Lancashire Holdings estimates the net impact on its fourth-quarter financial results from Sandy is likely to be in a range of between $40 million and $60 million.According to the Bermuda-based company, the preliminary loss estimate has been derived from a combination of market data and assumptions, provisional loss advices, limited client loss data and modelled loss projections.The estimate accounts for potential reinsurance recoveries and reinstatement premiums, but does not presently include any benefit from industry loss warranties that the company has in place.The company has $40 million of industry loss warranty cover, attaching at an insured market loss of $20 billion as reported by Property Claims Services.Lancashire also stated that the preliminary loss data is subject to revision.