AXIS estimates Japan disaster losses at $285M

PEMBROKE, Bermuda—AXIS Capital Holdings Ltd. said it expects its net losses from the earthquake and tsunami in Japan to be about $285 million.

Pembroke, Bermuda-based AXIS said in a statement Monday that the losses would fall mainly on its reinsurance business.

The specialty reinsurer and insurer said it participates in a reinsurance program for a cooperative mutual insurer that has exposure in the regions affected by the earthquake and tsunami.

AXIS said it expected that the net loss to its insurance segment would not exceed $25 million.

AXIS said it believes that total insured industry losses would be in the range of $30 billion to $35 billion.