Bowhead Specialty (BOW) Proxy filing summary

Executive summary

• Entered into a definitive merger agreement to be acquired by American Family Insurance, a top U.S. property and casualty insurer with nearly 100 years of experience.

• Transaction approved by the board and subject to stockholder and regulatory approvals, with closing targeted before the end of 2026.

• Bowhead will operate as a standalone entity within American Family, retaining its name, brand, and headquarters in New York.

• Stockholders to receive $34.00 in cash per share upon closing; shares will no longer trade on the NYSE post-transaction.

• No immediate changes to employee roles, compensation, or benefits; incentive programs remain in place for 2026.

Voting matters and shareholder proposals

• Stockholder approval is required for the merger to proceed.

• Proxy statement and related materials will be filed with the SEC and distributed to stockholders for voting.

Board of directors and corporate governance

• Board of Directors approved the merger agreement.

• Stephen Sills will continue as CEO and President post-merger.

• Directors and executive officers may be deemed participants in the proxy solicitation.