Another critical article about the level of unhappiness amongst Bermuda's corporate leaders regarding the Island's current political climate and decisions has been printed in the UK.

It speaks of senior executives re-examining their plans to exit the Island if they feel things get too bad, and some of the newer start-ups have indicated it would take them only a matter of days to relocate elsewhere.

According to one executive Premier Ewart Brown is aware of the strength of feeling amongst the leaders of the Island's $64 billion insurance/reinsurance business, but at a face-to-face meeting told them they were "crying wolf."

A company chairman reportedly told UK-based freelance financial reporter Mairi Mallon the Premier said he did not believe any of the companies would really go.

Another is quoted as saying: "Everyone says that they (Government) won't kill the golden goose. But there are geese lying dead all over the world."

Industry magazine Global Reinsurance, which is part of Newsquest UK - a subsidiary of USA Today newspaper publishing house Gannett - is running the article under the headline "Bermuda's Slippery Slope" in its latest edition.

It comes soon after a commentary in London-based Reinsurance Magazine that similarly was critical of Bermuda under Premier Dr. Brown and growing unease of the reinsurance community. A report on that article appeared in yesterday's business section.

The latest report was authored by Ms Mallon, who has been writing on Bermuda and international reinsurance issues for nine years and is a former Royal Gazette journalist. She attended the Rendez Vous conference in Monte Carlo earlier this month, which was one of the biggest off-Island gatherings of Bermuda and overseas reinsurers this year.

According to her article the feeling of unease amongst senior industry executives has its roots in talk of corruption on the Island - such as alleged deeds that have been hinted at in leaked Bermuda Housing Corporation investigation documents printed before a media gag was imposed in June - and also in the political climate and problems encountered with work permit time limits.

Ms Mallon reports that not a single executive was willing to "go on the record" with their concerns, with some fearing they would be seen as racist or anti-Bermudian.

In contrast to a statement by Labour and Immigration Minister Derrick Burgess last month that there is no evidence of Bermuda-based international businesses outsourcing or relocating staff because of work permit issues, some executives at the Monaco event said they were placing staff overseas for exactly that reason.

"It is one thing having your corporate soul here and another having your corporate body. The term-limit issue plus the length of time it takes to process permits means that managers are simply staffing up other offices around the world and having fewer and fewer staff in Bermuda," one executive told Global Reinsurance.

The magazine reports that many companies, particularly the newer start-ups, would be able to relocate "at the drop of a hat" if things get worse and said that after talk of rates and pricing in Monte Carlo "conversation turned inevitably to disbelief at what is happening in Bermuda's political landscape."

Premier Dr. Brown, through his press secretary Glenn Jones, chose to pass on commenting on the article when given the opportunity by The Royal Gazette.