The Progressive Labour Party yesterday voiced concern for the policyholders of BF&M Ltd. and Bermuda's reputation as an international offshore centre following the financial problems of Bermuda Fire & Marine Insurance Company.

In the PLP's first public statement on the matter, the party also criticised Finance Minister the Hon. David Saul for his comments on the affair.

It was not "helpful'' for Dr. Saul to comment that the international community will `probably yawn' and `look at it as a little Bermuda company that dabbled in the big wide world and got burnt', said Shadow Minister of Finance, Mr. Eugene Cox.

"Too much is at stake here. I would have thought such a condescending tone does a disservice to those connected to the ailing company and to Bermuda's international standing as a whole.'' He said he was concerned about the "potential fall-out'' to BF&M's policyholders in relation to possible legal action from overseas creditors of Bermuda Fire & Marine.

Creditors, who are owed some $100 million, are currently taking legal advice on whether to bring action against BF&M or against the directors and officers of Bermuda Fire & Marine at the time of the break-up of the company on September 5, 1991.

They have accused Bermuda Fire & Marine's 1991 board of directors of stripping in excess of $40 million from the company so that creditors could not get their hands on it.

The directors at that time included former Government Senate leader Mr.

Charles Collis, who was and still is chairman of the firm; Bank of Bermuda president and CEO Mr. Donald Lines, Bermuda Broadcasting chairman Mr. Fernance Perry, and retail boss Mr. Eldon Trimingham.

Mr. Cox said: "The Progressive Labour Party's concerns are largely two-fold.

Firstly, to see that the interests of the policyholders are protected and, secondly, to see that Bermuda's international reputation in the international area remains untarnished especially at this critical juncture when we are seeking to aggressively market and to promote Bermuda internationally as a place to do business.

"We need to be very careful as to the signals we send out. The PLP wants to see and to encourage more trust company business to come here. We want Bermuda to become a venue for international arbitration.

"Also, we want to increase the numbers of high calibre international companies establishing a real presence here and we support the efforts of the local business community in this regard.'' He added: "While there may be nothing on the face of it to suggest that the split-up of Bermuda Fire & Marine Insurance was not legal -- that probably is a matter for the legal eagles and the court to decide should it become necessary -- as representatives of the people, we must view the situation in terms of the domestic and international repercussions.'' Mr. Eugene Cox.