Bowhead Specialty (BOW) investor relations material

Executive summary

• Supplemental disclosures amend the October 14, 2026 proxy statement regarding the proposed merger and address allegations about proxy disclosures; the supplement disclaims any admission of liability or materiality.

• The special meeting is scheduled for November 13, 2026, at 9:00 a.m. Eastern, in virtual-only format.

• Ardea’s illustrative implied value ranges were $25.58–$48.57 per share using 2026E EPS of $2.30, and $26.19–$62.14 using 2027E EPS of $2.75.

• Ardea disclosed a $2.25 million fee paid by Gallatin Point in February 2026 for advice on its strategic partnership with Capital Constellation, an investment platform managed by Wafra.

Voting matters and shareholder proposals

• Stockholders will vote on adopting the August 2, 2026 Merger Agreement and approving the merger and related transactions.

• Stockholders who already submitted a proxy need take no action unless they wish to revoke or change it; others are urged to submit proxies promptly.

Board of directors and corporate governance

• On July 30, 2026, the Board adopted an updated business plan and projections reflecting the ceded reinsurance program effective May 1, 2026.

• A June 8, 2026 confidentiality agreement with Party B had a standstill that fell away upon signing the merger agreement; neither that agreement nor the American Family agreement had “don't ask, don't waive” provisions.