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BAM Reports Second Quarter Financial Results

Published: August 11, 2017

Build America Mutual published its second quarter 2017 financial results and operating supplement, reporting a $13.7 million gain in claims paying resources in the second quarter of 2017, 36% higher than the same period in 2016. Par outstanding rose 7% to $37.6 billion. Statutory Comprehensive Incom...

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BAM, White Mountains Announce Agreement That Will Accelerate BAM’s Long-Term Capital Growth

Published: June 30, 2017

In completion of a long-term strategic initiative, Build America Mutual, the largest active municipal-only bond insurer, announced today that White Mountains Insurance Group will contribute $203 million of BAM surplus notes as permanent capital for HG Re, the captive reinsurer that provides first-lo...

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S&P Global Ratings Affirms BAM’s AA Rating and Stable Outlook

Published: June 26, 2017

Build America Mutual today announced that S&P Global Ratings affirmed BAM’s AA rating and Stable outlook and removed BAM from CreditWatch. S&P’s decision marks the end of an intensive review of BAM’s first five years of performance and reflects the company’s transition from a “startup” to a “mature ...

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BAM Responds to S&P Global Ratings CreditWatch Action

Published: June 06, 2017

S&P Global Ratings’ decision to place BAM’s rating on CreditWatch Negative represents a departure from their stated criteria and previous communications to the market. BAM’s managing directors said they intend to engage with S&P during the CreditWatch period to demonstrate that BAM’s financial stren...

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BAM Reports Record Quarter for Claims Paying Resources and Statutory Comprehensive Income

Published: May 12, 2017

Gross Par Outstanding Increases to $35.2 Billion as Demand for Insured Bonds Outpaces Overall Municipal Market Volume Build America Mutual announced record results for growth in claims paying resources, statutory comprehensive income,1 pricing, and total premiums in the first quarter of 2017. The...

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MMD Adds BAM-Guaranteed Bonds to Insured Yield Curve

Published: April 07, 2017

Thomson Reuters’ Municipal Market Data has revised the criteria for its generic insured yield curves to include bonds guaranteed by Build America Mutual, reflecting the increasing institutional demand for BAM-insured bonds and providing municipal market participants with a more complete way to gauge...

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BAM Reports Full Year and Q4 2016 Statutory Financial Results

Published: February 10, 2017

Build America Mutual today filed its Fourth Quarter and Full Year 2016 Statutory Financial Statements, showing total claims- paying resources increased 7% on the year to $643.7 million. Gross par outstanding rose to $33.1 billion. The $14.7 million fourth quarter increase in claims-paying resources ...

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PFM's John White Joins BAM's Board of Directors

Published: January 19, 2017

Build America Mutual, the first mutual municipal bond insurer, today announced that John White, Chairman of the PFM Group, has been elected to join its Board of Directors. As CEO of PFM for more than 30 years, Mr. White played a key role in building its municipal advisory division, Public Financial ...

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"Building America ... On a Strong Foundation:" BAM's 2016 Year-End Review

Published: January 03, 2017

Like you, we at BAM are ready to hit the ground running, supporting municipal issuers when they access the market to finance essential public infrastructure. More than 2,200 issuers have already become members of BAM, and we’ve now insured almost $35 billion, after another record year in 2016 ($11.4...

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BAM Reports Third Quarter 2016 Statutory Financial Results

Published: November 03, 2016

Build America Mutual today filed its Third Quarter 2016 Statutory Financial Statements and published its Operating Supplement, reporting a 9.6% increase in gross par outstanding to $30.5 billion. Claims-paying resources rose $11.8 million to $629 million, the largest quarterly increase since the com...

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Richard Ravitch Leaves Build America Mutual Board of Directors

Published: September 07, 2016

Build America Mutual (BAM), the first mutual insurer of US municipal bonds, today announced that Richard Ravitch has resigned from its board of directors, effective immediately, to devote more time to his growing public service responsibilities. “Last week, the Governor of Puerto Rico asked me to b...

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BAM Reports Second Quarter 2016 Statutory Financial Results

Published: August 12, 2016

Build America Mutual on August 10 filed its Second Quarter 2016 Statutory Financial Statements and published its Operating Supplement, reporting an 13% increase in gross par outstanding to $27.8 billion. Claims-paying resources rose $10.1 million to $617.2 million, the largest quarterly increase sin...

