Who owns THE GRAY CASUALTY & SURETY?

THE GRAY CASUALTY & SURETY has been 100% owned by PALOMAR since October 2025.

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 $300–700M.

What was the EV/Revenue multiple of THE GRAY CASUALTY & SURETY when it was acquired by PALOMAR?

The estimated EV/Revenue multiple for THE GRAY CASUALTY & SURETY is in the range of 2x - 6x.

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 $50–100M.

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/

What is the average EV/EBITDA multiple for the Financial Services sector in 2026?

The average EV/EBITDA multiple for the Financial Services sector in 2026 is 12.3x.

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Home Database Financial ServicesTHE GRAY CASUALTY & SURETY

10/2025

THE GRAY CASUALTY & SURETY acquired by PALOMAR

UNITED STATES Insurance EV $300–700M

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 [members only] in 2025, is valued in this transaction at an EV/EBITDA multiple of [members only], to compare with the average currently observed in the Financial Services sector (12.3x).

-> 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

$300–700M

Equity Value

[members only]

Multiples

EV / Revenue

2x–6x

EV / EBITDA

[members only]

EV / EBIT

[members only]

Historical Financials (USD)

Year

Rev

EBITDA

EBIT

2025

2024

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REFERENCES

Valuation range: EV $300–700M

Revenue range: $50–100M

EV/Revenue range: 2x - 6x

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