Bermuda's insurance industry will have to foot the bill for at least $137.4 million for the damage caused by the Deepwater Horizon oil platform spill in the Gulf of Mexico, according to the companies' second-quarter earnings reports.

Validus Holdings, Flagstone Reinsurance Holdings and XL Capital took the biggest hits from the disaster during the second quarter of 2010, closely followed by Montpelier Re Holdings and Aspen Insurance Holdings.

Validus exceeded its early estimates of up to $40 million by more than $4 million, paying out $44.1 million for the rig loss, as part of a combined total of $70.5 million, including $10.5 million for the Aban Pearl disaster, $8.4 million for the Perth hailstorms and $7.5 million for the riots in Bangkok.

Flagstone was hit for $27.5 million and XL for $27.2 million (in line with its estimate of up to $30 million), while Montpelier met its estimate of $20 million and Aspen came in below its estimate of not exceeding $25 million, at $18.6 million.

PartnerRe previously put out estimates of up to $70 million for the disaster and Argo Group International Holdings estimated combined losses of between $20 and $25 million for the disaster, the spring storms and the Chilean earthquake.

The Chilean earthquake continued to take its toll on insurers, with Aspen paying out $100.3 million, and Flagstone Re also incurred costs of $12.8 million for the Thai riots.

The figures do not include privately-held companies, including Ariel Re, Ironshore and Torus.

The biggest money makers by profit were Ace ($677 million), Arch Capital ($237 million) and ReniassanceRe Holdings ($210.2 million). At the other end of the scale, White Mountains posted net income of $2.5 million, Flagstone $13.3 million and Maiden Holdings $18.6 million.

Ace also led the way for gross premiums written with a total of $5.2 billion, XL on $1.51 billion and PartnerRe $1.1 billion.

In terms of shareholder equity, Ace again topped the tree with $21.4 billion, XL with $10.5 billion and PartnerRe with $7.1 billion.

Lloyd's of London, whose insurers are part of a syndicate that insured the Deepwater Horizon rig owned by Transocean Ltd. and who have already paid out their part of the $560 million insurance contract, said in May that claims arising from disaster were likely to be between $300 and $600 million.

And earlier this month estimates of net commercially insured losses ranging from $4 billion and $6 billion based on available, published information were put out by global professional services company Towers Watson - a fraction of the total economic loss that is currently estimated to be $35 billion.