BAM Mutual, the only mutual bond insurer dedicated to lowering the cost of financing essential infrastructure in the U.S., Australia, and New Zealand, announced the appointments of Cherian George and Andrew Palmer, two veteran rating agency leaders. Their expertise will enhance BAM’s support for public-sector borrowers using public-private partnerships (PPPs) to deliver critical projects such as housing, power, and transportation.
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By applying BAM’s AA/Stable guaranty to PPP transactions, issuers benefit from expanded investor participation, improved market liquidity, and significant cost savings.
“BAM’s member-issuers increasingly use PPP structures to manage risk and reduce development lead times,” said Seán W. McCarthy, CEO of BAM Mutual. “Our guaranty provides certainty of repayment, giving issuers meaningful savings and attracting a broader base of investors.”
Cherian George, named Senior Advisor for Project Finance, will provide analytical support for U.S. and global PPP transactions. He previously served as Global Head of Infrastructure and Project Finance at Fitch Ratings and held senior financial roles with the Port Authority of New York and New Jersey.
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Andrew Palmer will lead underwriting for BAM’s international operations in Australia and New Zealand. He brings extensive experience from S&P Global Ratings, HSBC Securities, and ANZ, where he specialized in project and infrastructure finance.
George noted, “BAM has already helped finance more than $165 billion of essential infrastructure. I’m eager to identify the next generation of projects that can benefit from this impactful guaranty.”
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Palmer added, “BAM’s focus on essential public infrastructure is a strong match for Australia and New Zealand’s long-term needs. An unconditional guarantee helps align borrowers’ and investors’ capital structures with the lifespan of infrastructure assets.”
BAM’s expanded team comes as PPP activity accelerates, contributing to record volumes of BAM-insured par in both primary and secondary markets in 2025. Recent highlights include insurance for bonds financing the University of Washington’s new student housing complex and the New Terminal One at JFK International Airport.
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