May 29, 2024

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Bernhard Cash tends to make ‘significant investment’ in this Metairie insurance coverage organization | Enterprise

2 min read

A team of buyers led by Baton Rouge-primarily based Bernhard Cash is earning a “substantial expenditure” in a Metairie coverage business that specializes in providing surety bonds to contractors. 

The total of the expense in The Grey Casualty & Surety Co. was not disclosed. The organization was established in 2003.

The announcement was made by Bernhard Cash Associates Administration and The Gray Insurance plan Co., a family members-owned company established in 1977 that presents workers’ payment, industrial auto, standard legal responsibility and surplus liability protection in 50 states.

Bernhard Money was started in 2013 by former Shaw Group main government Jim Bernhard, Jeff Jenkins and a team of non-public-fairness pros to get, operate and increase expert services and infrastructure businesses. The business lifted $750 million for its initially personal fairness fund three several years afterwards. A second $1.2 billion fund controlled by Bernhard Cash closed in 2019.

Bernhard Funds Companions Management LP, an investment decision company established by former Shaw Team chief executive James “Jim” Bernhard, has achieved a $…

“This insurance policy platform will provide as a pure extension of our construction and infrastructure skills,” Jim Bernhard explained in a statement.

Gray Surety underwrites contract bonds for smaller and mid-sized contractors nationwide with once-a-year earnings below $30 million. These bonds are made use of for the duration of development jobs to assure payment of subcontractors. The company also underwrites commercial bonds for licenses, permits and other regulatory specifications. The enterprise has offices in Louisiana, Texas, Mississippi, Alabama and Arizona.

Users of the Grey loved ones will proceed to run the organization. 

The offer would permit Gray Insurance to capture additional of the market place with the influx of capital, reported Michael T. Grey, main govt officer and president of Gray Coverage.

Bernhard Cash previously owns a stake in Lafayette-primarily based standard contractor The Lemoine Co. following a deal closed in 2019. Bernhard Funds portfolio businesses also incorporate Bernhard LLC in Metairie Brown and Root in Baton Rouge Allied Electric power in Baton Rouge National Water Infrastructure in Ascension Atlas Technical Consultants in Austin, Texas Bernhard Strength Answers in Baton Rouge Charah Solutions in Louisville, Kentucky Epic Piping in Livingston and United Utility in Charlotte, North Carolina.

The globally portfolio businesses under Bernhard Money employ much more than 18,000 people today.

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