Everest Re says the February New Zealand quake is expected to cause losses of between $140 million and $210 million, pretax 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 Capital Holdings 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. The company says its loss estimates are pretax and net of reinsurance and reinstatement premiums.

Endurance Specialty Holdings says its loss estimate for the Australian floods is $15 million, and its estimate for the New Zealand quake is $45 million.

AXIS 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 events are 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.”

Platinum Underwriters Holdings Ltd. says it expects that the 2011 Australian floods and Cyclone Yasi, and the New Zealand earthquake will have net-negative impacts of approximately $25 million and $135 million, respectively, on the company's 2011 first-quarter results.

Flagging Flagstone

Meanwhile, Moody's Investors Service placed Luxembourg-based Flagstone Reinsurance Holdings' “Baa3” long-term issuer rating and the “A3” financial-strength rating of the company's principal subsidiary, Flagstone Reassurance Suisse S.A., under review due to the company's expected losses from first-quarter catastrophes.

Moody's says Flagstone's estimated losses for the Australian floods and Cyclone Yasi account for 5.3-7.0 percent of the company's equity. The estimated losses for the New Zealand quake account for another 5.3-7.9 percent of equity, Moody's says. “The company has yet to disclose its loss estimates for the March 11 earthquake in Japan, but Moody's expects that the reinsurer will incur losses from this event given its geographic risk profile,” the rating agency adds.

Kevin Lee, a senior credit officer at Moody's, says in a statement: “Moody's considers the size of the losses from the Australian floods and New Zealand earthquake to be out of step in relation to the limited size of the company. In the coming months, we will review Flagstone's strategy and risk tolerance, including its approach to allocating notional limits by geographic zones.”

In a responding statement, Flagstone says it believes Moody's decision to review “relies too much on subjective criteria rather than the modeled financial strength of the company, and Moody's subjective approach has been an ongoing concern of the company.”

Flagstone says it expects its losses from the New Zealand quake to be between $60 million and $90 million, net of reinstatement premiums and retrocession. The company expects between $60 million and $80 million in losses from the Australia events.