KBW Announces AXS 1Q11 Losses

Keefe, Bruyette & Woods has reported on the announced 1Q11 Cat losses of Axis Capital Holding Limited AXS. According to the report, "AXIS announced losses of $185-215 mm from the February New Zealand earthquake and $90-100 mm from 1Q11 Australia loss events. Combined losses total $275-315 mm ($2.28-2.61 per share) or 4.9-5.7% of equity. AXIS also announced exposure for Japanese catastrophes of <1.3% of industry losses in Reinsurance and <$25 mm Insurance. We are lowering 1Q11/2011 EPS to reflect the announcement, but maintain our $36 PT and Market Perform rating." AXIS has a Buy Rating and a $36 PT. AXIS traded at $33.34 yesterday at closing.