One of Bermuda?s newest insurers, Platinum Underwriters Holdings, Ltd., reported last night that it had topped $1 billion in revenues for the year ended December 31, 2003 after strong results in the property and finite lines.

The property and casualty underwriter, formerly the reinsurance arm of the St. Paul Companies, reported its first full year of accounts, with net income at $144.8 million for the year and $49.8 million for the fourth quarter of 2003 and a GAAP combined ratio of 81.9 percent.

?I am very pleased with our performance in 2003,? said Gregory Morrison, chief executive officer of Platinum.

?We continue to establish ourselves as a leading multi-line reinsurer, committed to underwriting excellence and profitability. Our strong underwriting results, driven by our property and finite segments, have yielded excellent returns for our shareholders. I am excited about our prospects for 2004.?

Platinum, which set up on the Island in 2002 and is now listed on the New York Stock Exchange, reported that for the quarter ended December 31, 2003 net premiums written were $223.5 million and net premiums earned were $277.8 million.

Net premiums written for Platinum?s property and marine, casualty and finite risk segments for the quarter ended December 31, 2003 were $74.5 million, $93.0 million and $56.0 million, respectively, representing 33.4 percent, 41.6 percent and 25.0 percent, respectively, of the company?s total net premiums written.

As of December 31, 2003 total assets were $2,481.9 million of which cash and investments were $1,790.5 million, an increase of $46.2 million and $33.8 million from their respective balances as of September 30, 2003.

Net investment income was $15.2 million for the quarter ended December 31, 2003.

As of December 31, 2003 shareholders? equity was $1,067.2 million and book value per share was $24.79. Steven H. Newman, Chairman of the Board, commented: ?2003 was our first full year of operations.

The excellent results demonstrate the effectiveness of Platinum?s platform and the fine execution of our business plan.?

Highlights for the year ended December 31, 2003 are as follows: Net premiums written were $1,172.1 million and net premiums earned were $1,067.5 million. GAAP combined ratio was 84.7%. Net income was $144.8 million. Basic and diluted net income per common share was $3.37 and $3.09, respectively. Book value per share increased by $3.37 to $24.79 from $21.42 as of December 31, 2002.