LONDON (Bloomberg) — Bermuda-based Omega Insurance Holdings Ltd. fell up to 13 percent in London trading after the company said it estimates a combined net loss from the Chilean earthquake of approximately $23 million.

Omega shares recovered to close the yesterday's trading at 114p, just 1.7 percent down.

"On current information the group does not believe it has any material losses relating to European windstorm Xynthia," Omega added in a statement yesterday.