Bermuda re/insurer Alterra Capital Holdings Ltd last night estimated crop insurance and catastrophe losses in the third quarter would amount to up to $37.5 million.Most of the losses, around $22.5 million, were from crop insurance and related to the drought that reduced crop yields in the US.Additionally, Alterra’s initial estimate for catastrophe losses from third quarter events, predominantly from Hurricane Isaac, is in the range of $10 million to $15 million.Both estimates are before tax and net of reinsurance and reinstatement premiums.