First-quarter catastrophes drove down results for several insurers and reinsurers as three Bermuda companies and Luxembourg-based Flagstone Reinsurance Holdings reported 2011 first-quarter net losses.

The latest announcements follow last week's reports from Aspen Insurance Holdings, Transatlantic Holdings and RenaissanceRe of net losses of $151.7 million, $190 million and $248 million respectively.

This week, Pembroke, Bermuda-based PartnerRe Ltd. says it took a first-quarter net loss of $807 million, compared to net income of $79.7 million in the 2010 first quarter. The company says its 2011 first-quarter operating loss was $735.6 million, compared to an operating loss of $50.4 million a year ago.

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