# EDGAR Filing Document

**Accession Number:** 0000351040
**File Stem:** 0000351040-25-000006
**Filing Date:** 2025-8
**Character Count:** 13409
**Document Hash:** e89b97da4e14cc24e0d901b7c03ff100
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000351040-25-000006.hdr.sgml**: 20250804

**ACCESSION NUMBER**: 0000351040-25-000006

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13G/A

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20250804

**DATE AS OF CHANGE**: 20250804

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Bowhead Specialty Holdings Inc.
- **CENTRAL INDEX KEY:** 0002002473
- **STANDARD INDUSTRIAL CLASSIFICATION:** FIRE, MARINE & CASUALTY INSURANCE [6331]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13G/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-94669
- **FILM NUMBER:** 251181879

**BUSINESS ADDRESS:**
- **STREET 1:** 452 5TH AVENUE
- **STREET 2:** 24TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10018
- **BUSINESS PHONE:** 2129700269

**MAIL ADDRESS:**
- **STREET 1:** 452 5TH AVENUE
- **STREET 2:** 24TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10018

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Bowhead Holdings Inc.
- **DATE OF NAME CHANGE:** 20231128
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AMERICAN FAMILY MUTUAL INSURANCE COMPANY, S.I.
- **CENTRAL INDEX KEY:** 0000351040
- **STANDARD INDUSTRIAL CLASSIFICATION:** ACCIDENT & HEALTH INSURANCE [6321]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 390273710
- **STATE OF INCORPORATION:** WI
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13G/A

**BUSINESS ADDRESS:**
- **STREET 1:** 6000 AMERICAN PARKWAY
- **CITY:** MADISON
- **STATE:** WI
- **ZIP:** 53783
- **BUSINESS PHONE:** 6082492111

**MAIL ADDRESS:**
- **STREET 1:** 6000 AMERICAN PARKWAY
- **CITY:** MADISON
- **STATE:** WI
- **ZIP:** 53783

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AMERICAN FAMILY MUTUAL INSURANCE CO
- **DATE OF NAME CHANGE:** 19990513

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13G

### Under the Securities Exchange Act of 1934

**(Amendment No. 2)**

**Issuer:** Bowhead Specialty Holdings Inc.

**Title of Class of Securities:** Common Stock, par value $0.01 per share

**CUSIP Number:** 10240L102

**Date of Event Which Requires Filing of this Statement:** 06/30/2025

**Check the appropriate box to designate the rule pursuant to which this Schedule is filed:**

- [ ] Rule 13d-1(b)

- [ ] Rule 13d-1(c)

- [x] Rule 13d-1(d)

---

| 1. | Names of Reporting Persons<br>AMERICAN FAMILY MUTUAL INSURANCE COMPANY, S.I. | Names of Reporting Persons<br>AMERICAN FAMILY MUTUAL INSURANCE COMPANY, S.I. |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>WI | Citizenship or Place of Organization<br>WI |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>5023778.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>5023778.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>5023778.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>5023778.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>15.2% | Percent of Class Represented by Amount in Row (9)<br>15.2% |
| 12. | Type of Reporting Person (See Instructions)<br>IC | Type of Reporting Person (See Instructions)<br>IC |

**Comment for Type of Reporting Person:** Includes 322,850 shares of common stock issuable upon the exercise of warrants due to the vesting of the first tranche thereunder on May 23, 2025. The percent of class was calculated based on 32,662,683 shares of common stock outstanding as of May 6, 2025, as disclosed in the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission as well as the 322,850 shares of common stock issuable upon the exercise of warrants referred to above.

---

| 1. | Names of Reporting Persons<br>American Family Insurance Mutual Holding Co | Names of Reporting Persons<br>American Family Insurance Mutual Holding Co |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>WI | Citizenship or Place of Organization<br>WI |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>5023778.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>5023778.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>5023778.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>5023778.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>15.2% | Percent of Class Represented by Amount in Row (9)<br>15.2% |
| 12. | Type of Reporting Person (See Instructions)<br>IC | Type of Reporting Person (See Instructions)<br>IC |

**Comment for Type of Reporting Person:** Includes 322,850 shares of common stock issuable upon the exercise of warrants due to the vesting of the first tranche thereunder on May 23, 2025. The percent of class was calculated based on 32,662,683 shares of common stock outstanding as of May 6, 2025, as disclosed in the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission as well as the 322,850 shares of common stock issuable upon the exercise of warrants referred to above.

