition expenses Net changes in fair value of derivatives Operating expenses Net foreign currency exchange losses (gains) Interest expense Total expenses Income (loss) before income taxes Income tax expense (benefit) Net income (loss) Basic Weighted average common shares outstanding Basic earnings (loss) per common share Diluted Adjusted weighted average common shares outstanding Diluted earnings (loss) per common share Comprehensive income (loss) Net income (loss) Other comprehensive income (loss), net of deferred taxes Comprehensive income (loss) $ $ 172,436 $ 33,965 (4,689) (1,666) (60) 199,986 159,357 34,115 4,474 17,105 614 4,767 220,432 (20,446) (45) (20,401) $

March 31, 2011

Three Months Ended December 31, 2010 184,980 $ 30,430 8,494 (11,050) (165) 212,689 152,283 32,742 3,089 20,731 2,446 4,764 216,055 (3,366) 14,358 (17,724) $

September 30, 2010 183,404 $ 31,078 44,351 (4,048) (171) 254,614 79,094 32,517 4,154 20,004 235 4,763 140,767 113,847 20,185 93,662 $

June 30, 2010 191,432 35,372 49,489 (3,410) (144) 272,739 71,475 44,088 30 20,160 (67) 4,709 140,395 132,344 8,205 124,139

182,881 $ 32,378 407 (1,507) 1,096 215,255 319,595 33,950 (3,726) 17,151 189 4,766 371,925 (156,670) 522 (157,192) $

37,113 (0.55) $ 37,399 (0.55) $

37,199 (4.20) $ 38,022 (4.20) $

38,670 (0.46) $ 40,953 (0.46) $

40,485 2.31 44,044 2.13

43,225 2.87 46,249 2.68

$ $

(20,401) $ 52,518 32,117 $

(157,192) $ 12,004 (145,188) $

(17,724) $ (83,083) (100,807) $

93,662 45,895 139,557

$ $

124,139 34,833 158,972

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Platinum Underwriters Holdings, Ltd.

Computation of Net Operating Income (Loss) and Net Operating Income (Loss) per Diluted Common Share
($ and amounts in thousands, except per share data) Three Months Ended June 30, June 30, 2011 2010 Net income (loss) Adjustments for: Net realized (gains) losses on investments, net of tax Net impairment losses on investments, net of tax Net foreign currency exchange losses (gains), net of tax Net operating income (loss) (a) Per diluted common share: Net income (loss) Adjustments for: Net realized (gains) losses on investments Net impairment losses on investments Net foreign currency exchange losses (gains) Net operating income (loss) (b) Adjusted weighted average common shares outstanding - diluted (c) $ $ (20,401) $ 124,139 $ Six Months Ended June 30, June 30, 2011 2010 (177,593) $ 139,560 Table of Contents

2,527 1,632 600 (15,642) $

(43,382) 2,966 (46) 83,677 $

2,349 3,094 765 (171,385) $

(48,541) 17,227 (1,270) 106,976

(0.55) 0.07 0.04 0.02

2.68 (0.94) 0.06 -

(4.75) $ 0.06 0.08 0.02

2.95 (1.02) 0.36 (0.03) 2.26 47,365

(0.42) 37,113

1.81 46,249

(4.59) $ 37,155

(a) Net operating income (loss) is a non-GAAP measure as defined by Regulation G and represents net income (loss) after taxes excluding net realized gains and losses on investments, net impairment losses on investments and net foreign exchange gains and losses. (b) Net operating income (loss) per diluted common share is also a non-GAAP measure and is calculated by dividing net operating income (loss) by diluted weighted average shares outstanding for the period. (c) The adjusted weighted average common shares outstanding - diluted for the three and six months ended June 30, 2011 was 37,399 and 37,692. During a period of loss, the basic weighted average common shares outstanding is used in the denominator of the diluted loss per common share computation as the effect of including potential dilutive shares would be anti-dilutive.

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Platinum Underwriters Holdings, Ltd.

Key Ratios, Share Data, Ratings
Table of Contents

June 30, 2011 Key Ratios Combined ratio (%) Investable assets to shareholders' equity ratio Debt to total capital (%) Net premiums written (annualized) to shareholders' equity 119.4% 2.51:1 12.8% 0.30

As of and for the Three Months Ended March 31, December 31, September 30, 2011 2010 2010

June 30, 2010

200.4% 2.49:1 13.1% 0.47

107.8% 2.22:1 11.7% 0.34

68.1% 2.10:1 10.4% 0.37

67.4% 2.15:1 10.6% 0.29

Share Data Book value per common share (a) Common shares outstanding (000's) Market Price Per Common Share High Low Close Industry Ratings Financial Strength Ratings: A.M. Best Company, Inc. Standard & Poor's Ratings Services Counterparty Credit Ratings (senior unsecured): A.M. Best Company, Inc. Standard & Poor's Ratings Services Supplemental Data Total employees A A bbb BBB+ A A bbb BBB+ A A bbb BBB+ A A bbb BBB+ A A bbb BBB+ $ 45.43 37,324 $ 38.67 32.18 $ 33.24 $ 44.68 37,270 $ 46.42 34.70 $ 38.09 $ 50.20 37,758 $ 45.80 42.10 $ 44.97 $ 55.13 39,266 $ 44.04 35.63 $ 43.52 $ 51.23 41,095 $ 39.28 35.06 $ 36.29

132

144

144

145

145

(a) See computation of book value per common share on page 11.

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Platinum Underwriters Holdings, Ltd.

