Palomar Holdings, Inc. Announces Agreement to Acquire The Gray Casualty & Surety Company
Palomar Holdings (NASDAQ: PLMR) has agreed to acquire The Gray Casualty & Surety Company for $300 million in cash, subject to customary closing adjustments. The transaction was approved by both companies' boards and is expected to close during the first half of 2026, pending regulatory approvals and customary closing conditions.
Gray Surety is a Treasury-listed surety carrier licensed in 50 states, operating through thirteen regional offices and serving midsized and emerging contractors nationwide. Advisors for the deal were disclosed and additional documents are filed on the company 8-K and investor presentation online.
Palomar Holdings (NASDAQ: PLMR) ha accettato di acquisire The Gray Casualty & Surety Company per 300 milioni di dollari in contanti, soggetti a regolamenti di chiusura usuali. L'operazione è stata approvata dai consigli di amministrazione di entrambe le società ed è prevista la chiusura durante la prima metà del 2026, in attesa delle approvazioni normative e delle condizioni di chiusura ordinarie.
Gray Surety è un assicuratore obbligazionario quotato in Tesoro, autorizzato in 50 stati, operante attraverso tredici uffici regionali e servendo appaltatori di medie dimensioni e in crescita in tutto il paese. I consulenti per l'affare sono stati resi noti e ulteriori documenti sono depositati sul 8-K dell'azienda e nella presentazione agli investitori online.
Palomar Holdings (NASDAQ: PLMR) ha acordado adquirir The Gray Casualty & Surety Company por 300 millones de dólares en efectivo, sujeto a ajustes de cierre habituales. La transacción fue aprobada por las juntas directivas de ambas empresas y se espera que cierre durante la primera mitad de 2026, pendiente de aprobaciones regulatorias y condiciones de cierre habituales.
Gray Surety es una aseguradora de caución listada en el Tesoro, con licencia en 50 estados, que opera a través de trece oficinas regionales y atiende a contratistas de tamaño medio y en desarrollo en todo el país. Se han hecho públicos los asesores de la operación y se han presentado documentos adicionales en el 8-K de la empresa y en la presentación para inversionistas en línea.
Palomar Holdings (NASDAQ: PLMR) 는 The Gray Casualty & Surety Company 를 현금 3억 달러에 인수하기로 합의했으며, 이는 관례적인 종결 조정의 대상입니다. 거래는 양사 이사회에서 승인되었고 규제 승인 및 관례적 종결 조건의 충족 여부에 따라 2026년 상반기에 마감될 것으로 기대됩니다.
Gray Surety 는 재무부에 등재된 보증 보험사로 50개 주에서 면허를 보유하고 있으며 13개 지역 사무소를 통해 전국의 중견 및 성장 중인 계약업자들을 서비스합니다. 거래 자문사가 공개되었고 추가 문서는 회사의 8-K 및 온라인 투자자 프리젠테이션에서 게재됩니다.
Palomar Holdings (NASDAQ: PLMR) a accepté d'acquérir The Gray Casualty & Surety Company pour 300 millions de dollars en espèces, sous réserve des ajustements de clôture habituels. La transaction a été approuvée par les conseils d'administration des deux sociétés et devrait être clôturée au cours du premier semestre 2026, sous réserve des approbations réglementaires et des conditions de clôture habituelles.
Gray Surety est une compagnie de caution cotée au Trésor, licenciée dans 50 États, opérant à travers treize bureaux régionaux et desservant des entrepreneurs de taille moyenne et émergents à l'échelle nationale. Les conseillers de l'opération ont été rendus publics et d'autres documents sont déposés sur le 8-K de l'entreprise et dans la présentation aux investisseurs en ligne.
Palomar Holdings (NASDAQ: PLMR) hat sich bereit erklärt, The Gray Casualty & Surety Company für 300 Millionen US-Dollar in bar zu erwerben, vorbehaltlich üblicher Abschlussanpassungen. Die Transaktion wurde von den Vorständen beider Unternehmen genehmigt und soll voraussichtlich in der ersten Hälfte von 2026 abgeschlossen werden, vorbehaltlich behördlicher Genehmigungen und üblicher Abschlussbedingungen.
