Argus Group Holdings Ltd’s shares gained on unusually high trading volume on the Bermuda Stock Exchange.

The insurer gained 10 cents, or 2.5 per cent, to close at a 52-week high of $4.10 as 73,000 shares changed hands.

Last Friday, Argus announced an $18.6 million annual net loss, mostly driven by a balance sheet restructuring which realised $19.5 million of writedowns associated with the sale of illiquid, noncore assets.

Argus’s climb added 2 points to The Royal Gazette/BSX Index, which closed at 2,728.4.

Butterfield Bank’s US-listed shares advanced 62 cents, or 1.3 per cent, to close on $48.44 in New York.

The BSX Insurance Index fell by 0.8 of a point to close on 1,853.69.