Bermuda-based White Mountains Insurance Group yesterday estimated the total pre-tax net losses from the impact of Hurricane Frances on its insurance and reinsurance operations at less than $40 million. The company said in its release on the impact of the Hurricane that hit Bahamas and Florida last week: "These preliminary estimates do not reflect the impact on profit commissions payable to White Mountains by Olympus Re or on the value of the Company's investment in Montpelier Re."

White Mountains is the second Bermuda-based reinsurer to issue an estimate for Frances. On Monday,

Bermuda-based Platinum Underwriters Holdings Ltd. estimated that it could face between $25 million and $40 million in after-tax losses from Hurricane Frances.