Shares of Bermudian reinsurers rebounded strongly today after seeing billions of dollars wiped of their stock market value earlier in the week.
The BSX Insurance Index soared 69.18 points, or 4 per cent, to close on 1,799.67. The index was still down 3 per cent for the week.
Investors have fled shares of reinsurers exposed to property catastrophe risk in Florida, where Category 4 Hurricane Irma is expected to make landfall on Sunday.
But yesterday, the worst impacted stocks caught a bid, as XL Catlin rose 5.8 per cent, Everest Re 5 per cent, Axis 4.7 per cent, Aspen 4.7 per cent, Validus Holdings 4.4 per cent and RenaissanceRe 4.1 per cent.
There was no trading on the Bermuda Stock Exchange. The Royal Gazette/BSX Index closed the week on 1,982.79.
Butterfield Bank’s shares closed at $32.50. The bank’s New York Stock Exchange-listed shares rose 21 cents, or 0.67 per cent, to close on $31.76.