The Royal Gazette/Bermuda Stock Exchange Index continued its record-breaking streak yesterday when it reached another all-time high.

Driven by Index mainstay Butterfield Bank, the Index rose 48.05 points or 1.02 percent to close at 4,742.58 in moderate trading.

Butterfield gained $1 or 1.6 percent to close at $62 on volume of 489 shares. The bank, which released strong quarterly results last week, has gained $4 in eight days.

Devonshire Industries fell 15 cents to close at $14.80 on volume of 1,100 shares.

While no other issues changed price, Argus traded in 700 shares to close unchanged at $14.25, BF&M held at $15 on volume of 182 shares and 5,000 Bermuda Press (Holdings) shares changed hands to close unchanged at $14.50. Bermuda Press (Holdings) owns The Royal Gazette.

The total value of the shares bought and sold on the BSX yesterday was $131,803.00 and the overall volume of shares was 7,471.

The Bermuda Insurance Index, which tracks the stock prices of Bermuda publicly-traded stocks, dropped 13.65 points or 1.26 percent to close at 1,068.39 as stocks were mixed following news that Scottish Re's chief executive Scott Wilkomm had resigned and the company was going to take a $130 million operating loss in the second quarter.

Life reinsurer Scottish Re's shares plummeted 75 percent to $3.99 in trading on the New York Stock Exchange as more than 30 million shares traded. Roughly half a million shares change hands on a typical day.

Elsewhere, White Mountains, which reported lower earnings on Friday, jumped 3.92 percent to close at $49.50, Ram Re was up 2.32 percent to $12.79 and RenaissanceRe gained 1.43 percent to close at $51.81 before releasing earnings last night.

Endurance Specialty lost 2.75 percent of its value to close at $30.36, while Max Re, which said it has received a notice from the Securities and Exchange Commission, was down 2.51 percent to close at $22.50.