Bermuda-based Platinum Underwriters may complete their initial public offering on October 28 or 29.

Parent company of Platinum Underwriters, The St. Paul Companies yesterday announced third-quarter results.

These showed net income of $63.3 million, or $0.27 per share, compared to a third quarter 2001 net loss of $658.7 million, or $3.16 per share, which included $606 million of after-tax losses associated with September 11.

Jay Fishman, chairman and chief executive officer said: "Our core insurance business, as well as our asset management segment, John Nuveen, continue to make good strategic progress and generate attractive financial returns.

"We were negatively impacted in the quarter by underwriting losses from the runoff business, particularly related to Lloyd's syndicates that we put into runoff at the end of the first quarter, and by the losses from a Brazilian oil rig surety case court decision, which we are appealing."

Concerning Platinum, Mr. Fishman said: "The transfer of our reinsurance business to Platinum Underwriters Holdings Limited, a newly capitalised independent company, is expected to occur before year-end."

And although there was no indication of when Platinum would complete their IPO, the earnings release later said: "In the second quarter of 2002, the company announced its intention to contribute the ongoing core reinsurance operations of St. Paul Re to Platinum Underwriters Holdings, Ltd., upon Platinum's completion of its initial public offering. The company will retain the liabilities and reserves relating to business written prior to 2002.

The company intends to execute this strategy as capital market conditions allow. As a consequence, the entire Reinsurance underwriting segment is now reported as "runoff."

However, website "IPO Alert" yesterday listed Platinum Underwriters as executing their IPO on October 28 or 29.