Platinum Underwriters Holdings Ltd
Platinum Underwriters — Investor Presentation (September 2004)
16 slides from Platinum Underwriters's investor presentation, Sep 20, 2004
Slide 1: Presentation to Analysts and Investors
The Week of September 20, 2004 Presentation to Analysts and Investors
Slide 2: Forward Looking Statements
Forward Looking Statements The following presentation contains disclosures which are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including the Company's future financial performance. Forward-looking statements include all statements that d
Slide 3: Contents
Contents Overview of Operations Creating and Meeting Expectations Recent Corporate Initiatives
Slide 4: Overview of Operations
OVERVIEW OF OPERATIONS The History of Platinum Our Operating Platform Intercompany Reinsurance Arrangements Our Business
Slide 5: The History of Platinum
The History of Platinum October 2001 St. Paul Re begins dramatic re-underwrite of 1/1 book: Line sizes reduced Cat Aggregates reduced ROE targets increased Terrorism excluded Exited certain lines Finite book restructured Nov. 1, 2002 Platinum IPO Raise approx. $1bn Assigned 'A' rating from AM Best M
Slide 6: Our Operating Platform
Our Operating Platform Platinum Underwriters Holdings, Ltd. (Bermuda Holding Company) Platinum Underwriters Reinsurance, Inc. (US Reinsurance Company) Platinum Re (UK) Limited (UK Reinsurance Company) GAAP Equity * (approximate): $480 million ** $170 million $600 million Employees: 118 25 9 Offices:
Slide 7: Intercompany Reinsurance Arrangements
Intercompany Reinsurance Arrangements Approximately 70% quota share commencing 1/1/2003. Excludes all business written on St.Paul paper. 55% quota share commencing 1/1/2003. Excludes all business written on St.Paul paper. Platinum Underwriters Reinsurance, Inc. Domicile: Maryland, U.S. Platinum Re (
Slide 8: Our Business (1)
Property Our Business (1) Product Management U.S. Property Individual Risk Catastrophe Crop Retro / Finite International Property Commercial (U.S.) Umbrella General Liability Employer's Liability Accident & Health Special (Admitted) Medical Malpractice Savannah Re Political Risk Trade Credit Casualt
Slide 9: Our Business (2)
Our Business (2) Line of business CASUALTY PROPERTY & MARINE FINITE RISK Source: PTP Q2 2004 Financial Supplement Based on net written premium for the six months ended June 30, 2004
Slide 10: Creating and Meeting Expectations
CREATING AND MEETING EXPECTATIONS Emphasis on Excess of Loss Underwriters Working with Actuaries Active Involvement of Senior Management in Underwriting Aligning Management and Shareholder Interests
Slide 11: Emphasis on Excess of Loss
Emphasis on Excess of Loss CASUALTY PROPERTY & MARINE Source: PTP Q2 2004 Financial Supplement Based on net written premium for the six months ended June 30, 2004 FINITE RISK
Slide 12: Underwriters Working with Actuaries
Underwriters Working with Actuaries Platinum Underwriters Reinsurance, Inc. (US Reinsurance Company) Platinum Re (UK) Limited (UK Reinsurance Company) Platinum Underwriters Bermuda, Ltd. (Bermuda Class 4 Reinsurance Company) Underwriters 50 % Actuaries 35% Underwriters 10 % Actuaries 50% Underwriter
Slide 13: Active Involvement of Senior Management in Underwriting
Active Involvement of Senior Management in Underwriting Yes CEO, Platinum UK Robert Porter Yes COO, Platinum Bermuda Barton Hedges Yes EVP, Platinum US Gregory Richardson Yes EVP, Platinum US Elizabeth Mitchell No General Counsel Michael Lombardozzi Yes Chief Actuary, Platinum US Neal Schmidt No CFO
Slide 14: Aligning Management and Shareholder Interests
Aligning Management and Shareholder Interests 1st tranche of initial public offering share option grants have vested and are currently in the money A portion of annual bonuses will be paid in shares for senior executives CEO/CUO: 50% EVPs: 25% - 37.5% Selected SVPs: 0% - 25% Share ownership guidelin
Slide 15: Recent Corporate Initiatives: Share Repurchase
RECENT CORPORATE INITIATIVES Share Repurchase Announced August 4th, 2004 Up to $50 million To be executed via open market or privately negotiated transactions Open ended time frame Dependant upon market conditions
Slide 16: Address and Investor Information
Address: Platinum Underwriters Holdings, Ltd. 69 Pitts Bay Road Pembroke, HM-08 Bermuda Investor Information: Justin Cressall Tel: (441) 298-0753 Fax: (441) 296-0528 www.platinumre.com
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