Computation of Basic and Diluted Earnings (Loss) Per Common Share
($ and amounts in thousands, except per share data) Three Months Ended June 30, June 30, 2011 2010 Earnings (Loss) Basic and diluted Net income (loss) available to common shareholders Net income (loss) allocated to participating common shareholders (a) Net income (loss) allocated to common shareholders Common Shares Basic Weighted average common shares outstanding Diluted Weighted average common shares outstanding Effect of dilutive securities: Common share options Restricted share units Adjusted weighted average common shares outstanding Six Months Ended June 30, June 30, 2011 2010 Table of Contents

$ $

(20,401) $ (137) (20,264) $

124,139 124,139

$ $

(177,593) $ (1,069) (176,524) $

139,560 139,560

37,113

43,225

37,155

44,322

37,113 127 159 37,399

43,225 2,583 441 46,249

37,155 268 269 37,692

44,322 2,562 481 47,365

Earnings (Loss) Per Common Share Basic earnings (loss) per common share Diluted earnings (loss) per common share (b)

$ $

(0.55) $ (0.55) $

2.87 2.68

$ $

(4.75) $ (4.75) $

3.15 2.95

(a) Represents earnings attributable to holders of unvested restricted shares issued under the Company's share incentive plans that are considered to be participating securities. (b) During a period of loss, the basic weighted average common shares outstanding is used in the denominator of the diluted loss per common share computation as the effect of including potential dilutive shares would be anti-dilutive.

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Platinum Underwriters Holdings, Ltd.

Computation of Basic and Diluted Earnings (Loss) Per Common Share - by Quarter
($ and amounts in thousands, except per share data) Three Months Ended December 31, 2010 Table of Contents

June 30, 2011 Earnings (Loss) Basic and diluted Net income (loss) available to common shareholders $ Net income (loss) allocated to participating common shareholders (a) Net income (loss) allocated to common shareholders Common Shares Basic Weighted average common shares outstanding Diluted Weighted average common shares outstanding Effect of dilutive securities: Common share options Restricted share units Adjusted weighted average common shares outstanding $

March 31, 2011

September 30, 2010

June 30, 2010

(20,401) $ (137) (20,264) $

(157,192) $ (932) (156,260) $

(17,724) $ (17,724) $

93,662 93,662

$ $

124,139 124,139

37,113

37,199

38,670

40,485

43,225

37,113 127 159 37,399

37,199 438 385 38,022

38,670 1,703 580 40,953

40,485 3,064 495 44,044

43,225 2,583 441 46,249

Earnings (Loss) Per Common Share Basic earnings (loss) per common share Diluted earnings (loss) per common share (b)

$ $

(0.55) $ (0.55) $

(4.20) $ (4.20) $

(0.46) $ (0.46) $

2.31 2.13

$ $

2.87 2.68

(a) Represents earnings attributable to holders of unvested restricted shares issued under the Company's share incentive plans that are considered to be participating securities. (b) During a period of loss, the basic weighted average common shares outstanding is used in the denominator of the diluted loss per common share computation as the effect of including potential dilutive shares would be anti-dilutive.

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Platinum Underwriters Holdings, Ltd.

Book Value Per Common Share
($ and amounts in thousands, except per share data) June 30, 2011 Price per share at period end Shareholders' equity Add: Assumed exercise of share options Shareholders' equity - diluted Basic common shares outstanding Add: Common share options (a) Add: Management and directors' options (b) Add: Directors' and officers' restricted share units (c) Diluted common shares outstanding $ $ $ 33.24 1,695,710 10,543 1,706,253 37,324 379 413 38,116 $ $ $ March 31, 2011 38.09 1,665,173 33,488 1,698,661 37,270 1,054 505 38,829 $ $ $ December 31, 2010 44.97 1,895,455 34,213 1,929,668 37,758 1,010 1,081 790 40,639 $ $ $ September 30, 2010 43.52 2,164,873 39,511 2,204,384 39,266 3,173 1,264 847 44,550 $ $ $ June 30, 2010 36.29 2,105,435 50,396 2,155,831 41,095 2,282 1,689 856 45,922 Table of Contents

Book Value Per Common Share* Basic book value per common share Fully converted book value per common share

$ $

45.43 44.76

$ $

44.68 43.75

$ $

50.20 47.48

$ $

55.13 49.48

$ $

51.23 46.95

* Book value per common share and fully converted book value per common share are non-GAAP financial measures as defined by Regulation G. (a) Options with a price of $27.00. (b) Options with a price below $33.24, the closing share price at June 30, 2011. (c) As of June 30, 2011 there were 37,324 common shares issued and outstanding. Included in this number were 218 restricted shares issued but unvested.

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Platinum Underwriters Holdings, Ltd.

Condensed Consolidated Statements of Cash Flows
($ in thousands) Three Months Ended June 30, June 30, 2011 2010 Net cash provided by (used in) operating activities Net cash provided by (used in) investing activities Net cash provided by (used in) financing activities Effect of foreign currency exchange rate changes on cash Net increase (decrease) in cash and cash equivalents $ $ 38,516 205,333 (2,562) 12,755 254,042 $ $ (12,897) 728,210 (140,564) (5,517) 569,232 $ $ Six Months Ended June 30, June 30, 2011 2010 33,288 368,492 (86,608) 15,724 330,896 $ $ 21,527 607,150 (200,627) (8,560) 419,490 Table of Contents

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Platinum Underwriters Holdings, Ltd.

