NEW YORK, September 11, 2025 — BAM Mutual, the only mutual bond insurer focused on reducing the cost of financing essential infrastructure in the U.S., Australia, and New Zealand, has hired veteran rating agency leaders Cherian George and Andrew Palmer. The credit experts will help support public-sector borrowers who utilize public-private partnerships to deliver a wide range of critical projects, including housing, electric power, and transportation facilities.
“BAM’s member-issuers increasingly use PPP structures to manage their risks and reduce development lead times for new infrastructure,” said BAM CEO Seán W. McCarthy. “Adding BAM’s AA/Stable guaranty to these transactions gives buyers certainty that they will be repaid on time, which generates substantial savings for issuers by expanding the investor base and creating greater market liquidity.”
Mr. George will be Senior Advisor for Project Finance and will provide analytical support for PPP transactions in the U.S. and globally. He is the former Global Head of Infrastructure and Project Finance for Fitch Ratings, and was previously Assistant Comptroller / CFO for Tunnels, Bridges, and Terminals at the Port Authority of New York and New Jersey.
“BAM has built an impressive track record of helping to finance more than $165 billion of essential infrastructure, and I’m looking forward to working to identify the next generation of infrastructure projects that can benefit from this important tool,” Mr. George said.
Mr. Palmer will head underwriting for BAM’s international activity in Australia and New Zealand. He was most recently Managing Director within the Global Analytics and Methodologies division for S&P Global Ratings, and previously had senior leadership roles in S&P’s project and infrastructure finance, corporate finance, structured finance, and risk consulting businesses. Prior to S&P, he held senior project and structured finance roles at HSBC Securities, Australia & New Zealand Banking Group, and Capel Court Investment Bank.
“BAM’s focus on essential public infrastructure is a perfect fit with the region’s investment needs. Having access to an unconditional guarantee is an important step forward that will allow borrowers and investors to align their capital structures with the long-term lifespan of infrastructure assets,” Mr. Palmer said.
The growing volume of PPP transactions has contributed to a record pace for BAM-insured par in the primary and secondary markets in 2025. Noteworthy transactions have included insurance for bonds that financed a new student housing complex at the University of Washington and the New Terminal One at New York’s JFK International Airport.