BCP announced it has closed the sale of The Gray Casualty & Surety Company to Palomar Holdings, Inc.

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. (NASDAQ: PLMR) ("Palomar").

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 and entrepreneurial management team, Gray Surety is licensed in all 50 states and operates through 13 regional offices.

Gray Surety is one of three exits BCP announced in the second half of 2025, including the sale of Brown & Root Industrial Services, which closed in October, and United Utility, which is expected to close in the first quarter of this year.

"We're pleased to complete the Gray Surety sale, marking another important milestone in BCP's disciplined investment and value-creation strategy," said Jeff Koonce, Partner at BCP. "Since our investment in 2021, Gray Surety has delivered significant growth, expanded its national presence, and deepened its reputation as a trusted surety partner to contractors across the country. We are proud of the company's continued success and grateful to the Gray Surety team for their exceptional execution."

Cullen Piske, President of Gray Surety, added: "We are grateful to BCP for their partnership and support over the past four years. BCP's operational approach helped us scale the business and expand our national footprint, and we are excited to build on that momentum going forward with Palomar."

J.P. Morgan is acting as exclusive financial advisor and Kirkland & Ellis LLP is acting as legal advisor to Gray Surety. Evercore is acting as exclusive financial advisor and DLA Piper LLP (US) is acting as legal advisor to Palomar.

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