Montpelier Re Holdings Ltd suffered a net loss of $104.3 million as its catatrosphe losses rose to $200 million for the first quarter of 2011.This compared to a $9.9 million profit for the same period last year.The re/insurer’s book value per share also dropped 5.7 percent to $23.10 from December 31, 2010, after taking into account dividends declared during the quarter, reflecting a period of significant natural catastrophes.The first quarter results included losses of $130 million from the March Tohoku earthquake in Japan, $65 million from the February New Zealand earthquake and $5 million from the January Australian Floods.The operating loss for the quarter was $1.90 per share ($119 million) and the comprehensive loss was $1.66 per share ($104 million). But the operating loss came in under the $2.28 per share forecast by Bloomberg-surveyed analysts.The net impact of realised and unrealised gains from investments and foreign exchange, which is included in comprehensive income, was $15 million for the quarter.The loss ratio for the first quarter was 150 percent, which included the $200 million of current year catastrophe losses partially offset by $34 million of favourable prior year loss reserve movements. The combined ratio was 178.8 percent for the quarter.Net investment income for the first quarter of 2011 was $18 million, down from $19 million reported a year ago and up from the $16 million last quarter. The total return on the investment portfolio was 1.2 percent for the quarter.Christopher Harris, president and CEO of Montpelier Re, said: “The industry faced a series of catastrophe losses during the quarter, and we were pleased our portfolio performed as we expected for events of this magnitude.”He continued: “As planned, we reduced our underwriting portfolio during the quarter in response to a challenging market environment. However, based on the accumulation of worldwide catastrophe losses over the past five quarters and early signs of increased demand from clients, we are more optimistic about pricing prospects for the remainder of this year and into 2012, particularly within the property catastrophe segment.“Our concentration in short-tail lines of business and our strong capital base positions us well to provide additional capacity to meet the needs of our clients in what we expect will be an improving market.”The company’s gross premiums written fell to $254.1 million for the first quarter versus $274.8 million for the same period last year.