SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person* Porter Robert S (Last) (First) (Middle) FITZWILLIAM HOUSE 10 ST. MARY AXE, 6TH FLOOR (Street) LONDON X0 EC3A 8EN (City) (State) (Zip)	2. Date of Event Requiring Statement (Month/Day/Year) 02/26/2006	3. Issuer Name and Ticker or Trading Symbol PLATINUM UNDERWRITERS HOLDINGS LTD [ PTP ]
		4. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director 10% Owner X Officer (give title below) Other (specify below) CEO - Platinum UK	5. If Amendment, Date of Original Filed (Month/Day/Year)
			6. Individual or Joint/Group Filing (Check Applicable Line) X Form filed by One Reporting Person Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Shares	17,197	D

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Non-qualified Option (Right to Buy)	(1)	10/31/2012	Common Shares	50,000	$22.5	D
Non-qualified Option (Right to Buy)	(2)	06/15/2013	Common Shares	50,000	$26.74	D
Non-qualified Option (Right to Buy)	(3)	02/23/2015	Common Shares	10,673	$30.75	D
Restricted share units	(4)	(4)	Common Shares	2,846	(5)	D
Non-qualified Option (Right to Buy)	(6)	02/27/2016	Common Shares	58,253	$30.58	D

Explanation of Responses:

1. The option vests in equal installments over four years on each anniversary following the date of the grant, November 1, 2002.

2. The option vests in equal installments over four years on each anniversary following the date of the grant, June 16, 2003.

3. The option vests in equal installments over four years on each anniversary following the date of the grant, February 24, 2005.

4. These restricted share units ("RSUs") were awarded under the 2002 Share Incentive Plan (the "Plan") of Platinum Underwriters Holdings, Ltd. (the "Company"). On each of the third and fourth anniversaries following the date of the grant, February 24, 2005, the Company will issue to the reporting person one Common Share of the Company for 50% of the RSUs awarded to the reporting person, reduced by the number of Common Shares which are equal in Fair Market Value (as defined in the Plan) on such date to the reporting person's tax withholding obligation.

5. 1-for-1

6. The option vests in equal installments over three years on each anniversary following the date of the grant, February 28, 2006.

Remarks:

	/s/Michael E. Lombardozzi Attorney-In-Fact	03/01/2006
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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