The share prices of both Butterfield Bank and its takeover target Bermuda Commercial Bank fell yesterday, knocking 13.74 points off The Royal Gazette/Bermuda Stock Exchange Index.

The Index closed down 0.28 percent at 4,883.53.

On a light day of trading, Butterfield fell 25 cents to $56.25 as investors on volume of 3,239 shares.

And Bermuda Commercial Bank fell five cents to $9.95 on volume of 6,000 shares.

Argus investors traded 23 shares to close unchanged at $13 and Belco traded 32 shares to close unchanged at $25.

The total value of the shares bought and sold on the BSX yesterday was $243,552.50 and the overall volume of shares was 9,294.

The Bermuda Insurance Index dropped 1.57 percent or 18.93 points to 1,185.51 as Bermuda-based publicly traded insurance and reinsurance stocks slid.

Virtually all of the Island?s major insurers fell, apparently over statements made by a USinsurer that theinsurance sector may peak this year.

US inurer Chubb led the declines, falling 4.04 percent, while Aspen was off 2.95 percent tp $25.33, Platinum dropped 2.5 percent to $29.91, Everest Re dropped 2.08 percent to $99.31 and Ace fell 1.99 percent to $57.77.

Also dropping more than 1.5 percent were Aon, RenaissanceRe, Endurance, Partner Re, IPCRe and Max Re.