In August of 1992, the Grey Company was established by Eric Dreamsmyth in the land of Neverwinter Nights, a graphical multiplayer game accessible through America Online. The first Elven guild established in Neverwinter, the Grey Company emphasizes role-playing (RP) and accepts any with Elven blood, so long as one is not evil. The guild became the largest and most prominent Elven guild in the land. Just four months after its founding, the guild attained Sanctioned status. Dreamsmyth, the Captain, declared the members at the time of Sanctioning be named Charter Members, and conferred the honor of Elflord (Aredhel) to these members. After the sanctioning, the guild notably increased in size. In December of 1993, the guild attained Private status, a rank awarded to only the largest and most successful guilds in Neverwinter. In October of 1995, the Grey Company merged with two smaller Elven guilds, LER and the Elven Brotherhood, increasing the membership to about sixty. Subsequently, the Bladesinger group was established by Thranduil Graywolf to specialize in PvP (a.k.a.- PK) combat.
In July 1997, Neverwinter Nights was removed from America Online. Plans were made to move the guild to the land of Britannia in Ultima Online, at the time still in the Beta testing stage. These were difficult times for the guild. Many members retired, as they did not wish to move to another land, and since the computer requirements of the two worlds differed significantly, many more would not be able to enter Britannia for many months. Still, through the leadership of Tizer, the Captain, the guild survived the transition and established itself in Yew, Britannia, prospering once more.