Gallagher's Risk Placement Services division has acquired S Philips Surety & Insurance Services.

The deal expands Gallagher's U.S. wholesale brokerage and programs business.

The acquisition strengthens NYSE:AJG's presence in the surety and specialty insurance distribution segment.

For NYSE:AJG, wholesale and program business is an important part of how the company reaches specialty insurance buyers and supports retail brokers. Surety, where S Philips is focused, tends to be relationship driven and often tied to construction and infrastructure activity, which remain key areas for many insurers and intermediaries. This deal reflects a broader industry pattern of large brokers adding specialist wholesalers to broaden product reach and deepen expertise.

Investors watching NYSE:AJG may view this transaction as part of the company’s ongoing use of M&A in core areas rather than a move into entirely new lines. The acquisition adds another distribution platform that may help Gallagher expand its network of client and carrier relationships over time, which is often a focus for brokers aiming to scale specialized segments like surety.

Zurich/Sydney, 20 February 2026 – Swiss Re Corporate Solutions, the commercial insurance arm of the Swiss Re Group, has agreed to acquire the Global Trade Credit and Surety business of QBE Insurance Group (QBE), subject to regulatory approvals.

Upon successful completion, the acquisition will strengthen Swiss Re Corporate Solutions' primary credit and surety insurance offering and expand its capabilities to address the risk management needs of corporate clients. The transaction supports Swiss Re Corporate Solutions' strategic ambition to diversify its portfolio and capture new growth opportunities.

QBE's Global Trade Credit and Surety business operates through a highly experienced team with a strong presence in Australia, New Zealand and the UK. The portfolio is expected to generate annual revenues of approximately USD 200 million.

This specialty insurance line plays a critical role in helping companies manage payment and performance risk arising from their accounts receivable. Globally, this segment of the insurance market generates around USD 19 billion in premium annually, with continued growth potential driven by heightened economic uncertainty, more complex supply chains and rising demand for sophisticated risk transfer solutions.

Ivan Gonzalez, CEO of Swiss Re Corporate Solutions, said: "This acquisition marks an important milestone for Swiss Re Corporate Solutions. It allows us to expand our offering in this attractive segment by strengthening our global credit and surety platform with a well-managed, profitable portfolio and a highly experienced team. We are excited to build on QBE's market-leading capabilities as we continue to differentiate our offering to help corporate clients navigate the evolving risk landscape."

The transaction is subject to various closing conditions including regulatory approvals, which are likely to take several months. During this phase, Swiss Re Corporate Solutions looks forward to working closely with QBE to ensure continuity for policyholders, brokers, and the team members, who are a key part of this transaction. No financial details of the transaction are being disclosed.

Columbus, Ohio-based Nationwide announced yesterday that it entered into an agreement to acquire the renewal rights for surety and fidelity bonds issued by Main Street America Insurance, a unit of American Family Insurance.

Terms of the deal were not disclosed.

Nationwide said in a written statement that the acquisition expands its commitment to businesses and contractors, and that the addition of Main Street America’s capabilities and employees creates new opportunities for growth and innovation.

The two companies expect to close the agreement by the end of the first quarter, subject to customary closing conditions.

“Nationwide’s strength and stability have always been at the core of who we are. This acquisition allows us to build on that foundation by enhancing our Surety and Fidelity offerings and delivering even more value to our agents and customers,” said Nationwide CEO Kirt Walker, who also highlighted the companies’ “shared commitment to service and reliability.

Candy Embray, Main Street America President said, “Main Street America has a strong reputation for partnering with agents to deliver pragmatic risk management solutions, which aligns with Nationwide’s approach.”

“Together, we are working to ensure a seamless transition for our valued agency partners.”

Russ Johnston, President of Commercial Lines, Excess & Surplus, Specialty at Nationwide added, “Our surety business continues to be an area of strategic growth for us. Agents can expect the same level of service and stability they’ve come to trust, now backed by Nationwide’s scale, resources and financial strength. Together, we’re creating a stronger, more comprehensive offering for the marketplace.”

