Bowhead agreed to be acquired by American Family for $34.00 per share in cash, a transaction valued at about $1.2 billion, as Piper Sandler downgraded the stock and a law firm opened an investigation.
Bowhead Specialty Holdings Inc. reported second-quarter 2026 net income of $16.1 million, or $0.48 per diluted share, while gross written premiums rose 28.2% to $297.9 million. The company also agreed to be acquired by American Family Mutual Insurance in an all-cash deal worth about $1.2 billion, and Piper Sandler downgraded Bowhead to Neutral after the announcement. Ademi LLP said it is investigating the transaction for possible fiduciary-duty breaches and other legal violations.