Bermuda reinsurer Montpelier Re Holdings Ltd. has estimated that its losses from Hurricanes Gustav and Ike will run to around $130 million.

In a statement released after the close of the markets yesterday, Montpelier said its estimate was based on a $15 billion total industry loss.

The company said its net financial impact figure was based on catastrophe modelling analysis, a review of industry market loss estimates, in-force contracts, and a limited number of loss advices from clients.