Bermuda Insurance Index

Struggling Bermuda insurers the Trenwick Group and Annuity & Life Re have been dropped from the Bermuda Stock Exchange Bermuda Insurance Index, while Montpelier Re has been added."This announcement is made in accordance with Section 4.2 of the Ground Rules,

The FTSE/BSX Bermuda Insurance Index, which was launched on July 15, 1998 with a value of 1,000 and broadly tracks the performance of the island's insurance market, had lost 22 per cent of its value by September 29, falling to 773.36. Such a large fall could indicate it might be an opportune time to buy into the Bermuda Insurance Index Fund Limited, which received approval this month to list up to 10 million non-voting common shares.

The Bermuda Stock Exchange will next month launch an index and mutual fund that will track the performance of ten publicly-listed insurers and reinsurers based in Bermuda.