Platinum Underwriters Holdings, Ltd. posted five percent higher income of $77 million for the first quarter of 2006 compared to $73 million in the 2005 first quarter due partly to a 62 percent increase in investment income.

The results for the quarter include a 16 percent decline in net premiums earned of $344.3 million, net unfavourable development of $1.2 million, compared with net favourable development of $20.5 million from the same quarter last year, and a 62 percent increase in net investment income of $43.5 million.

Michael D. Price, chief executive officer, said: ?Platinum?s strong underwriting performance, the absence of significant catastrophe activity, and continued investment income growth contributed to net income for the quarter.

?Net premiums written and earned decreased significantly in our finite risk segment and to a lesser extent in our traditional segments reflecting our strategy of underwriting for profitability not market share, and a greater willingness on the part of our clients to retain risk.?

Mr. Price added: ?We will continue to maintain our pricing standards and believe that current market conditions provide opportunities to write a significant, well-priced and diverse portfolio of treaty reinsurance business.?

@EDITRULE:

Report Card:

Results for the first three months of the year compared to the same period a year ago

Net income: $77 million, up five percent from $73 million

Net income per share: $1.16 per share compared to $1.49 per share

Net premiums written: $293.3 million, a 40.6 percent decrease from $493.8 million

Net investment income: $43.5 million, a 62 percent increase from $26.9 million

Combined ratio: 85.2 percent compared to 84.5 percent

Shareholders? equity increased to $1.6 billion at March 31, 2006 compared to $1.5 billion at December 31, 2005