Platinum Raises 2003 Earnings Forecast; Will Take $9.5 Million Charge

Platinum Underwriters Holdings, Ltd. announced that, “based on the current industry environment, the mix of business underwritten and in the absence of any unusual catastrophe activity, it has updated its guidance for fiscal year 2003.”

The company said that it “now estimates that for 2003 it will book net premiums written between $1.1 billion and $1.2 billion and a GAAP combined ratio in the range of 90% to 95%,” with a “combined portfolio of cash and fixed maturity investments to be slightly in excess of $1.6 billion at year-end 2003.”

It also indicated it would “incur a charge of approximately $9.5 million in the second quarter of 2003 associated with the change of its Chief Executive Officer.” (See IJ Website May 14) The company forecast that basic earnings per share in 2003 would exceed $2.00 per common share based on the 43,004,000 shares currently outstanding.