Impressive Results:FY08 estimate to $10.40 per share (PRE, rated BUY)
PRE s 4Q07 operating earnings of $257.4 million or $4.55 per diluted share were substantially ahead of estimates, despite challenging market conditions. The results were aided by moderate level of incurred losses, strong investment income growth, and a weakening U.S. dollar; somewhat offset by the softening in reinsurance pricing. During the reported quarter, PRE took a non-operating charge of $74 million to write down its total investment in ChannelRe. After reviewing the results, we are incr
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