Build America Mutual Hires Former Bear Stearns Muni Head KeatingBrian Chappatta
Build America Mutual Assurance Co. has hired Daniel Keating to help win business, as municipal-bond insurers add staff with the backing gaining popularity.
Keating, 64, was most recently chief operating officer for Samuel A. Ramirez & Co., and spent most of his 35-year career in public finance overseeing tax-exempt products at Bear Stearns & Co., New York-based BAM said today in a statement. As a senior managing director in his new role, which begins immediately, Keating will seek opportunities for the insurer to guarantee bonds with its AA rating, Standard & Poor’s third-highest level.
Keating is “uniquely qualified to help us further our mission of building BAM into a municipal market utility serving issuers, dealers, and investors,” Sean McCarthy, the insurer’s chief executive officer, said in the statement.
As muni insurers capture the biggest share of the $3.7 trillion market since 2009, they’ve been hiring. MBIA Inc. this month said it added analyst Tom Weyl from Barclays Plc for its National Public Finance Guarantee Corp. unit. John Hallacy last year joined Assured Guaranty Ltd. after stepping down as Bank of America Merrill Lynch’s head of muni research.