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Platinum Underwriters reports first-quarter net income of $53.3M


HAMILTON, Bermuda—Platinum Underwriters Holdings Ltd. generated net income of $53.3 million during the first quarter of this year, Platinum reported Wednesday.

This compares with a net loss of $157.2 million during the same period a year earlier.

The Hamilton, Bermuda-based reinsurer reported that net written premiums decreased 26.2% to $143.7 million. Net investment income decreased 11.8% to $28.6 million.

Platinum reported underwriting income of $16.3 million for the quarter, compared with an underwriting loss of $183.6 million during the same period a year earlier.

Platinum’s combined ratio improved 112.2 points to 88.2%, the reinsurer said.

Platinum predicted earlier this month that it would suffer catastrophe-related losses of $24.8 million this quarter.

“Our results reflect the previously announced negative financial impact from severe weather in the United States, favorable prior period development, strong investment results on a total return basis and active capital management,” said Platinum CEO Michael D. Price, in a statement announcing the results.

“Absent major events in the insurance or capital markets, we expect relative stability in overall reinsurance rate adequacy for the remainder of 2012,” he said. “We are well-positioned to take advantage of quality reinsurance underwriting opportunities as they arise and will continue with our strategy of underwriting for profitability, not market share.”

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