Quanta has said it now expects its total estimated net losses from hurricanes Katrina and Rita to reach approximately $68.5m, including reinstatement premiums.
The reinsurer said the losses would be reflected in its third quarter results.
The latest figures contrast with initial net loss estimates for Katrina and Rita of $40 to $50m and $2 to $8m respectively.
In a statement, Quanta said the latest change in its loss estimate was the result of increased losses reported by its reinsurance customers as well as additional information from loss adjusters in its primary insurance business.
On Hurricane Wilma, Quanta said its preliminary loss forecast was in the region of $8 to $15m, which would be reflected in the fourth quarter of 2005, especially in its property reinsurance and technical risk property business lines.
Its estimate, it said, was derived from a review of its potential exposure to the event rather than from any actual reported losses.
It added that there was still "substantial uncertainty around all of these estimates and that we will not know our exact losses for some time. As a result, our loss reserves may move positively or negatively depending upon actual losses reported."
