Bermuda-based Axis Capital Holdings Ltd expects net losses of between $90 million and $105 million from second-quarter natural disasters and has increased its estimate for first-quarter catastrophes.The company said yesterday that the aftershock in New Zealand which affected the city of Christchurch was expected to have a net impact of between $30 million and $35 million, while the severe weather events in the US, including the tornado outbreaks in April and May, would cost $60 million to $70 million.The estimates are net of reinsurance coverage, tax and reinstatement premiums.Axis said it was raising by $20 million its estimate for catastrophe losses in the first three months of the year.“Favourable developments related to the net loss estimates for the earthquake and tsunami in Japan and the loss events in Australia that occurred during the first quarter are expected to largely offset an increase in the net loss estimate for the New Zealand earthquake that occurred during the first quarter,” the company stated.Axis believes that industry losses will be $3 billion for the June aftershock in New Zealand and $16 billion for the severe weather events that occurred in the US during the second quarter of 2011.The company raised its industry loss estimates related to the first-quarter New Zealand earthquake to $15 billion.