J.P Morgan Updates Its Estimates On Endurance Specialty Holdings After 1Q Catastrophes

On March 17, 2011, Endurance Specialty Holdings ENH provided its initial 1Q 2011 net loss estimate for the New Zealand earthquake and Australian floods of $45 million and $15 million, respectively. As a result, J.P Morgan is lowering its 2011-2013 operating EPS estimates by $2.11, $0.30, and $0.25 to $3.69, $5.20 and $4.40, respectively. Its lower EPS estimates reflect higher 1Q 2011 catastrophe losses, lower share repurchases in 2011, and assume no improvement in property reinsurance pricing. J.P Morgan has a $52 PT and Overweight rating on ENH ENH closed Monday at $45.61