US EditionBCP Completes Sale of The Gray Casualty & Surety Company
BCP realized returns after growing Gray Surety into a Top 50 surety carrier with a strong national presence since 2021, completing its strategic investment exit.
- On Feb. 02, 2026, BCP announced the sale of Gray Surety to Palomar, effective January 31, 2026, with financing effective January 27, 2026.
- BCP's strategic exit from Gray Surety was part of three announced in the first half of 2026, following a 2021 investment.
- The deal closed with a $150 million revolving facility and $300 million term loan, with U.S. Bank and KeyBank as joint lead arrangers, and Gray Surety licensed nationwide with 13 regional offices.
- Palomar said the acquisition strengthens its surety franchise and expands geographic reach, while BCP called the sale an important milestone in its investment strategy and welcomed the Gray Surety team.
- Further details and risk factors are available in the U.S. Securities and Exchange Commission Form 8‑K, and BCP said its operational approach helped scale Gray Surety and expects momentum under Palomar.
17 Articles
17 Articles
Bennington Banner
BCP Completes Sale of The Gray Casualty & Surety Company
BATON ROUGE, La., Feb. 2, 2026 /PRNewswire/ -- BCP, a services and infrastructure-focused private equity management firm, today announced the successful closing of the previously announced sale of The Gray Casualty & Surety Company ("Gray Surety") to Palomar Holdings, Inc.…
Bernhard Capital Partners closes sale of portfolio company
Baton Rouge-based private equity firm Bernhard Capital Partners has closed the sale of The Gray Casualty & Surety Company to California insurance holding company Palomar Holdings Inc. for $311… Already an INSIDER? Sign in. Already an INSIDER? Sign in
Palomar completes acquisition of Gray Surety
Specialty property insurer Palomar Holdings, Inc. has completed the acquisition of The Gray Casualty & Surety Company (Gray Surety), a national surety carrier, and has also successfully closed new unsecured financing. The acquisition was initially announced in October 2025, with Palomar agreeing to acquire Gray Surety from Bernhard Capital Partners (BCP) and The Gray Insurance Company for a total cash consideration of $300 million. The financing…
Coverage Details
Bias Distribution
- 86% of the sources are Center
Factuality
To view factuality data please Upgrade to Premium
