British insurer Hardy Underwriting
For 2010 and 2011, the incidence of international catastrophe events has been unprecedented in terms of size and frequency, the company said on Thursday.
The losses generated have overshadowed the balance of the portfolio which is performing very well in a challenging rating environment.
Natural disasters including earthquakes in Japan and New Zealand at the start of this year, and floods in Thailand have weighed on insurers' results. Hardy swung to a loss in August and its share price has fallen 35 percent over the last year.
Hardy expects a net loss after reinsurance for the Thailand floods of 10 to 25 million pounds, combined with a provisional loss estimate for its other exposures in the country.
The company, however, said it had sufficient liquidity and capital to absorb these losses and funds have been lodged at Lloyd's to support its 2012 business plan.
Shares in Hardy closed at 186 pence on Wednesday, valuing the business at just over 100 million pounds ($157.3 million).
(Reporting by Adveith Nair; Editing by Paul Sandle)