Moving to the Next Chapter: Bowhead To Be Acquired By AmFam

Research evidence excerpt

Moving to the Next Chapter: Bowhead To Be Acquired By AmFam

Update

August 3, 2026 12:58 PM GMT

Morgan Stanley & Co. LLCMBowhead Specialty Holdings Inc. | North America Bob Jian Huang

Equity Analyst

Moving to the Next Chapter: Bob.Huang@morganstanley.comDaniel Lee, ACAS +1 212 761-6136

Research Associate

Daniel.Lee4@morganstanley.com +1 212 761-0219

Bowhead To Be Acquired By Siddhant Shah

Sid.Shah@morganstanley.com +1 212 761-2603

AmFam

Bowhead Specialty Holdings Inc. (BOW.N, BOW US)

Insurance - Property & Casualty | United States of

AlphaSignals Earnings Reaction America

Unchanged In-line Largely unchanged Stock Rating Equal-weight

Impact to our thesis Financial results versus consensus Direction of next 12-month Industry View Attractive

consensus EPS Price target $30.00

Shr price, close (Jul 31, 2026) $30.59

Source: Company data, Morgan Stanley Research Mkt cap, curr (mm) $1,018

52-Week Range $33.01-21.25

Deal Details: American Family Insurance has agreed to acquire Bowhead Specialty

(BOW) in a transaction valued at ~$1.2 billion. The acquisition marks the next

chapter for Bowhead, which has established itself as a fast-growing specialty insurer

focused on excess & surplus (E&S) and specialty commercial lines while maintaining

disciplined underwriting performance. American Family has been Bowhead's long-

standing strategic partner and primary capacity provider, making the transaction a

natural extension of an existing relationship. Bowhead CEO Stephen Sills is expected

to continue leading the business following the close, supporting continuity for the

franchise. The transaction is subject to customary regulatory and shareholder

approvals and is expected to close in the first half of 2027.

2Q26 Earnings Reaction: Overall growth appears to be holding up in the overall