The facility provides the following benefits:

• A competitive all-inclusive rate (issuance & confirmation fee) subject to a minimum fee.
• Quick arrangement time frames, typically within five business days.
• Can be secured through any combination of Cash, Equities, Bonds, US$ Treasury Bills or with any of the Butterfield family of Mutual Funds (all subject to margin requirements - see below).
• Confirmed through a NAIC approved bank.

Availability: This facility is available to all Cayman Islands incorporated insurance companies, or other local businesses that require a clean irrevocable Standby Letter of Credit.

Is the process difficult? No it is not. Whilst there is a credit approval process and we will require audited financial statements, along with other standard corporate documents, our process is streamlined with the client in mind.

Margin Requirements: The following margin requirements are provided as a guide only, as overall portfolio margin requirements may vary depending on asset mix and quality of investments. In addition the requirements will also vary depending on the financial condition of the borrower (where we might require cash only).

Collateral	Percent	Notes
Equities:
Blue Chip Equities	65%	Companies must be rated A3/A or higher and traded on a Major International Stock Exchange.
All Other Equities	50%	Companies must be rated A3/A or higher and traded on a Major International Stock Exchange.
Bonds:
G7 Government Issues or Guarantees (eg. US Treasuries; Gilts; Fannie Maes; GHLMC etc.)	95%
AAA/Aaa	90%	Total US$ 15M or equivalent.
AA/Aa	85%	Total US$ 10M or equivalent.
A/A	75%	Total US$ 7.5M or equivalent.
BBB/Baa	60%	Total US$ 3M or equivalent.
Butterfield Funds:
Butterfield Money Market & Liquid Reserve Funds	100%	Standard and Poor's has rated the Butterfield Money Market Fund 'AAAm', which reflects the high credit standards used in selecting investments and sound management practices. In addition, the Butterfield Liquid Reserve Fund has been rated 'AAA' risk and 'AAf' credit
International Balanced Fund	90%
Global Blue Chip Fund	75%
Managed Mutual Fund	50%
Other Butterfield Funds	65%-95%	Call Corporate Banking to obtain current margin % for any Butterfield Fund not mentioned above.