Bowhead Specialty (BOW) investor relations material

Executive summary

• Announced entry into an Agreement and Plan of Merger with American Family Mutual Insurance Company and its subsidiary, marking a significant milestone for both organizations.

• Emphasized Bowhead's growth, disciplined underwriting, and innovation as key drivers for the merger.

• American Family has supported Bowhead since 2020, evolving from investor to strategic partner to acquirer.

• Commitment to supporting Bowhead's profitable growth, culture, and market strengths post-transaction.

• Forward-looking statements highlight expectations for the transaction and future performance, subject to various risks and uncertainties.

Voting matters and shareholder proposals

• Completion of the merger is contingent on Bowhead stockholder approval and satisfaction of closing conditions.

• Proxy statement and Schedule 13E-3 will be filed with the SEC for stockholder review and voting.

Risk oversight and compliance

• Transaction faces risks including regulatory approvals, potential delays, interloper risk, and possible legal proceedings.

• Risks related to management distraction, business disruption, and impacts on relationships with insureds are noted.

• Additional risk factors are detailed in Bowhead's annual and quarterly SEC filings.

• Forward-looking statements are qualified by cautionary language and are subject to change.