S&P Global Ratings this week affirmed BAM’s AA rating and Stable outlook, the highest rating S&P assigns to any active bond insurer.

Kroll Bond Rating Agency assigned a positive outlook to its AA rating on Fidus Re’s $150 million Series 2021-1 Notes (Fidus II), and affirmed its AA+ rating on Fidus Re’s $100 million Series 2018-1 Notes (Fidus I) and AA rating on Fidus Re’s $150 million Series 2022-1 Notes (Fidus III).

S&P Global Ratings has published its full annual report on Build America Mutual and affirmed BAM’s AA rating and Stable outlook, the highest rating S&P assigns to any active bond insurer. The report recognized BAM’s “excellent capital adequacy with a buffer above its current rating” and the fact that BAM only insures U.S. municipal bonds, noting that “it has a broad presence across the U.S., and is only exposed to lower-risk sectors … We view BAM’s liquidity as exceptional based on the lack of any credit-sensitive liabilities or collateral-posting requirements, as well as the high-quality investment portfolio.”

Kroll Bond Rating Agency upgraded its rating on Fidus Re’s $100 million Series 2018-1 Notes (Fidus I) to AA+ and affirmed its AA rating on Fidus Re’s $150 million Series 2021-1 Notes (Fidus II). The transactions were sold to fund collateralized excess-of-loss reinsurance agreements that provide additional claims-paying resources for Build America Mutual.

Build America Mutual today published its 2022 statutory financial results. Par insured totaled $16 billion and claims-paying resources were $1.42 billion as of December 31, 2022, including $150 million from the fully collateralized reinsurance transaction BAM closed with Fidus Re in November.

Veteran health care analyst Martin Arrick has joined BAM as Head of Health Care to lead an initiative to expand coverage and analytical capacity for insuring nonprofit hospital systems in the U.S., primarily to serve investors in the secondary market. Mr. Arrick was formerly a managing director and healthcare group leader for S&P Global Ratings.

Build America Mutual, the only mutual, U.S. municipal-only bond insurer, today published its Third Quarter 2022 statutory financial results, showing $13.5 billion par insured and $109 million in total premiums, BAM’s strongest nine-month results on record. BAM also announced that it completed a $150 million, fully collateralized reinsurance agreement with Fidus Re Ltd. this week.

S&P Global Ratings has published its full annual report on Build America Mutual and affirmed BAM’s AA rating and Stable outlook, the highest rating S&P assigns to any active bond insurer.