Bermuda's Independence debate has opened a "window of opportunity'' for the Bahamas to gain an increased share of financial services business, says a London agent for the Caribbean country.

Mr. Richard Moir of Euro-Bahamian Trading in London was quoted as making the remark in the April 14 edition of Lloyd's List.

The newspaper reported that Johnson & Higgins had added Nassau, Bahamas to its network of offshore operations.

J&H, the world's largest privately-held insurance brokerage, has most of its accounts handled by Bermuda, the world's offshore insurance leader.

Mr. Moir, who promotes Bahamas' interests in the financial services sector in London, told Lloyd's List that Bermuda's Independence debate opened a "window of opportunity'' for the Bahamas.

"A referendum on Independence will be held in Bermuda, a move which could briefly raise some questions about that country's future business atmosphere,'' continued the article, by staff writer Mr. James Brewer.

Mr. Moir felt Bahamas, which attained Independence in 1973, could secure new business through effective marketing.

Finance Minister the Hon. David Saul said the article did not concern him. It sounded like Mr. Moir "beating the bushes'' for business, he said.

Mr. Roger Gillett, senior vice-president of Johnson & Higgins (Bermuda) Ltd., was off the Island yesterday and could not be reached for comment.

News of the story came as business leaders said passage of the Independence Referendum Act has not ended uncertainty in the international business community.

Instability that businesses had complained about would have settled "if things had gone quiet and people were getting on with their work and coming out with more facts'', Bermuda International Business Association chairman Mr.

Cummings Zuill told The Royal Gazette .

But "there's been so many other things back and forth in the media that this just tends to keep the story on the front burner,'' Mr. Zuill said. "The uncertainty is still there.'' After two Independence referendum bills failed to get through Parliament in 1994, the recent go-ahead for the plebiscite had removed only "one element'' of the uncertainty, Mr. Zuill said.

"Getting on with the referendum is definitely helpful,'' he said.

"Hopefully there will be some more information that will come out between now and then and Bermudians will be able to make a more reasoned judgment.'' But controversy over the Progressive Labour Party's call for a referendum boycott, recent public clashes between Premier the Hon. Sir John Swan and Bank of Bermuda chairman Mr. Eldon Trimingham, and to some extent Mr. Zuill's own speech to Hamilton Rotary Club recently had contributed to continued uncertainty, he said.

No date has been set for the referendum, which Deputy Premier the Hon. Irving Pearman said would likely be held in July or August.

"Once a date is set, people will say: `Okay, there's a deadline','' Mr. Zuill said. "If it could all be done quietly and maturely, that would be great.'' An indecisive referendum and continued debate on Independence was "a possibility,'' but, "I don't think that will happen,'' Mr. Zuill said.

"I think people will get out and vote. I think it will be more decisive than we feel.'' Also yesterday, Canada's national newspaper The Globe and Mail published an analysis of Bermuda's Independence referendum by the international consulting firm Oxford Analytica Ltd.

"A No vote in the...referendum will be welcomed by overseas investors,'' the article concluded. "Nevertheless, a vote in favour is unlikely to lead to immediate changes in Bermuda's investor-friendly business framework.'' Mr. Anthony Goodfellow, chairman of the international companies division of the Chamber of Commerce, said it was too soon to say whether the decision to hold the referendum had eased business uncertainty.

While the Premier and much of the Cabinet favour Independence, the governing United Bermuda Party has no position for or against it.