NEW YORK, March 22, 2016 /PRNewswire/ -- Build America Mutual, the first mutual insurer of US municipal bonds, today announced that Scott Sollers will join the firm to lead its West Region Public Finance group. He will be responsible for managing BAM's West Coast-based underwriters and helping to set strategic direction for the company.
"Scott has a deep knowledge of the unique infrastructure financing needs of issuers in California and throughout the West," said Build America Mutual Chief Executive Officer Seán W. McCarthy. "Having his skills, knowledge, and sterling reputation on our team will make us even better-positioned to meet the needs of our issuer members."
Sollers is a veteran municipal bond investment banker and industry leader who has helped raise billions of dollars for infrastructure investment throughout California and the West. He joins BAM from Stifel, where he was a managing director, and was previously Chairman of Stone & Youngberg, which was the largest California-based underwriter of municipal bonds when it was acquired by Stifel in 2011. Sollers is also a former Chairman of the Municipal Securities Rulemaking Board.
"I have known the BAM management team for decades and have enormous respect for their talent and integrity. I believe in the BAM business model because it aligns the interests of municipal issuers and bond investors behind a shared goal of building long-term financial strength," Mr. Sollers said. "I am very excited to join BAM and continue to work with my colleagues in the industry."
Operating from offices in San Francisco and Los Angeles, the West Region group covers 18 states and generated more than a third of BAM's primary market par insured in 2015.
About Build America Mutual
Build America Mutual improves municipal bond liquidity and market access for issuers by providing municipal bondholders with an unconditional, irrevocable guaranty that principal and interest will be paid on schedule. As a mutual insurer, BAM is operated for the benefit of its members – which are, exclusively, the U.S. cities, counties, towns, and other public-sector entities that use BAM's financial guaranty to lower their cost of borrowing. BAM is sponsored by the National League of Cities.
Through March 1, BAM has written more than 2,400 policies, insuring more than $24 billion of municipal securities. Learn more at: http://buildamerica.com/mission/
For more information, please contact:
Michael Stanton, Head of Corporate Strategy and Communications
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SOURCE Build America Mutual