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S&P Global Ratings Affirms BAM's AA / Stable Rating

Published: July 29, 2016

S&P Global Ratings affirmed Build America Mutual’s AA rating with a stable outlook, citing the insurer’s “extremely strong” capital, “prudent” underwriting strategy, and a “well-developed strategic plan [that] ensures liquidity of BAM’s insured paper.” In assigning the rating, S&P recognized BAM’s ...

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City, County Leaders: U.S. Infrastructure Policy Must Protect Tax-Exempt Bonds, Enhance Long- Term Funding

Published: July 21, 2016

Republican elected officials from across the nation explained how infrastructure investments have fueled growth in their local economies, and said those successes support the case for more federal resources for infrastructure, as well as the preservation of tax- exempt municipal bonds in any tax-ref...

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BAM Secondary Market Insurance Quotes Now Available on Bloomberg

Published: June 20, 2016

Build America Mutual, the first mutual insurer of US municipal bonds, is now posting indicative quotes for secondary market insurance on more than 10,000 CUSIPs on the Bloomberg Professional Service. All of the bonds listed have been underwritten by BAM’s public finance group and pre-approved by the...

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Sollers to Join Build America Mutual to Head West Region Public Finance

Published: March 22, 2016

Build America Mutual, the first mutual insurer of US municipal bonds, today announced that Scott Sollers will join the firm to lead its West Region Public Finance group. He will be responsible for managing BAM’s West Coast- based underwriters and helping to set strategic direction for the company. ...

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Munibrokers.com Adds Build America Mutual Insurance Quotes to its Municipal Bond Listings

Published: February 22, 2016

Build America Mutual, the first mutual insurer of US municipal bonds, and MuniBrokers LLC, an online service aggregating bond offerings and bid-wanted lists from nine of the nation’s largest interdealer bond brokerage firms, today announced that BAM will list indicative secondary-market insurance pr...

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BAM Reports Full Year 2015 Statutory Financial Results

Published: February 19, 2016

Build America Mutual today reported its claims-paying resources grew to a new high of $601.4 million at the end of 2015. Total par outstanding reached $22.5 billion, an 82% increase from year-end 2014. Build America Mutual’s Statutory Financial Statements and Operating Supplements are available in ...

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BAM Reports Third Quarter 2015 Statutory Financial Results

Published: November 13, 2015

Build America Mutual today filed its Third Quarter 2015 Statutory Financial Statements and published its Operating Supplement, reporting an 11% increase in gross par outstanding to $19.8 billion. Claims-paying resources rose $5.8 million to $592.6 million, the largest quarterly increase since the co...

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Standard & Poor's Affirms BAM's AA/Stable Financial Strength Rating

Published: June 30, 2015

Standard & Poor’s today affirmed Build America Mutual’s financial strength rating at AA, with a stable outlook. The rating recognizes BAM’s extremely strong capital, strong operating performance and prudent underwriting strategy, in which the company only insures investment-grade municipal bonds fro...

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BAM Reports Second Quarter 2015 Statutory Financial Results

Published: June 30, 2015

Build America Mutual today filed its Second Quarter 2015 Statutory Financial Statements and published its Operating Supplement, reporting a 23% increase in gross par outstanding to $17.8 billion. Claims-paying resources rose $4.8 million to $586.8 million, the largest quarterly increase since the co...

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Lumesis and Build America Mutual Team to Improve Access to Muni Bond Information

Published: June 01, 2015

Build America Mutual, the first mutual insurer of US municipal bonds, and Lumesis, Inc. a leading provider of business efficiency, regulatory compliance and data solutions for the municipal market, today announced a joint initiative to improve investors’ access to municipal bond credit information b...

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White Mountains Earnings Highlight BAM's Growing Claims-Paying Resources

Published: February 15, 2015

White Mountains Insurance Group, which provided the initial capital to support the launch of Build America Mutual, today released its full- year 2014 results, including a discussion of BAM’s performance. The release, which can be viewed here, noted that BAM’s claims-paying resources increased to $58...

