News

NEW YORK, December 12, 2022 – Build America Mutual today announced that veteran health care analyst Martin Arrick will join the company as Head of Health Care and 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.

“I am excited to start working with the team at BAM and to continue to build its analytical capacity in the health care sector,” Mr. Arrick said. “BAM’s guaranty is one more tool that can be used by health care investors to manage their risk exposure, and will ultimately improve capital markets access for hospitals.”

BAM began selectively insuring bonds from high-quality nonprofit hospital systems in the secondary market this year, and has insured $375 million par for 13 institutions nationwide, including Cedars-Sinai Medical Center in Los Angeles and Texas Children’s Hospital in Houston.

“We’ve received clear feedback from investors that BAM’s guaranty adds value and liquidity to their high-quality health care holdings,” said BAM Chief Executive Officer Seán W. McCarthy. “Martin’s knowledge and analytical track record is unmatched, and will allow us to build on that foundation by enhancing our ability to identify and insure bonds from hospitals that provide unique, essential services to their communities and align with our underwriting standards.”

About Build America Mutual

Domiciled in New York, BAM is a mutual bond insurance company operated for the benefit of its members: Cities, states, and other municipal entities that use BAM’s financial guaranty to lower their cost of borrowing.  BAM is an Enterprise Partner to the National League of Cities. Through September 20, 2022, BAM has insured more than $115 billion of municipal bonds for more than 5,000 member-issuers in 48 states. BAM-insured bonds are rated AA with a Stable outlook by S&P Global Ratings.