At what enterprise value was THE GRAY CASUALTY & SURETY acquired in 2025?

During the acquisition of THE GRAY CASUALTY & SURETY by PALOMAR in 2025, the transaction's Enterprise Value is estimated to be in the range of 300M - 700M USD.

When was THE GRAY CASUALTY & SURETY acquired by PALOMAR?

THE GRAY CASUALTY & SURETY was acquired by PALOMAR in 2025.

What was the revenue of THE GRAY CASUALTY & SURETY at the time of the deal?

The revenue of THE GRAY CASUALTY & SURETY at the time of the deal is estimated to be in the range of 50M - 100M USD.

How is the data for the THE GRAY CASUALTY & SURETY acquisition sourced and is it reliable?

Mynth data is contributed by a professional community of M&A and Private Equity experts. Each transaction, including the THE GRAY CASUALTY & SURETY deal, is systematically cross-verified by our team using private deal documents and official sources. You can also find the official press release for this transaction here: https://www.reinsurancene.ws/palomar-to-acquire-the-gray-casualty-surety-company-for-300m/

← DATABASE

Home Database Financial ServicesTHE GRAY CASUALTY & SURETY

10/2025

THE GRAY CASUALTY & SURETY acquired by PALOMAR

UNITED STATES Insurance EV 300M - 700M USD

Context

Palomar Holdings acquired 100% of The Gray Casualty & Surety Company from Bernhard Capital Partners. The acquisition is a transformative step for Palomar's surety franchise, significantly increasing its market share and geographic reach. For BCP, the sale represents a successful exit from its 2021 investment, following an operational scaling of the business. Gray Surety's leadership, including President Cullen Piske, joined Palomar to lead the expanded surety operations.

THE GRAY CASUALTY & SURETY, which reported an EBITDA margin of in 2025, is valued in this transaction at an EV/EBITDA multiple of , a level to compare with the average currently observed in the Financial Services sector (12.0x).

-> Deep-dive in Financial Services market trends

Target

The Gray Insurance Company is a Treasury-listed surety carrier specializing in contract bonds for mid-sized and emerging contractors. Licensed in all 50 states and operating through 13 regional offices, it has grown into a "Top 50" US surety carrier. The firm is recognized for its disciplined underwriting and a strong national footprint serving the construction and infrastructure sectors.

Ent. Value

Equity Value

Multiples

EV / Revenue

EV / EBITDA

EV / EBIT

Historical Financials (USD)

Year

Rev

EBITDA

EBIT

2025

2024

Similar deals in Insurance

List of similar M&A transactions (Date, Acquirer, Target, Country, Sub-sector)
Date	Acquirer	Target	Country	Sector
03/2026	INDEX VENTURES	ALAN	FRANCE	Insurance
01/2026	AXA	PRIMA ASSICURAZIONI	ITALY	Insurance
03/2025	ALLIANZ / BLACKROCK / T&D HOLDINGS	VIRIDIUM GROUP	GERMANY	Insurance
09/2024	TITLE RESOURCES GROUP (TRG)	DOMA	UNITED STATES	Insurance
07/2023	SANTIANE	JULIA ASSURANCE	FRANCE	Insurance
12/2019	WATFORD	AXERIA IARD	FRANCE	Insurance
07/2016	NAXICAP PARTNERS	STELLIANT	FRANCE	Insurance
05/2015	EXOR	PARTNERRE	UNITED STATES	Insurance
04/2014	CINVEN	SKANDIA GERMANY & AUSTRIA	GERMANY	Insurance
08/2013	CINVEN	HEIDELBERGER LEBEN	GERMANY	Insurance

REFERENCES

Valuation range: EV 300M - 700M USD

Revenue range: 50M - 100M USD

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of THE GRAY CASUALTY & SURETY by PALOMAR are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Acquirer: palomar