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8-K - LIVE FILING - PLATINUM UNDERWRITERS HOLDINGS LTD | htm_41311.htm |
EXHIBIT 99.1
Contact: Lily Outerbridge
Investor Relations
(441) 298-0760
PLATINUM UNDERWRITERS HOLDINGS, LTD.
PROVIDES PRELIMINARY LOSS ESTIMATE FOR THE MARCH 11, 2011 TOHOKU EARTHQUAKE
HAMILTON, BERMUDA, April 11, 2011 Platinum Underwriters Holdings, Ltd. (NYSE: PTP) announced today that it expects the Tohoku earthquake and related tsunami that struck the northeastern coast of Japan on March 11, 2011 will have a net negative impact of approximately $87 million on the Companys first quarter 2011 results. The net negative impact of this event includes an estimate of losses and loss adjustment expenses, net of retrocessional coverage, reinstatement premiums, taxes and the expected impact of foreign exchange rates. The Companys preliminary estimate is based on the Companys portfolio modeling, currently available industry loss estimates, market share analysis and a review of the Companys in-force contracts, as well as initial discussions with brokers and clients.
The Companys assessment of its exposure to this event is ongoing. The actual net negative impact of the event on the Companys results may differ materially from the Companys estimate due to the inherent uncertainties of making such estimates, including the preliminary nature of available information, the use of portfolio models in the estimation process and potential inaccuracies and inadequacies in data provided by clients and brokers.
About Platinum
Platinum Underwriters Holdings, Ltd. is a leading provider of property, casualty and finite risk
reinsurance coverages, through reinsurance intermediaries, to a diverse clientele on a worldwide
basis. Platinum operates through its principal subsidiaries in Bermuda and the United States. For
further information, please visit Platinums website at www.platinumre.com.
Safe Harbor Statement Regarding Forward-Looking Statements:
This press release 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 press release
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 forward-looking statements, including, but not limited to, severe
catastrophic events over which we have no control, the effectiveness of our loss limitation methods
and pricing models, the adequacy of our liability for unpaid losses and loss adjustment expenses,
our ability to maintain our A.M. Best Company, Inc. and Standard & Poors ratings, our ability to
raise capital on acceptable terms if necessary, the cyclicality of the property and casualty
reinsurance business, the highly competitive nature of the property and casualty reinsurance
industry, our ability to maintain our business relationships with reinsurance brokers, the
availability of retrocessional reinsurance on acceptable terms, market volatility and interest rate
and currency exchange rate fluctuation, tax, regulatory or legal restrictions or limitations
applicable to us or the property and casualty reinsurance business generally, general political and
economic conditions, including the effects of civil unrest, acts of terrorism, war or a prolonged
United States or global economic downturn or recession; and changes in our plans, strategies,
objectives, expectations or intentions, which may happen at any time at our discretion. 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.
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