Municipal bond insurer BAM Mutual hired 30-year sales and trading veteran Philip Moos for the firm's municipal capital markets team to help support the continued growth of BAM's secondary-market insurance activity with institutional investors.
Moos, who was most recently a managing director of municipal bond sales at Wells Fargo, will report to Bryan Baebler, BAM's head of municipal capital markets.
"BAM's capital markets team is uniquely proactive: We identify and execute on opportunities where BAM insurance can help institutional buyers and broker-dealers achieve their goals for portfolio credit quality, liquidity, and diversification," Baebler said.
Moos will help the firm grow, as his reputation, experiences and relationships, particularly within secondary insurance, make him a good addition, he said.
"We're excited for Phil to start. It's been something that we've had our eye on for a while, looking for the right fit. And we think Phil is going to be fantastic," Baebler said.
"Municipal bond insurance is an important tool for the market, and utilization is likely to increase as we enter a more volatile credit cycle," Moos said in a statement. "I look forward to joining the BAM team and helping more counterparties integrate insurance into their investment strategies."
BAM's secondary market insurance has been growing steadily over the last few years, especially after the hiring of Grant Dewey, currently the senior advisor for capital markets, in 2018, Baebler said in an interview.
Additionally, since the pandemic, the market regularly uses secondary insurance, he said.
BAM is the leading secondary-market muni insurer, with $3 billion in par insured from 293 issuer-members across the country in 2025.
"It's been a pretty consistent growth pattern and something that the market utilizes for several different reasons: improved liquidity [and] minimizing volatility around any sort of credit headlines," Baebler said.
