Keefe, Bruyette & Woods Maintains Market Perform Rating On Validus

According to Keefe, Bruyette & Woods, Validus Holdings VR announced losses from April/May U.S. storms of $55-75 mm ($0.51-0.69/sh) or 1.5-2.1% of 1Q11 equity. Keefe, Bruyette & Woods said that losses are net of reinstatements and reinsurance and came in generally in-line with expectations. “Based on the announcement, we are lowering 2Q11/2011 EPS, but maintain our $31 PT and Market Perform rating.” Validus Holdings closed yesterday at $29.79.