Fitch affirms Platinum Underwriters

Fitch Ratings said it affirmed the A- issuer default rating of Platinum Underwriters Holding Ltd.

The outlook remains negative.

The outlook reflects the company's recent underwriting performance, which has shown significantly greater volatility than was expected for a reinsurer in the company's current rating category, according to the agency.

Platinum's incurred loss estimates from the large catastrophe events of the first half of 2011 in its third and fourth quarter 2011 earnings release demonstrated challenges the company has faced in measuring and controlling exposure to recent large losses, the agency noted.

The company maintains a longer-term history of strong underwriting results and profitability, and the ratings reflect the company's solid capitalization, moderate financial and operating leverage, as well as it's high-quality and liquid investment portfolio, the agency said.

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