BCP makes âsignificant investmentâ in Metairie-based Gray Casualty & Surety
Terms of the transaction were not disclosed.Â
Through the deal, BCP will leverage its resources to grow capacity for Gray, which provides surety bonds to emerging and mid-market contractors, partners with professional bond agents to provide bond options across the U.S. and underwrites commercial bonds related to licenses, permits and other regulatory requirements.
In a prepared statement, BCP founder Jim Berhnard says Grayâs insurance platform will serve as âa natural extension of [BCPâs] construction and infrastructure expertise.âÂ
Meanwhile, Michael Gray, CEO and president of Gray Insurance, which owns the surety company, says he is excited about the growth potential the partnership with BCP holds.Â
Press release content from Business Wire. The AP news staff was not involved in its creation.
AM Best Assigns Credit Ratings to The Gray Indemnity Company; Affirms Credit Ratings of The Gray Insurance Company and Affiliate
January 28, 2021 GMT
OLDWICK, N.J. (BUSINESS WIRE) Jan 28, 2021
AM Best has assigned a Financial Strength Rating (FSR) of A- (Excellent) and a Long-Term Issuer Credit Rating (Long-Term ICR) of “a-” to The Gray Indemnity Company (GID). The outlook assigned to these Credit Ratings (rating) is stable. Concurrently, AM Best has affirmed the FSR of A- (Excellent) and the Long-Term ICRs of “a-” of The Gray Insurance Company (GIC) and Gray Surplus Lines Insurance Company (GSLIC). The outlook of these ratings is stable. These companies collectively are known as Gray Insurance Group (the group).