Highly commended: Wilmington
Highly commended: Wells Fargo
Comerica says it customises solutions to help clients manage their business more effectively, allowing them to optimise working capital, mitigate key risks and simplify transactions. It provides standby letters of credit that can be used to support domestic and global business transactions in a variety of ways. As one of the top issuers of letters of credit in the US, Comerica has extensive experience in structuring standby letters of credit.
Wilmington Trust is a provider of wealth and institutional services for M&T Bank, one of the most financially sound and successful companies in the US financial services industry. By putting customers first, it says it has built deep and lasting relationships, providing innovative advice and solutions for complex situations. It is regarded as a safe pair of hands by captive professionals on the Island.
Wells Fargo provides a full range of letter of credit services including standby letters of credit and demand guarantees. It says it also understands the challenges and costs associated with posting collateral, so offers simple and comprehensive alternatives for insurance and surety-related collateral requirements. These trusts are a widely accepted form of collateral in the insurance, captive, reinsurance, corporate deductible, and ILS industries. The trust can often replace multiple letters of credit posted to the same carrier.