UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                 SCHEDULE 13G/A
                               (Amendment No. 1)*

                    Under the Securities Exchange Act of 1934

                      Platinum Underwriters Holdings, Ltd.
                                (Name of Issuer)

                                  Common Stock
                         (Title of Class of Securities)

                                    G7127P100
                                 (CUSIP Number)

                                December 31, 2004
             (Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:

      |X|   Rule 13d-1(b)

      |_|   Rule 13d-1(c)

      |_|   Rule 13d-1(d)

*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).



CUSIP No. G7127P100
--------------------------------------------------------------------------------
1.   NAME OF REPORTING PERSONS
     I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)

     Perry Corp.
--------------------------------------------------------------------------------
2.   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*

                                                                 (a)  |_|
                                                                 (b)  |_|
--------------------------------------------------------------------------------
3.   SEC USE ONLY


--------------------------------------------------------------------------------
4.   CITIZENSHIP OR PLACE OF ORGANIZATION

     New York
--------------------------------------------------------------------------------
  NUMBER OF    5.   SOLE VOTING POWER

   SHARES           3,197,135
               -----------------------------------------------------------------
BENEFICIALLY   6.   SHARED VOTING POWER

  OWNED BY          NONE
               -----------------------------------------------------------------
    EACH       7.   SOLE DISPOSITIVE POWER

  REPORTING         3,197,135
               -----------------------------------------------------------------
   PERSON      8.   SHARED DISPOSITIVE POWER

    WITH            NONE
--------------------------------------------------------------------------------
9.   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

     3,197,135
--------------------------------------------------------------------------------
10.  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*

                                                                          |_|
--------------------------------------------------------------------------------
11.  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

     7.42%
--------------------------------------------------------------------------------
12.  TYPE OF REPORTING PERSON*

     IA, CO
--------------------------------------------------------------------------------
                     *SEE INSTRUCTIONS BEFORE FILLING OUT!



CUSIP No. G7127P100
--------------------------------------------------------------------------------
1.   NAME OF REPORTING PERSONS
     I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)

     Richard C. Perry
--------------------------------------------------------------------------------
2.   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*

                                                                 (a)  |_|
                                                                 (b)  |_|
--------------------------------------------------------------------------------
3.   SEC USE ONLY


--------------------------------------------------------------------------------
4.   CITIZENSHIP OR PLACE OF ORGANIZATION

     United States
--------------------------------------------------------------------------------
  NUMBER OF    5.   SOLE VOTING POWER

   SHARES           3,197,135 (all shares beneficially owned by Perry Corp.)(1)
               -----------------------------------------------------------------
BENEFICIALLY   6.   SHARED VOTING POWER

  OWNED BY          NONE
               -----------------------------------------------------------------
    EACH       7.   SOLE DISPOSITIVE POWER

  REPORTING         3,197,135 (all shares beneficially owned by Perry Corp.)(1)
               -----------------------------------------------------------------
   PERSON      8.   SHARED DISPOSITIVE POWER

    WITH            NONE
--------------------------------------------------------------------------------
9.   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

     3,197,135(1)
--------------------------------------------------------------------------------
10.  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*

                                                                          |_|
--------------------------------------------------------------------------------
11.  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

     7.42%
--------------------------------------------------------------------------------
12.  TYPE OF REPORTING PERSON*

     IN, HC
--------------------------------------------------------------------------------
                     *SEE INSTRUCTIONS BEFORE FILLING OUT!

----------
(1)   Richard Perry disclaims any beneficial ownership interest of the shares of
      Common Stock owned beneficially by Perry Corp., except for that portion of
      such shares that relates to his economic interest in Perry Corp. 



ITEM 1(a).  NAME OF ISSUER:

            Platinum Underwriters Holdings, Ltd.

ITEM 1(b).  ADDRESS OF ISSUER'S PRINCIPAL PLACE EXECUTIVE OFFICES:

            The Belvedere Building
            69 Pitts Road
            Pembroke, HM-08
            Bermuda

ITEM 2(a).  NAME OF PERSON FILING:

            This statement is filed on behalf of Perry Corp., a New York
            corporation, and Richard C. Perry, an American citizen. Perry Corp.
            is a private investment firm, and Richard C. Perry is the President
            and sole stockholder of Perry Corp. Their agreement in writing to
            file this statement on behalf of each of them is attached as Exhibit
            A hereto.

            This statement relates to shares held for the accounts of two or
            more private investment funds for which Perry Corp. acts as general
            partner and/or investment adviser.

