AM Best Comments on Credit Ratings of American Family Insurance Group’s Affiliates and Its Subsidiaries Following Announced Acquisition of Bowhead Specialty Holdings Inc.

OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has commented that the Credit Ratings (ratings) of American Family Insurance Group’s affiliates (American Family) (headquartered in Madison, WI) and its subsidiaries remain unchanged following its announcement that it will acquire the remaining outstanding shares of Bowhead Specialty Holdings Inc. (Bowhead) [NYSE: BOW], a specialty property/casualty insurer operating in both admitted and non-admitted markets.

The transaction is expected to complement American Family’s existing commercial business and provide additional diversification to its business profile. The transaction values Bowhead at approximately $1.2 billion and American Family’s purchase of the remaining shares that it doesn’t currently own is expected to be funded with assets on hand. The transaction is modest relative to American Family’s overall operations, and AM Best does not expect that it will affect the company’s balance sheet strength or operating performance materially over the near to intermediate terms. The transaction is expected to close in the fourth quarter of 2026 and is subject to certain regulatory approvals and other customary closing conditions.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2026 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.