NU Online News Service, March 18, 3:09 p.m. EDT

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.

However, RenaissanceRe did comment that, according to its initial assessment, the net negative impact of the Japan quake on the company’s results “will be significant and is likely to be material.”

Everest Re Group Chairman and CEO Joseph V. Taranto said the company expects Japan quake losses to be significant, but added he could not give a reliable estimate yet “considering the fluidity of the situation.”

Alterra Capital Holdings said it has no information as of yet that would indicate Japan quake losses to be outside of the company’s normal risk tolerances for natural catastrophe events in that geographic region.

Endurance Specialty Holdings did not comment on Japan losses beyond stating that it is premature to give an estimate at this time.

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

Everest Re said 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 said the loss is expected to be between $120 million and $180 million.

Alterra said 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 said its loss estimates are pretax and net of reinsurance and reinstatement premiums.

Endurance said its loss estimate for the Australian floods is $15 million, and its estimate for the New Zealand quake is $45 million. The company said it believes its losses for Cyclone Yasi are not material.

Earlier this month, RenaissanceRe CEO Neil Currie told NU that early-year losses, combined with a change to how Risk Management Solutions’ (RMS) model accounts for the way hurricanes decay over land, could turn the market.

Recently, Flagstone Reinsurance Holdings, based in Luxembourg, said it expects its losses from the quake to be between $60 million and $90 million, net of reinstatement premiums and retrocession. Flagstone also said it expects between $60 million and $80 million in losses from the January Australia events.

Hamilton, Bermuda-based Montpelier Re Holdings said it expects its pretax net losses from the New Zealand quake to be $75 million.

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

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

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

Allied World Assurance Company Holdings said 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 weighed in with estimated losses of $209 million, and Validus Holdings expects between $25 million and $50 million in losses.