AXIS Capital Holdings Limited expects net losses related to Hurricane Katrina to be between $500 million and $650 million.

These are estimated to be within its current expectations of consolidated operating income for 2005, assuming no other large loss events during the year, the company said in a statement yesterday.

The range of net loss estimates is based upon industry loss predictions of $40 billion to $60 billion and includes wind-related damages, flood-related damages, offshore energy and marine losses and business interruption.