Bowhead Specialty Holdings, a specialty property & casualty insurer, filed on Friday with the SEC to raise up to $100 million in an initial public offering.
Bowhead Specialty is an insurer focused on providing "craft" solutions in its specialty lines and classes of business. In 2023, the company wrote $508 million in gross written premiums across its three underwriting divisions: casualty, professional liability, and healthcare. Its products are primarily written on an excess & surplus basis, which gives the company flexibility of rate and policy form. Bowhead originates business on the paper of its strategic partner American Family Insurance (AmFam) through Bowhead Specialty Underwriters writing policies issued by AmFam under the name of AmFam and reinsure 100% of the insurance business originated to Bowhead Insurance Company, its wholly-owned insurance company subsidiary.
The New York, NY-based company was founded in 2020 and booked $283 million in revenue for the 12 months ended December 31, 2023. It plans to list on the NYSE under the symbol BOW. Bowhead Specialty Holdings filed confidentially on December 21, 2023. J.P. Morgan, Morgan Stanley, and Keefe Bruyette Woods are the joint bookrunners on the deal. No pricing terms were disclosed.
