Political unrest unfolding on the island of Bermuda will not impact on the insurance industry, senior figures have insisted.
The island’s premier, Dr Ewart Brown, and other members of the Progressive Labour Party (PLP), have been drawn into allegations of corruption, which they strongly reject.
Questions have been raised about the future of the leading party after revelations from a leaked police dossier on an $8m Bermuda Housing Corporation (BHC) scandal. The premier is one of those being investigated.
But the business community has dismissed speculation that the scandal, which dates back four years, might threaten the stability of the market.
One senior Bermuda insurance figure, said: “There won’t be any fall-out for the insurance industry it just looks very unattractive. It is business as usual.”
The scandal surrounds the disappearance of $10m from the BHC, which initially led to the conviction of Terrence Smith, who had been running his own business from his BHC office.
Bermuda police and legal chiefs are attempting to obtain a gagging order against local media wishing to publish excerpts from the leaked files.