Island-based re/insurer Hardy Underwriting Bermuda Ltd. estimated its losses from the Chile earthquake will be between $27.5 million and $37.5 million.

Hardy said there would be "meaningful loss" in the catastrophe-exposed property treaty division.

The company, which moved its domicile to Bermuda from London in 2008, said itdid not expect any material claims relating to European windstorm Xynthia.

Hardy said if there is a "normal level of catastrophe loss incidence" for the rest of the year, the property treaty account is expected to be profitable for the company.