Condensed Consolidated Statements of Cash Flows - by Quarter
($ in thousands) Three Months Ended December 31, 2010 (38,042) $ (301,531) (171,626) 450 $ (510,749) $ Table of Contents

June 30, 2011 Net cash provided by (used in) operating activities Net cash provided by (used in) investing activities Net cash provided by (used in) financing activities Effect of foreign currency exchange rate changes on cash Net increase (decrease) in cash and cash equivalents $ $ 38,516 205,333 (2,562) 12,755 254,042 $ $

March 31, 2011

September 30, 2010 41,244 432,699 (84,720) 7,129 396,352 $ $

June 30, 2010 (12,897) 728,210 (140,564) (5,517) 569,232

(5,228) $ 163,159 (84,046) 2,969 76,854

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Platinum Underwriters Holdings, Ltd.

Segment Reporting - Three Month Summary
($ in thousands) Three Months Ended June 30, 2011 Property and Marine Net premiums written Net premiums earned Net losses and loss adjustment expenses Net acquisition expenses Other underwriting expenses Segment underwriting income (loss)* Net investment income Net realized gains (losses) on investments Net impairment losses on investments Other income (expense) Net changes in fair value of derivatives Corporate expenses not allocated to segments Net foreign currency exchange (losses) gains Interest expense Income (loss) before income taxes Underwriting ratios*: Net loss and loss adjustment expense Net acquisition expense Other underwriting expense Combined Statutory underwriting ratios*: Net loss and loss adjustment expense Net acquisition expense Other underwriting expense Combined $ $ $ 54,411 91,852 116,543 12,009 7,274 (43,974) $ $ Casualty 69,234 77,104 43,868 18,144 4,829 10,263 $ $ Finite Risk 2,242 3,480 (1,054) 3,962 264 308 $ Total 125,887 172,436 159,357 34,115 12,367 (33,403) 33,965 (4,689) (1,666) (60) (4,474) (4,738) (614) (4,767) (20,446) $ $ $ Property and Marine 74,105 100,550 35,010 17,218 7,720 40,602 $ $ Three Months Ended June 30, 2010 Casualty 72,628 85,166 40,058 18,752 5,654 20,702 $ $ Finite Risk 4,985 5,716 (3,593) 8,118 313 878 $ Total 151,718 191,432 71,475 44,088 13,687 62,182 35,372 49,489 (3,410) (144) (30) (6,473) 67 (4,709) 132,344 Table of Contents

126.9% 13.1% 7.9% 147.9%

56.9% 23.5% 6.3% 86.7%

(30.3%) 113.9% 7.6% 91.2%

92.4% 19.8% 7.2% 119.4%

34.8% 17.1% 7.7% 59.6%

47.0% 22.0% 6.6% 75.6%

(62.9%) 142.0% 5.5% 84.6%

37.3% 23.0% 7.1% 67.4%

126.9% 19.8% 13.4% 160.1%

56.9% 22.3% 7.0% 86.2%

(30.3%) 148.3% 11.8% 129.8%

92.4% 23.5% 9.8% 125.7%

34.8% 20.3% 10.4% 65.5%

47.0% 23.3% 7.8% 78.1%

(62.9%) 159.0% 6.3% 102.4%

37.3% 26.3% 9.0% 72.6%

* Segment underwriting income or loss and underwriting ratios are non-GAAP financial measures as defined by Regulation G. The underwriting ratios are calculated by dividing each item above by net premiums earned. The statutory underwriting ratios are based on statutory accounting principles and are calculated as follows: (1) Net losses & LAE are divided by net premiums earned; (2) Net acquisition expenses are divided by net premiums written and exclude changes in deferred acquisition costs; and (3) Other underwriting expenses are divided by net premiums written.

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Platinum Underwriters Holdings, Ltd.

Segment Reporting - Six Month Summary
($ in thousands) Six Months Ended June 30, 2011 Property and Marine Net premiums written Net premiums earned Net losses and loss adjustment expenses Net acquisition expenses Other underwriting expenses Segment underwriting income (loss)* Net investment income Net realized gains (losses) on investments Net impairment losses on investments Other income (expense) Net changes in fair value of derivatives Corporate expenses not allocated to segments Net foreign currency exchange (losses) gains Interest expense Income (loss) before income taxes Underwriting ratios*: Net loss and loss adjustment expense Net acquisition expense Other underwriting expense Combined Statutory underwriting ratios*: Net loss and loss adjustment expense Net acquisition expense Other underwriting expense Combined $ $ $ 166,213 189,757 394,873 25,635 14,595 (245,346) $ $ Casualty 149,753 157,928 83,487 36,707 10,161 27,573 $ $ Finite Risk 4,706 7,632 592 5,723 499 818 $ Total 320,672 355,317 478,952 68,065 25,255 (216,955) 66,343 (4,282) (3,173) 1,036 (748) (9,001) (803) (9,533) (177,116) $ $ $ Property and Marine 220,890 228,356 161,637 33,449 16,419 16,851 $ $ Six Months Ended June 30, 2010 Casualty 166,379 173,068 71,588 36,479 12,124 52,877 $ $ Finite Risk 11,876 10,186 2,818 11,489 651 (4,772) $ Total 399,145 411,610 236,043 81,417 29,194 64,956 72,877 54,946 (21,512) 129 (2,345) (12,707) 1,296 (9,469) 148,171 Table of Contents

