AM Best Places Credit Ratings of The Gray Casualty & Surety Company Under Review With Developing Implications Following Transaction Announcement

AM Best has placed under review with developing implications the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” of The Gray Casualty & Surety Company (GCSC) (Metairie, LA).

This Credit Rating (rating) action follows Bernhard Capital Partners Management, LP’s announcement that it has entered into an agreement to make a significant investment in GCSC.

The under review with developing implications status reflects the execution risks associated with the company expanding its reach and scope within its stated niches and the need for AM Best to fully assess the financial and operational impacts of the partnership, including potential benefits GCSC may receive from this transaction. AM Best will continue to hold discussions with GCSC’s management and monitor its balance sheet strength, operating performance, business profile and enterprise risk management. The ratings will remain under review until the close of the transaction and a review by AM Best of the post-transaction details.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2021 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210319005488/en/