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Several Bermuda companies have reported loss estimates from first-quarter catastrophes, but all of the companies excluded the March 11 magnitude 9.0 earthquake that struck Japan, stating that it is too early to give an estimate.

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.

Recent revision to a cat model could result in double loss indications for some portfolios. But reinsurers may be able to absorb the model changes without huge increases because they already thought the models were coming in low.

Several Bermuda companies have reported loss estimates from first-quarter catastrophes, but all of the companies excluded the March 11 magnitude 9.0 earthquake that struck Japan, stating that it is too early to give an estimate.

A change to a catastrophe model can influence the level of reinsurance purchased by companies and impinge on the rating process, but the extent to which the latest revision announced by one modeler affects either is not specifically clear.

RenaissanceRe CEO Neill Currie explains why his company decided to sell its U.S. insurance businesses late last year

The industry should “stay tuned” as the revised catastrophe model from Risk Management Solutions rolls out, the CEO of RenaissanceRe told NU, describing the model changes and potential market impacts as meaningful.

Bermuda-based Aspen Insurance Holdings Limited is positioning its U.S. specialty insurance operation for an inevitable market turn by hiring experienced professionals, according to CEO John Cavoores. Mario Vitale, an alumnus of Zurich and Willis, joined the leader board as president last week, bearing the battle scars of prior soft markets.