International businesses in Bermuda are re-examining their exit strategies from the Island because of increasing unhappiness with the present political climate and problems associated with work permit term limits, according to a new report published in the UK this week.

It follows on closely after a critical article in a separate London-based publication, reported in yesterday's TheRoyal Gazette, that similarly claimed anti-expat rhetoric, a pro-Independence stance and "chaotic work-permit" situation were weighing heavy on the minds of senior executives within Bermuda's $64-billion reinsurance sector.

The new article is said to be based on comments made by one of this year's largest off-Island gatherings of Bermuda reinsurers at the Rendez-Vous conference in Monte Carlo earlier this month.

According to Global Reinsurance, which is part of the USA Today newspaper-publishing group Gannett, senior executives revealed during informal discussions they have considered leaving Bermuda because of a variety of issues currently affecting the Island.

"Political turmoil following allegations of corruption at the highest level, combined with new rules limiting work permits, have led executives to start to question the long-term viability of staying in Bermuda," states the article, which is titled 'Bermuda's Slippery Slope'.

It goes on to say: "Some (executives) have been re-examining their exit strategies from the mid-Atlantic island, but say things are not yet at the crunch point."

Reference is made to the ongoing media gag over reporting of leaked documents from the Bermuda Housing Corporation Police investigation. The validity of the gag order — which has been dismissed by Bermuda's Supreme Court and Court of Appeal — now rests with the highest court serving the UK and Commonwealth, the Privy Council. A hearing is scheduled in London on October 29.

The article claims some executives at the conference in the European Principality of Monaco admitted they have moved staff abroad "to dodge operating difficulties caused by time limits on work permits".

Journalist Mairi Mallon, who spoke to the senior figures in Monte Carlo, reported: "Not a single executive would go on the record criticising the Progressive Labour Party Government or Premier Ewart Brown. Some said they feared being seen as racist or anti-Bermudian."

She told The Royal Gazette: "I've been writing about international business and Bermuda for nine years now and things have never been this bad.

"There has always been a level of discontent with work permits and the time it takes to process them. But the mood has changed and there seems to be greater degrees of unease about the way the Government is handling affairs."

The Royal Gazette was told by Premier Dr., Brown's press secretary Glenn Jones that the Premier would, as he did regarding Tuesday's article, "pass" on commenting.