Lloyd's insurer says earthquake losses $10m more than expected

Catlin has revealed losses from the New Zealand earthquake in September are $10m more than previously thoght.

The total exposure is around $45m net of reinsurance.

The vast majority of losses is due to reisnurance underwritten in London and Bermuda.

Total losses from the earthquake are between $5.5bn and $6bn.

Catlin's share price closed down 1.25% at 369.9p yesterday.