Platinum Underwriters Holdings Ltd.'s net income jumped more than 87 percent in the second quarter of 2004 as it turned in strong underwriting results and improved investment income.

Platinum, which was spun off from The St. Paul Companies in 2002, said net income increased $23.2 million or 87.2 percent to $49.8 million in the three months to June 30.

The company said net premiums written were $330.5 million and net premiums earned were $310.9 million. Total assets were $2,958.0 million of which cash and fixed maturity investments were $2,154.4 million, an increase of $476.2 million and $363.9 million from their respective balances as of December 31, 2003. Net investment income was $19.4 million for the quarter.

Chief executive officer Gregory Morrison said: “Our business continues to perform well, with all of our operating segments achieving solid underwriting earnings. Despite a more competitive environment, we are seeing attractive new business opportunities that support our strategic objectives.”