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BAM Releases Third Quarter 2014 Statutory Financial Statements

Published: November 14, 2014

Build America Mutual today announced that it has filed its 2014 third-quarter Statutory Financial Statements and Operating Supplement, reflecting the mutual municipal-bond insurer’s continued growth and the increasing use of insurance on new-issue bond sales by public-sector issuers. BAM’s gross pa...

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Daniel Keating Joins BAM as Senior Managing Director, Municipal Markets

Published: October 27, 2014

Daniel Keating, a veteran leader in the municipal bond market, will join Build America Mutual as Senior Managing Director, Municipal Markets, effective immediately, the company announced today. In this role, Mr. Keating will utilize his extensive experience in all aspects of the municipal market. He...

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BAM Releases Second Quarter 2014 Statutory Financial Statements

Published: August 15, 2014

Build America Mutual today announced that it has filed its 2014 second-quarter Statutory Financial Statements and Operating Supplement, reflecting the mutual municipal-bond insurer’s continued growth through the first half of 2014, even as new- issue volume in the municipal bond market declined. BA...

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Standard & Poor's Affirms BAM's AA/Stable Financial Strength Rating

Published: August 01, 2014

Build America Mutual today announced that Standard & Poor’s has affirmed the company’s financial strength rating at AA, with a stable outlook.

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BAM Reports Claims-paying Resources Climb to $583 Million in First-Quarter 2014

Published: May 13, 2014

Build America Mutual today published its 2014 first-quarter Statutory Financial Statements and Operating Supplement, showing that the municipal-bond insurer’s claims-paying ability rose to $583 million. As the first mutual bond insurer, BAM’s focus is on building its capital base, to support its rat...

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BAM Releases 2013 Statutory Financial Statements and Fourth Quarter 2013 Operating Supplement

Published: February 21, 2014

Build America Mutual has filed its 2013 audited financial statements and fourth-quarter operating supplements with the National Association of Insurance Commissioners and posted the information in the Financial Information section of the company’s web site at: http://buildamerica.com/financialinform...

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BAM Has No Exposure to Puerto Rico. Here's why

Published: February 07, 2014

BUILD AMERICA MUTUAL’S PLAN OF OPERATION, FILED WITH AND APPROVED BY THE NEW YORK DEPARTMENT OF FINANCIAL SERVICES, PROVIDES THAT BAM “WILL ONLY INSURE INVESTMENT GRADE, ESSENTIAL PUBLIC PURPOSE U.S. MUNICIPAL BONDS”, U.S. MUNICIPAL BONDS BEING DEFINED AS “DEBT OBLIGATIONS ISSUED BY STATE AND LOCAL ...

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BAM Offers Secondary Municipal Bond Insurance on TMC Bonds

Published: December 10, 2013

Mutual bond insurer Build America Mutual Assurance Company (BAM) today announced the launch of a program to offer real- time quotes and electronic execution of its AA/Stable rated bond insurance on secondary municipal market trades on the TMC Bonds electronic trading platform. “Through TMC Bonds, t...

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BAM Hires Michael Stanton as Head of Strategy and Communications

Published: October 18, 2013

Build America Mutual Assurance Company (BAM) announced today that it has hired Michael Stanton as Head of Strategy and Communications. He joins from SourceMedia, where he was Senior Vice President for Capital Markets, managing a group of four major publications, including The Bond Buyer, the company...

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BAM Announces Licensing in the State of Florida

Published: September 27, 2013

Build America Mutual Assurance Company (BAM) announced today that the Florida Office of Insurance Regulation has approved its license to operate in the State of Florida. With the Florida approval, BAM is now licensed in 49 states and the District of Columbia. Robert P. Cochran, Chairman of BAM, sai...

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STANDARD & POOR'S Analysis of BAM

Published: August 13, 2013

• Competitive position profile demonstrated by its market acceptance and risk-adjusted pricing • Specific focus on high-credit-quality and lower-risk-weighted municipal obligation categories to offset the challenging municipal yield dynamics • Capital adequacy well above the 'AAA' bond insurance c...

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BAM's Les Richmond Comments on Pension and Opeb Conundrum in the Bond Buyer

Published: July 17, 2013

Build America Mutual Assurance Company (BAM or the Company), the first mutual municipal bond insurer, today announced that it has hired Les Richmond as Vice President and Actuary. He reports to Suzanne M. Finnegan, Chief Underwriting Officer. Seán W. McCarthy, Managing Director and Chief Executive ...

