London-based insurer Amlin yesterday said it expected to incur losses of $285 million linked to hurricanes Gustav and Ike.

More than half of those anticipated claims arise from business written through its Island-based unit, Amlin Bermuda. Amlin said it expected that industry losses from Ike, which slammed into Texas in September, will exceed $16 billion.

That is higher than modellers' current estimates, as Amlin said the storm had a far-reaching impact on offshore intsallations, as well as on the mainland.

Amlin said $148 million of the losses would be borne by Amlin Bermuda and $137 million by its Syndicate 2001 on the Lloyd's market. The group estimates that these events will reduce its forecast 2008 profit after tax by approximately $78 million.

Amlin also said its investment return for the first nine months of the year was 0.4 percent on average investments of $4.5 billion.