:Platinum Underwriter Holdings has achieved an eight percent increase in its third quarter profits by eight percent, year-on-year, to $91.3 million. ---- That amounts to an income per common share of $1.37 up nine cents. Net premiums earned fell 14.5 percent to $290.3 million. ---- "Plentiful reinsurance capacity resulting from historically good market conditions and light catastrophe losses in combination with some companies' drive for growth and diversification will likely put downward pressure on reinsurance rates across nearly all lines and geographies," said CEO Michael Price. ---- The company enjoyed a 12.4 percent increase in its net investment income, which totalled $54.3 million, while its combined ratio has also fallen from 84.4 percent to 81.3 percent. ---- Mr. Price said: "Our excellent overall result for the quarter reflected solid current period underwriting margins, growing investment income, and favourable prior period reserve development. ---- "Our book value per share increased 13.3 percent from December 31, 2006 to $32.09 and reflects share repurchases in the quarter of $104.4 million at an average price of $33.69."