The Bermuda Insurance Index slumped 15.06 points or 1.33 percent to 1,118.59 as the insurance sector was heavily sold after Hurricane Katrina hit New Orleans.

Virtually all Bermuda-based insurers with property-casualty exposures saw their prices fall for the second consecutive day.

Aspen Holdings fell 3.57 percent to $27.54, PXRE was down 2.54 percent to $24.13 while White Mountains, whose US subsidiary One Beacon was served with a subpoena yesterday, was also down 2.54 percent to $659.75.

Industry heavyweight XL Capital took a heavy hit, falling 1.65 percent to $69.74 while ACE Ltd. was less badly affected, dropping 0.72 percent to $44.19.

All three of the surviving Class of ?92 insurers formed in the wake of Hurricane Andrews were down, with IPC Re off 1.55 percent to $40.57, RenaissanceRe down 1.36 percent to $44.90 and Partner Re down 0.98 percent to $60.59.

Class of 2001 insurers were also knocked, with Montpelier Re down 1.85 percent to $33.40, Arch Capital off 1.43 percent to $44.71, Axis down 1.26 percent to $28.88 and Endurance falling one percent to $37.45.

The Royal Gazette/Bermuda Stock Exchange Index gained 18.99 points yesterday to close at 3607.20 as KeyTech Ltd. advanced.

KeyTech ? the parent company of Mobility, BTC, Logic and part owner of Cablevision and QuoVadis ? gained 95 cents and closed at $11.25 after investors traded 1,500 shares.

Butterfield Bank closed unchanged yesterday at $43.50 after investors traded 13,470 shares. Argus Insurance Company also held at $26.25 on volume of 1,600 shares while fellow insurer BF&M saw 34,800 shares trade unchanged at $14.