X0202 3 2004-06-24 0 0001171500 PLATINUM UNDERWRITERS HOLDINGS LTD PTP 0001295482 Mitchell H Elizabeth PLATINUM UNDERWRITERS REINSURANCE, INC. 2 WORLD FINANCIAL CENTER, SUITE 2300 NEW YORK NY 10281 0 1 0 0 US EVP and COO Common Shares 3631 D Non-qualified Option (Right to Buy) 22.50 2012-10-31 Common Shares 112500 D Restricted Share Units Common Shares 4038 D The option vests in three equal annual installments beginning on November 1, 2004. These restricted share units ("RSUs") were awarded on March 12, 2004 under the Annual Incentive Plan (the "Plan") of Platinum Underwriters Holdings, Ltd. (the "Company"). On the Exchange Date, the Company will issue to the reporting person one Common Share of the Company for each RSU held by the reporting person, reduced by the number of Common Shares which are equal in Fair Market Value (as defined in the Plan) on the Exchange Date to the reporting person?s tax withholding obligation. If the reporting person?s employment with the Company terminates prior to the Exchange Date, however, such person?s RSUs will be forfeited, except in limited circumstances. The "Exchange Date" is the earlier of (i) the date that is 6 months from the date of the grant or (ii) the first business day which is 15 days after the date of the reporting person?s death or Disability or termination by the reporting person for Good Reason or by the Company without Cause (each term as defined in the Plan). 1-for-1 /s/ Michael E. Lombardozzi Attorney-In-Fact 2004-06-30