Billions of dollars were wiped of the market values of Bermuda insurers yesterday, amid uncertainty over the pending vote by Congressmen on the rehashed US Government bailout plan.

Worst hit was Everest Re, as its share price plunged more than 11 percent, leaving its market capitalisation at less than $4.5 billion.

Aspen lost nine percent to close on $24.68, while XL Capital, which has been ravaged over the past 12 months by losses related to the sub-prime mortgage and credit crisis, had nearly as bad a day, tumbling 8.7 percent to finish on $15.77.

White Mountains also fell eight percent, as did PartnerRe, whose share price fell to $61.62.

RenaissanceRe also fell eight percent to $46.05, while Endurance Specialty Holdings tumbled more than seven percent to finish the day on $29.95.

The carnage also affected reinsurer Flagstone Re, which plunged five percent to lose most of the gains it made a day earlier, as well as Argo Group and Allied World, which both shed more than five percent.