A Bermudian businessman and two London-based editors who attended this month's reinsurance industry gathering in Monte Carlo have backed claims that many senior executives are so concerned about Bermuda's current political climate and work permit problems they are reviewing their Island exit strategies. On the same day Premier Ewart Brown dismissed the reports as pre-election "scaremongering."

The editors of London-based trade publications Global Reinsurance and Reinsurance Magazine and Robin Spencer-Arscott, president of Bermuda's RSA Services, confirmed they heard the worrying comments expressed by Bermuda-based CEOs and senior corporate figures reported in The Royal Gazette this week.

Mark Geoghegan, editor of London's Reinsurance Magazine, said none would speak on the record.

"But as soon as the tape recorder is off — the exact number of days, hours and minutes it would take to relocate off Bermuda are recanted as if this were another one of the realistic disaster scenarios that have been run through many times."

Bermudian Mr. Spencer-Arscott said it was the first time in 27 years of organising Bermuda's post-Rendez Vous Summit cocktail reception that he had heard such disquiet from leaders of Bermuda's $64 billion reinsurance industry.

Corporate bosses are reportedly reviewing their company exit strategies from the Island should things become worse, citing political turmoil and difficulties caused by work permit time limits and delays in getting applications processed.

"It is the first time in 27 years of holding the cocktail reception that I have heard the mumblings that were reflected in the newspaper," said Mr. Spencer-Arscott, chair of the Bermuda-based World Insurance Forum.

Premier Dr. Brown, during the Hott 107.5 Thaao Dill morning show yesterday, said he thought the stories were pre-election scaremongering.