208.1% 13.5% 7.7% 229.3%

52.9% 23.2% 6.4% 82.5%

7.8% 75.0% 6.5% 89.3%

134.8% 19.2% 7.1% 161.1%

70.8% 14.6% 7.2% 92.6%

41.4% 21.1% 7.0% 69.5%

27.7% 112.8% 6.4% 146.9%

57.3% 19.8% 7.1% 84.2%

208.1% 14.7% 8.8% 231.6%

52.9% 22.7% 6.8% 82.4%

7.8% 108.1% 10.6% 126.5%

134.8% 19.8% 7.9% 162.5%

70.8% 15.1% 7.4% 93.3%

41.4% 21.1% 7.3% 69.8%

27.7% 99.6% 5.5% 132.8%

57.3% 20.1% 7.3% 84.7%

* Segment underwriting income or loss and underwriting ratios are non-GAAP financial measures as defined by Regulation G. The underwriting ratios are calculated by dividing each item above by net premiums earned. The statutory underwriting ratios are based on statutory accounting principles and are calculated as follows: (1) Net losses & LAE are divided by net premiums earned; (2) Net acquisition expenses are divided by net premiums written and exclude changes in deferred acquisition costs; and (3) Other underwriting expenses are divided by net premiums written.

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Property and Marine Segment - by Quarter
($ in thousands) Three Months Ended December 31, 2010 $ 76,900 92,065 111,215 12,635 8,354 (40,139) $ $ Table of Contents

June 30, 2011 Net premiums written Net premiums earned Net losses and loss adjustment expenses Net acquisition expenses Other underwriting expenses Segment underwriting income (loss)* $ $ 54,411 91,852 116,543 12,009 7,274 (43,974) $ $

March 31, 2011 111,802 97,905 278,330 13,626 7,321

September 30, 2010 114,885 98,342 70,657 14,140 7,905 5,640 $ $

June 30, 2010 74,105 100,550 35,010 17,218 7,720 40,602

(201,372) $

Underwriting ratios*: Net loss and loss adjustment expense Net acquisition expense Other underwriting expense Combined Statutory underwriting ratios*: Net loss and loss adjustment expense Net acquisition expense Other underwriting expense Combined

126.9% 13.1% 7.9% 147.9%

284.3% 13.9% 7.5% 305.7%

120.8% 13.7% 9.1% 143.6%

71.8% 14.4% 8.0% 94.2%

34.8% 17.1% 7.7% 59.6%

126.9% 19.8% 13.4% 160.1%

284.3% 13.4% 6.5% 304.2%

120.8% 14.6% 10.9% 146.3%

71.8% 13.1% 6.9% 91.8%

34.8% 20.3% 10.4% 65.5%

* Segment underwriting income or loss and underwriting ratios are non-GAAP financial measures as defined by Regulation G. The underwriting ratios are calculated by dividing each item above by net premiums earned. The statutory underwriting ratios are based on statutory accounting principles and are calculated as follows: (1) Net losses & LAE are divided by net premiums earned; (2) Net acquisition expenses are divided by net premiums written and exclude changes in deferred acquisition costs; and (3) Other underwriting expenses are divided by net premiums written.

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Casualty Segment - by Quarter
($ in thousands) Three Months Ended December 31, 2010 $ 82,656 90,307 39,935 18,600 5,796 $ 25,976 $ $ Table of Contents

June 30, 2011 Net premiums written Net premiums earned Net losses and loss adjustment expenses Net acquisition expenses Other underwriting expenses Segment underwriting income* $ $ 69,234 77,104 43,868 18,144 4,829 10,263 $ $

March 31, 2011 80,519 80,824 39,619 18,563 5,332 17,310

September 30, 2010 80,362 80,437 8,156 16,395 5,171 50,715 $ $

June 30, 2010 72,628 85,166 40,058 18,752 5,654 20,702

Underwriting ratios*: Net loss and loss adjustment expense Net acquisition expense Other underwriting expense Combined Statutory underwriting ratios*: Net loss and loss adjustment expense Net acquisition expense Other underwriting expense Combined

56.9% 23.5% 6.3% 86.7%

49.0% 23.0% 6.6% 78.6%

44.2% 20.6% 6.4% 71.2%

10.1% 20.4% 6.4% 36.9%

47.0% 22.0% 6.6% 75.6%

56.9% 22.3% 7.0% 86.2%

49.0% 21.6% 6.6% 77.2%

44.2% 20.3% 7.0% 71.5%

10.1% 20.2% 6.4% 36.7%

47.0% 23.3% 7.8% 78.1%

* Segment underwriting income or loss and underwriting ratios are non-GAAP financial measures as defined by Regulation G. The underwriting ratios are calculated by dividing each item above by net premiums earned. The statutory underwriting ratios are based on statutory accounting principles and are calculated as follows: (1) Net losses & LAE are divided by net premiums earned; (2) Net acquisition expenses are divided by net premiums written and exclude changes in deferred acquisition costs; and (3) Other underwriting expenses are divided by net premiums written.

