X0201 4 2004-04-01 0 0001171500 PLATINUM UNDERWRITERS HOLDINGS LTD PTP 0001035140 BALDWIN H FURLONG MERCANTILE BANKSHARES CORPORATION 2 HOPKINS PLAZA BALTIMORE MD 21201 1 0 0 0 Share units 2004-04-01 4 A 0 400.0000 32.0500 A Common Shares 400.0000 1963.0000 D 1-for-1 The share units were credited under the Share Unit Plan for Nonemployee Directors (the "Plan") of Platinum Underwriters Holdings, Ltd. (the "Company") and will be paid in cash, Common Shares of the Company or a combination thereof at the discretion of the Board of Directors of the Company based on the Fair Market Value (as defined in the Plan) of the Common Shares on the first business day following the earlier of (i) the date that is five years following the end of the calendar year that includes the calendar quarter in respect of which the share units are awarded (which is the quarter preceding the transaction date), and (ii) the date the reporting person ceases to be a member of the Board of Directors of the Company. Includes share units deemed to be purchased with cash dividends which, pursuant to the Plan, are credited with respect to the share units held by the reporting person. Michael E. Lombardozzi, Attorney-in-fact 2004-04-01