Bermuda-based Platinum Underwriters has confirmed it has stopped writing reinsurance in Australia and New Zealand.Speaking at an analysts briefing last week, Platinum CEO Michael Price said the company has not renewed covers from July 1, but it does still have some remaining business remaining in both countries, according to a report in Insurance News.Last week the company reported a $20.4 million ($18.8 million) loss for the second quarter.“Our performance has been impacted by natural catastrophes in the quarter,” said Mr Price. “Therefore, the reduction in our exposure to secondary territories reflects our scaling back of our Australasia exposure.”Mr Price says the scientific probability of another major earthquake in New Zealand, combined with prediction of a heightened hurricane season in the US, were the deciding factors in pulling out of Australia and New Zealand.He said the local business has earned good rates for the reinsurer, but the risks had become too high.“We were getting good money for contracts, but we were carrying more risk also,” he said.“Because the New Zealand risks were becoming higher, this did mean we had to get out of some Australian covers, as the two were linked.”Mr Price said that Platinum will have some exposure if there was another major event in New Zealand, but it is now small.The third earthquake in Christchurch on June 13 saw Platinum liable for less than $10 million ($9.2 million) of claims, but some are still being settled so there was no final figure at this stage.In Platinum’s property and marine business, it wrote $54.4 million ($50 million) of premiums and earned net premiums of $91.8 million ($84.7 million).It faced $116.5 million ($107.5 million) of net claims, which resulted in the division making a $43.9 million ($40.5 million) underwriting loss.Mr Price said that despite the second-quarter loss, he believed the company was well-capitalised to face a heightened US hurricane season.Platinum’s total assets were $4.68 billion ($4.3 billion) at June 30, a 1.5 percent increase on the December 31 figure of $4.61 billion ($4.2 billion).