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August 3, 2026

Willkie is advising American Family Insurance on its approximately $1.2 billion acquisition of Bowhead Specialty Holdings Inc. (NYSE: BOW), a growing specialty insurance business providing casualty, professional liability and healthcare liability insurance products.
 
On August 3, American Family announced that it and Bowhead Specialty entered into a definitive agreement pursuant to which American Family has agreed to acquire all of the issued and outstanding shares of common stock of Bowhead Specialty that it does not currently own for $34.00 per share in cash for a total transaction value of approximately $1.2 billion.
 
Willkie previously represented American Family, a shareholder and co-founder of Bowhead Specialty, in connection with Bowhead Specialty’s initial public offering and secondary offering in 2024.
 
American Family Insurance is a mutual holding company based in Madison, Wisconsin, that is the nation’s 12th-largest property/casualty insurance company, ranking No. 226 on the Fortune 500 list.

The Willkie team is led by partners David Luce, Brian Hamilton and John Karol and includes partners Stephanie Duchene and Mark Holdsworth and an associate team led by Steve Ahn.