Platinum estimates first-quarter catastrophe losses at $24.8M

HAMILTON, Bermuda—Platinum Underwriters Holdings Ltd. expects to sustain about $24.8 million in net losses due to catastrophes for the first quarter of 2012, reinsurer reported Tuesday.

“The estimated net negative impact relates primarily to severe weather, including tornadoes and hailstorms in Kentucky and Tennessee,” said Hamilton, Bermuda-based Platinum in a statement. The company said the net negative impact from these events includes preliminary estimates of losses and loss-adjustment expenses, reinstatement premiums and taxes.

Platinum also said it does not anticipate any material impact to its first-quarter results from major catastrophe events that occurred in 2011 and prior years.

Platinum plans to release its first-quarter results on April 18.