Monday after the insurance company said it might put itself up for sale.

The property and casualty insurer said it will review "strategic alternatives to maximise shareholder value, which may include the sale of the company.'' Nobel Insurance's shares rose as much as 2 11/16 to 15 3/8, a 52-week high before closing at 145/8.

The company said it hired Donaldson, Lufkin & Jenrette Inc. to help it review alternatives. Nobel Insurance's first-quarter 1997 net income fell 14 percent to $1.21 million from 1996.

Yesterday, Nobel closed at $14 1 , down 3/8, after earlier hitting a high of 15.