Platinum Underwriters (PTP) Reports $10 Special Dividend Related to RenaissanceRe Deal

Platinum Underwriters Holdings, Ltd. (NYSE: PTP) announced today that its Board of Directors has, subject to certain conditions, declared a special dividend of $10.00 per common share in connection with its pending acquisition by RenaissanceRe (NYSE: RNR). The special dividend would be payable prior to the effective time of the Merger on the closing date of the acquisition (the "Closing Date") to shareholders of record at the close of business on the last business day prior to the Closing Date. The special dividend is conditioned on the Merger having been approved by the shareholders of Platinum at a special meeting of its shareholders on February 27, 2015 (or any adjournment or postponement thereof).

The Merger is expected to occur on or after March 2, 2015, subject to the approval of shareholders of Platinum and the satisfaction of customary closing conditions. Platinum has scheduled a special meeting of shareholders to consider and vote upon the proposed acquisition and related matters on February 27, 2015. There can be no assurance that all such closing conditions will be satisfied by March 2, 2015, that the effective time of the Merger will occur on March 2, 2015 or that the Merger will occur.

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