Quanta Capital Holdings, a Bermuda insurer, on Wednesday said it expected to sustain losses of $68.5 million from hurricanes Katrina and Rita.

The estimate was a revision of an earlier announcement that put the company?s losses in the region of $50 million. Quanta?s net loss from the two devastating hurricanes, which are to be recorded in the third quarter, take into account reinstatement premiums the company is due on certain contracts. The company is scheduled to report its third quarter earnings after market close on Monday.

Quanta also said it expected losses between $8 million and $15 million from Hurricane Wilma. The estimate is preliminary and could be revised. Wilma, which is expected to cost insurers up to $12 billion, battered parts of Mexico, the Caribbean and south Florida earlier this week. Any loss Quanta sustains from Wilma will be recorded in the fourth quarter.

At the high end of estimates, Quanta?s 2005 storm losses could amount to $83.5 million, or around 19 percent of its $437 million in shareholders? equity at June 30.

Separately, Quanta filed a shelf registration with the US Securities and Exchange Commission on Wednesday to raise up to $125 million through the sale of of trust preferred securities or preferred securities.

The company said the proceeds of an offering were to be used for general corporate purposes.

The company also named one of its board, James Ritchie, as chairman, replacing chief executive Tobey Russ who previously held a dual role.

Wallace L. Timmeny, chairman of Quanta?s Governance and Nominating Committee, said: ?Separating the roles of the chairman and chief executive officer now aligns us with what is considered an essential corporate governance best practice.?

Mr. Ritchie was previously chief financial officer and managing director of OneBeacon Insurance Company, a US unit of Bermuda insurance group White Mountains.

He said he expected to help Quanta become more profitable by devoting ?significant time and attention to improve the ability of strategy to create shareholder value?.

Quanta, which trades on the Nasdaq, saw its shares fall 52 cents, or nearly 12 percent, in trading yesterday to a new 52-week low of $3.82.