Rosemont Reinsurance Ltd. could see its ratings downgraded by A.M. Best because of concerns that Hurricane Katrina losses, and growing claims from last year?s Hurricane Ivan, could undermine the Bermuda reinsurance company?s financial position.

Rosemont?s UK parent, Goshawk Insurance Holdings Plc. said on Tuesday it expected Rosemont?s Katrina claims to be between $25 million and $30 million. Marine energy losses related to last year?s Hurricane Ivan are also mounting, ratings agency said . At least one other Bermuda company, mutual insurer Oil Insurance Ltd., has been put on negative watch by ratings agency Standard&Poor?s because of concerns related to potential losses arising from Hurricane Katrina.

Best, in a statement, said it was concerned that Rosemont?s combined Katrina and Ivan losses could negatively affect the company?s 2005 profit projections, as well as bear on Rosemont?s capital adequacy.

Rosemont?s financial strength ratings of A- (Excellent) and the issuer credit ratings of ?a-? have been put under review with negative implications, indicating the ratings could be downgraded.

A final decision depends on the outcome of a meeting between Rosemont management and Best officials. Goshawk said this week that Katrina was not expected to reduce its year-end capital position, and that the company could benefit in the long run with the expectation that property-catastrophe reinsurance policies will command a higher price after Katrina, and a run of other catastrophe losses.

Katrina, which devastated the US Gulf Coast region on August 29, is feared to have left thousands dead while survivors are reeling from the economic impact which could go as high as $100 billion, making Katrina the most costly catastrophe ever.

Many in the area lost their homes and up to 500,000 could be out of jobs, according to reports this week.