The Royal Gazette/Bermuda Stock Exchange Index gained 2.44 points yesterday to close at 3,901.01.

On a quiet day on the Exchange, Butterfield Bank gained five cents to close at $46.55 as investors traded in 12,279 shares. No other issues changed price.

The total value of the shares bought and sold on the BSX yesterday was $571,587.45 and the overall volume of shares was 12,279.

In the international insurance sector, virtually all insurers except XL Capital lost ground, with Montpelier Re dropping 3.81 percent to $17.40 after AM Best affirmed its A- credit rating but said the outlook was negative.

Aspen Holdings dropped 2.59 percent to $24.03 after increasing its loss estimates from the 2005 hurricane season and saying it would issue new shares.

PXRE fell 2.71 percent to $12.21 and RenaissanceRe dropped 2.16 percent to $43.

XL Capital, which lost an arbitration dispute with Credit Suisse this week over its purchase of CS subsidiary Winterthur International, rebounded 1.37 percent to close at $66.55.