J.P. Morgan Adjusts ACE Limited Estimates

J.P. Morgan is adjusting down its 2Q and FY 2011 EPS estimates for ACE Limited ACE by $0.22 and $0.22 to $1.67 and $5.95, respectively, “to reflect the significant weather losses that affected the US in the month of April.” “Our estimate reduction reflects our estimate of these losses, partially offset by a one-third reduction to our previous catastrophe load,” J.P. Morgan writes. “Specifically, we are assuming April losses of $100 million.” ACE Limited closed Monday at $67.63.