The majority of Bermuda's publicly-listed insurers saw their stock increase in value during 2004 despite a record year for natural catastrophes and a probe of the industry by New York Attorney General Eliot Spitzer.

According to editor David Marchant, nine of the 15 insurers reviewed by his newsletter InsideBermuda saw their share prices rise.

Scottish Re's stock saw the highest gain, rising 25 percent from $20.78 in December 31, 2003 to $25.90 on a year later. All other increases were less than seven percent save for IPC Holdings which increased almost 12 per cent from $38.90 last December 31 to 43.51 this December 31.

The newsletter reports that Annuity & Life Re and ESG Re suffered falls of 67 per cent and 88 per cent, respectively. Both companies are currently traded on the pink sheets after being de-listed by major exchanges."

Mr. Marchant wrote: "The Bermuda Insurance Index, which broadly reflects the state of the market, went up by 7.3 per cent, less than the nine per cent gain of the S&P 500 Index but better than the six per cent increase of the S&P Insurance Index.

"However, it was far short of its performance in 2003 when the Bermuda Insurance Index increased by 22.81 per cent. This Index has now gained just 12.8 per cent in nearly six and a half years since it was launched on July 15, 1998 with a value of 1,000."

InsideBermuda also reports that the although Max Re was the best-performer in 2003, with a 104 percent increase in its share price, this year, its stock gave back 5.29 per cent in 2004.

"Still, Max Re's share price has gone up by 33 per cent since its IPO in August, 2001 at $16 per share," Mr. Marchant wrote.