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Finite Risk Segment - by Quarter
($ in thousands) Three Months Ended December 31, 2010 $ 2,461 2,608 1,133 1,507 302 $ (334) $ $ Table of Contents

June 30, 2011 Net premiums written Net premiums earned Net losses and loss adjustment expenses Net acquisition expenses Other underwriting expenses Segment underwriting income (loss)* $ $ 2,242 3,480 (1,054) 3,962 264 308 $ $

March 31, 2011 2,464 4,152 1,646 1,761 235 510

September 30, 2010 4,180 4,625 281 1,982 307 2,055 $ $

June 30, 2010 4,985 5,716 (3,593) 8,118 313 878

Underwriting ratios*: Net loss and loss adjustment expense Net acquisition expense Other underwriting expense Combined Statutory underwriting ratios*: Net loss and loss adjustment expense Net acquisition expense Other underwriting expense Combined

(30.3%) 113.9% 7.6% 91.2%

39.6% 42.4% 5.7% 87.7%

43.4% 57.8% 11.6% 112.8%

6.1% 42.9% 6.6% 55.6%

(62.9%) 142.0% 5.5% 84.6%

(30.3%) 148.3% 11.8% 129.8%

39.6% 56.5% 9.5% 105.6%

43.4% 60.2% 12.3% 115.9%

6.1% 44.7% 7.3% 58.1%

(62.9%) 159.0% 6.3% 102.4%

* Segment underwriting income or loss and underwriting ratios are non-GAAP financial measures as defined by Regulation G. The underwriting ratios are calculated by dividing each item above by net premiums earned. The statutory underwriting ratios are based on statutory accounting principles and are calculated as follows: (1) Net losses & LAE are divided by net premiums earned; (2) Net acquisition expenses are divided by net premiums written and exclude changes in deferred acquisition costs; and (3) Other underwriting expenses are divided by net premiums written.

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Net Premiums Written - Supplemental Information
($ in thousands) Three Months Ended June 30, June 30, 2011 2010 Property and Marine Excess-of-loss Proportional Subtotal Property and Marine Casualty Excess-of-loss Proportional Subtotal Casualty Finite Risk Excess-of-loss Proportional Subtotal Finite Risk Combined Segments Excess-of-loss Proportional Total $ 39,954 14,457 54,411 56,049 13,185 69,234 2,242 2,242 96,003 29,884 125,887 $ 54,290 19,815 74,105 70,183 2,445 72,628 4,985 4,985 124,473 27,245 151,718 $ Six Months Ended June 30, June 30, 2011 2010 133,959 32,254 166,213 119,748 30,005 149,753 4,706 4,706 253,707 66,965 320,672 $ 176,812 44,078 220,890 150,014 16,365 166,379 11,876 11,876 326,826 72,319 399,145 Table of Contents

Three Months Ended June 30, June 30, 2011 2010 Property and Marine United States International Subtotal Property and Marine Casualty United States International Subtotal Casualty Finite Risk United States International Subtotal Finite Risk Combined Segments United States International Total $ 37,595 16,816 54,411 60,174 9,060 69,234 2,242 2,242 100,011 25,876 125,887 $ 39,994 34,111 74,105 60,367 12,261 72,628 4,985 4,985 105,346 46,372 151,718 $

Six Months Ended June 30, June 30, 2011 2010 88,672 77,541 166,213 131,768 17,985 149,753 4,706 4,706 225,146 95,526 320,672 $ 121,682 99,208 220,890 142,748 23,631 166,379 11,876 11,876 276,306 122,839 399,145

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Premiums by Line of Business - Three Month Summary
($ in thousands) Three Months Ended June 30, 2011 Gross Net Net Premiums Premiums Premiums Written Written Earned Property and Marine North American Property Proportional North American Property Catastrophe North American Property Risk Other Property Marine / Aviation Proportional Marine / Aviation Excess International Property Proportional International Property Catastrophe International Property Risk Subtotal Casualty Clash 1st Dollar GL 1st Dollar Other Casualty Excess Accident & Health International Casualty International Motor Financial Lines Subtotal Finite Risk Finite Casualty Subtotal Total $ $ 554 23,840 9,040 13,894 746 1,138 4,055 21,024 2,351 76,642 $ 554 14,928 9,071 13,894 746 1,138 4,055 7,674 2,351 54,411 $ 1,961 26,666 11,152 13,985 1,020 1,697 3,946 29,080 2,345 91,852 $ Three Months Ended June 30, 2010 Net Net Premiums Premiums Written Earned $ 1,980 15,466 10,763 12,561 1,837 2,745 4,367 21,934 2,452 74,105 $ 2,217 30,235 13,577 12,388 2,190 2,898 4,135 29,944 2,966 100,550 Table of Contents

Gross Premiums Written

1,980 25,689 10,398 12,561 1,837 2,734 4,367 21,949 2,452 83,967

2,599 4,473 1,763 42,041 7,608 4,692 854 5,204 69,234

2,599 4,473 1,763 42,041 7,608 4,692 854 5,204 69,234

2,577 4,668 1,940 45,118 9,572 6,259 976 5,994 77,104

3,874 2,884 1,353 50,683 5,732 7,716 783 (397) 72,628

3,874 2,884 1,353 50,683 5,732 7,716 783 (397) 72,628

3,751 2,740 843 53,985 9,568 6,002 889 7,388 85,166

2,242 2,242 148,118 $

2,242 2,242 125,887 $

3,480 3,480 172,436 $

4,985 4,985 161,580 $

4,985 4,985 151,718 $

5,716 5,716 191,432

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Premiums by Line of Business - Six Month Summary
($ in thousands) Six Months Ended June 30, 2011 Gross Net Net Premiums Premiums Premiums Written Written Earned Property and Marine North American Property Proportional North American Property Catastrophe North American Property Risk Other Property Marine / Aviation Proportional Marine / Aviation Excess International Property Proportional International Property Catastrophe International Property Risk Subtotal Casualty Clash 1st Dollar GL 1st Dollar Other Casualty Excess Accident & Health International Casualty International Motor Financial Lines Subtotal Finite Risk Finite Casualty Subtotal Total $ $ 2,318 57,244 18,913 26,884 2,589 3,209 8,338 76,025 4,936 200,456 $ 2,318 42,145 19,182 26,884 2,589 3,209 8,338 56,612 4,936 166,213 $ 3,665 50,238 21,852 26,741 2,830 4,456 7,869 67,184 4,922 189,757 $ Six Months Ended June 30, 2010 Gross Net Net Premiums Premiums Premiums Written Written Earned 4,019 68,034 29,348 33,999 3,016 6,458 8,169 78,081 5,388 236,512 $ 4,019 57,809 27,494 33,999 3,016 6,469 8,169 74,527 5,388 220,890 $ 3,390 68,125 30,921 33,759 3,830 6,735 7,494 68,855 5,247 228,356 Table of Contents

