The Royal Gazette/Bermuda Stock Exchange Index reached another all-time high yesterday, gaining 7.31 points yesterday to close at 3,946.12.

In light trading, Index bellwether Buttefield Bank rise 20 cents to close at $46.50 on volume of 1,168 shares and Bermuda Container Line fell 45 cents to close at $14.50 as 100 shares changed hands.

Argus was unchanged at $13 on volume of 600 shares.

The total value of shares traded was $63,542.00 and the overall volume of shares was 1,868 shares.

Bermuda-based international insurers and reinsurers retreated following a revised earnings outlook from USinsurer MetLife and concerns that the Federal Reserve will raise interest rates again.

RenaissanceRe dropped $1.45 or 3.2 percent to $43.81 after a Citigroup analyst rated the stock a ?sell?. Montpelier Re fell 3.11 percent to $18.68.

Partner Re dropped 1.85 percent to $65.74 while XLCapital was off 1.7 percent to $67.52.

Only life reinsurers and guaranty insurers bucked the trend, with Scottish Re up 0.36 percent to $25.41.