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 Ratings Services, the highest S&P rating in our industry, and is sponsored by the National League of Cities.