NU Online News Service, March 23, 3:52 p.m. EDT

AXIS Capital Holdings Limited says it expects to incur between $275 million and $315 million in losses, pre-tax and net of reinstatement premiums, from the February New Zealand earthquake and from first-quarter loss events in Australia.

The Pembroke, Bermuda-based specialty insurer and reinsurer says it expects the New Zealand quake to cost between $185 million and $215 million. The Australian event is expected to cost between $90 million and $100 million.

“Losses for the New Zealand earthquake and loss events in Australia that have occurred to date in the first quarter of 2011 are expected to primarily impact the reinsurance segment of the company,” AXIS says. “The net impact from the New Zealand earthquake to the company's insurance segment is not expected to exceed $20 million due to reinsurance coverage limiting net retentions in the segment, and the net impact of the loss events in Australia is not expected to be material to this segment.”

AXIS says it does not expect its share of losses for the March 11 Japan earthquake and tsunami to exceed 1.3 percent of total industry loss. The company’s insurance segment is not expected to exceed $25 million due to reinsurance coverage, AXIS says, adding that it is still too early to give exact estimates.

Hamilton, Bermuda-based Platinum Underwriters Holdings Ltd. said it expects the 2011 Australian floods and Cyclone Yasi, and the New Zealand earthquake will have a net negative impact of approximately $25 million and $135 million, respectively, on the Company's 2011 first quarter results.

Recently, RenaissanceRe said January flooding in Australia and the February New Zealand earthquake will have expected net negative impacts of approximately $30 million and $190 million, respectively, on the company’s quarterly results.

Everest Re says the February New Zealand quake is expected to cause losses of between $140 million and $210 million, pre-tax and net of reinstatement premiums. On an after-tax basis, the company says the loss is expected to be between $120 million and $180 million.

Alterra says its initial first-quarter loss estimates are between $5 million and $8 million for the Australian floods; between $6 million and $10 million for Cyclone Yasi; and between $15 million and $20 million for the New Zealand quake.

Montpelier Re Holdings says it expects its pre-tax net losses from the New Zealand quake to be $75 million.

Bermuda-based Catlin Group says it expects losses from New Zealand to be about $125 million, net of reinsurance and reinstatements.

XL Group puts estimated losses between $70 million and $85 million, mostly attributable to XL’s reinsurance segment.

PartnerRe says it expects losses of between $180 million and $240 million.

Allied World Assurance Company Holdings says it expects to record losses of between $30 million and $40 million.

Swiss Re has come in with the highest loss estimate, at about $800 million.

Hannover Re weighs in with estimated losses of $209 million, and Validus Holdings expects between $25 million and $50 million in losses.