Palomar acquires The Gray Casualty & Surety Company, terms not disclosed

BCP, a services and infrastructure-focused private equity management firm, announced an agreement to sell The Gray Casualty & Surety Company, a surety bond provider for midsized and emerging contractors, to Palomar (PLMR) Holdings. 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 the United States. Led by an experienced, entrepreneurial management team, Gray Surety is licensed in all 50 states and operates through 13 regional offices.