Bermuda reinsurer Platinum Underwriters Holdings Ltd said yesterday it expects losses of $87 million in the first quarter from the Tohoku earthquake and related tsunami that struck Japan on March 11.Allied World Assurance Companty Ltd estimated a loss of $75 million from the disaster.Allied’s president and chief executive officer Scott Carmilani said: “We wish to extend our deepest sympathies to those impacted by the tragic events in Japan and throughout the Asia Pacific region.“As a global provider of insurance and reinsurance products, Allied World expects to have losses from these events but our loss estimates are within our risk tolerances, and we retain a very strong capital base. We remain committed to supporting our global customer base.”The company said after the close of New York stock markets that the net negative impact of this event includes an estimate of losses and loss adjustment expenses, net of retrocessional coverage, reinstatement premiums, taxes and the expected impact of foreign exchange rates.The company’s preliminary estimate is based on portfolio modeling, currently available industry loss estimates, market share analysis and a review of in-force contracts, as well as initial discussions with brokers and clients.The company’s assessment of its exposure to this event is ongoing. The actual net negative impact of the event on the company’s results may differ materially from the company’s estimate due to the inherent uncertainties of making such estimates, Platinum added.