Highly commended: Scotiabank
Highly commended: Comerica
Butterfield in the Cayman Islands was incorporated in 1967 and the bank is regarded as experienced and intimately familiar with the requirements of businesses on the Island. It provides a comprehensive range of services to local and international markets, and prioritises learning about its clients and their business requirements. It has worked closely with the insurance industry for almost 50 years and provided banking services to the earliest captive insurance companies. Today the bank says it offers a comprehensive and sophisticated product range in response to the specific requirements of captive insurance and alternative risk management programmes.
Scotiabank promises its captive clients personalised services from a dedicated relationship manager that will work closely with them to develop a long-term strategy based on their specific business requirements and needs. Respondents recognised this approach, describing it as very customer-focused. It says it offers banking and cash management, including operating accounts, notice investment accounts for surplus cash and fixed term deposits.
Comerica Bank is one of the few banks with a dedicated captive team which has been serving the needs of captives for over 25 years in all major domiciles, and was a hot favourite with many respondents. Its captive specialists can help find the best financial solutions for any captive, it says. Its specialised team helps companies who are learning about the benefits of captive insurance, seeking advice on a service provider or domicile, and looking for competitive, trustworthy banking options for their captives.