Platinum estimates $24.8 Million Q1 2012 Losses from Catastrophes

Bermuda-based Platinum Underwriters Holdings, Ltd. announced that it expects major catastrophe losses will have a net negative impact of approximately $24.8 million on the Company’s results for the quarter ended March 31, 2012. The company explained that the losses were related “primarily to severe weather, including tornadoes and hailstorms in Kentucky and Tennessee, referred to as Property Claims Services Catastrophes 66 and 67. The net negative impact from these events includes preliminary estimates of losses and loss adjustment expenses, reinstatement premiums and taxes.”