Bermuda-based reinsurer Flagstone Re says it has recorded losses of $US60 million to $US80 million ($59 million to $79 million) as a result of its exposure to the flooding in Queensland and Victoria and tropical cyclone Yasi.

The figures are net of reinstatement premiums and retrocession.

Flagstone Re says in a statement that while it has begun estimating its losses from the Christchurch earthquake, it is “too early to issue an estimate of claims given the significant unknowns and early stages of the claims reporting process”.

It says it has multiple layers of reinsurance that could be triggered should this loss prove to be significant.