Gray Surety ist eine am Treasury gelistete Kautionsversicherungsgesellschaft, die in 50 Bundesstaaten lizenziert ist, über dreizehn regionale Büros operiert und landesweit mittlere und aufstrebende Auftragnehmer bedient. Die Berater für den Deal wurden bekannt gegeben und weitere Dokumente werden online im 8-K des Unternehmens und in der Investorenpräsentation veröffentlicht.
Palomar Holdings (NASDAQ: PLMR) وافقت على الاستحواذ على The Gray Casualty & Surety Company مقابل 300 مليون دولار نقداً، مع تعديلات إغلاق عادية. تمت الموافقة على الصفقة من قبل مجالس إدارات الشركتين ومن المتوقع أن تُغلق خلال النصف الأول من 2026، رهن الموافقات التنظيمية وشروط الإغلاق الروتينية.
Gray Surety هي شركة تأمين كفالة مدرَجة لدى الخزينة، ومرخصة في 50 ولاية، وتعمل من خلال ثلاثة عشر مكتباً إقليمياً وتخدم المقاولين من الشركات المتوسطة والناشئة على مستوى البلاد. تم الإفصاح عن مستشاري الصفقة وتُنشَر مستندات إضافية على 8-K الخاصة بالشركة والعرض التقدي للمستثمرين عبر الإنترنت.
- $300 million cash consideration agreed
- Gray Surety licensed in 50 states
- Adds thirteen regional offices to Palomar
- Expected close in H1 2026, subject to approvals
- Transaction is subject to regulatory approvals
- Purchase price is subject to customary closing adjustments
Insights
Acquisition expands Palomar's surety footprint through a cash purchase that should add scale and distribution.
PalomarGray Surety for
The transaction's benefits will depend on integration of Gray Surety's entrepreneurial management team and preserving disciplined underwriting. Key execution risks include regulatory approvals, retention of Gray Surety executives and agencies, and delivery of anticipated scale economies without loosening underwriting standards. The filing references an investor presentation and a Form 8-K for transaction details; those documents will show pro forma capital, expected contribution to premium and earnings, and specific closing conditions.
Watch for the Form 8-K disclosures and the investor presentation for pro forma capital metrics, timeline milestones leading to closing in
Builds Scale in the Attractive Surety Market
LA JOLLA, Calif., Oct. 30, 2025 (GLOBE NEWSWIRE) -- Palomar Holdings, Inc. (NASDAQ: PLMR) (“Palomar”, the “Company”) today announced that it has entered into a definitive agreement to acquire The Gray Casualty & Surety Company (“Gray Surety”) from Bernhard Capital Partners (“BCP”) and The Gray Insurance Company for total consideration of
Gray Surety is a Treasury-listed surety carrier specializing in contract bonds for midsized and emerging contractors across the United States. Led by an experienced, entrepreneurial management team, Gray Surety is licensed in 50 states and operates through thirteen regional offices.
Mac Armstrong, Palomar’s Chairman and Chief Executive Officer, commented, “I am pleased to announce the acquisition of Gray Surety, a leading surety carrier with a strong national presence and a proven, experienced management team. This transaction meaningfully enhances Palomar’s surety franchise, bolstering our current market position and complementing our existing operations. We are excited to welcome Cullen Piske, Michael Pitre and the entire Gray Surety team to Palomar. Their expertise and acumen will play a key role in advancing our Palomar 2x strategic imperative and driving sustained profitable growth.”
Cullen Piske, President of Gray Surety, added, “We are thrilled to join the Palomar team, a company that shares our entrepreneurial culture, disciplined underwriting approach and commitment to the surety market. Partnering with Palomar provides us with the financial strength, scale, and strategic support to expand our reach, deepen relationships with our agency partners and to continue delivering exceptional service to our business partners.”
