Bermuda-based Platinum Underwriters reported a net income of $121.5 million for the fourth quarter and swung to profit for the full year.The reinsurer’s $3.67 per share profit for the quarter was partially offset by a $30.2 million Superstorm Sandy hit.Platinum also recorded a net income of $327.2 million for 2012 compared to a $224.1 million net loss in 2011.“2012 was an excellent year for Platinum,” said Michael D Price, Platinum’s CEO, commented. “We produced record earnings per share reflecting strong reserve releases and realised gains combined with manageable catastrophe losses.”The company’s book value per common share grew to $57.90 as of December 31, 2012, an increase of 21.7 percent for the full year.Platinum wrote less business during the quarter and year, reporting that net premiums written decreased 12.9 percent and 13.3 percent, respectively.The company’s combined ratio for the year was 62.5 percent and net investment income was $99.9 million.In 2013, Platinum said it is looking to expand its underwriting portfolio.“Absent major events in the insurance or capital markets, we expect relative stability in overall reinsurance rate adequacy in 2013,” said Mr Price. “We have the financial flexibility to expand our underwriting, hold riskier assets or buy back shares. We expect to participate selectively in a variety of reinsurance and asset classes while managing down our capital base through share repurchases.”