ACE Ltd. last night announced that it expects hurricanes and typhoons will result in the company facing total net catastrophe-related charges will be approximately $480 million pre-tax.

And ACE said it will take a $400 million charge on its third quarter earnings as a result.

ACE was the third company to report on hurricane costs yesterday.

Axis Capital Holdings Ltd. yesterday said it expects last month's hurricanes to cut its earnings for the third quarter by up to $210 million.

And IPC Holdings Ltd. predicted its quarterly earnings to be reduced by $100 million as a result of the four hurricanes that hit Florida and the Caribbean and two Pacific typhoons.

Today, Aspen Insurance Holdings upgraded its estimate of the storms' negative impact on earnings to $135 million.

It is difficult to give an accurate total of the cost of the season so far because some insurers have not yet reported on Hurricane Ivan and Hurricane Jeanne and because some companies report their estimated claims while others report on the effect on earnings before or after tax.

But a survey of those companies that have reported so far suggests that the season could cost Bermuda insurers and reinsurers around $2.5 billion.

The only positive news from the storms for underwriters is that they could force up catastrophe reinsurance and property and casualty rates.

ACE said the $480 million includes the previously announced loss estimate of approximately $100 million from Hurricane Charley, as well as loss estimates from Hurricanes Frances, Ivan and Jeanne, which struck the Caribbean and the United States in the months of August and September, and typhoons Songda, Chaba and Meari, which impacted Asia during the quarter.

The Company warned it is likely to record an after-tax charge of approximately $400 million in the third quarter.

Axis, one of the Class of 2001 reinsurers, said yesterday that the total estimated net after-tax impact relating to its exposure to Hurricanes Charley, Frances, Ivan and Jeanne during the third quarter is expected to be between $190-$210 million.

"This estimate is derived from the output of industry models, a review of in-force contracts and preliminary indications from clients. Actual losses from these hurricanes may vary materially from estimated losses," the company said.

IPC said: "Based upon an analysis of information currently available, IPC expects the aggregate net impact on earnings of Hurricanes Charley, Frances, Ivan and Jeanne, and the Pacific typhoons Chaba and Songda, to be approximately $100 million.

"This estimate is subject to variability reflecting the unusual pattern of multiple storms affecting one geographic area and the resulting impact on claims adjusting by, and communications from, ceding companies.

Like other reinsurers IPC cautioned that it had still only received a small number of actual loss advices from clients impacted by the events.

"Accordingly, the estimate was based on industry loss estimates, output from both industry and proprietary models, a review of contracts potentially affected by the events and ongoing discussions with clients and intermediaries. The ultimate impact of losses from the storms on the Company's results of operations might therefore differ substantially from this estimate."

IPC president and chief executive officer Jim Bryce said: "Industry losses from this unfortunate and tragic series of catastrophe events serve to underscore the important role that catastrophe reinsurance serves in protecting the economic interests of the primary insurance market, as well as the importance to the companies within the industry as a whole, of financial strength and underwriting discipline, and in particular the prudent management of aggregate catastrophe exposures."