Platinum Underwriters this week raised $295 million from the sale of shares as it moved to recapitalise following this year's hiurricane season.

And original investor RenaissanceRe also raised $125 million from the sale of its take in the company.

Platinum sold 4.4 million common shares at $30.15 a share to raise $127 million and also sold 5.75 million six percent preferred shares at $30.15 per share to raise approximately $168 million.

RenaissanceRe sold $3.9 million common shares at $30.15.

Platinum's preferred shares have a dividend yield of six percent and a conversion premium of 27 percent above the Series A mandatory convertible preferred share public offering price.

The Series A mandatory convertible preferred shares began trading yesterday on the New York Stock Exchange under the symbol "PTP PrA".