LOS ANGELES - Build America Mutual Assurance Company, the municipal bond-only insurer that launched less than a year ago, is quickly becoming a major player in the struggling bond insurance industry.

After its launch in July, BAM insured only four bond issues in 2012, but this year the company hit the ground running. During the first quarter of 2013, BAM guaranteed 114 primary transactions for a total of $866.5 million of new issue volume. Since its inception through the first quarter, it says it has insured 118 new issues with a par amount of $898.5 million.

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