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The Associated Press March 11, 2010, 4:51PM ET

Platinum expects $85M loss from catastrophes

Platinum Underwriters Holdings Ltd. said Wednesday it expects a loss of about $85 million from catastrophe events in the first quarter.

The Bermuda-based reinsurer said the losses stem primarily from the earthquake in Chile, but also include losses from the European winterstorm Xynthia, the Melbourne hailstorm and the East Coast winter storms in the United States.

The estimate is net of reinstatement premiums, tax benefits and retrocessional coverage.

Platinum noted that the figure is based on industry estimates and reviews, and that the actual loss may differ.

The company also noted that loss forecasts relating to the earthquake in Chile are subject to considerable uncertainty due to limited data.

The company's shares were unchanged in after-hours trading, after gaining 4 cents to $36.92 during the regular session.

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