UPDATE: KBW Lowers PT on Montpelier Re Holdings to $19

KBW is out with its report today on Montpelier Re Holdings MRH, lowering its PT to $19. In a note to clients, KBW writes, "MRH announced losses from 2Q11 U.S. tornadoes and storms of $35 mm pre-tax ($0.57/sh) or 2.4% of 1Q11 equity. Management currently does not expect any losses from recent New Zealand earthquake as well as any material reserve development from 1Q11 cat events. We are lowering EPS estimates and our PT to $19, but maintain our Market Perform rating." Shares of MRH closed Thursday at $18.00, down 0.11% from Wednesday's close.