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Platinum Underwriters to write just under $1bn net premiums

New Bermudian reinsurer Platinum Underwriters expects to write just under $1bn in net premiums this...

New Bermudian reinsurer Platinum Underwriters expects to write just
under $1bn in net premiums this year. Platinum, which is the spun-off
reinsurance business of US insurer St Paul, began operations on 1 November
2002. It made a net profit of $6.4m on net written premium of $298.1m, of
which $292.3m related to reinsurance business assumed from St Paul. Net
investment income was only $5.2m because deployment of the portfolio was
delayed awaiting regulatory approval.
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