Build America Mutual Assurance Company (BAM) has received a license from the Florida Office of Insurance Regulation to operate in the state.
BAM, which operates as a mutual insurer of municipal bonds, is now licensed in 49 states and the District of Columbia following the receipt of approval.
Florida League of Cities Insurance & Financial Services director Jeannie Garner said, "Access to a new mutual bond insurer, such as Build America Mutual, provides a valuable tool to assist local governments in Florida by lowering borrowing costs.
"Lower costs will, in turn, help critical capital projects move forward more quickly and ultimately speed up the path to economic recovery."
BAM chairman Robert Cochran said that the company will look forward to work with Florida municipalities and their financial advisors to achieve increased market access and lower interest rates on their municipal bonds through its guaranty.
Domiciled in New York, BAM as a mutual bond insurance company operates for the benefit of its members, including the cities, states and other municipal entities.