NU Online News Service, Jan. 25, 11:08 a.m.EST

Bermuda reinsurer Everest Re Group says it expects $245 millionin fourth-quarter catastrophe losses, including an estimated $145million in losses related to the flooding inThailand.

Estimates are after reinstatement premiums and taxes, thecompany says in a statement.

Everest Re plans to release 2011 fourth-quarter results on Feb.8 after the market closes.

The amount of Thailand-related losses is $20 million more than the high-end range of expected losses thecompany announced in December.

The latest flooding estimate is based on a total industry lossof more than $15 billion, Everest Re says. Its previous predictionused an industry-wide loss estimate of between $10 billion and $15billion.

Total catastrophe losses for the fourth quarter also includeincreased estimates of losses on earlier events in 2011, such asthe Japan earthquake and tsunami and the February New Zealandearthquake. Additionally, the reinsurer says the quarterly lossestimate includes an added after-tax $32.5 million of catastrophereserves.

Despite all of the loss-estimate increases, Everest Re says itssurplus remains relatively unchanged.

Everest Re in December said it expected its after-tax lossrelated to the March earthquake and tsunami in Japanto increase by$26 million. The company said in April that it expected losses related to the twincatastrophes inJapan of about $320 million after taxes.

“2011 catastrophe losses have generated meaningful market-pricecorrections, which continued through January renewals,” says JosephV. Taranto, chairman and chief executive officer. “In order tofully realize these benefits in 2012 we have taken a cautiousapproach to reserving for these events as we close the year.”