BAM Elects New Chairman, Adds Clarence Anthony as Independent Director
May 07 2020 - 4:30PM
Business Wire
Build America Mutual today announced that its Board of Directors
elected Manning Rountree as Chairman, succeeding BAM co-founder
Robert Cochran, who will continue to serve as a managing director
and was also re-elected by BAM’s members to a new three-year term
on the Board. Separately, BAM announced that its members elected
Clarence Anthony, chief executive officer of the National League of
Cities, as an independent director, succeeding Robert Vanosky.
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Build America Mutual's member-issuers
elected Clarence Anthony, CEO of the National League of Cities, to
the municipal bond insurer's Board of Directors. (Photo: Business
Wire)
“Our board is transitioning from strength to strength. Manning
has been involved with BAM from the beginning, helping to develop
our unique structure as the only mutual financial guarantor and
providing excellent strategic advice and support as we’ve built a
scalable, durable platform to fulfill the mission we set out at
launch. Clarence is an unmatched advocate for the interests of the
municipal governments that are BAM’s members, and particularly the
continuing importance of the municipal bond market as the nation’s
principal channel to finance essential public infrastructure,” said
Seán W. McCarthy, Chief Executive Officer of BAM. “They are
uniquely capable of stepping in to succeed Bob Cochran and Bob
Vanosky, who played crucial roles in BAM’s development and
growth.”
Mr. Rountree is Chief Executive Officer of White Mountains
Insurance Group, Ltd., a publicly-traded, Bermuda-domiciled holding
company for insurance and financial services interests around the
world, and which provided BAM’s initial capital at its launch in
2012. He has served on BAM’s Board of Directors since 2016. Mr.
Anthony has led the NLC since 2013, representing more than 2000
cities and towns across the country. He previously served as the
Mayor of South Bay, Florida.
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 enhance
the credit strength of their bond issues. Through March 31, 2020,
BAM has insured more than $73 billion of municipal bonds in more
than 8,500 primary and secondary-market transactions. BAM-insured
bonds are rated AA with a Stable outlook by S&P Global Ratings,
and BAM is the preferred provider of bond insurance for members of
the National League of Cities.
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Michael Stanton, Head of Corporate Strategy and Communications
212-235-2575; mstanton@buildamerica.com
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