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Risk Management

Reinsurer Platinum posts first-half loss

Sarah Veysey

July 20, 2011 Reprints

Catastrophes Bermuda More + Less -

HAMILTON, Bermuda—Platinum Underwriters Holdings Ltd. posted a a net loss of $177.6 million for the first half of 2011, compared with a profit of $139.6 million for the first half of 2010.

The Hamilton, Bermuda-based reinsurer recorded a loss of $20.4 million for the second quarter of 2011, saying the result had been affected by catastrophe losses of $74.8 million.

The company said its net written premiums for the second quarter were $125.9 million and net investment income was $34 million. The company’s combined ratio for the three months to June 30 was 119.4%.

For the comparable period in 2010, Platinum posted net income of $124.1 million, it said.

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Reinsurer Platinum posts first-half loss

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