Global business insurer XL Group’s shares soared 5.34 percent in trading on Friday to a two-and-half-year high of $24.65.This came after XL announced that two of its Bermuda-based subsidiaries had received approval from the New York Insurance Department (NYID) to qualify for reduced collateral status in the state of New York, as reported in Friday’s edition of The Royal Gazette.The news gives XL Insurance (Bermuda) Ltd and XL Re Ltd a competitive advantage, as they will have to post collateral for only 20 percent of loss reserves rather than the 100 percent required of non-eligible non-US insurers.XL Re was also one of the Bermuda-based reinsurers to qualify for lower collateral requirements for business in the state of Florida.Argo Group International Holdings Ltd also shot higher, gaining 4.5 percent. The company’s $1.65 rise to $38.49 came after the company announced on Friday that its board had authorised the repurchase of $150 million of its own shares. That’s equivalent to approximately 13 percent of the company’s $1.7 billion of capital.Bermuda re/insurer Argo also announced its quarterly dividend would remain at 12 cents per share.Bond insurer Assured Guaranty also rose 4.4 percent, or 70 cents, to close on $16.35 on Friday. The boost came after Kanundrum Capital’s Brian Kelly said on US television channel CNBC’s “Fast Money” programme that he could see the Island company’s shares going to $30, as he is betting against state-level municipal defaults.Ace Ltd. also had a good day on the stock market on Friday, as its share price shot up $2.40, or 3.8 percent, to $65.74.Another substantial climber was Validus Re, which jumped 2.5 percent to $32.04, after SmarTrend said the company has the highest projected earnings growth in the reinsurance industry.SmarTrend said on Friday that Validus has 69.4 percent projected earnings growth, followed by Bermuda market rivals PartnerRe (34.8 percent), Everest Re Group (28.2 percent), Platinum Underwriters Holdings (26.3 percent) and Montpelier Re Holdings (10.3 percent).SmarTrend currently has shares of Montpelier Re in an “uptrend” issued last July. The stock has risen 31.1 percent since the uptrend alert was issued.