KBW is maintaining its Market Perform rating on Transatlantic Holdings Inc. (NYSE: TRH).

“TRH announced an updated 1Q11 cat loss estimate of $200 million (approximately $2.66/share), which accounts for the February NZ earthquake and updates of Australian flood and Cyclone Yasi losses,” KBW writes. “The company had previously estimated losses for the Australian floods and Cyclone Yasi of between $50 and $100 million. As a result of this announcement we are lowering our 1Q and FY 2011 EPS estimates.”

Transatlantic Holdings closed Thursday at $50.33.