LA JOLLA, Calif. - Palomar Holdings, Inc. (NASDAQ:PLMR) has completed its acquisition of The Gray Casualty & Surety Company (Gray Surety), the specialty insurer announced Monday in a press release.

The transaction, which was finalized on January 31, comes alongside the closing of new unsecured financing totaling $450 million. The financing package, completed on January 27, consists of a $150 million revolving facility and a $300 million term loan.

The banking consortium for the financing was led by U.S. Bank National Association and KeyBank National Association as joint lead arrangers and book runners. Other participating financial institutions included Citizens Bank, The Huntington National Bank, PNC Bank, Wells Fargo Bank, and JPMorgan Chase Bank.

Mac Armstrong, Palomar’s Chairman and Chief Executive Officer, stated that the acquisition "meaningfully strengthens Palomar’s surety franchise" by adding "scale and geographic reach" to the company’s existing operations.

The acquisition aligns with Palomar’s strategic growth framework. Gray Surety is described as a national surety carrier that will be integrated into Palomar’s existing insurance operations.

Palomar Holdings operates through several subsidiaries including Palomar Specialty Insurance Company, Palomar Specialty Reinsurance Company Bermuda Ltd., and now Gray Surety. The company provides specialty insurance across five product categories: Earthquake, Inland Marine and Other Property, Casualty, Fronting, and Crop.

According to the announcement, Palomar’s insurance subsidiaries maintain an A (Excellent) financial strength rating from A.M. Best.

Further details about the acquisition and financing are available in the company’s Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission.

EPIC Insurance Brokers & Consultants said Wednesday it acquired The Bond Exchange, a surety bond agency in Mission Viejo, California.

Terms of the transaction were not disclosed.

Founded in 1999, The Bond Exchange provides brokerage services to companies in construction, mining, real estate, renewable energy, technology, private equity and other sectors. The agency has about a dozen producers, according to its website.

BATON ROUGE - Palomar Holdings, Inc. (NASDAQ:PLMR) has agreed to acquire The Gray Casualty & Surety Company from private equity firm BCP, according to a press release statement issued Thursday.

The transaction, which has received approval from both companies’ boards of directors, is expected to close during the first half of 2026, pending regulatory approvals and other customary closing conditions.

Gray Surety, a Treasury-listed carrier specializing in contract bonds for midsized and emerging contractors, operates across all 50 states through 13 regional offices. BCP made its investment in the company in 2021.

"Over the past four years, we have been proud to partner and work with Gray Surety and its leadership team to help position the company for long-term success," said Jeff Koonce, Partner at BCP.

Cullen Piske, President of Gray Surety, stated, "We are thrilled to join the Palomar team, a company that shares our entrepreneurial culture, disciplined underwriting approach, and commitment to the surety market." Palomar has demonstrated strong financial performance, with revenue growth of nearly 53% over the last twelve months and a return on equity of 22%.

J.P. Morgan is serving as exclusive financial advisor to Gray Surety, while Evercore is acting in the same capacity for Palomar. InvestingPro data shows Palomar is trading at a low P/E ratio of 19.89 relative to its near-term earnings growth, suggesting the acquisition could potentially add value to the already undervalued company.

Founded in 1996 as a subsidiary of The Gray Insurance Company, Gray Surety has maintained annual double-digit growth while operating with a loss ratio below industry average during BCP’s ownership, according to the announcement.

Financial terms of the transaction were not disclosed in the press release. Investors interested in Palomar’s future outlook may want to note the company’s upcoming earnings report on November 6, just 7 days away. For deeper insights into Palomar’s valuation, financial health metrics, and comprehensive analysis, check out the Pro Research Report available on InvestingPro, which offers expert analysis on over 1,400 US equities.

In other recent news, Palomar Holdings announced a definitive agreement to acquire The Gray Casualty & Surety Company for $300 million in cash, with the transaction expected to close in the first half of 2026. Truist Securities has reiterated a Buy rating on Palomar Holdings with a price target of $168, following meetings with the company’s management that highlighted potential for sustained topline growth. Meanwhile, JPMorgan has adjusted its price target for Palomar to $158, citing slower growth in the earthquake insurance segment after the company’s second-quarter earnings report. Keefe, Bruyette & Woods also lowered their price target to $172, attributing the change to "unusual seasonality" impacting the results. Piper Sandler reduced their price target to $151, despite Palomar exceeding earnings per share estimates, due to concerns over a higher-than-expected expense ratio. These developments reflect a range of analyst perspectives on Palomar’s recent performance and future potential.

