Two more Island insurers have released their loss estimates for first-quarter catastrophes, which bring the upper range of the total Bermuda market estimates close to $2 billion.

Lancashire Holdings estimates its net losses before tax from the earthquake to be between $65 million and $125 million, including the sum of gross claims and claims expenses, reinsurance recoveries and reinstatement premiums.

The company said the losses will come in property retrocession, property direct and facultative, property catastrophe, marine and onshore energy. Lancashire's estimate is based on a market loss of $6 billion to $10 billion. Lancashire does not believe it has any material exposure to losses caused by European windstorm Xynthia, or to losses from any other major catastrophe events that have occurred so far in the first quarter of 2010.

Lancashire also said it would restart its share repurchase programme, in accordance with its stated intention of managing capital to enhance shareholder return.

White Mountains Insurance Group Ltd. estimates that its total net losses resulting from the Chilean earthquake will be in a range of $55 million to $145 million before tax, or $40 million to $105 million after tax.

This range estimate, which is subject to foreign currency fluctuations, is based on industry insured loss estimates for the Chile quake of $6 billion to $12 billion and is net of all retrocessions and reinstatement premiums.

White Mountains' estimated loss from Xynthia is $10 million pretax or $7 million after tax.

Yesterday this newspaper reported that the tally of estimated net catastrophe losses announced by 16 other Bermuda market participants was up to $1.7 billion.