Platinum Reports $26.6M In Profit

NU Online News Service, Aug. 13, 3:00 p.m.EDT?Platinum Underwriters Holdings, the reinsurance unitspun off by The St. Paul Companies last year, posted solid resultsfor its 2003 second quarter, which it attributed to strongunderwriting results, especially in its finite risk segment.

In its first second-quarter report since its public offeringlast October, the Bermuda-based company reported a net profit of$26.6 million. Net premiums written for the quarter were $307.2million, while net premiums earned came in at $279.4 million. Thecompany also posted a combined ratio of 84.7 percent for its secondquarter. Platinum said it now estimates net premiums written ofsome $1.2 billion for the year 2003 overall.

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