Bermuda-based reinsurer IPC Holdings Ltd. has increased its estimate of losses tied to hurricanes Gustav and Ike by about 53 percent to $135 million.

The company's third-quarter results included claims estimates of $88 million.

The Bermuda insurance market has already collectively estimated claims from the two hurricanes of more than $3.5 billion.

IPC's hefty increase raises the possibility that more of the Island's property and catastrophe reinsurers will also declare higher than previously expected hurricane losses before they report fourth-quarter earnings over the next few weeks.

Last month, PartnerRe raised its estimate on losses from Ike by 61 percent to $305 million, as the company's chief executive officer Patrick Thiele suggested it could prove to be the third costliest storm in insurance industry history.

IPC said its revised estimate is the result of new information from clients reflecting larger losses than initial estimates or new notifications.

"The increases primarily arose from inwards retrocessional business (including reinsurance of direct and facultative business) and, to a lesser degree, onshore energy contracts," the IPC statement said.