RenaissanceRe Holdings, a Bermuda- based reinsurer, said it doesn’t expect any "material" claims for damage caused by Hurricanes Dean and Felix, Bloomberg News is reporting.

"Our preliminary loss estimate is not expected to be material” for Dean, Felix or the UK flooding in July," the company said in slides prepared for an investor presentation.

Dean was a Category 5 storm, strongest on the Saffir-Simpson scale, which struck Mexico’s Yucatan on August 21. Insurance industry claims for the hurricane are likely to be $750 million to $1.5 billion, RenRe said, citing estimates by Risk Management Solutions. Felix, which pounded the Caribbean coast of Nicaragua this month, is expected to generate an industry loss of less than $200 million.

Bloomberg reported that RenRe said it is "well-positioned for the remainder of 2007 but we will remain disciplined and will not seek growth unless we find attractive opportunities."