Montpelier Re has said that it expects its hurricane Katrina and New Orleans flood net losses to range between $450m and $675m.
Anthony Taylor, president and chief executive, said: "This is a significant net loss for us, but nevertheless it remains consistent with the nature of our business plan, and our capitalization remains strong.
"We expect upward price movements in affected classes for the balance of the year and a broader upward impact on renewal rates for next year, leading to increased underwriting opportunities, which we remain well placed to pursue."
