Keefe, Bruyette & Woods Reports On Japan Losses On RE

Keefe, Bruyette & Woods, reporting estimated losses from the Japan tragedy, maintain a Market Perform rating and keep and price target of $87 for Everest Reinsurance Holdings RE. In the report, Keefe, Bruyette & Woods writes, “RE announced estimated losses from the Japanese earthquake and tsunami of $320 million after tax ($5.94/share or 5.1% of 4Q10 equity), which is less than our $357 million estimate ($6.63/share or 5.7% of 4Q10 equity). The company's estimate is based on a $25 billion industry loss. As a result of this announcement, we are raising our EPS estimates, but maintain a Market Perform rating.” RE ended yesterday at $91.14.