Bernhard Capital has entered into an agreement to make a significant investment in The Gray Casualty & Surety Company, Gray Insurance’s surety market affiliate.
Gray Surety, established 2003, is a surety carrier headquartered in Metairie, LA that provides surety bonds to emerging and mid-market contractors.
The Gray Surety team also underwrites commercial bonds related to licenses, permits, and other regulatory requirements.
Jim Bernhard, partner at Bernhard Capital, said: “We are excited to partner with the Gray Surety team. This insurance platform will serve as a natural extension of our construction and infrastructure expertise. Together, we will leverage Gray Surety’s reputation in the surety industry and Bernhard Capital Partners’ resources to grow capacity.
“The Gray Surety team’s proven reputation and strong track record in the surety industry reflects their dedication to their key values, values that align closely with ours at Bernhard Capital Partners. We are proud to support their growth and welcome them to our portfolio.”
Michael T. Gray, Chief Executive Officer and President of Gray Insurance, said: “We are proud of this partnership and excited about the growth potential it holds. This venture is well positioned as a pure-play surety company and will enable Gray Surety to write and support a much larger share of the market. Bernhard Capital’s interest in Gray Surety is a testament to the successful business the Gray team has built and we thank each individual for their efforts.”
Cullen S. Piske, President of Gray Surety, added: “This partnership brings together Bernhard Capital’s construction and infrastructure expertise with our construction focused credit business. Bernhard Capital’s substantial capital infusion represents an incredible opportunity to expand our capacity and we look forward to growing our business as we support our customers in a rapidly changing industry.
“At Gray Surety, our motto is ‘Let’s Get To Yes’ which reflects our creative approach to surety credit, but also impacts all levels of our operations. We will continue to provide the same exceptional level of care, professionalism and unique service-first approach to the surety bond experience.”
