The stock prices of Bermuda-based catastrophe reinsurers gained ground yesterday even as Tropical Storm Ernesto drew a bead of southern Florida.

RenaissanceRe led the way, closing up 2.61 percent at $49.95 while White Mountains jumped 1.79 percent to close at $527.

Also gaining were IPC Re, up 1.5 percent at $27.10, Platinum, up 1.29 percent at $29.15, Partner Re, which rose 1.27 percent to $63.82 and Everest Re, up 1.18 percent to $92.45.

The stocks rose amidst reports that insurers in Florida are well prepared for a storm (see related story) and amid optimism that the storm will not regain hurricane strength before making landfall.