By Pete Najarian, co-founder of OptionMonster

HAMILTON, Bermuda ( TheStreet) -- XL Capital ( XL) has been facing a negative trend recently and on Monday the bears turned it up a notch.

OptionMonster's tracking system detected heavy put buying in the reinsurance stock, which has been under its 200-day moving average for the last three sessions. The June 15 contracts traded almost 13,000 times for 35 cents to 45 cents, and the June 17s changed hands mostly for 90 cents to $1.10. The put/call ratio was heavily bearish at 28 to 1.

XL fell 2.13% to $17 Monday. The reinsurance stock has been falling along with other financials and is down 15% in the last month.

XL Capital's last earnings report was stronger than expected, and shares bolted higher on May 12 after the company said it would stay in the S&P 500, but they have been falling since then.

Remember that XL was one of those really depressed financials that is still up more than 600% from its March 2009 lows. With a huge gain like that and the shares stalled near the highs, the bears might be thinking it needs to push lower.

Total options volume was more than triple the average.

Najarian owns an XL put spread.