NEW YORK – BAM Mutual guaranteed $9.02 billion of U.S. municipal bonds in the first half of 2025, supported by record new-issue volume and a market-leading $1.25 billion of secondary-market insurance policies. BAM’s claims paying resources climbed to $1.88 billion as of June 30, up 13% from year-end 2024.

“U.S. state and local governments are investing in essential infrastructure at an unprecedented pace. BAM’s guaranty is helping them attract more investors to finance that work efficiently and at the lowest possible cost,” said Seán W. McCarthy, Chief Executive Officer of BAM.

BAM generated record second-quarter production, including an 18% year-over-year increase to $6.2 billion of par insured and a 61% increase in total premiums to $47 million. BAM’s portfolio credit quality remained strong: 35% of BAM’s Q2 insured par carried public underlying ratings in the double-A category from S&P Global Ratings or Moody’s Ratings.

“BAM is on course for another record year, and we’re achieving these results while maintaining high standards for credit selection, and risk / return discipline that achieves an appropriate balance for BAM members and stakeholders,” Mr. McCarthy said. “That gives institutional investors confidence that they can rely on our guaranty as a tool to mitigate risks and improve price stability in their portfolios over the long run.”

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 cities, states, and other municipal entities that use BAM’s financial guaranty to lower their cost of borrowing. BAM is the preferred provider of bond insurance for members of the National League of Cities. As of June 30, 2025, there were $128.1 billion of BAM-insured municipal bonds outstanding for more than 5,800 member-issuers.

For more information, please contact:

Michael Stanton, Head of Corporate Strategy and Communications

212-235-2575; mstanton@bambonds.com