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) EVP and Chief Actuary - PASI (Last) (First) (Middle) PLATINUM ADMINISTRATIVE SERVICES, INC., 2 WORLD FINANCIAL CENTER, SUITE 2300 3. Date of Earliest Transaction (Month/Day/Year) 02/22/2013 (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 02/22/2013   M   1,982 A $ 0 33,434 D   Common Shares 02/22/2013   F   1,023 D $ 51.98 32,411 D   Common Shares 02/22/2013   A   653 (1) A $ 0 33,064 D   Common Shares 02/22/2013   F   337 D $ 51.98 32,727 D   Common Shares 02/23/2013   M   2,552 A $ 0 35,279 D   Common Shares 02/23/2013   F   1,317 D $ 52.41 33,962 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)

02/22/2013

M

1,982

(3)

(3)

Common Shares (3)

1,982

$ 0

1,981

D

Share Units

(2)

02/23/2013

M

2,552

(4)

(4)

Common Shares (4)

2,552

$ 0

0

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			EVP and Chief Actuary - PASI

Signatures

/s/Christina M. Parker, Attorney-in-Fact		02/26/2013
**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)	These common shares represent the payment of an award granted on February 22, 2010 under the Amended and Restated Executive Incentive Plan of Platinum Underwriters Holdings, Ltd. (the "Company") for the 2010-2012 performance cycle.
(2)	1-for-1
(3)	These share units were awarded on February 22, 2010 under the Company's 2006 Share Incentive Plan (the "Plan"). On February 22, 2013, the third quarter of these share units vested and the Company issued to the reporting person one Common Share for each vested share unit. The remaining share units will vest on the fourth anniversary of the date of award and on this vesting date the Company will issue to the reporting person one Common Share for each vested share unit.
(4)	These share units were awarded on February 23, 2009 under the Plan. On February 23, 2013, the final quarter of these share units vested and the Company issued to the reporting person one Common Share for each vested share unit.

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