PTP

(NYSE: PTP)

Industry: Reinsurance
On the web: http://www.platinumre.com
Employees: 153

Platinum Underwriters Holdings, Ltd. was organized in 2002. It operates as a holding company domiciled in Bermuda. Through its operating subsidiaries, it provides property and marine, casualty and finite risk reinsurance coverages, through reinsurance intermediaries, to a diverse clientele of commercial and personal lines insurers and select reinsurers on a worldwide basis. The Company operates through two licensed reinsurance subsidiaries, Platinum Underwriters Bermuda, Ltd. (Platinum Bermuda), a Bermuda reinsurance company and wholly owned subsidiary of Platinum Holdings, and Platinum Underwriters Reinsurance, Inc. (Platinum US), a U.S. reinsurance company and a wholly owned subsidiary of Platinum Underwriters Finance, Inc. (Platinum Finance). The Company operates in Property and Marine, Casualty and Finite Risk segments. It provides reinsurance coverage for damage to property and crops. The Company’s catastrophe excess-of-loss reinsurance contracts provide defined limits of liability, permitting it to quantify its aggregate maximum loss exposure for various catastrophic events. It provides reinsurance coverage for marine and offshore energy insurance programs. Coverages reinsured include hull damage, protection and indemnity, cargo damage, satellite damage and general marine liability. Within Marine, it also writes commercial and general aviation reinsurance. Casualty reinsurance protects a ceding company against financial loss arising out of the obligation to others for loss or damage to persons or property. The Company’s Casualty operating segment mainly includes reinsurance contracts that cover umbrella liability, general and product liability, professional liability, workers' compensation, casualty clash, automobile liability, surety, trade credit, political risk and accident and health. Finite reinsurance includes mainly structured reinsurance contracts with ceding companies whose needs might not be met efficiently through traditional reinsurance products. Reinsurance contracts classified as finite are typically structured to include loss limitation or loss mitigation features. It markets its reinsurance products worldwide mainly through non-exclusive relationships with leading reinsurance brokers. The property and casualty reinsurance industry is highly competitive. It competes with Arch Capital Group Ltd., Axis Capital Holdings Limited, Endurance Specialty Holdings Ltd., Everest Re Group, Ltd., Max Capital Group Ltd., Montpelier Re Holdings Ltd., Odyssey Re Holdings Corp., PartnerRe Ltd., RenaissanceRe Holdings Ltd. (RenaissanceRe) and Transatlantic Holdings, Inc. The business of reinsurance is regulated in most countries, although the degree and type of regulation varies significantly from one jurisdiction to another. Reinsurers are generally subject to less direct regulation than main insurers.

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