Platinum Has Golden Q1 Results, Hires New Chief

NU Online News Service, May 14, 1:00 p.m. EDT?Platinum Underwriters Holdings, the reinsurance unit spun off by The St. Paul Companies last year, posted solid results for its first quarter of 2003 and announced the hiring of a new head.

In its first full-quarter report since its initial public offering last October, the Bermuda-based company reported a net profit of $30.6 million, or 71 cents per share. Net premiums written for the quarter were $360.1 million and net premiums earned were $238.1 million. Platinum's net investment income was $14.2 million for the first quarter ending March 31.

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