HAMILTON, Bermuda—Bermuda reinsurer Platinum Underwriters Holdings Ltd.’s claims from the earthquake in Chile account for most of the $85 million in catastrophe losses it has sustained so far this year.

“Substantially all of the estimated losses from the first quarter 2010 catastrophe events relate to catastrophe excess of loss reinsurance and retrocessional treaties exposed to the earthquake in Chile,” the Hamilton, Bermuda-based reinsurer said in a Friday statement.

The $85 million estimate, which is net of retrocessional coverage, reinstatement premiums and tax benefits, also includes hailstorm losses in Melbourne, Australia, and claims from East Coast winter storms in the United States, the reinsurer said.