Jet-setting international business leaders discussing Bermuda’s reputation on the world stage have been told that media coverage of developments into the leaking of Bermuda Housing Corporation investigation papers and the detention of Auditor General Larry Dennis this week are precisely how things should be. The man who represents Bermuda’s multi-billion dollar insurance and reinsurance industry, Bradley Kading, returned to the Island from the US on Tuesday night and yesterday appeared as a panellist at the inaugural Insurance Day Summit in Hamilton to talk about Bermuda’s reputation and regulations.

He was asked how current events, including the detention of the Auditor General who is responsible for carrying out independent financial checks and monitoring of Government, might impact Bermuda’s reputation overseas and within the offices of on-Island international business.

To an audience of CEOs and other high-level executive officers of insurance industry companies from London, Europe, the US and Bermuda, Mr. Kading said it was right and proper that the ongoing investigation, raids and detentions should be openly reported in the media.

“I’m an American who has been involved in insurance regulation since 1981 and I’ve been involved with public scandals for insurance regulators in the US, for Governors in the United States and members of Congress in the United States. There is nothing unique going on in Bermuda that you don’t see in Europe, or the US or Asia,” said Mr. Kading, who is president of the Association of Bermuda Insurers and Reinsurers.

“I think the fact that this is all a matter that is being recorded in the public press is exactly what ought to be happening. The principles of democracy are that there is public commentary and opportunity for public debate. That is what is going on here and it’s a healthy discussion — it is also painful discussion, but it is a healthy discussion. Bermuda will deal with it competently.”

Another panellist Shelby Weldon, Bermuda Monetary Authority director of compliance within insurance, said: “Whilst some of those issues are unfortunate from a regulatory standpoint and a Bermuda Monetary Authority standpoint, we are an independent regulatory body, so what transpires in that political realm does have an effect on us but it does not deter us from our duties and objectives and the goals that we are attempting to achieve.

“We operate independent of the Government and are committed to making sure that Bermuda adheres to those international standards.”

A third panellist Christopher Klein, of Benfield Industry Analysis and Research, did not seem perturbed by the news, noting: “Not too much ink has been expended on this beyond the beaches.”

However, since the BHC leak story broke at the end of May, developments have been reported by international media including The Times and Daily Mail newspapers in London and the Paris-based International Herald Tribune.

News reports of Mr. Dennis’ detention and police raids this week at the office of the Auditor General and his private home have appeared in the Global Reinsurance publication, the Miami-based Inside Bermuda newsletter, and on a number of Caribbean-based media organisations.