Converium Holdings said global catastrophic events would create a net loss between $172m and $187m.

The reinsurer expects $15m in net losses in its general insurance division from the Asian tsunami.

It also predicts net loss from the winter storm Erwin, which hit parts of the UK in January, to be between $25m and $40m.

The company estimates total industry losses from the storm to be in the range of $1.3bn to $1.8bn.

It has also revised its expected net loss from the 2004 hurricane and typhoon season to $132m. That is an increase of $23m on its original forecast for loses stemming from the hurricane season, and a $13m increase in losses arising from the typhoon season.

The majority of the hurricane-related losses derived from Ivan, the company said in a statement. The total industry claims stemming from Ivan are estimated to be $9bn.