JP Morgan Comments On Transatlantic Holdings After 1Q Catastrophes

On March 10, 2011, Transatlantic Holdings TRH provided its 1Q 2011 net loss estimate for the New Zealand earthquake and Australian floods/Yasi of $200 million. As a result, J.P Morgan is lowering its 2011-2013 operating EPS estimates by $4.91, $0.40, and $0.45 to $0.44, $5.40 and $5.35, respectively. Its lower EPS estimates also reflect an estimate for Japan earthquake losses in 1Q 2011, lower share repurchases in 2011, and assume no improvement in property reinsurance pricing. J.P. Morgan has a $58 PT and Neutral rating on TRH TRH closed Monday at $47.10