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HAMILTON, Bermuda—Catastrophe losses took their toll, reinsurers Montpelier Re and Everest Re said in reporting their first-quarter earnings.
Montpelier Re Holdings Ltd. reported Wednesday that it had $200 million in catastrophe losses, net of reinsurance and reinstatement premiums, for the first quarter of 2011. Some $130 million of that total was due to losses in the March earthquake and tsunami in Japan.
Meanwhile, Everest Re Group Ltd. on Wednesday reported $530.9 million in first-quarter disaster losses, nearly double its $275.6 million during the first quarter of last year.
Earlier this month, Everest Re estimated its losses in the Japan disaster would be $320 million.
Both Hamilton, Bermuda-based companies posted losses for the first quarter.
Montpelier Re reported a loss of $104.3 million in the first quarter of this year compared with a gain of $9.9 million in the first quarter of 2010. The reinsurer reported $254.1 million in gross premiums written during the quarter compared with $274.8 million during the same period a year ago.
Everest Re reported a quarterly loss of $315.8 million compared with a $22.6 million loss in the first quarter of last year.
HAMILTON, Bermuda—Everest Re Group Ltd. said it expects its net losses from last month’s earthquake and tsunami in Japan to total $320 million, net of reinstatement premiums and taxes.