NEW YORK – BAM Mutual, the only mutual bond insurer focused on reducing the cost of financing essential infrastructure in the U.S., Australia, and New Zealand, has hired veteran rating agency leaders Cherian George and Andrew Palmer. The credit experts will help support public-sector borrowers who utilize public-private partnerships to deliver a wide range of critical projects, including housing, electric power, and transportation facilities.

“BAM’s member-issuers increasingly use PPP structures to manage their risks and reduce development lead times for new infrastructure,” said BAM CEO Seán W. McCarthy. “Adding BAM’s AA/Stable guaranty to these transactions gives buyers certainty that they will be repaid on time, which generates substantial savings for issuers by expanding the investor base and creating greater market liquidity.”

“Cherian and Andrew will be resources for both the BAM underwriting team and professionals in the market: Providing timely, reliable feedback to seamlessly execute transactions that align with BAM’s credit appetite,” Mr. McCarthy added.

Mr. George will be Senior Advisor for Project Finance and will provide analytical support for PPP transactions in the U.S. and globally. He is a leader in assessing infrastructure investments and understanding the interplay between governance, credit risk, capital markets access, and public policy. He is the former Global Head of Infrastructure and Project Finance for Fitch Ratings, and was previously Assistant Comptroller / CFO for Tunnels, Bridges, and Terminals at the Port Authority of New York and New Jersey.

“I’ve worked on numerous projects across multiple jurisdictions that have used bond insurance to achieve affordable, reliable access to capital. BAM has built an impressive track record of helping to finance more than $165 billion of essential infrastructure, and I’m looking forward to joining the team and working to identify the next generation of infrastructure projects that can benefit from this important tool,” Mr. George said. 

Mr. Palmer will head underwriting for BAM’s international activity in Australia and New Zealand. He has more than 30 years’ experience in recourse and non-recourse financings across bank debt and global capital markets in the Asia Pacific (APAC) region, Europe and Middle (EMEA) region, and the Americas. He was most recently Managing Director within the Global Analytics and Methodologies division for S&P Global Ratings, and previously had senior leadership roles in S&P’s project and infrastructure finance, corporate finance, structured finance, and risk consulting businesses. Prior to S&P, he held senior project and structured finance roles at HSBC Securities, Australia & New Zealand Banking Group, and Capel Court Investment Bank.

“BAM’s focus on essential public infrastructure is a perfect fit with the region’s investment needs. Having access to an unconditional guarantee is an important step forward that will allow borrowers and investors to align their capital structures with the long-term lifespan of infrastructure assets, and I look forward to helping bring those transactions to the market,” Mr. Palmer said.

The growing volume of PPP transactions has contributed to a record pace for BAM-insured par in the primary and secondary markets in 2025. Noteworthy transactions have included insurance for bonds that financed a new student housing complex at the University of Washington and the New Terminal One at New York’s JFK International Airport.

About BAM Mutual

BAM is a mutual bond insurance company operated for the benefit of its members – the sponsors of essential infrastructure projects like roads, airports, and schools, as well as water, wastewater, and power utilities. Through June 30, 2025, BAM insured more than USD$165 billion of long-term securities for more than 6,250 bond issuers. BAM is rated AA with a Stable outlook by S&P Global Ratings.

For more information, please contact:

Michael Stanton, Head of Corporate Strategy and Communications

+1-212-235-2575; mstanton@bambonds.com