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May 22, 2015 11:25 AM ET

Insurance

Company Overview of Platinum Underwriters Holdings Ltd.

Company Overview

Platinum Underwriters Holdings, Ltd., through its subsidiaries, provides property and marine, casualty, and finite risk reinsurance coverage products to a clientele of insurers and select reinsurers worldwide. It operates through three segments: Property and Marine, Casualty, and Finite Risk. The Property and Marine segment provides reinsurance coverage for damage to property and crops, as well as offers property catastrophe and marine excess-of-loss reinsurance contracts, property and marine per-risk excess-of-loss, and proportional reinsurance contracts. This segment also provides property facultative reinsurance; and reinsurance coverage for marine, offshore energy, and aerospace insuranc...

Waterloo House

100 Pitts Bay Road

Pembroke,  HM 08

Bermuda

Founded in 2002

123 Employees

Phone:

441-295-7195

Fax:

441-296-0528

Key Executives for Platinum Underwriters Holdings Ltd.

Chief Executive Officer of Platinum Underwriters Reinsurance Inc and President of Platinum Underwriters Reinsurance Inc
Age: 52
Chief Executive Officer of Platinum Underwriters Bermuda Limited
Age: 50
Chief Actuary of Platinum Administrative Services Inc and Executive Vice President of Platinum Administrative Services Inc
Age: 58
Chief Risk Officer of Platinum Administrative Services Inc, Executive Vice President of Platinum Administrative Services Inc and Director of Investor Relations of Platinum Administrative Services Inc
Age: 47
Compensation as of Fiscal Year 2014.

Platinum Underwriters Holdings Ltd. Key Developments

Platinum Underwriters Holdings Ltd. Announces Amendments to Articles of Incorporation or Bylaws

Effective March 2, 2015, in connection with the consummation of the Merger, Platinum Underwriters Holdings Ltd. altered its Memorandum of Association and amended and restated its Amended and Restated Bye-Laws in their entirety.

Platinum Underwriters Holdings Ltd. Enters Amendment to Credit Agreement; Announces Executive Changes

Effective March 2, 2015, Platinum Underwriters Holdings Ltd. (Platinum) entered into a Consent and Amendment to Credit Agreement with Wells Fargo Bank, National Association (Wells Fargo), the Lenders party thereto and certain subsidiaries of Platinum party thereto (the Subsidiary Borrowers). The Credit Agreement Amendment amends the Third Amended and Restated Credit Agreement, dated as of April 9, 2014, by and among Platinum, the Subsidiary Borrowers, Wells Fargo and the lenders party thereto. Among other things, the Credit Agreement Amendment evidenced the Lenders' consent to the Merger, reduced the aggregate commitment under the Platinum Credit Agreement to $100 million, all of which is available for letters of credit, eliminated the sublimit under the Platinum Credit Agreement for revolver borrowings, reflected the addition of RenaissanceRe as a guarantor of the obligations of the borrowers under the Platinum Credit Agreement and eliminated or modified certain of the covenants and events of default under the Platinum Credit Agreement. Effective March 2, 2015, RenaissanceRe entered into a Guaranty for the benefit of the lenders under the Platinum Credit Agreement pursuant to which RenaissanceRe guaranteed the obligations of Platinum and the Subsidiary Borrowers under the Platinum Credit Agreement and agreed to certain information reporting and financial covenants. The financial covenants are the same as those in RenaissanceRe's existing revolving credit agreement. Effective March 2, 2015, pursuant to the agreement and plan of merger Platinum, RenaissanceRe and Port Holdings Ltd. (Acquisition Sub), Acquisition Sub was merged with and into Platinum, with Platinum continuing as the surviving company and as a subsidiary of RenaissanceRe (the Merger). Pursuant to the terms of the Merger Agreement, upon the consummation of the Merger, the directors of Acquisition Sub, Kevin J. O'Donnell, Jeffrey D. Kelly and Mark A. Wilcox, became the directors of Platinum, and the officers of Acquisition Sub, Kevin J. O'Donnell, Jeffrey D. Kelly and Stephen H. Weinstein, became officers of Platinum, each effective March 2, 2015. Each director and officer is to serve until his or her successor is duly elected or appointed and qualified or until his or her earlier death, verification or removal in accordance with Platinum's bye-laws.

Platinum Underwriters Holdings, Ltd. Declares Quarterly Dividend and Special Dividend, Payable on March 31, 2015

Platinum Underwriters Holdings Ltd. announced that its Board of Directors has, subject to certain conditions, declared a quarterly dividend of $0.08 per common share. The quarterly dividend would be payable on March 31, 2015 to shareholders of record on March 2, 2015. The quarterly dividend is conditioned on Platinum's previously announced pending acquisition by RenaissanceRe Holdings Ltd. pursuant to a merger of Platinum with a wholly-owned subsidiary of RenaissanceRe (the Merger) not having been consummated on or prior to March 31, 2015. In addition, Platinum announced that its Board of Directors has, subject to certain conditions, declared a special dividend of $10.00 per common share in connection with its pending acquisition by RenaissanceRe. The special dividend would be payable prior to the effective time of the Merger on the closing date of the acquisition (the Closing Date) to shareholders of record at the close of business on the last business day prior to the Closing Date. The special dividend is conditioned on the Merger having been approved by the shareholders of Platinum at a special meeting of its shareholders on February 27, 2015 (or any adjournment or postponement thereof).

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