5,359 11,473 3,891 86,161 21,517 8,605 2,013 10,734 149,753

5,359 11,473 3,891 86,161 21,517 8,605 2,013 10,734 149,753

5,172 9,864 4,243 91,828 17,791 11,600 2,009 15,421 157,928

7,766 5,478 2,630 106,262 20,826 13,042 1,847 8,528 166,379

7,766 5,478 2,630 106,262 20,826 13,042 1,847 8,528 166,379

7,583 5,445 1,937 112,707 18,317 12,856 1,829 12,394 173,068

4,706 4,706 354,915 $

4,706 4,706 320,672 $

7,632 7,632 355,317 $

11,876 11,876 414,767 $

11,876 11,876 399,145 $

10,186 10,186 411,610

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Platinum Underwriters Holdings, Ltd.

Investment Portfolio
($ in thousands) June 30, 2011 Weighted Average Book Yield Weighted Average Market Yield December 31, 2010 Weighted Average Book Yield Weighted Average Market Yield Table of Contents

Fair Value Available-for-sale securities U.S. Government U.S. Government agencies Municipal bonds Non-U.S. governments Corporate bonds Commercial mortgage-backed securities Residential mortgage-backed securities Asset-backed securities Total fixed maturity available-for-sale securities Trading securities Non-U.S. dollar denominated securities: Non-U.S. governments U.S. Government agencies Corporate bonds Insurance-linked securities Total fixed maturity trading securities

Fair Value

113,981 100,420 1,575,686 61,568 336,714 202,359 130,538 22,418 2,543,684

0.1% 0.6% 4.7% 2.8% 4.9% 5.6% 4.4% 0.0% 4.3%

(0.6%) 0.2% 3.9% 1.8% 2.9% 4.0% 6.2% 6.7% 3.5%

391,303 100,547 1,537,432 76,306 366,900 203,313 166,458 23,568 2,865,827

1.9% 0.7% 4.7% 2.9% 4.9% 5.4% 4.9% 3.6% 4.2%

2.4% 0.3% 4.4% 1.9% 3.2% 4.5% 6.0% 7.6% 3.9%

146,478 16,189 4,938 167,605

3.6% 1.9% 9.6% 3.6%

2.2% 0.8% 17.6% 2.5%

140,089 15,903 68 26,086 182,146

3.6% 1.9% 4.5% 10.7% 4.5%

2.2% 1.1% 2.3% 6.5% 2.7%

Amount Credit quality of investment portfolio* Aaa Aa A Baa Below investment grade Total Credit quality Weighted average credit quality $

June 30, 2011 % of Total 33.8% 36.4% 19.7% 7.4% 2.7% 100.0% $

December 31, 2010 Amount % of Total 1,219,482 1,033,067 470,525 225,928 98,971 3,047,973 40.0% 33.9% 15.4% 7.4% 3.3% 100.0%

916,447 987,870 533,692 201,418 71,862 2,711,289

Aa3

Aa2

* Rated using external rating agencies (primarily Moody's). (Aaa-Best Quality; Aa-High Quality; A-Upper to Medium Quality, Baa - Investment Grade)

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Available-for-Sale Security Detail
($ in thousands) June 30, 2011 Unrealized Credit Gain (Loss) Quality 2,677 420 22,373 13,546 7,448 4,487 2,475 50,329 1,601 11,100 2,817 2,550 47 16,514 10,372 3,009 (24,634) (2,608) (24,233) (254) (4,139) (4,393) 53,287 Aaa Aaa Aa2 Aa3 Aa1 Aa2 Aa2 Aa2 Aa1 A3 A3 A3 Baa1 A3 Aa2 Aaa B3 Caa2 Baa1 Aaa Caa2 Baa1 Aa3 Weighted Average Life Table of Contents

Fair Value Available-for-sale securities U.S. Government U.S. Government agencies Municipal bonds: State general obligation bonds Essential service bonds* State income tax and sales tax bonds Other municipal bonds Pre-refunded bonds Subtotal Non-U.S governments Corporate bonds: Industrial Utilities Insurance Finance Subtotal Commercial mortgage-backed securities Residential mortgage-backed securities: U.S. Government agency residential mortgage-backed securities Non-agency residential mortgage-backed securities Alt-A residential mortgage-backed securities Subtotal Asset-backed securities: Asset-backed securities Sub-prime asset-backed securities Subtotal Total $ $ 113,981 $ 100,420 825,880 403,246 168,104 135,587 42,869 1,575,686 61,568 212,334 66,635 50,418 7,327 336,714 202,359 74,290 50,102 6,146 130,538 13,346 9,072 22,418 2,543,684 $

Duration 1.5 0.3 7.2 7.5 7.7 6.4 2.8 7.2 2.3 3.8 5.0 3.7 6.3 4.1 3.7 1.4 0.4 0.9 5.5

4.3 3.0 3.3 5.0 3.2 7.9 9.4 8.5

* Essential service bonds include bonds issued for education, transportation and utilities.

