standing by analysts' estimates for its first-quarter profits, after estimating claims it will have to pay out following last week's earthquake in Seattle.

Assuming there will be no further significant losses in the quarter, ending March 31, the reinsurer said it was comfortable with the current Wall Street estimate of $1.80 per share profit, compiled by First Call/Thomson Financial.

RenaissanceRe is a specialist property catastrophe reinsurer, which means it insures the primary insurers that issue policies to individuals and companies.

RenaissanceRe said its loss experience for the quarter will be consistent with Wall Street estimates, assuming that total insured losses springing from the Seattle earthquake do not exceed $3.5 billion industry-wide.

Latest estimates put total losses from the earthquake at less than $1 billion, although that figure could rise as more claims are filed.

Seattle and the surrounding area suffered the region's worst earthquake in 50 years, with aftershocks continuing up to 12 hours after the main event. The quake measured 6.8 on the Richter scale and its epicentre was 35 miles south west of Seattle.

Initial computer models predicted damage at $3.5 billion, but within 24 hours this estimate had been reduced to around $1 billion.

RenaissanceRe chief executive James Stanard said it is still too early to make any firm predictions on the full extent of the damage. -- Reuter