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A number of Bermuda insurers reported significant drops in net income in the third quarter of 2010–many within the 20-50 percent range, with declines primarily related to the New Zealand earthquake and other smaller catastrophes.

RenaissanceRe Holdings said it recorded $73.6 million of net negative impact in the third quarter from the quake. Validus Holdings expects about $28.7 million in losses, and Argo Group International said its exposure to the quake resulted in $11.3 million in losses.

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