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BCP Announces Sale of The Gray Casualty & Surety Company

  • BCP, a private equity management firm, announced an agreement to sell The Gray Casualty & Surety Company to Palomar Holdings, Inc. (NASDAQ: PLMR).
  • The transaction has been approved by the boards of both companies and is expected to close in the first half of 2026, subject to regulatory approvals.
  • Gray Surety specializes in contract surety bonds for midsized & emerging contractors, is licensed in all 50 states, & operates through 13 regional offices.
  • BCP invested in Gray Surety in 2021, helping the company achieve significant growth & expand its national footprint over the past four years.
  • Cullen Piske, President of Gray Surety, stated the partnership with Palomar will provide financial strength & strategic support to deepen agency relationships.
  • J.P. Morgan acts as exclusive financial advisor to Gray Surety, while Kirkland & Ellis LLP serves as its legal advisor.
  • Evercore acts as exclusive financial advisor to Palomar, while DLA Piper LLP (US) serves as its legal advisor.
  • Further details on the acquisition are available on Form 8-K filed with the U.S. Securities and Exchange Commission.