Keefe, Bruyette & Woods Lowers EPS Estimates on XL Group

According to a recent report from Keefe, Bruyette & Woods, XL Group XL announced the estimated April and May net losses of $50 to $75 million. Keefe, Bruyette & Woods has lowered the EPS estimate in 2011 from $1.35 to $1.25 but has maintained a $26.00 price target and a Market Perform rating on XL. In the report, Keefe, Bruyette & Woods said, "The losses relate to weather events in the U.S., including severe tornado activity in late April and May, with the majority of losses coming in XL's reinsurance segment." XL closed yesterday at $20.94.