NEW YORK, February 15, 2019 — Build America Mutual today published its financial results for 2018, showing that BAM insured $12 billion par during the year, and posted continued growth in par outstanding and claims-paying resources.
Build America Mutual’s financial results for the third quarter of 2018 showed continued growth in par outstanding and claims-paying resources.
BAM guaranteed $1.9 billion of primary market insured transactions priced in the quarter, and total premiums on primary and secondary market transactions were $20.9 million. Statutory Comprehensive Income was $4.0 million.
In a brief commentary, BAM VP and pension actuary Les Richmond discusses a proposal for the Federal government to sell “Rebuild America Bonds” to public pension funds as part of an infrastructure financing program, and finds that the proposal could have very different credit impacts on individual municipal bond issuers.
The BAM GreenStar Assessment program will identify green bonds sold by U.S. municipal bond issuers for infrastructure projects that provide clear environmental benefits.
Bloomberg Radio hosts Lisa Abramowicz and Pimm Fox took their “P&L Show” on the road for a live broadcast from Build America Mutual’s New York City offices on October 23rd. Topics discussed during the two-hour broadcast included the outlook for US infrastructure investment, the emerging market for municipal Green Bonds and the BAM GreenStar Assessment, and how equity market volatility can impact the demand for and credit quality of municipal bonds.
NEW YORK, June 25, 2018 – S&P Global Ratings today announced that it has completed its annual review of Build America Mutual and affirmed BAM’s AA rating and Stable outlook, the strongest rating S&P assigns to any active insurer.
Build America Mutual, the only mutual insurer of U.S. municipal bonds, today announced it will be adding to its strong internal capital growth and expanding its claims-paying resources by $100 million through a collateralized reinsurance agreement with Fidus Re Ltd., a special-purpose insurer created solely to provide collateralized reinsurance protection to BAM.
The reinsurance protection is scheduled to become effective during the second quarter of 2018.
NEW YORK, May 11, 2018 – Build America Mutual today published its financial results for the first quarter of 2018, showing continued growth in par outstanding and claims-paying resources.
Build America Mutual published its annual financial results for 2017 and fourth-quarter operating supplement. Statutory Comprehensive Income more than doubled to $11.9 million from $5.4 million in 2016, and BAM’s claims-paying resources grew $64.7 million to $708.4 million.
Build America Mutual, the only mutual insurer of U.S. municipal bonds, today announced that Grant G. Dewey, a former managing director at Citi’s municipal bond division, will join the company as Head of Municipal Capital Markets. Mr. Dewey has more than 30 years’ experience in municipal institutional sales, serving a wide range of investors including commercial bank portfolios, mutual funds, credit hedge funds, and investment advisors, and will focus on expanding investor demand for BAM’s guaranty.
Build America Mutual, the only mutual insurer of U.S. municipal bonds, today announced the formation of a new Strategic Advisory Committee that will advise BAM management on opportunities to build on the company’s five-year track record of growth. The founding members of the Committee will be Dan Keating (who will serve as chairman), Chris Hamel, Thalia Meehan, and Kenneth Williams.
As BAM wraps up its fifth full year of operations, BAM Co-Founders Bob Cochran and Seán McCarthy wrote to thank the issuers, investors, underwriters, and municipal advisors who have helped prove the value that BAM’s focused, municipal-only, AA/Stable-rated guaranty provides to issuers and investors.