EX-10.1: EMPLOYMENT AGREEMENT

Exhibit 10.1

PLATINUM UNDERWRITERS HOLDINGS, LTD.
The Belvedere Building
69 Pitts Bay Road
Pembroke HM 08 Bermuda

		June 1, 2007

Mr. James A. Krantz
29 Inwood Drive
Paget, PG 05
Bermuda

Dear Jim:

     I am writing this letter (the “Letter Agreement”) to confirm the terms and conditions of your employment with Platinum Underwriters Holdings, Ltd., a Bermuda company (“Platinum”).

1. Term of Employment .

     Your employment hereunder will commence on June 1, 2007 or such later date that you shall have received the approval of the Bermuda Department of Immigration (the “Effective Date”) and, subject to termination as provided in Section 11, shall end on the third anniversary of the Effective Date; provided that on the third anniversary of the Effective Date and each anniversary thereafter, the term of your employment shall automatically be extended by an additional year unless Platinum or you give the other party written notice, at least thirty (30) days prior to the applicable anniversary of the Effective Date, that you have determined or it has determined that the term shall not be so extended. Such employment period, as extended, shall hereinafter be referred to as the “Term.”

2. Title and Duties .

     During the Term, you will serve as Executive Vice President and Chief Financial Officer of Platinum and will have such duties and responsibilities and power and authority as those normally associated with such position in public companies of a similar stature, plus any additional duties, responsibilities and/or power and authority assigned to you by the Chief Executive Officer of Platinum.

3. Base Salary .

     During the Term, Platinum will pay you a minimum base salary at an annual rate of US$365,000 (the “Base Salary”) payable in accordance with Platinum’s payroll practices as in effect from time to time.

4. Bonus .

     During the Term, you will be eligible for an annual performance bonus pursuant to the terms of Platinum’s Amended and Restated Annual Incentive Plan (the “Annual Bonus”). Your Annual Bonus will have an incentive target equal to 75% of earned Base Salary (the “Target Bonus”) with the range of bonus payout to be from 0% to 150% of earned Base Salary, depending upon the achievement of performance criteria established under Platinum’s Amended and Restated Annual Incentive Plan. The Annual Bonus will generally be paid following the end of the applicable fiscal year, part in cash and part in share units or other equity incentives, as determined by the Compensation Committee of Platinum’s Board of Directors (the “Committee”).

5. Executive Incentive Plan Awards.

     During the Term, you will be a participant in Platinum’s Amended and Restated Executive Incentive Plan. During each year of the Term, it is expected that you will be granted a target annual award opportunity of 75% of your Base Salary, payable if certain performance objectives are achieved by Platinum over a multi-year period (each, an “EIP Award”). The actual amount, the terms and conditions and the form of payment of any EIP Award will be determined by the Committee in its sole discretion, in accordance with the terms of the Amended and Restated Executive Incentive Plan.

6. Share Ownership .

     You acknowledge that, in accordance with Platinum’s share ownership guidelines, you are required to accumulate 30,000 Common Shares before selling Common Shares received under any of Platinum’s compensation plans, subject to certain exceptions set forth in the guidelines.

7. Employee Benefits .

     During the Term, you and your eligible dependents will be eligible to participate in the employee benefit plans and arrangements that are generally available to senior executives of Platinum, subject to the terms and conditions of such plans and arrangements. The Committee reserves the right to amend or terminate any employee benefit plan at any time and to adopt any new plan or arrangement.

8. Housing and Car Allowance .

     You will be entitled to a housing and living allowance of US$24,000 per month. In addition, you will be entitled to a car allowance of US$700 per month.

9. Perquisites .

     Platinum will reimburse you for reasonable dues and fees for a golf and health club membership during the Term, as well as such other perquisites and fringe benefits as may be approved by the Committee from time to time.

10. Business Expenses .

     During the Term, Platinum will reimburse you for all reasonable expenses and disbursements in carrying out your duties and responsibilities under this Letter Agreement in accordance with Platinum’s policy for senior executives as in effect from time to time.

11. Termination of Employment .

     (a)  Termination for Good Reason or Without Cause . If you terminate your employment for “Good Reason” (as defined below) or if your employment is terminated by Platinum without “Cause,” (as defined below) you will be entitled to receive a lump sum cash payment equal to the sum of (i) one year’s Base Salary and Target Bonus, and (ii) any earned but unpaid Base Salary or other amounts (including reimbursable expenses and any vested amounts or benefits under Platinum’s otherwise applicable employee benefit plans or programs) accrued and owing through the date of termination. The foregoing payment will be conditioned upon you executing and honoring a standard waiver and release of claims in favor of Platinum in a form determined by Platinum.

     (b)  Termination Other than for Good Reason; Termination for Cause . If you terminate your employment other than for Good Reason or if your employment is terminated by Platinum for Cause, you will receive no further payments, compensation or benefits under this Letter Agreement, except you will be eligible to receive, upon the effectiveness of such termination, any earned but unpaid Base Salary and other amounts (including reimbursable expenses and any vested amounts or benefits under Platinum’s employee benefit plans or programs) accrued or owing prior to the effectiveness of such termination.

     (c)  Death or Disability . Upon the termination of your employment on account of your death or “Disability” (as defined below), you or your beneficiaries will receive (i) any earned but unpaid Base Salary through the date of termination plus a pro-rata portion through the date of termination of your Target Bonus for the year of termination, and (ii) all other amounts (including reimbursable expenses and any vested amounts or benefits under Platinum’s employee benefit plans or programs) accrued or owing prior to the effectiveness of such termination.

     (d)  Definitions .

  (i) Cause . For purposes of this Letter Agree