NU Online News Service, April 6, 3:04 p.m. EDT

Company estimates continue to roll in for 2011 first-quarter catastrophe losses, led by London-based Amlin plc's estimate of up to £275 million ($448.7 million at current exchange rate) in claims for the Japan and New Zealand earthquakes as well as Australian flooding.

Amlin says Japan quake claims are likely to be between £80 million ($130.5 million) and £150 million ($244.7 million) based on insured market losses of between $12 billion and $25 billion. The specialty insurer notes that the estimate is subject to considerable uncertainty given that it is so soon after the event.

The February New Zealand earthquake is expected to generate claims of around £110 million ($179.5 million), based on overall industry losses of $12 billion. Amlin says its most significant reinsurance exposures are to residential properties.

“The scale of the losses means that any deterioration of these New Zealand and Japanese reinsurance loss estimates will be partly recoverable from our reinsurance,” Amlin says. “The structures of the reinsurance programs for London and Bermuda also mean that increased reinsurance protection will be available for future events in 2011.”

For January flooding in Australia, Amlin says net claims are estimated at £15 million (24.5 million).

Transatlantic Holdings Inc. says it expects to incur total first-quarter net catastrophe costs, net of tax, reinstatement premiums and reinsurance, of approximately $355 million.

Transatlantic says the Japan quake is expected to cause losses of about $240 million based an industry loss of between $25 billion and $30 billion. First-quarter events in Australia and the New Zealand quake are expected to add another $115 million in losses, net of tax.

Pembroke, Bermuda-based Validus Holdings says it expects losses of $139 million for the Japan quake. A February loss involving storm damage to Maersk Oil's Gryphon floating production storage and offloading vessel in the North Sea is expected to cause another $51 million in losses.

Validus says, “After considering the worldwide loss events through March 31, 2011 and the anticipated loss and loss expenses associated with the events cited above, the company no longer expects to report positive net operating income for the three-month period ending March 31, 2011.”