LONDON (Bloomberg) — Bermuda-based Hiscox Ltd., the second-biggest Lloyd's of London insurer, said it estimates a net loss of about £100 million ($150 million) from the Chilean earthquake and windstorm Xynthia.

Hiscox's estimates are based on overall insurance market losses of $11 billion for the earthquake and windstorm, the insurer said yesterday in a statement. It added that the loss estimate is still at an early stage and within the company's budgeted losses.

"Hiscox underwrites no specific Chilean reinsurance programmes, but has exposure through its underwriting of global and regional reinsurance and retrocessional programmes," the company said in the statement.

Chile experienced an 8.8-magnitude earthquake that killed almost 800 people at the end of February, while Xynthia, which struck Europe last month, killed at least 47 people in France.