BAM Reports 2017 Financial Results
Build America Mutual today published its annual financial results for 2017 and fourth-quarter operating supplement. Statutory Comprehensive Income [see definition below] 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.
“BAM had a strong quarter to close out a solid year in which our claims-paying resources grew in every quarter,” said Chief Executive Officer Seán McCarthy. “Volatile market conditions in the fourth quarter, particularly during the tax-reform debate in November and December, highlighted the value of our guaranty, and the average size of BAM’s primary market transactions was up on the year, reflecting increasing demand from institutional investors who prefer to invest in larger transactions.”
BAM was selected to insure 201 primary market transactions that priced in the fourth quarter, totaling $2.7 billion of par, up 15.5% from the same period in 2016. Total premiums for priced transactions rose 34% in the quarter to $30.8 million, and gross par outstanding rose 7.4% in the quarter to $42.1 billion.
Build America Mutual’s Statutory Financial Statements and Operating Supplements are available in the Financial Information section of BAM’s web site at: https://buildamerica.com/about-bam/credit-rating-and-finanical-information/. The financial statements have also been filed with the National Association of Insurance Commissioners and the 50 state insurance regulators that license BAM.
For more information, contact Michael Stanton, Head of Corporate Strategy and Communications, at email@example.com or 212-235-2575, or Richard Holzinger, Head of Investor Relations, at firstname.lastname@example.org or 212-235-2518.
Posted: February 12, 2018
Statutory Comprehensive Income is defined as statutory net income plus member surplus contributions collected, reflecting the change in BAM’s Qualified Statutory Capital over the period.