BAM Announces Licensing in the State of Florida
NEW YORK, 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, said: “We look forward to working with Florida municipalities and their financial advisors to help them achieve increased market access and lower interest rates on their municipal bonds through our guaranty. As mutual members of BAM, Florida municipalities will also have the right to receive future dividends from BAM and to a premium credit in the event of a refunding of an insured issue.
“We are also pleased to note that, with the addition of our Florida license, we are very close to completion of our nationwide insurance licensing project.”
Florida League of Cities Director of Insurance & Financial Services Jeannie Garner said: “Access to a new mutual bond insurer, such as Build America Mutual, provides a valuable tool to assist local governments in Florida by lowering borrowing costs. Lower costs will, in turn, help critical capital projects move forward more quickly and ultimately speed up the path to economic recovery.”
Domiciled in New York, BAM is a mutual insurer of municipal bonds, exclusively. As a mutual bond insurance company, BAM is operated for the benefit of its members—the cities, states and other municipal entities—that use BAM’s financial guaranty to lower their cost of borrowing. BAM is rated AA/Stable by Standard & Poor’s Rating Services (S&P), the highest S&P rating in our industry, and is sponsored by the National League of Cities.
For additional information, please contact:
Head of Corporate Communications Build America Mutual 212-257-6148