First Tennessee Bank National Association
P O Box 28100 Nashville, TN 37202
511 Union Street, 4th Fl.
Nashville
TN 37219
Contact
Deryl J. Bauman
615-734-6301
DJBauman@firsttennessee.com
https://www.firsttennessee.com/captives
First Tennessee can provide a wide range of financial products and services to help facilitate Captives – from deposit accounts and letters of credit to treasury management services:
Deposit and Treasury Solutions
In addition to a number of robust checking accounts, First Tennessee offers a full suite of Treasury products to serve the Captive’s specific and unique business needs. From receivables and cash concentration to payables and fraud protection solutions, businesses can maximize their cash flow while having better financial visibility and reporting tools.
Depository Agreement Account
First Tennessee understands that minimum regulatory capital must be maintained by a Captive Insurance Company. These requirements can be met by placing securities in a First Tennessee custodial account or depositing funds in a BizEssentials Savings Account with a Premium Rate Option. First Tennessee will file periodic reports with the appropriate regulating authorities for your state concerning assets held in these accounts.
Letters of Credit
Many Captives choose to meet their dedicated minimum capital requirements temporarily with a letter of credit instead of a cash or securities deposit. Also, reinsurance companies may require a support letter of credit.
Being among the oldest financial institutions in the U.S., First Tennessee is able to structure a credit facility to meet your specific letter of credit needs in a quick and cost effective manner at commercial reasonable terms.
Additionally, our experienced commercial bankers work with professionals who support the Captive Insurance Industry such as Captive Advisory/Management Companies, attorneys specializing in the formation of Captives, and with CPAs/Actuaries.
