Palomar to acquire Gray Surety from Bernhard Capital Partners and The Gray Insurance Company for $300m.

Palomar, an insurance holding company, agreed to acquire Gray Surety, a surety bond provider, from Bernhard Capital Partners, a private equity management firm, and The Gray Insurance Company, an insurance carrier, for $300m. “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," Mac Armstrong, Palomar Chairman and Chief Executive Officer.