News
BAM Mutual Reports Q3 2025 Results
NEW YORK, November 10, 2025 – BAM Mutual guaranteed a record $14.75 billion of U.S. municipal bonds in the first nine months of 2025, up 9.2% from the same period in 2024. Total premiums in the first nine months were $108.2 million, up 24% from the same period of 2024. BAM’s claims-paying resources rose to $1.9 billion as of September 30, up 22.5% in the past 12 months.
“BAM’s results reflect increasing demand for our guaranty from institutional and retail investors who use it in the primary and secondary markets to strengthen their portfolios’ credit quality and diversification, liquidity, and ratings stability,” said Seán W. McCarthy, Chief Executive Officer of BAM. “Investor demand is supporting an increase in utilization by issuers nationwide, particularly on larger transactions and higher-rated deals, as well as in sectors that were less-frequent users of insurance, like public power.”
BAM insured $6.13 billion of new-issue transactions that priced in Q3, up 38% from 2024, and maintained its position as the market leader in the secondary market, with $1.05 billion par insured, up 78% from Q3 2024. BAM’s portfolio credit quality remained strong: 29% of BAM’s Q3 insured par carried public underlying ratings in the double-A category from S&P Global Ratings or Moody’s Ratings.
“The majority of public infrastructure in the U.S. is financed by states and local governments, and their role is likely to grow as the Federal government focuses on reducing the national deficit,” said Michael Stanton, BAM Head of Corporate Strategy and Communications. “We anticipate the resulting strong pace of municipal bond sales will highlight the credit differentiation among municipal borrowers and support further increases in insurance utilization.”
BAM’s Statutory Financial Statements and Operating Supplements are available in the Credit Rating and Financial Information section of BAM’s website.
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, schools, and water, wastewater, and power utilities. Through September 30, 2025, BAM has 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