Evercore is acting as exclusive financial advisor and DLA Piper LLP (US) is acting as legal advisor to Palomar. J.P. Morgan is acting as exclusive financial advisor and Kirkland & Ellis LLP is acting as legal advisor to Gray Surety.
Further information on the announced acquisition can be found on Form 8-K filed with the U.S. Securities and Exchange Commission, which can be accessed at www.SEC.gov, and an investor presentation reviewing the transaction can be found on the investors section of Palomar’s website at www.PLMR.com.
About Palomar Holdings, Inc.
Palomar Holdings, Inc. is the holding company of subsidiaries Palomar Specialty Insurance Company (“PSIC”), Palomar Specialty Reinsurance Company Bermuda Ltd. (“PSRE”), Palomar Insurance Agency, Inc., Palomar Excess and Surplus Insurance Company (“PESIC”), Palomar Underwriters Exchange Organization, Inc. ("PUEO"), First Indemnity of America Insurance Co. ("FIA"), and Palomar Crop Insurance Services, Inc. ("PCIS"). Palomar's consolidated results also include Laulima Exchange ("Laulima"), a variable interest entity for which the Company is the primary beneficiary. Palomar is an innovative specialty insurer serving residential and commercial clients in five product categories: Earthquake, Inland Marine and Other Property, Casualty, Fronting, and Crop. Palomar’s insurance subsidiaries, PSIC, PSRE, and PESIC, have a financial strength rating of “A” (Excellent) from A.M. Best. FIA carries an “A-” (Stable) rating from A.M. Best.
About The Gray Casualty & Surety Company
The Gray Casualty & Surety Company, specializing in contract surety bonds for midsized and emerging contractors across the U.S., was founded in 1996 as a wholly-owned subsidiary of The Gray Insurance Company, a family-owned insurance carrier headquartered in Louisiana. In 2021, Bernhard Capital Partners, a services- and infrastructure-focused private equity firm, made a significant investment in Gray Surety. With the backing of BCP, Gray Surety has sustained annual double-digit growth while maintaining a loss ratio below the industry average. A Top 50 carrier, Gray Surety operates 13 regional offices from coast to coast and is licensed in all 50 states.
To learn more, visit PLMR.com
Follow Palomar on LinkedIn: @PLMRInsurance
Safe Harbor Statement
Palomar cautions you that statements contained in this press release may regard matters that are not historical facts but are forward-looking statements. These statements are based on the company’s current beliefs and expectations. The inclusion of forward-looking statements should not be regarded as a representation by Palomar that any of its plans will be achieved. Actual results may differ from those set forth in this press release due to the risks and uncertainties inherent in the Company’s business. The forward-looking statements are typically, but not always, identified through use of the words "believe," "expect," "enable," "may," "will," "could," "intends," "estimate," "anticipate," "plan," "predict," "probable," "potential," "possible," "should," "continue," and other words of similar meaning. Actual results could differ materially from the expectations contained in forward-looking statements as a result of several factors, including the ability to close the transaction, the ability to recognize the anticipated synergies and scale of the proposed transaction, the ability to successfully integrate Gray Surety with the Company’s existing operations, unexpected expenditures and costs, unexpected results or delays in development and regulatory review, regulatory approval requirements, the frequency and severity of adverse events and competitive conditions. These and other factors that may result in differences are discussed in greater detail in the Company's filings with the Securities and Exchange Commission. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and the Company undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, which is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
Contact
Media Inquiries
Lindsay Conner
1-551-206-6217
lconner@plmr.com
Investor Relations
Jamie Lillis
1-203-428-3223
investors@plmr.com
Source: Palomar Holdings, Inc.
FAQ
What price did Palomar (PLMR) agree to pay for Gray Surety on October 30, 2025?
When is the Palomar (PLMR) acquisition of Gray Surety expected to close?
What is Gray Surety's geographic footprint being acquired by Palomar (PLMR)?
Where can investors find more details about Palomar's (PLMR) Gray Surety acquisition?
Who advised Palomar (PLMR) and Gray Surety on the transaction announced October 30, 2025?
