Bermuda-based insurance stocks had a banner with investors apparently deciding that premium rates would rise after 2005?s disastrous run of hurricanes.

Leading the way was IPC Re, which jumped 6.15 percent to $27.95 afer successfully raising new capital.

XLCapital, which announced more than $1 billion in quarterly losses on Monday night soared 5.1 percent to $67.33, while Montpelier Re, whose share price has been battered, was up 4.98 percent to close at $21.10.

Virtually all Bermuda-based insurers were up, many by one percent or more.

But ACE Ltd. slipped 0.54 percent to $51.82 and Marsh, which released improved results yesterday, fell 2.23 percent to $28.50.

?The Royal Gazette/Bermuda Stock Exchange Index was unchanged yesterday at 3,789.83 as a spate of earnings announcements failed to move the market.

Butterfield Bank shares ? which released impressive third quarter results ? held at $45.50 on volume of just 234 shares. BF&M remained unchanged at $17.50 on volume of 62 shares.

Bermuda Aviation Services, which yesterday announced strong first-half results, also remained unchanged at $5.83 on volume of 40 shares. Its shares have been revalued after a stock split.

The total value of the shares bought and sold on the BSX yesterday was $11,861.50 and the overall volume of shares was 336.