BUTTERFIELD RECEIVES PRESTIGIOUS CAPTIVE SERVICES AWARD
Hamilton, Bermuda—23 August 2016: 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.
This announcement does not constitute an offer to sell securities, or a solicitation of an offer to buy securities, in any jurisdiction, including without limitation the United States of America. Securities may not be offered or sold in the United States of America absent registration or an exemption from registration under the US Securities Act of 1933, as amended (the “Securities Act”). No decision has been made as to whether any securities of The Bank of N.T. Butterfield & Son Limited (the “Issuer”) will be registered under the Securities Act, or the laws of any State. A public offering of securities in the United States, if any such offering is made, will be made by means of a prospectus that may be obtained from the Issuer containing detailed information about the Issuer and management, as well as financial statements.
Notes to Editors:The Bank of N.T. Butterfield & Son Limited (“Butterfield”) is Bermuda’s first and largest independent bank, and a specialist provider of international financial services. The Butterfield Group offers a full range of community banking services in Bermuda and the Cayman Islands, encompassing retail and corporate banking and treasury activities. Butterfield also variously provides property lending, private banking, asset management and personal trust services from its headquarters in Bermuda and subsidiary offices in the Cayman Islands, Guernsey and the United Kingdom. In Switzerland and The Bahamas, Butterfield provides personal trust and company services. Butterfield is a publicly traded corporation with shares listed on the Bermuda Stock Exchange. Butterfield’s share price is published daily in The Royal Gazette (www.theroyalgazette.com) and is also available on Bloomberg Financial Markets (symbol: NTB BH) and the Bermuda Stock Exchange website (www.bsx.com). Further details on the Butterfield Group can be obtained from our website at: www.butterfieldgroup.com.