Bermuda's business community has given its backing to the new PLP government following its re-election for a third term on Tuesday night.

The Association of Bermuda Insurers and Reinsurers (ABIR) reckons that international business has thrived under the PLP's reign and hopes it continues in that vein.

Meanwhile, the Bermuda International Business Association (BIBA) believe political and economic stability are firmly in place with the new PLP regime.

ABIR congratulated the PLP and Premier Ewart Brown on their election win.

In a statement it said: "This was a hard fought battle and Bermudians have made their decision in the best of democratic tradition.

"ABIR looks forward to working with the new government on the many matters of mutual interest. International business has prospered under the previous two terms of the PLP government and we expect the PLP will continue its solid support for international business in Bermuda."

ABIR members employ 1,100 Bermudians (63 percent of the Island's employment base) and its members make an important economic contribution to the local economy with a significant payroll and good jobs for these talented workers.

It also makes an important contribution through its tax payments (payroll, tariffs and licensing fees) to Government; to the hospitality sector with the business travel of its employees, brokers and clients; and with millions in contributions to Island charities and maintains that democratic traditions, including stability, transparency, integrity and equity in Government policy are important to the international business community in every jurisdiction in which it does business.

ABIR added: "Now is the time to demonstrate to our critics outside of Bermuda a unity of spirit so that all those who live in Bermuda can achieve their common goals.

"We also congratulate the UBP and its leader Michael Dunkley for a hard fought contest. The UBP raised many issues which resonated with Bermudians. The loyal opposition's agenda will likely influence the new government's agenda."

Cheryl Packwood, CEO of BIBA, also commended the PLP on its victory.

She said: "One of the fundamental components and key platform by which we market Bermuda to the international business community around the world is to highlight political and economic stability. The results of this election confirm that these two platforms are firmly in place.

"The Democratic process works. The people of Bermuda have spoken and international business in Bermuda will continue on as usual."

Ms. Packwood pointed out that, while many Bermudians may be vocal in their disagreements on a host of issues which they have freely expressed, they are united in their understanding of the importance of international business to the economy and success of this jurisdiction.

"Having travelled to Europe, the Gulf and North America over the past three months and met with numerous lawyers, accountants, government officials and representatives of the financial services industry, we know that there are immense opportunities for Bermuda as well as stiff competition," she said.

"We know that Bermuda's government will continue to embrace our efforts to promote Bermuda as a jurisdiction of choice and quality for international business by continuing to provide the necessary financial, political and social support needed to position Bermuda through sustainable growth and development of our economy."