BAM Mutual hires P3 veteran analyst Cherian George

Bond insurer BAM Mutual has hired longtime public-private partnership and project finance expert Cherian George as a senior advisor.

The move comes as more BAM clients are considering public-private partnership financing structures and as the insurer is wrapping P3 debt, including providing secondary market coverage on bonds issued for New Terminal One at New York's JFK International Airport.

George will be senior advisor for project finance and will provide analytical support for P3 transactions in the U.S. and globally, the firm said. George spent 22 years at Fitch in the infrastructure and project finance space and was global head of infrastructure and project finance when he left in 2022. Before that, he was assistant comptroller/CFO for tunnels, bridges, and terminals at the Port Authority of New York and New Jersey. Since leaving Fitch, George has served as senior advisor at Keystone Global, an advisory firm that specializes in infrastructure and construction.

"The U.S. infrastructure market is increasingly moving [toward project finance and P3s] because of the sizable need of aging infrastructure and limited public sector resources," George said. "The rest of the world has moved in this direction to find the right balance between the public and private sectors."

Bond insurance can make infrastructure projects more affordable and liquid, Cherian said. "At the end of the day what a sponsors wants is a transaction that closes at the most effective interest cost," he said. "They're really focused on expanding the market. Infrastructure by definition is less liquid, and bringing more liquidity to the market broadens the base of investors, and bond insurance helps with that."

The firm also announced the hire of Andrew Palmer, who most recently was managing director within the Global Analytics and Methodologies division for S&P Global Ratings. Palmer will head underwriting for BAM's international activity in Australia and New Zealand.

"BAM's member-issuers increasingly use PPP structures to manage their risks and reduce development lead times for new infrastructure," said BAM Mutual CEO Se?n McCarthy in a press release announcing the hires. "Cherian and Andrew will be resources for both the BAM underwriting team and professionals in the market: Providing timely, reliable feedback to seamlessly execute transactions that align with BAM's credit appetite."