J.P. Morgan Reduces PRE Estimates

After the market close on March 8, 2011, PartnerRe (NYSE: PRE) issued its initial net loss estimate range of $180-$240 million for the Christchurch, New Zealand earthquake, J.P. Morgan reports.

“The company's estimate is based off an industry insured loss estimate of $7.4-$11.1 billion,” J.P. Morgan writes. “As a result, we are reducing our 1Q and full year 2011 operating EPS estimates by $2.90 and $2.90 to a net loss of $1.39 and EPS of $4.83, respectively.

“Our new EPS estimates reflect $230 million of New Zealand quake losses and a $10 million increase to our previous Australian flood estimate of $75 million to reflect a prior announcement from the company.”

PartnerRe closed Friday at $75.63.