BCP Announces Sale of The Gray Casualty & Surety Company
BCP announced an agreement to sell The Gray Casualty & Surety Company to Palomar Holdings (NASDAQ: PLMR). The transaction was approved by the boards of Gray Surety and Palomar and is expected to close in the first half of 2026, subject to regulatory approvals and customary closing conditions. Gray Surety, a Treasury-listed surety carrier, was acquired by BCP in 2021, is licensed in all 50 states, and operates through 13 regional offices. J.P. Morgan and Kirkland & Ellis advise Gray Surety; Evercore and DLA Piper advise Palomar. Additional details are available in the Form 8-K filed with the U.S. Securities and Exchange Commission.
BCP ha annunciato un accordo per la vendita di The Gray Casualty & Surety Company a Palomar Holdings (NASDAQ: PLMR). La transazione è stata approvata dai consigli di Gray Surety e Palomar ed è prevista per chiudersi nella prima metà del 2026, soggetta ad approvazioni regolamentari e alle consuete condizioni di chiusura. Gray Surety, una compagnia fideiussoria quotata al Tesoro, è stata acquisita da BCP nel 2021, è autorizzata in tutti i 50 stati ed opera attraverso 13 uffici regionali. J.P. Morgan e Kirkland & Ellis consigliano Gray Surety; Evercore e DLA Piper consigliano Palomar. Ulteriori dettagli sono disponibili nel modulo 8-K presentato alla Securities and Exchange Commission degli Stati Uniti.
BCP anunció un acuerdo para vender The Gray Casualty & Surety Company a Palomar Holdings (NASDAQ: PLMR). La transacción fue aprobada por las juntas de Gray Surety y Palomar y se espera que se cierre en la primera mitad de 2026, sujeto a aprobaciones regulatorias y condiciones de cierre habituales. Gray Surety, una aseguradora de fianzas cotizada en el Tesoro, fue adquirida por BCP en 2021, está autorizada en los 50 estados y opera a través de 13 oficinas regionales. J.P. Morgan y Kirkland & Ellis asesoran a Gray Surety; Evercore y DLA Piper asesoran a Palomar. Se pueden encontrar detalles adicionales en el Formulario 8-K presentado ante la Comisión de Bolsa y Valores de EE. UU.
BCP가 The Gray Casualty & Surety Company를 Palomar Holdings(NASDAQ: PLMR)에 매각하기로 합의했다고 발표했습니다. 이 거래는 Gray Surety와 Palomar 이사회가 승인했으며 규제 승인 및 관례적 종결 조건의 대상 하에 2026년 1분기에 마감될 것으로 예상됩니다. Gray Surety는 Treasury에 상장된 보증보험사로, 2021년에 BCP에 의해 인수되었고, 50개 주 모두에서 면허를 보유하며 13개 지역 사무소를 통해 운영됩니다. J.P. Morgan과 Kirkland & Ellis는 Gray Surety를 자문하고, Evercore와 DLA Piper는 Palomar를 자문합니다. 추가 세부 정보는 미국 증권거래위원회에 제출된 Form 8-K에서 확인할 수 있습니다.
BCP a annoncé un accord de vente de The Gray Casualty & Surety Company à Palomar Holdings (NASDAQ : PLMR). La transaction a été approuvée par les conseils de Gray Surety et de Palomar et devrait être finalisée au cours du premier semestre 2026, sous réserve des approbations réglementaires et des conditions de clôture habituelles. Gray Surety, une société d’assurance cautionnée cotée au Trésor, a été acquise par BCP en 2021, est licenciée dans les 50 États et exploite par l’intermédiaire de 13 bureaux régionaux. J.P. Morgan et Kirkland & Ellis conseillent Gray Surety; Evercore et DLA Piper conseillent Palomar. Des détails supplémentaires sont disponibles dans le Form 8-K déposé auprès de la Securities and Exchange Commission des États‑Unis.
BCP gab bekannt, dass eine Vereinbarung zum Verkauf von The Gray Casualty & Surety Company an Palomar Holdings (NASDAQ: PLMR) getroffen wurde. Die Transaktion wurde von den Vorständen von Gray Surety und Palomar genehmigt und soll voraussichtlich in der ersten Hälfte von 2026 abgeschlossen werden, vorbehaltlich behördlicher Genehmigungen und üblicher Abschlussbedingungen. Gray Surety, eine Treasury-notierte Kautionsversicherungsgesellschaft, wurde 2021 von BCP übernommen, ist in allen 50 Bundesstaaten lizenziert und betreibt 13 Regionalbüros. J.P. Morgan und Kirkland & Ellis beraten Gray Surety; Evercore und DLA Piper beraten Palomar. Weitere Details finden Sie im Form 8-K, das bei der US-Börsenaufsichtsbehörde eingereicht wurde.
