Those who — including this newspaper -have warned over the last few years that Bermuda is becoming less attractive to international business have constantly been branded as scaremongers and worse.

But the report by Dowling & Partners Securities LLC published last week deserves attention. Dowling is a respected investment advisor that also published IBNR, perhaps the most influential and informed newsletter on the insurance industry in the world.

So Dowling's warnings that Bermuda is becoming a less attractive domicile and that those companies that are here have a redomiciling plan in place are well founded and serious. Dowling has no axe to grind and no interest in promoting other jurisdictions.

Aside from external issues like tax and increased international regulatory scrutiny, internal factors include the high costs and strain on infrastructure, difficulties attracting top talent and work permit restrictions, worries over Independence and the rise in violence.

It goes without saying that Bermuda depends on international business. Without it, or if it was significantly weakened, Bermuda's problems would grow exponentially. When companies like Dowling start issuing warnings, it is time to pay attention.