Bowhead Specialty to be Acquired by American Family Mutual Insurance for $1.2 Billion

Bowhead Specialty Holdings Inc. (BOW) entered a merger agreement on August 3, 2026, to be acquired by American Family Mutual Insurance Company, S.I. in a deal valued at $1.2 billion.

Deal Structure:

Each Bowhead stockholder will receive $34 per share in cash, representing a premium of 11.15% from the stock’s last close.

Company Profile:

Bowhead is a U.S. specialty property and casualty insurance company that provides casualty, professional liability, and healthcare liability insurance products. The company distributes its insurance solutions through wholesale and retail partners, serving businesses across a range of industries.

American Family is a U.S. mutual insurance company that provides personal and commercial property and casualty insurance, including auto, home, renters, life, and business insurance. The company operates through multiple insurance brands and subsidiaries, serving customers across the United States.

Deal Details and Timeline:

The deal is targeted to close before the end of 2026.

American Family will finance the acquisition using cash and other liquid investments on hand.

Bowhead will continue to operate as a standalone company within the American Family group.

Stephen Sills will remain Bowhead’s Chief Executive Officer, and the company will continue to operate under the Bowhead name and brand.

Ardea Partners acted as financial advisor, and Skadden, Arps, Slate, Meagher & Flom served as legal counsel to Bowhead.

American Family Mutual Insurance is paying 1.6 times the book value for Bowhead.

Deal Metrics:

To gain a comprehensive understanding of the metrics of this M&A transaction, please visit the Deal Metrics page at:

Deal Metrics for the acquisition of Bowhead Specialty Holdings Inc. (BOW) by American Family Mutual Insurance Company, S.I.

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• A spread history chart of the merger from announcement to completion or failure.
• A chronicle of events as the merger progresses, including the expiration of the HSR period, regulatory approvals, shareholder votes, and more.
• News and SEC filings.
• A record of deal updates.
• And much more insightful data.

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Editor’s Note: Baranjot Kaur contributed to this article