RenaissanceRe Holdings Ltd has estimated that losses from Winter Storm Uri in the United States will have a net negative impact of about $180 million on its first quarter results.

Uri was a major wind and ice storm that caused widespread damage in many areas, including Texas.

For the first quarter, the Bermudian-based company said it expects to report a net loss attributable to common shareholders and nominal operating income available to common shareholders.

Kevin O’Donnell, president and chief executive officer of RenaissanceRe, said: “We extend our sympathies to all those affected by Winter Storm Uri. Consistent with our track record, we will support our customers in understanding and managing this US winter storm while helping communities recover through rapid payment of claims.

“We are in a strong capital position heading into the mid-year renewals and anticipate additional opportunities to write attractive risk.”

The company is set to release first-quarter results following the close of market on April 28.