Bermuda’s reinsurance market has taken a sizeable hit from the Queensland floods and Christchurch earthquake of 2011.

Renaissance Re, Everest Re and Platinum Underwriters are among the biggest losers, with significant exposures to both events.

Renaissance Re says the second NZ earthquake on February 22 will cost it around $US190 million ($186.3 million), while it faces net losses of $US30 million ($29.4 million) from the 2011 Australian flooding.

Everest Re says its preliminary loss estimates for February’s earthquake in Christchurch are in the range of $US140 million to $US210 million (($137.2 million-$205.8 million) pre-tax, net of reinstatement premiums.

Everest Re is also expecting to book gross losses of $US45 million ($44.1 million) in the first quarter due to the Australian flooding.

Platinum Underwriters estimates the second Christchurch earthquake will cost it $US135 million ($132.3 million), while the 2011 Australian floods and Cyclone Yasi will have a net negative impact of approximately $US25 million ($24.5 million).

Platinum President and CEO Michael Price says that despite the recent increased frequency of major natural catastrophes, “we believe Platinum remains well capitalised and we continue participating selectively in the reinsurance marketplace. The recent disasters demonstrate the inherent volatility of business exposed to property catastrophes.”

Aspen’s exposure to the second Christchurch earthquake is more limited, at an estimated $US60 million ($58.9 million), on an assumed industry loss of $US12 billion ($11.8 billion).

The company has assumed a total loss to all domestic NZ placements for this event, similar to the September 4 earthquake.

Aspen’s exposure to the Queensland floods is $US30 million ($29.4 million).

Endurance Specialty has estimated its pre-tax losses, net of reinsurance and reinstatement premiums at $US15 million ($14.7 million) for the Queensland floods and $U45 million ($44.1 million) for the New Zealand earthquake.

None of these companies has yet released figures on their exposures to the Japanese earthquake and tsunami.

Also see ANALYSIS