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American Family to buy Bowhead Specialty in about $1.2B cash deal

The all-cash offer is priced at $34 per share, a stated 11% premium to Bowhead’s July 31, 2026 closing price, and the transaction is targeted to close before year-end 2026.

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American Family Mutual Insurance Co. has agreed to acquire Bowhead Specialty Holdings Inc. in an all-cash transaction valued at about $1.2 billion, buying all outstanding shares of the specialty insurer.

Under the terms of the deal, Bowhead stockholders will receive $34 per share in cash, a stated 11% premium to Bowhead’s closing share price on July 31, 2026. The companies said the transaction is targeted to close prior to the end of 2026.

Bowhead’s board approved the acquisition, and American Family noted it already owns about 14.3% of Bowhead’s issued and outstanding common stock as of December 31, 2025, according to a recent Securities and Exchange Commission filing.

Bowhead CEO and President Stephen Sills said the companies have built a relationship since Bowhead’s founding, and he will continue as CEO and president of Bowhead after the deal closes. Bowhead said the Bowhead brand will continue and the company will operate as a standalone entity within the American Family platform.

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