probably as a result of reaction to Tuesday's wind-up application of Bermuda Fire & Marine Ltd.

Overall, the Exchange lost 11.78 points to close at 1191.50 in heavy trading.

Declines outnumbered gainers 4-2.

BF&M closed at $7.50 on volume of 100 shares. BF&M 9% notes dropped 25 cents on volume of 4026 to close at $11.375.

Also in the insurance sector, Argus shares dropped 25 cents on volume of 5600 to close at $11.50.

The other loser on the day was the Bank of Bermuda, down 50 cents to $22 on volume of 855.

Bank of Butterfield shares were up 25 cents to $33.25 on volume of 1200 while Telco shares gained 50 cents to close at $39 on volume of 481.

BAS shares were unchanged at $3.50 on volume of 100 and Bank of Bermuda 9 percent notes were unchanged at $107.625 on volume of 19,000 shares.