M&A · Financials · Fire, Marine & Casualty Insurance
American Family Mutual Insurance Company, S.I. to acquire Bowhead Specialty Holdings Inc.
Announced Aug 3, 2026 · Pending Aug 28, 2026
Deal value$1.20B
Premium11.0%To unaffected price
EV / Adj. EBITDA—
ConsiderationAll cash$34.00 per share
Transaction
- Acquirer
- American Family Mutual Insurance Company, S.I.
- Target
- Bowhead Specialty Holdings Inc. (BOW)
- Buyer type
- Strategic
- Offer price per share
- $34.00
- Enterprise value
- —
- Status
- Pending Aug 28, 2026
Deal protections
- Break fee (target pays)
- $35.0M · 2.9%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Not disclosed
- To the target
- Stifel
Sector context · Financials
- Comparable deals
- 78 in the prior 24 months
- Premium
- 11.0% vs. 34.0% sector median
- EV / Adj. EBITDA
- Sector median 13.7x
- Break fee
- 2.9% vs. 3.8% sector median
Timeline
- AnnouncedAug 3, 2026
- Proxy filedAug 28, 2026
- Definitive proxyOct 14, 2026
- Shareholder votePending
- ClosedPending
Valuation · fairness opinions
Trading comparables$25.58$48.57
Analyst price targets$30.00$38.00
Trading comparablesStifel$31.28$51.31
Offer $34.00
Implied value per Bowhead Specialty Holdings Inc. share by analysis.