J.P. Morgan Cutting Estimates On Transatlantic Holdings

J.P. Morgan Chase & Co. is out with a research report on Transatlantic Holdings

as it cuts the company's earnings estimates. It has a Neutral rating and a $58 price target. In a note to clients, J.P. Morgan Chase & Co. writes, "We are reducing 2Q and FY 2011 operating EPS estimates for Transatlantic Holdings (TRH: N) by $0.48 and $0.49 to $1.21 and $0.27, respectively. The change reflects a $47.4 million increase to our catastrophe loss estimate for 2Q ($60.0 million, net of a $12.6 million offset from existing catastrophe budgets). The increased loss estimates stem from adverse US weather in April and May as well as, to a much lesser extent, the recent Christchurch earthquake." At last check, shares of TRH were off 2 cents to $47.69.