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Member, Beacon International Group, Ltd.
HAMILTON, Bermuda—Platinum Underwriters Holdings Ltd. says it expects its insured losses from catastrophes in the second quarter of 2011 to be about $28 million.
The losses largely were from storms in the United States in April and May, Hamilton, Bermuda-based Platinum said Monday.
Platinum, which underwrites property, casualty and finite risk reinsurance, also said it would record additional losses from first-quarter catastrophes in its second-quarter results.
Platinum said its loss estimate from the February earthquake in New Zealand would increase by $32.9 million on a previously announced estimate of $135 million.
In addition, Platinum said its losses from floods and Cyclone Yasi in Australia would increase by $6.7 million from a previously announced estimate of $25 million.
And losses from the Japanese earthquake and tsunami have increased $7.2 million from a previously announced estimate of $87 million.
Platinum said its insured losses from earthquake in New Zealand in June likely would result in a loss of less than $10 million for the company.