Bermuda-based re/insurer Argo Group International Holdings Ltd estimated that its pre-tax losses from last month's earthquake in New Zealand will be in the range of $35 million to $45 million.

The earthquake caused massive damage in the city of Christchurch on February 22 and left more than 150 people dead.

Argo added in its statement released on Friday that it had started assessing its exposure to the devastating earthquake and tsunami that struck the northeast coast of Japan on March 11, but that it was too early to give a loss estimate figure.

First-quarter loss events, which also include flooding and Cyclone Yasi in Australia, and political unrest in Egypt, are piling up the claims for the Island's companies. Catastrophe losses estimated so far by the Bermuda market, not including the impact of the Japan disaster, are already up to nearly $2 billion.