ITEM 2(b).  ADDRESS OF PRINCIPAL BUSINESS OFFICE OR, IF NONE, RESIDENCE:

            599 Lexington Avenue
            New York, NY 10022

ITEM 2(c).  CITIZENSHIP:

            Perry Corp. is a New York corporation, and Richard C. Perry is a
            citizen of the United States.

ITEM 2(d).  TITLE OF CLASS OF SECURITIES:

            Common Stock (the "Common Stock")

ITEM 2(e).  CUSIP NUMBER:

            G7127P100

ITEM 3.     Perry Corp. is an investment adviser registered under Section 203 of
            the Investment Advisers Act of 1940, and Richard C. Perry is a
            control person of Perry Corp.


ITEM 4.     OWNERSHIP:

            (a)   AMOUNT BENEFICIALLY OWNED:

                  3,197,135(1)

            (b)   PERCENT OF CLASS:

                  7.42%

            (c)   NUMBER OF SHARES AS TO WHICH SUCH PERSON HAS:

                  (i)   Sole power to vote or to direct the vote:

                        3,197,135 shares(1)

                  (ii)  Shared power to vote or to direct the vote:

                        NONE  

                  (iii) Sole power to dispose or to direct the disposition of:

                        3,197,135(1)

                  (iv)  Shared power to dispose or to direct the disposition of:

                        NONE

ITEM 5.     OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS:

            If this statement is being filed to report the fact that as of the
            date hereof the reporting person has ceased to be the beneficial
            owner of more than 5 percent of the class of securities, check the
            following |_|

ITEM 6.     OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON:

            The limited partners of (or investors in) each of two or more
            private investment funds for which Perry Corp. acts as general
            partner and/or investment adviser have the right to participate in
            the receipt of dividends from, and proceeds from the sale of, the
            shares held for the accounts of such funds in accordance with their
            respective limited partnership interest (or investment
            percentages)in such funds.

ITEM 7.     IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED
            THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY:

            See Exhibit B

----------
(1)   Richard Perry disclaims any beneficial ownership interest of the shares of
      Common Stock owned beneficially by Perry Corp., except for that portion of
      such shares that relates to his economic interest in Perry Corp. 



ITEM 8.     IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP:

            Not Applicable

ITEM 9.     NOTICE OF DISSOLUTION OF THE GROUP:

            Not Applicable

ITEM 10.    CERTIFICATION:

            By signing below I certify that, to the best of my knowledge and
            belief, the securities referred to above were not acquired and are
            not held for the purpose of or with the effect of changing or
            influencing the control of the issuer of the securities and were not
            acquired and are not held in connection with or as a participant in
            any transaction having that purpose or effect.

                                    SIGNATURE

      After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.

                                                PERRY CORP.

Dated: February 9, 2005
       New York, New York                       By: /s/ Richard C. Perry
                                                    ----------------------------
                                                    Name: Richard C. Perry
                                                    Title: President

Dated: February 9, 2005
       New York, New York                           /s/ Richard C. Perry
                                                    ----------------------------
                                                    Richard C. Perry



                                                                       EXHIBIT A

                                    AGREEMENT

                          JOINT FILING OF SCHEDULE 13G

            The undersigned hereby agree to jointly prepare and file with
regulatory authorities a Schedule 13G and any future amendments thereto
reporting each of the undersigned's ownership of securities of Platinum
Underwriters Holdings, Ltd., and hereby affirm that such Schedule 13G is being
filed on behalf of each of the undersigned pursuant to and in accordance with
the provisions of Rule 13d-1(k) under the Securities Exchange Act of 1934. The
undersigned acknowledge that each shall be responsible for the timely filing of
such amendments, and for the completeness and accuracy of the information
concerning him or it contained therein, but shall not be responsible for the
completeness and accuracy of the information concerning the other, except to the
extent that he or it knows or has reason to believe that such information is
inaccurate.

                                                 PERRY CORP.

Dated: February 9, 2005
       New York, New York                        By: /s/ Richard C. Perry
                                                     ---------------------------
                                                     Name: Richard C. Perry
                                                     Title: President

Dated: February 9, 2005
       New York, New York                            /s/ Richard C. Perry
                                                     ---------------------------
                                                     Richard C. Perry



                                                                       EXHIBIT B

                                     ITEM 7

      Perry Corp. is the relevant entity for which Richard C. Perry may be
considered a control person.

      Perry Corp. is an investment adviser registered under the Investment
Advisers Act of 1940.