Ownership Submission
FORM 3
 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
  Porter Robert S
 2. Date of Event Requiring Statement (Month/Day/Year)
02/26/2006		 3. Issuer Name and Ticker or Trading Symbol
PLATINUM UNDERWRITERS HOLDINGS LTD [PTP]
(Last)
(First)
(Middle)
FITZWILLIAM HOUSE, 10 ST. MARY AXE, 6TH FLOOR		 4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
CEO - Platinum UK
 5. If Amendment, Date Original Filed(Month/Day/Year)
(Street)

LONDON, X0 EC3A 8EN		 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Beneficially Owned
1.Title of Security
(Instr. 4)		 2. Amount of Securities Beneficially Owned
(Instr. 4)		 3. Ownership Form: Direct (D) or Indirect (I)
(Instr. 5)		 4. Nature of Indirect Beneficial Ownership
(Instr. 5)
Common Shares 17,197
D
 

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. SEC 1473 (7-02)
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Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 4)		 2. Date Exercisable and Expiration Date
(Month/Day/Year)		 3. Title and Amount of Securities Underlying Derivative Security
(Instr. 4)		 4. Conversion or Exercise Price of Derivative Security 5. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 5)		 6. Nature of Indirect Beneficial Ownership
(Instr. 5)
Date Exercisable Expiration Date Title Amount or Number of Shares
Non-qualified Option (Right to Buy)   (1) 10/31/2012 Common Shares 50,000 $ 22.5 D  
Non-qualified Option (Right to Buy)   (2) 06/15/2013 Common Shares 50,000 $ 26.74 D  
Non-qualified Option (Right to Buy)   (3) 02/23/2015 Common Shares 10,673 $ 30.75 D  
Restricted share units   (4)   (4) Common Shares 2,846 $ (5) D  
Non-qualified Option (Right to Buy)   (6) 02/27/2016 Common Shares 58,253 $ 30.58 D  

Reporting Owners

Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
Porter Robert S
FITZWILLIAM HOUSE
10 ST. MARY AXE, 6TH FLOOR
LONDON, X0 EC3A 8EN		       CEO - Platinum UK  

Signatures

/s/Michael E. Lombardozzi Attorney-In-Fact 03/01/2006
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 5(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) The option vests in equal installments over four years on each anniversary following the date of the grant, November 1, 2002.
(2) The option vests in equal installments over four years on each anniversary following the date of the grant, June 16, 2003.
(3) The option vests in equal installments over four years on each anniversary following the date of the grant, February 24, 2005.
(4) These restricted share units ("RSUs") were awarded under the 2002 Share Incentive Plan (the "Plan") of Platinum Underwriters Holdings, Ltd. (the "Company"). On each of the third and fourth anniversaries following the date of the grant, February 24, 2005, the Company will issue to the reporting person one Common Share of the Company for 50% of the RSUs awarded to the reporting person, reduced by the number of Common Shares which are equal in Fair Market Value (as defined in the Plan) on such date to the reporting person's tax withholding obligation.
(5) 1-for-1
(6) The option vests in equal installments over three years on each anniversary following the date of the grant, February 28, 2006.

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