Platinum Underwriters Holdings enjoyed a profit-boosting set of fourth-quarter and 2007 results.

Net income for the Bermuda-based reinsurance company was up at $102.2 million or $1.60 per diluted common share for the fourth quarter of 2007, from $86 million or $1.28 per share for the same period in 2006.

Meanwhile, full-year net income also climbed from $329.7 million, or $4.96 per share, in 2006, to $357 million, or $5.38 per share for last year.

Michael Price, CEO of Platinum, said: "Platinum produced record results in 2007, reflecting solid current period underwriting margins, strong investment income, the absence of major catastrophes and favourable prior period development.

"Our book value per share increased 20.2 percent from December 31, 2006 to $34.04 and reflects share repurchases during the year of $240.5 million at an average price of $34.68.

"In response to deteriorating reinsurance market conditions, we cut back our underwriting activity at January 1.

"Our underwriting discipline coupled with greater retention by ceding companies has resulted in approximately 18 percent less premium bound at January 1 as compared to last year.

"Overall, 2007 was another successful year for Platinum. We produced excellent returns while maintaining prudent risk levels.

"We are strongly capitalised and if the business performs as expected, we anticipate generating excess capital, allowing us to continue actively managing our capital base through share repurchases, subject to appropriate valuation constraints."