---

| 1. | Names of Reporting Persons<br>AmFam Holdings, Inc. | Names of Reporting Persons<br>AmFam Holdings, Inc. |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>WI | Citizenship or Place of Organization<br>WI |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>5023778.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>5023778.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>5023778.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>5023778.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>15.2% | Percent of Class Represented by Amount in Row (9)<br>15.2% |
| 12. | Type of Reporting Person (See Instructions)<br>CO | Type of Reporting Person (See Instructions)<br>CO |

**Comment for Type of Reporting Person:** Includes 322,850 shares of common stock issuable upon the exercise of warrants due to the vesting of the first tranche thereunder on May 23, 2025. The percent of class was calculated based on 32,662,683 shares of common stock outstanding as of May 6, 2025, as disclosed in the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission as well as the 322,850 shares of common stock issuable upon the exercise of warrants referred to above.

---

**Item 1(a). Name of Issuer:**
Bowhead Specialty Holdings Inc.

**Item 1(b). Address of Issuer's Principal Executive Offices:**
452 5TH AVENUE, 24TH FLOOR, NEW YORK, NEW YORK, 10018.

**Item 2(a). Name of Person Filing:**
(i) American Family Mutual Insurance Company, S.I., a Wisconsin stock insurance corporation ("AFMIC");
(ii) AmFam Holdings, Inc a Wisconsin business corporation ("Holdings"); and
(iii) American Family Insurance Mutual Holding Company, a Wisconsin mutual insurance holding company ("Parent" and together with AFMIC and Holdings, the "Reporting Persons").

AFMIC is the direct holder of the securities listed in this Schedule 13G and a wholly owned subsidiary of Holdings, which is a wholly owned subsidiary of Parent.  Accordingly, Holdings and Parent may each be considered a beneficial owner of the shares of common stock owned directly by AFMIC.

**Item 2(b). Address of Principal Business Office:**
6000 American Parkway, Madison, WI 53783

**Item 2(c). Citizenship:**
United States

**Item 2(d). Title of Class of Securities:**
Common Stock, par value $0.01 per share

**Item 2(e). CUSIP Number:**
10240L102

**Item 3. If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:**

(a) [ ] Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o).

(b) [ ] Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).

(c) [ ] Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c).

(d) [ ] Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8).

(e) [ ] An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);

(f) [ ] An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);

(g) [ ] A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);

(h) [ ] A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);

(i) [ ] A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);

(j) [ ] A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), if filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:

(k) [ ] Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).

**Item 4. Ownership:**

**(a) Amount beneficially owned:**

5,023,778

**(b) Percent of class:**

15.2%

**(c) Number of shares as to which the person has:**

**(i) Sole power to vote or to direct the vote:**

0

**(ii) Shared power to vote or to direct the vote:**

5,023,778

**(iii) Sole power to dispose or to direct the disposition of:**

0

**(iv) Shared power to dispose or to direct the disposition of:**

5,023,778

**Item 5. Ownership of Five Percent or Less of a Class.**

[ ] If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following.

**Item 6. Ownership of More than 5 Percent on Behalf of Another Person.**

Not Applicable

**Item 7. Identification and Classification of the Subsidiary**

Not Applicable

**Item 8. Identification and Classification of Members of the Group**

GPC Partners Investments (SPV III) LP ("GPC") and AFMIC are parties to a Voting Agreement, dated May 22, 2024, and accordingly the Reporting Persons and GPC may be deemed to be members of a "group", as defined in Rule 13d-5 of the Act.  The share ownership reported herein does not include any shares of the common stock owned by GPC and beneficial ownership of any shares of the common stock owned by GPC to the extent GPC and the Reporting Persons may be deemed to be members of a group.

**Item 9. Notice of Dissolution of Group**

Not Applicable

**Item 10. Certification:**

—

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**AMERICAN FAMILY MUTUAL INSURANCE COMPANY, S.I.**

**Date:** 07/28/2025

**By:** /s/ Troy Van Beek

**Name & Title:** Chief Financial Officer

**American Family Insurance Mutual Holding Co**

**Date:** 07/28/2025

**By:** /s/ Troy Van Beek

**Name & Title:** Chief Financial Officer

**AmFam Holdings, Inc.**

**Date:** 07/28/2025

**By:** /s/ Troy Van Beek

**Name & Title:** Chief Financial Officer