J.P. Morgan Updates Estimates on Endurance Specialty Holdings (ENH)

J.P. Morgan is out with its report today on Endurance Specialty Holdings ENH, updating its estimates in response to the Japanese earthquake. In a note to clients, J.P. Morgan writes, "Based on a higher premium exposure to the Japanese market, through its Singapore branch, we are raising our estimate of loss related to the earthquake to $130 million pretax from $65 million pretax. As a result, we are lowering our 1Q and FY 2011 operating EPS estimates by $1.33 and $1.29 to a loss of $1.96 and EPS of $2.40, respectively." J.P. Morgan maintains Overweight and a $52 PT on ENH. Shares of ENH closed Tuesday at $45.82, up 0.46% from Monday's close.