The Bank of N.T. Butterfield & Son Limited (“Butterfield”) today announced that it has received the award for best Collateral Service Provider – Letters of Credit from Captive Review in its 2016 US Captive Services Awards.
The US Captive Services Awards annually recognise excellence and innovation in the provision of services to captive insurers.
In recognising Butterfield for its Letter of Credit services, the judges noted that they were “impressed by the range of Letter of Credit options made available (by Butterfield) to captive clients and (Butterfield’s) clear commitment to customer care. The latter is delivered through dedicated individual points of contact and strong experience in serving the captive sector in the largest offshore domiciles.”
Butterfield provides robust Letters of Credit services, offering a superior range of products for insurance companies.
Sean Smatt, Butterfield’s Executive Vice President and Group Head of Corporate Banking, said “We are honoured to have been recognised by Captive Review with the annual award for Letters of Credit services. Locally domiciled insurers are a key constituent of our corporate credit business in Bermuda and Cayman, and we have worked to tailor our services to the industry’s global needs. Today, through our overseas offices and our worldwide correspondent network, Butterfield issues letters of credit in all major currencies and can have them advised through virtually any country in the world.”
Captive Review also named Bermuda the best Offshore Captive Domicile in its 2016 awards, noting the island’s “diverse nature and strong infrastructure” and its recently attained Solvency II equivalency as key factors in its decision.
Captive Review is a trade publication catering to the interests of the risk management and captive insurance communities. Launched in 1999, it has readership of over 12,000.