KBW Has Outperform On Allied World Assurance Holdings

KBW has an Outperform rating and a $75 price target on shares of Allied World Assurance Holdings Ltd. AWH. In a note to clients, KBW writes, "AWH pre-announced losses from 2Q11 U.S. storms of $40-50 mm pre-tax ($0.92-1.15/sh) and $25 million ($0.58/sh) of reserve additions related to 1Q11 cat events. Combined losses total $65-75 mm ($1.50-1.73 per share) or 2.0-2.3% of 1Q11 equity. Reflecting the announcement, we are lowering 2Q11/2011 EPS and our PT to $75, but we reiterate our Outperform rating." Shares of AWH lost 41 cents on Friday to close at $57.20, a loss of 0.7%.