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Corporate Bonds Detail
($ in thousands) June 30, 2011 Unrealized Fair Value Gain (Loss) 15,758 $ 15,136 14,107 10,960 10,768 10,202 10,077 9,993 9,829 8,344 7,599 6,965 6,759 6,753 6,620 6,366 6,321 6,012 5,991 5,972 $ 1,284 177 551 599 696 450 771 (144) 414 519 566 208 (228) 740 408 12 280 255 484 310 Table of Contents

Par Value Top 20 Holdings by Issuer Philip Morris International Inc. MetLife, Inc. American Electric Power Company, Inc. Hewlett-Packard Company HCC Insurance Holdings, Inc. Anglo American plc AT&T Inc. Mattel, Inc. Consolidated Edison, Inc. Diageo plc Snap-On Incorporated EOG Resources, Inc. Wal-Mart Stores, Inc. CNA Financial Corporation Rio Tinto plc ArcelorMittal Hess Corporation NextEra Energy, Inc. The Clorox Company CMS Energy Corporation $ 14,000 $ 14,922 13,500 10,000 10,000 8,000 9,250 10,000 9,400 7,750 7,000 6,660 5,461 6,000 5,000 5,000 5,000 5,750 5,500 5,000 $

Credit Quality A2 A3 Baa1 A2 Baa1 Baa1 A2 Baa1 A3 A3 Baa1 A3 Aa2 Baa3 A3 Baa3 Baa2 Aa3 Baa1 A3

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Municipal Bonds Detail
($ in thousands) June 30, 2011 Unrealized Fair Value Gain (Loss) 167,497 $ 118,549 116,827 108,528 109,429 91,187 82,888 77,013 68,079 54,437 $ 1,686 1,812 6,392 491 9,115 3,640 4,108 1,338 (869) 473 Credit Quality* A1 Aa1 Aa2 Aa2 A1 Aa1 Aa2 A1 Aa1 Aa1 Table of Contents

Par Value Top 10 Exposures by Jurisdiction Illinois Pennsylvania New York Connecticut California Massachusetts District of Columbia New Jersey Texas Ohio $ 164,680 $ 115,700 110,070 106,000 97,655 85,655 78,695 75,250 68,565 53,795 $

Top 10 Holdings by Issuer State of Illinois State of California State of Connecticut State of Pennsylvania New York State Urban Development Corporation State of Mississippi State of Ohio State of Texas State of Massachusetts State of Michigan

120,000 $ 92,665 89,000 76,700 47,000 46,060 37,550 39,900 34,635 36,500 $

121,439 $ 104,384 91,708 79,289 48,812 47,831 37,868 37,470 37,124 36,843 $

588 9,194 671 1,891 1,812 695 318 (2,600) 596 80

A1 A1 Aa2 Aa1 Aaa Aa2 Aa1 Aaa Aa1 Aa2

June 30, 2011 Amount % of Total Credit quality of municipal bond portfolio* Aaa Aa A Baa Total $ 264,344 910,004 392,457 8,881 1,575,686 16.8% 57.8% 24.8% 0.6% 100.0%

* Rated using external rating agencies (primarily Moody's) excluding credit enhancements from insurance entities. (Aaa-Best Quality; Aa-High Quality; A-Upper to Medium Quality, Baa - Investment Grade)

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Net Realized Gains (Losses) on Investments and Net Impairment Losses on Investments
($ in thousands) Table of Contents

Three Months Ended June 30, June 30, 2011 2010 Net realized gains (losses) on investments by entity: Subsidiary domiciled in Bermuda Subsidiaries domiciled in the United States Total $ $ 1,488 $ (6,177) (4,689) $ 32,041 17,448 49,489 $ $

Six Months Ended June 30, June 30, 2011 2010 1,241 $ (5,523) (4,282) $ 36,646 18,300 54,946

Net realized gains (losses) on investments by type: Sale of securities Mark-to-market on trading securities Total

$ $

(6,417) $ 1,728 (4,689) $

47,891 1,598 49,489

$ $

(2,476) $ (1,806) (4,282) $

52,602 2,344 54,946

Net impairment losses on investments by entity: Subsidiary domiciled in Bermuda Subsidiaries domiciled in the United States Total

$ $

1,569 97 1,666

$ $

2,142 1,268 3,410

$ $

2,946 227 3,173

$ $

9,269 12,243 21,512

Net impairment losses on investments by type of security: Commercial mortgage-backed securities Residential mortgage-backed securities Asset-backed securities Total

1,454 212 1,666

1,792 1,618 3,410

2,387 786 3,173

7,731 2,740 11,041 21,512

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Analysis of Losses and Loss Adjustment Expenses
($ in thousands) Table of Contents

Analysis of Losses and Loss Adjustment Expenses Six Months Ended June 30, 2011 (a) Gross Paid losses and loss adjustment expenses Change in unpaid losses and loss adjustment expenses Losses and loss adjustment expenses incurred $ $ 290,239 $ 223,033 513,272 $ Ceded 3,314 $ 31,006 34,320 $ Net 286,925 192,027 478,952 Paid to Incurred % 59.9% $ $ Gross 604,260 $ (132,171) 472,089 $ Twelve Months Ended December 31, 2010 (b) Ceded 10,047 $ (5,378) 4,669 $ Net 594,213 (126,793) 467,420 Paid to Incurred % 127.1%

