Struggling Bermuda insurers the Trenwick Group and Annuity & Life have been dropped from the Bermuda Stock Exchange Bermuda Insurance Index.

The BSX announced yesterday that the two insurers had been deleted from the Index's constituent base after their market capitalisation fell below one percent of the Index's total market capitalisation.

Both Trenwick and Annuity & Life have seen their share prices fall heavily over the last year. Annuity & Life was trading at $35 last November and closed yesterday at $4.85. Trenwick had a 52-week high of $11.05 in December and is now trading at $4.69.

The BSX also announced that Montpelier Re, which had a successful initial public offering last week was added to the Index. The total number of Index constituents now stands at eight, with a combined market capitalisation of $31.6 billion, the BSX said.