UPDATE: KBW Lowers PT on Platinum Underwriters Holdings to $42 (PTP)

KBW is out with its report today on Platinum Underwriters Holdings PTP, maintaining Market Perform. In a note to clients, KBW writes, "Platinum announced losses of $135 mm from the February NZ earthquake and $25 mm from the January Australian floods/Cyclone Yasi. Combined losses total $160 mm (90.1 pts/$4.57) or 8.3% of equity, above the peer group average. PTP also commented that their share from the Japanese quake will be between 0.25-0.40% of total industry losses. We are lowering 1Q11/2011 EPS and our PT to $42, but maintain a Market Perform." Shares of PTP closed Tuesday at $36.74, down 0.33% from Monday's close.