J.P. Morgan Comments On PartnerRe Estimates

According to J.P. Morgan, PartnerRe PRE has provided an initial estimate for net losses sustained from the April 22-28 tornadoes of $50-$70 million and recently issued $373.8 million of preferred shares. J.P. Morgan said that, combined with its estimates of additional losses from adverse US weather in May as well as, to a much lesser extent, additional losses from the recent Christchurch earthquake, it is adjusting down EPS estimates. “Specifically, we are reducing our 2Q and FY 2011 EPS estimates by $1.68 and $1.81 to EPS of $0.60 and a per-share loss of $5.85, respectively.” PartnerRe closed on Friday at $68.36.