FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN 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 * SCHMIDT NEAL J   2. Issuer Name and Ticker or Trading Symbol PLATINUM UNDERWRITERS HOLDINGS LTD [PTP] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director _____ 10% Owner __X__ Officer (give title below) _____ Other (specify below) Exec. VP and Chief Actuary (Last) (First) (Middle) PLATINUM ADMINISTRATIVE SERVICES, INC., 2 WORLD FINANCIAL CENTER, SUITE 2300 3. Date of Earliest Transaction (Month/Day/Year) 02/21/2010 (Street) NEW YORK, NY 10281 4. If Amendment, Date Original Filed(Month/Day/Year) 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 Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common Shares 02/21/2010   M   6,561 A $ 0 38,413 D   Common Shares 02/21/2010   F   2,475 D $ 36.9 35,938 D   Common Shares 02/21/2010   A   17,538 (1) A $ 0 53,476 D   Common Shares 02/21/2010   F   6,353 D $ 36.9 47,123 D

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code (Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date (Month/Day/Year)

7. Title and Amount of Underlying Securities (Instr. 3 and 4)

8. Price of Derivative Security (Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)

11. Nature of Indirect Beneficial Ownership (Instr. 4)

Code

V

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Share units

(2)

02/21/2010

M

6,561

(3)

(3)

Common Shares (3)

6,561

$ 0

6,560

D

Share units

(2)

02/22/2010

A

7,927

(4)

(4)

Common Shares (4)

7,927

$ 0

7,927

D

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
SCHMIDT NEAL J PLATINUM ADMINISTRATIVE SERVICES, INC. 2 WORLD FINANCIAL CENTER, SUITE 2300 NEW YORK, NY 10281			Exec. VP and Chief Actuary

Signatures

/s/Michael E. Lombardozzi Attorney-in-Fact		02/23/2010
**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(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)	This represents the payment of an award granted on May 30, 2007 under the Amended and Restated Executive Incentive Plan of Platinum Underwriters Holdings, Ltd. (the "Company") for the 2007-2009 performance cycle.
(2)	1-for-1
(3)	These share units were awarded on May 30, 2007 under the 2006 Share Incentive Plan of the Company. On February 21, 2010, 50% of these share units vested and the Company issued to the reporting person one Common Share of the Company for each vested share unit. On February 21, 2011 the Company will issue to the reporting person one Common Share for each of the remaining 50% of the share units awarded to the reporting person.
(4)	These share units were awarded on February 22, 2010 under the Share Incentive Plan of the Company. These share units will vest ratably in four annual installments beginning on the first anniversary of the date of grant. On each of the vesting dates, the Company will issue to the reporting person one Common Share of the Company for each vested share unit, reduced by the number of Common Shares which are equal in Fair Market Value (as defined in the 2006 Share Incentive Plan) on such date to the reporting person's tax withholding obligation.

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