Bowhead Specialty Holdings, a specialty property & casualty insurer, announced terms for its IPO on Monday.
The New York, NY-based company plans to raise $100 million by offering 6.7 million shares at a price range of $14 to $16. At the midpoint of the proposed range, Bowhead Specialty Holdings would command a fully diluted market value of $473 million.
Bowhead Specialty is an insurer focused on providing "craft" solutions in its specialty lines and classes of business. In the 12 months ended March 31, 2024, the company wrote $550 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.
Bowhead Specialty Holdings was founded in 2020 and booked $315 million in revenue for the 12 months ended March 31, 2024. It plans to list on the NYSE under the symbol BOW. J.P. Morgan, Morgan Stanley, and Keefe Bruyette Woods are the joint bookrunners on the deal. It is expected to price during the week of May 20, 2024.
