ARIEL SEES Q1 CAT LOSSES UP TO $50M

Bermudian reinsurer Ariel Holdings said Thursday that its Ariel Reinsurance subsidiary will post $35m to $50m in first quarter catastrophe-related losses net of reinsurance and reinstatement premiums. The losses stem from the Christchurch earthquake in New Zealand, cyclone Yasi and unrelated flooding in Australia, the Gryphon Alpha oil-production incident in the North Sea, and the Tohoku earthquake and tsunami in Japan. Ariel said that the figures are preliminary and subject to revision. Despite the losses, the group said that it will report positive net income for the quarter.