In Guernsey, the insurance market has been a traditional offering with services including standby letters of credit, account opening services and deposit/notice accounts. However, as technology advances, so does business demand for further flexibility and updated product offerings.
In response, Lloyds Bank International has launched its Security Interest Agreement (SIA), which complements the existing offering available to new and existing customers.
SIAs offer a wide range of investments including company, fixed and term deposits with the additional advantage of having funds available on demand—an added advantage for those that may need liquidity of funds (note that on-demand funding is not available for solely fixed deposits).
The goal is to keep services, decision-making and resources in the Island, close to customers. With this front of mind, Lloyds Bank International has developed its own industry standard template that is specific for Guernsey. It covers a wide range of scenarios to help local businesses set up a SIA. This is complemented by the support of a highly experienced relationship management team that specialises in the captive insurance market.
“I am delighted to be able to offer our new SIA which enables Lloyds Bank International to provide a wider suite of products to the insurance market. As we approach the anniversary of 100 years of the first captive cell insurance company being set up in Guernsey, it seems appropriate that we continue to offer our strong support for the industry,” said Beth Richards, captive relationship specialist at Lloyds Bank International.
“I applaud the foresight and innovation of Lloyds Bank International in offering the SIA to complement their existing product suite. It’s a great example of their support to the industry,” said Peter Child, chief executive officer, Europe & managing director, Guernsey, of Strategic Risk Solutions.
Lending subject to status.
Lloyds, International, Bank, services, Guernsey, insurance, offering, Agreement