The Royal Gazette/Bermuda Stock Exchange Index yesterday rose 24.42 points or 0.67 percent yesterday as Butterfield Bank shares closed at an all-time high.

Butterfield, the only issue to change price, rose 50 cents to close at $44.50 on volume of 1,321 shares.

Argus Insurance Company was unchanged at $26.25 on volume of 4,086 shares, while BF&M Ltd. also held at its 52-week high of $15.50 on volume of 500. Belco Holdings Ltd. was unaltered at $41 on volume of 1,000, and KeyTech closed unchanged at $10.80 with just 22 shares trading.

A total of 6,909 shares worth $215,083.60 traded.

The Bermuda Insurance Index closed down 20.25 points or 1.78 percent to close at 1,116.51 as many publicly traded Bermuda-based insurers lost ground as fears grew that Hurricane Rita would follow Hurricane Katrina into the Gulf of Mexico.

PXRE, which onMonday increased its claims estimates from Katrina, fell three percent.