KBW Maintains Market Perform Rating, $40 PT On PTP

KBW is maintaining its MP rating and $40 PT on shares of Platinum Underwriters Holdings Ltd. PTP. “Platinum announced Japan earthquake/tsunami losses of $87 mm AT ($2.33/sh) or 4.5% of 4Q10 equity, which was modestly below our expectations for the company from this event of $95 mm AT,” KBW writes. “1Q11 cats now total $247 mm AT ($6.61/sh) or 12.8% of equity.” Underwriters Holdings closed Monday at $37.19.