HAMILTON, Bermuda—Flagstone Reinsurance Holdings Ltd. said Friday that it expects claims of about $50 million from the earthquake in Chile and up to $6 million as a result of Windstorm Xynthia in Europe.

In a statement, the reinsurer said its estimates are based on its proprietary modeling and could change as information is received from cedents.

The extent of losses in Chile will be known only once a large number of buildings are inspected, a process that could take several months, the Hamilton, Bermuda-based reinsurer said of the late February quake.

Windstorm Xynthia, which also struck in late February, will produce claims of $3 million to $6 million in western Europe, Flagstone estimated.