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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.

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