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UPDATE 1-Platinum Underwriters sees $105 mln hurricane loss

Wed Oct 1, 2008 5:31pm EDT

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Oct 1 (Reuters) - Property and casualty reinsurer Platinum Underwriters Holdings Ltd (PTP.N) said its preliminary loss estimate from hurricane Ike is about $105 million, net of reinstatement premiums and tax benefit.

Platinum also intends to record other-than-temporary impairments and realized losses of about $18 million for the quarter ended Sept. 30.

This loss estimate is related to certain securities including senior unsecured debt of Lehman Brothers and preferred shares of Royal Bank of Scotland and Fannie Mae, the Bermuda-based company said in a statement.

Shares of the company closed down 4 percent at $34.06 on the New York Stock Exchange. (Reporting by Santosh Nadgir in Bangalore; Editing by Gopakumar Warrier)

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