BCP أعلنت عن اتفاق لبيع The Gray Casualty & Surety Company إلى Palomar Holdings (NASDAQ: PLMR). تم اعتماد الصفقة من قبل مجلس Gray Surety ومجلس Palomar ومن المتوقع أن تُغلق في النصف الأول من 2026، رهناً بالموافقات التنظيمية وظروف الإغلاق المعتادة. Gray Surety، شركة تأمين كفالة مدرجة في الخزينة، اُستحوذت عليها BCP في 2021، وهي مرخصة في جميع الولايات الخمسين وتعمل من خلال 13 مكتباً إقليمياً. J.P. Morgan وKirkland & Ellis يقدمان المشورة لـ Gray Surety؛ Evercore وDLA Piper يقدمان المشورة لـ Palomar. يمكن العثور على تفاصيل إضافية في النموذج 8-K المُقدَّم إلى لجنة الأوراق المالية والبورصات الأمريكية.
- Transaction approved by both Gray Surety and Palomar boards
- Expected close in first half of 2026
- Gray licensed in all 50 states
- Gray operates through 13 regional offices
- Closing is subject to regulatory approvals and customary conditions
Insights
BCP is selling Gray Surety to Palomar; closing expected in the
BCP is divesting a portfolio company that is licensed in all 50 states and operates through 13 regional offices, transferring a Treasury-listed surety carrier to Palomar Holdings, Inc. The deal has board approvals and standard closing conditions, indicating a conventional strategic sale process rather than a distressed exit.
Key dependencies include regulatory approvals and customary closing conditions, both explicitly stated. Monitor the resolution timeline into the
Transaction adds a midsize surety platform with national licenses and 13 regional offices to Palomar's operations; integration and underwriting alignment are the main near-term tasks.
Gray Casualty & Surety Company is described as a surety bond provider focused on midsized and emerging contractors and has expanded its national footprint since BCP's 2021 investment. The parties cite complementary underwriting culture and scale benefits as rationale for the combination.
Risks and execution points are integration of underwriting frameworks and retention of agency relationships; these are raised implicitly by references to "scale" and "agency partners." Watch public filings and the Form 8-K for disclosed purchase price, retention arrangements, and any regulatory conditions through the
The transaction has been approved by both Gray Surety and Palomar's boards of directors and is expected to close during the first half of 2026, subject to regulatory approvals and other customary closing conditions.
In 2021, BCP made a significant investment in Gray Surety, a Treasury-listed surety carrier specializing in contract bonds for midsized and emerging contractors across
"Over the past four years, we have been proud to partner and work with Gray Surety and its leadership team to help position the company for long-term success," said Jeff Koonce, Partner at BCP. "Together, we have seen the company achieve significant growth, expand its national footprint, and strengthen its reputation as a trusted surety partner to contractors across the country. This transaction is a reflection of that success and the exceptional foundation built by the Gray team."
"We are thrilled to join the Palomar team, a company that shares our entrepreneurial culture, disciplined underwriting approach, and commitment to the surety market," said Cullen Piske, President of Gray Surety. "Partnering with Palomar provides us with the financial strength, scale, and strategic support to expand our reach, deepen relationships with our agency partners and continue delivering exceptional service to our business partners."
J.P. Morgan is acting as exclusive financial advisor and Kirkland & Ellis LLP is acting as legal advisor to Gray Surety. Evercore is acting as exclusive financial advisor and DLA Piper LLP (US) is acting as legal advisor to Palomar.
Further information on the announced acquisition can be found on Form 8-K filed with the
ABOUT BCP
BCP is a services and infrastructure-focused private equity management firm established in 2013. BCP has deployed capital in five funds across several strategies and has over
ABOUT THE GRAY CASUALTY & SURETY COMPANY
The Gray Casualty & Surety Company, specializing in contract surety bonds for emerging and midsized contractors across the
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BCP:
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Joele Frank, Wilkinson Brimmer Katcher
(212) 355-4449
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SOURCE Bernhard Capital Partners Management, LP
FAQ
What did BCP announce about The Gray Casualty & Surety Company sale to Palomar (PLMR) on October 30, 2025?
When is the Palomar (PLMR) acquisition of Gray Surety expected to close?
What geographic footprint does The Gray Casualty & Surety Company have?
Who advised Gray Surety and Palomar on the deal announced October 30, 2025?
Does the October 30, 2025 announcement mention financial terms for the Palomar (PLMR) deal?
How long has BCP owned Gray Surety prior to the announced sale to Palomar (PLMR)?
