Bowhead Specialty Holdings, a specialty property & casualty insurer, raised $128 million by offering 7.5 million shares at $17, above the range of $14 to $16. The company offered 0.9 million more shares than anticipated.
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 plans to list on the NYSE under the symbol BOW. J.P. Morgan, Morgan Stanley, and Keefe Bruyette Woods acted as joint bookrunners on the deal.
