Palomar acquires Gray Surety for $300M; deal expected to close H1 2026

Palomar Holdings, Inc.

Purchase price $300M cash for all equity of The Gray Casualty & Surety Company.
Gray Surety is a Treasury-listed surety carrier specializing in contract bonds for midsized contractors; licensed in 50 states.
Expected close in H1 2026, subject to HSR clearance and other regulatory approvals.
Transaction approved by boards; Palomar CEO highlights enhanced surety franchise and Palomar 2x strategy.
Cullen Piske (Gray Surety President) to join Palomar; financial advisors Evercore and J.P. Morgan involved.

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