Validus Holdings Ltd. expects the losses of between $170 million and $270 million due to exposure to the recent Chilean Earthquake and $20 million to $30 million as a result of the damage caused by European Windstorm Xynthia.

These estimates were net of reinstatement premiums and reinsurance, retrocessional and other recoveries.

Validus chairman and CEO Ed Noonan said: "Based on current estimates, the Chilean earthquake is one of the largest non-US events in the history of the global reinsurance market. As one of the world's leading catastrophe reinsurers, Validus is committed to supporting our clients in Chile and around the world in the aftermath of this devastating event."

Meanwhile, Bermuda rival Flagstone Reinsurance Holdings Ltd. said its costs from the Chilean earthquake will be about $50 million.

The reinsurer also expects costs of as much as $6 million tied to European Windstorm Xynthia, the company said on Friday in a regulatory filing.