RenaissanceRe Holdings has estimated a initial loss of approximately $220m, post tax and net of reinstatement premiums, from the Tohoku earthquake and subsequent tsunami, that struck Japan on 11 March 2011.

The insurer said that the estimates are based on a review of its potential exposures, preliminary discussions with certain counterparties and catastrophe modeling techniques.

It has also noted that due to magnitude and recent occurrence of this event and the contingent nature of business interruption and other exposures, the actual net negative impact from the event will likely vary from the preliminary estimate.

Net negative impact includes the sum of estimates of net claims and claim expenses incurred, earned reinstatement premiums assumed and ceded, lost profit commissions, redeemable noncontrolling interest and other income in respect of ceded reinsurance contracts accounted for at fair value.