April 2 (Reuters) - Numis Securities upgraded non-lifeinsurers Amlin Plc (AML.L: Quote, Profile , Research), Catlin Group Ltd. (CGL.L: Quote, Profile , Research) andHighway Insurance Holdings Plc (HWY.L: Quote, Profile , Research), citing share priceweaknesses.

Amlin stock was trading at 6.6 times their 2007 earnings,at the bottom of the historic range, and margins will remainstrong for some time, the brokerage said in a research note.

Numis said Highway's shares price-to-earnings rating of 9.4times was low, given the potential for a rise in earnings onceUK motor rates rose enough to expand underwriting margins.

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