Martin Arrick, a longtime healthcare analyst, has been hired by Build America Mutual to head a program to increase coverage and analytical capability for insuring nonprofit hospital systems.
Arrick was formerly a managing director and healthcare group leader for S&P Global Ratings. He retired in early 2020, one month before the pandemic, after having been with the firm for nearly 30 years.
He said had been thinking about finding ways to stay involved with the industry, and that is when BAM reached out. “A happy coincidence,” he said.
In his new position, Arrick will guide and expand BAM’s existing efforts in the not-for-profit healthcare sector.
“I am excited to start working with the team at BAM and to continue to build its analytical capacity in the healthcare sector,” he said. “BAM’s guaranty is one more tool that can be used by healthcare investors to manage their risk exposure, and will ultimately improve capital markets access for hospitals.”
“I’m hoping my experience adds to the existing team’s strengths,” he added.
This year, BAM started insuring bonds from high-quality nonprofit hospital systems in the secondary market. As of now, BAM has insured $375 million par 13 institutions throughout the country, including Texas Children’s Hospital in Houston and Cedars-Sinai Medical Center in Los Angeles, according to a press release.
“We’ve received clear feedback from investors that BAM’s guaranty adds value and liquidity to their high-quality healthcare holdings,” said BAM CEO Seán W. McCarthy in a statement. “Martin’s knowledge and analytical track record is unmatched, and will allow us to build on that foundation by enhancing our ability to identify and insure bonds from hospitals that provide unique, essential services to their communities and align with our underwriting standards.”
After working as a healthcare analyst for the New York State comptroller’s office, Arrick joined S&P on April 9, 1990. Additionally, he has worked in management roles for the New York City Department of Health, a health maintenance organization and a hospital.