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Bowhead Specialty acquired by American Family Mutual Insurance: fairness opinion

Announced August 3, 2026 · Merger · SC 13E3 filed August 31, 2026
Outsourced Services Medical Liability Insurance Filing detail pending
Enterprise value
$1.2B
EV / LTM EBITDA
15.2x
EBITDA $78.7M · 13% margin
EV / LTM revenue
1.96x
revenue $612M
DCF discount rate
7.5%–11.5%

Deal terms

Consideration—
Price per share—
Premium—
Premium basis—
StructureMerger
Termination fee—
Reverse termination fee—
Go-shopNone
Outside date—
FilingSC 13E3 · EDGAR index
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Management projections

Projection yearYear 1Year 2Year 3CAGR
Revenue$672M$781M$926M17.4%
Revenue growth9.8%16.2%18.5%
EBITDA————
EBITDA growth———
EBITDA margin———
Implied EV / EBITDA———

Year-1 growth is against LTM at announcement ($612M revenue, $78.7M EBITDA); later years are year over year.

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