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BAM Announces New Hires and Promotions

Published: April 12, 2013

Build America Mutual today announced four new hires and internal moves to enhance the underwriting and new business efforts of its growing municipal bond insurance business, according to Seán W. McCarthy, Managing Director and Chief Executive Officer of BAM. Bryan R. Baebler joins BAM as Vice Presi...

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First Quarter 2013 U.S. Public Finance New Issue Volume

Published: April 03, 2013

Build America Mutual Assurance Company (BAM or the Company), the first mutual municipal bond insurer, today announced its U.S. municipal insured par of public finance new issuance for the first quarter. BAM guaranteed 114 primary transactions for a total of $866.5 million of new issue volume in the ...

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Jill Schmidt Joins Build America Mutual as Vice President, Public Finance, East Region

Published: March 13, 2013

Build America Mutual Assurance Company (BAM or the Company), the first mutual municipal bond insurer, today announced that it has hired Jill Schmidt as Vice President, Public Finance, East Region. She joins BAM from Assured Guaranty, where she was a Vice President in Public Finance. She reports to D...

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Build America Mutual Licensed to Operate in State of California

Published: January 30, 2013

Build America Mutual Assurance Company (BAM) today announced its first insured transaction in the State of California -- $11,965,000 of General Obligation Bonds, Election of 2012, Series A, for the Washington Unified School District in Fresno, California. BAM announced last week that it was licensed...

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BAM Joins SIFMA

Published: January 24, 2013

Build America Mutual Assurance Company (BAM or the Company), the first mutual municipal bond insurer, today announced that it has joined the Securities Industry and Financial Markets Association (SIFMA) as an Associate Member. “We’re pleased to join SIFMA,” said Seán W. McCarthy, Managing Director ...

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BAM Announces Expansion of State Licensing

Published: November 26, 2012

Build America Mutual Assurance Company (BAM or the Company) today announced that since receiving its initial license in the State of New York, the Company has secured licenses in an additional 11 states and expects approval in a number of others before year-end. BAM is now licensed in Arizona, Illin...

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Statement from BAM Re: Acceptance to NAIC REACAP PROJECT for Nationwide Licensing

Published: September 04, 2012

Build America Mutual Assurance Company (BAM) is pleased to announce that the National Association of Insurance Commissioners (NAIC) has accepted BAM's request for a coordinated insurance company licensing application review under its Review of Electronic Application Coordination and Processing (REAC...

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BAM Joins the Bond Dealers of America

Published: July 30, 2012

I'm very pleased to announce that Build America Mutual Assurance Company (BAM) is the newest member of the Bond Dealers of America. The BDA now represents 54 firms active in the US fixed income markets and continues to be the primary voice in Washington, DC when advocating for the interests of fixe...

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STANDARD & POOR'S Rating Announcement

Published: July 30, 2012

BAM's competitive position is very strong due to its low-risk business profile that focuses on insuring municipal bonds. We have assigned a financial strength rating of 'AA' and a stable outlook. We believe the company will have very strong market penetration. We expect BAM to have an extremely stro...

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MMA Weekly Outlook Report on BAM

Published: July 30, 2012

The new bond insurer, BAM, intends to begin under- wri ng in September, with expecta ons for at least $10Bn of par wrapped in the rst twelve months. In the- ory, this will trade more weakly at outset and will slowly improve over the next few years. Whether or not this outperformance will outweigh o...

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Governor Cuomo Announces Licensing of Build America Mutual

Published: July 23, 2012

Governor Andrew M. Cuomo today announced that the Department of Financial Services (DFS) has licensed Build America Mutual Assurance Company (BAM) to operate as the first mutual bond insurer serving the U.S. municipal market. After receiving $600 million in initial financing, the company has secured...

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BAM Launch Announcement

Published: July 23, 2012

Build America Mutual Assurance Company (“BAM”) today launched the financial guaranty industry’s first mutual bond insurer. Rated AA/Stable by Standard & Poor’s Ratings Services (S&P) and regulated by the New York State Department of Financial Services, BAM is chartered to serve the U.S. municipal ma...

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CONTACT INFORMATION

Michael Stanton
Head of Strategy and Communications
212-235-2575