as the Dow Jones industrial average fell more than 550 points yesterday.

ACE Ltd. stock fell $4.75 to close at $92, about a five percent drop. American International Group Ltd. fell $4.75 to $99.50. EXEL Ltd. fell $4 1 to close at $56.75. RenaissanceRe Holdings Ltd. fell $2 1 to $44.50 while Mid Ocean Ltd.

fell $2 to $62. LaSalle Re Holdings Ltd. fell $1.25 to $33.75, while IPC Holdings Ltd. fell $1 1 to $29 5 . The stock prices for Nobel Insurance Ltd., Sphere Drake Holdings Ltd. and PartnerRe Ltd. experienced falls of less than a dollar. Terra Nova (Bermuda) Holdings Ltd. was spared the wrath of investors as it remained unchanged at $25.50.

"It's a market correction,'' said Gavin Arton, EXEL's senior vice president of investor relations. "It's not surprising all of the companies that are international are participating.'' The Standard & Poor's Property-Casualty Insurance Index fell 3.88 percent yesterday, a fall of 39.13 points to close at 970.58. The index is composed of nine market makers none of which are Bermuda-based.