DB Insurance Co., Ltd. announced on the 26th that it has signed a contract to acquire 100% of the issued shares of U.S. insurer The Fortegra Group for $1.65 billion (approximately 2.3 trillion Korean won). The transaction will be executed using the company’s own funds and marks the largest-scale acquisition by a domestic insurer.

Founded in 1978, The Fortegra Group operates in specialized insurance, credit, and surety insurance, with annual premiums of approximately 4.4 trillion won and net profit of 200 billion won last year. It conducts business across the United States, the United Kingdom, Italy, and eight other European countries.

DB Insurance stated, “Through this acquisition, we will enter the world’s largest property and casualty insurance markets—the United States and Europe—to secure a business platform for global growth. We expect to enter the stable global surety insurance market and enhance revenue stability.”

DB Insurance has continuously expanded its overseas operations, focusing on three major regions: the United States, China, and Southeast Asia. Last year, it acquired stakes in Vietnam National Aviation Insurance (VNI) and Saigon Hanoi Insurance (BSH).

Amynta Group, an insurance services provider, has entered into a definitive agreement to acquire New Orleans-domiciled, commercial surety brokers Global Surety, LLC, International Sureties Limited and International Sureties SARL, collectively known as International Sureties.

The transaction is expected to close in the fourth quarter of 2025 and is subject to regulatory approvals; however, the terms were not disclosed.

After the closing, Clark Fitz-Hugh, President and Chief Executive Officer (CEO) of International Sureties, will continue leading the business.

Founded in 1972, International Sureties is a specialty surety broker, providing a range of commercial surety products, including admiralty, court, bankruptcy, logistics and license & permit bonds.

The company provides innovative surety bond services for a variety of industries operating from offices in New Orleans, the UK and Belgium.

Robert Giammarco, Chairman and CEO, Amynta Group, commented, “International Sureties has a long and successful history in the surety market with an outstanding reputation. We have long admired their specialist focus and client-centric approach to the market.

“The Company further expands our specialty insurance offerings, and we look forward to partnering with Clark and his associates to support the continued growth of the business.”

Fitz-Hugh added, “For over 50 years, we built our reputation on delivering tailored surety solutions and exceptional service to our clients. We are thrilled to join Amynta, who shares our client-focused culture and commitment to excellence, positioning us for continued growth in delivering for our clients.”

“The acquisition aligns with Western Surety Company’s monoline surety focus, and solidifies its position as a top surety writer in Canada,” WSC says in a press release last week.

WSC says it’s the only insurance company in Canada to exclusively write surety bonds for the construction industry, as well as a complete line of commercial surety bonds (including licence and permit bonds, lost document bonds, administration and property guardianship bonds, and customs and excise bonds).

In contract surety, WSC had insurance revenue of about $38.85 million in 2024, according to Canadian Underwriter’s 2025 Stats Guide, which uses data from MSA Research. For its part, SGI Canada brought in nearly $4.31 million in contract surety last year, and about $1.06 million in all other surety, the data show.

“This is an exciting day for Western Surety Company,” company president and CEO Greg Salmon says in the release. “With our dedicated surety expertise and industry leading service, we look forward to working with our existing brokers as well as several new brokers to effectively manage their surety needs.”

Over the coming days, current brokers and “the many new brokers we will be welcoming to WSC” will receive further details and communication on what to expect and how to be prepared for the Oct. 1 transition, WSC says. “WSC has invested significant resources over the past several years in improving and optimizing the bond issuance and account management processes, which we are confident will lead to a seamless transition.”

Canadian-family-owned, WSC is licensed to write surety bonds in all Canadian provinces and territories. The company was founded in 1909 and has its corporate head office in Regina. It does not conduct business in the U.S. and is not affiliated in any way with U.S. firms.