Analysis of Unpaid Losses and Loss Adjustment Expenses Gross Outstanding losses and loss adjustment expenses Incurred but not reported Unpaid losses and loss adjustment expenses $ $ 899,697 $ 1,573,164 2,472,861 $ As of June 30, 2011 Ceded Net 4,517 $ 35,417 39,934 $ 895,180 1,537,747 2,432,927 % 36.8% 63.2% 100.0% $ $ Gross 671,846 1,545,532 2,217,378 $ $ As of December 31, 2010 Ceded Net 8,149 $ 763 8,912 $ 663,697 1,544,769 2,208,466 % 30.1% 69.9% 100.0%

(a) Gross and ceded losses and loss adjustment expenses incurred includes effects of foreign currency exchange rate losses of $32,449 and gains of $16, respectively. (b) Gross and ceded losses and loss adjustment expenses incurred includes effects of foreign currency exchange rate losses of $213 and $38, respectively.

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Summary of Favorable (Unfavorable) Development of Losses and Related Premiums and Commissions
($ in thousands) Three Months Ended June 30, 2011 Property and Marine Casualty Finite Risk Non-Catastrophe Favorable (Unfavorable) Development Net loss development related to prior years $ Net premium adjustments related to prior years' losses Net commission adjustments related to prior years' losses Net favorable (unfavorable) development Catastrophe Favorable (Unfavorable) Development Net loss development related to prior years Net premium adjustments related to prior years' losses Net commission adjustments related to prior years' losses Net favorable (unfavorable) development Total net favorable (unfavorable) development $ 4,935 $ (821) 212 4,326 239 (308) (3) (72) 4,254 $ 11,286 $ 891 (478) 11,699 (32) (32) 11,667 $ 3,306 $ (3,217) 89 371 371 460 $ Three Months Ended June 30, 2010 Total 19,527 70 (3,483) 16,114 578 (308) (3) 267 16,381 $ $ Property and Marine 20,468 $ 546 (2,999) 18,015 (691) (1,874) (2,565) 15,450 $ Casualty 22,616 $ 136 648 23,400 2 2 23,402 $ Finite Risk 7,809 $ (6,586) 1,223 1,223 $ Total 50,893 682 (8,937) 42,638 (689) (1,874) (2,563) 40,075 Table of Contents

Six Months Ended June 30, 2011 Property and Marine Non-Catastrophe Favorable (Unfavorable) Development Net loss development related to prior years $ Net premium adjustments related to prior years' losses Net commission adjustments related to prior years' losses Net favorable (unfavorable) development Catastrophe Favorable (Unfavorable) Development Net loss development related to prior years Net premium adjustments related to prior years' losses Net commission adjustments related to prior years' losses Net favorable (unfavorable) development Total net favorable (unfavorable) development $ 2,987 $ (70) 4 2,921 14,421 (327) (8) 14,086 17,007 $ Casualty 30,841 $ 482 98 31,421 (32) (32) 31,389 $ Finite Risk 4,781 $ (4,071) 710 371 371 1,081 $ Total 38,609 412 (3,969) 35,052 14,760 (327) (8) 14,425 49,477 $ $ Property and Marine

Six Months Ended June 30, 2010 Casualty 55,955 $ 430 3,566 59,951 5 5 59,956 $ Finite Risk 4,692 $ (9,176) (4,484) (4,484) $ Total 99,760 1,419 (9,464) 91,715 (686) (1,466) (2,152) 89,563

39,113 $ 989 (3,854) 36,248 (691) (1,466) (2,157) 34,091 $

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Estimated Exposures to Peak Zone Property Catastrophe Losses As of July 1, 2011
($ in millions) Table of Contents

Estimated Probable Maximum Losses by Zone and Peril* 20 Year Return Period Estimated Estimated Gross Loss Net Loss $ 148 $ 12 136 11 5 - $ 114 12 74 11 5 $ 100 Year Return Period Estimated Estimated Gross Loss Net Loss 294 $ 192 279 129 52 57 $ 234 192 157 109 52 49 $ 250 Year Return Period Estimated Estimated Gross Loss Net Loss 366 $ 248 337 241 69 176 $ 301 248 212 221 69 126

Zones United States / Caribbean United States Pan-European Japan Japan Canada

Perils Hurricane Earthquake Windstorm Earthquake Typhoon Earthquake

The Company has developed the estimates of losses expected from certain catastrophes for its portfolio of property, marine, workers compensation, personal accident contracts and catastrophe contributions from insurance-linked securities using commercially available catastrophe models, which are applied and adjusted by the Company. These estimates include assumptions regarding the location, size and magnitude of an event, the frequency of events, the construction type and damageability of property in a zone, and the cost of rebuilding property in a zone, among other assumptions. These estimates do not include any losses that may be expected to arise from the Companys casualty portfolio as a result of such catastrophes. Return period refers to the frequency with which losses of a given amount or greater are expected to occur. Gross loss estimates are before income tax and net of reinstatement premiums. Net loss estimates are before income tax, net of reinstatement premiums and net of retrocessional recoveries. The estimates set forth above are based on assumptions that are inherently subject to significant uncertainties and contingencies. These uncertainties and contingencies can affect actual losses and could cause actual losses to differ materially from those expressed above. In particular, modeled loss estimates do not necessarily accurately predict actual losses, and may significantly misestimate actual losses. Such estimates, therefore, should not be considered as a representation of actual losses. Investors should not rely on the foregoing information when considering investment in the Company. The Company undertakes no duty to update or revise such information to reflect the occurrence of future events. *Calculated excluding any benefit from Topiary Capital derivative which expires on July 31, 2011.

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