The dramatic plunge in XL Capital shares (see Page 9)after it said it was likely to lose an arbitration with Credit Suisse dominated Bermuda insurance stocks yesterday.

XL closed down $6.32 or 8.57 percent in holiday-shortened trading to close at $67.42.

AIG closed down slightly after Attorney General Eliot Spitzer ruled out bringing criminal charegs aaginst ousted chairmna Maurice Greenberg.

Aspen fell 2.2 percent t close at $25.34 while RenaissanceRe shed gains from Wednesday to close down 2.01 percent at $46.35.

PXRE closed up 0.93 percent at $12.96.

? The Royal Gazette/Bermuda Stock Exchange Index was unchanged yesterday at 3,829.40.

In an otherwise quiet day of trading Devonshire Industries was the only issue to change hands as investors traded 1,000 shares at $14.25.

The total value of the shares bought and sold on the BSX yesterday was $14,250.00 and the overall volume of shares was 1,000 shares.