EXHIBIT (C)(10)
Published on August 31, 2026
Exhibit (c)(10)
Discussion Materials Prepared for: March 13, 2026
Table of Contents 1. Discussion Materials Page 2 PRIVATE AND CONFIDENTIAL 2.
Bowhead Materials 3. Appendix
Executive Summary Page 2 PRIVATE AND CONFIDENTIAL Bowhead is a natural target for
AmFam to expand its commercial lines business AmFam’s organic growth in commercial lines is challenged by market conditions and current capabilities AmFam is well-positioned to purchase Bowhead (knowledge of business, existing commercial
agreements and ownership position) Key transaction considerations include retention of management, reserves and impact on AmFam’s exclusive agents Public specialty universe faces valuation headwinds even as companies post attractive financial
results Investors cautious to negative on the sector given turn in pricing cycle and expectation of continued softening in rates Bowhead faces a difficult environment to drive its stock higher as an independent company To date there has been
limited interest in Bowhead from potential competing acquirers but the Bowhead board will want to do a market check with other potential buyers
Discussion Materials Page 2 PRIVATE AND CONFIDENTIAL
Impact on American Family Exclusive Agents The acquisition of Bowhead should be a
neutral to modestly positive opportunity for AmFam’s exclusive agents No Conflicts: Business written by AmFam’s exclusive agents is fundamentally different from Bowhead’s specialty book Personal vs. commercial lines Admitted vs.
non-admitted Retail vs. wholesale (mostly) distribution No change in AmFam support for exclusive agents Helpful to AmFam’s Overall Market Position: Stronger competitive and financial profile helps support EAs Increase scale and improve
diversification across multiple dimensions Balance reserve position and reduce volatility Access to surplus lines and specialty markets Future Opportunity: Potential medium-term upside for AmFam exclusive agents Submit small commercial
accounts to Baleen through internal wholesaler Non-admitted homeowners product? Potential Benefits to AmFam Agents Bowhead Brand: Maintain or consolidate under AmFam AmFam precedents and strategy (e.g., Homesite) Value of AmFam brand vs.
Bowhead in E&S Maintaining separate brands limits impact to AmFam agents (+/-) Mutual peers with specialty arms generally started with separate brands and ultimately consolidated Distribution: Using internal wholesaler to funnel
business Agent education on Bowhead products and appetite Potential for additional investment in internal wholesaler Cincinnati Financial example Product Expansion: Explore expanded product offerings Severe weather driving more homeowners
into the non-admitted market Small commercial opportunity with AmFam agents Leveraging AmFam’s property expertise to expand Bowhead’s product portfolio Key Go-Forward Considerations Page 2 PRIVATE AND CONFIDENTIAL
Source: S&P Global Market Intelligence, AM Best, company filings and press
releases. Page 6 Excludes A&H. Excludes international business. Top 20 P&C Mutual Companies Outside of the Farm Bureau companies, most of the largest P&C mutual companies have a specialty and/or E&S business P&C Mutuals
with Specialty Platforms $ in millions LTM DPW by Line1 DPW 9/30/25 Personal Comm'l 2024 9/30/25 Rank Company Name LTM DPW DPW % DPW % E&S US DPW Surplus Specialty Commentary 1 State
Farm $114,014 93% 7% $45 $158,453 2 Liberty Mutual 2 $42,620 51% 49% $2,252 $37,049 Large, global specialty business 3 American Family $17,977 88% 12% $626 $12,012 Bowhead
partnership 4 Nationwide $16,792 54% 46% $2,948 $22,555 Scottsdale is long time E&S business 5 Auto-Owners $16,638 58% 42% $561 $17,340 Acquired E&S business in 2015 6 FM
Global $7,189 0% 100% $188 $27,943 Fundamentally a specialty, commercial business 7 Sentry $5,412 62% 38% $11 $8,434 Outside of NSA, a collection of specialty businesses 8 COUNTRY $3,645 85% 15% - $4,291 9 Westfield
2 $3,364 34% 66% $607 $3,323 Started US E&S business and acquired Lloyd's syndicate 10 Acuity Mutual $3,362 34% 66% - $3,525 11 Federated $3,138 9% 91% $1 $6,385 Broad commercial appetite including
specialty 12 Amica $3,120 95% 5% - $3,010 13 Shelter $3,099 80% 20% $7 $2,505 14 Farm Bureau FS $2,792 81% 19% - $1,835 15 AF Group $2,752 1% 99% $800 $2,035 Specialty, program writer (announced sale) 16 West
Bend $2,350 31% 69% - $1,811 Long standing specialty division (NSI) 17 Alfa Mutual $2,319 94% 6% - $1,624 18 Texas Farm Bureau $2,270 90% 10% - $975 19 EMC Insurance $2,175 9% 91% - $1,920 20 Tennessee
Farmers $2,156 91% 9% - $3,877 Farm Bureau Affiliated Companies
Company 9/30/25 Surplus Total Premium1 US Specialty Premium1 2024 E&S
DPW Specialty Business Overview History and Current Strategy $37B $38B $6.7B $2.3B Global specialty platform Casualty, environmental and property offered through Lloyd’s Syndicate 4472 Liberty acquired Ironshore in 2017 to bolster
non-admitted capabilities Rebranded brands by distribution channel in 2022: Ironshore for wholesale and Liberty Mutual for retail/brokerage business $23B $17B $4.7B $2.9B Broad suite of specialty products and large portfolio of programs
($1B+) US-focused Nationwide acquired its E&S and specialty platform, Scottsdale Insurance, in the 1980s Transitioned Scottsdale to the Nationwide brand in 2016, but business remains intact $17B $16B $575M $561M Offer commercial
property and GL, auto dealers, inland and ocean marine US-focused; distributes exclusively through MGAs Auto-Owners acquired Strickland and its E&S subsidiary Atlantic Casualty in January 2016 Today, Atlantic Casualty offers specialty
commercial insurance sold and serviced via wholesale agents with binding authority $8.4B $5.4B $2.0B2 $11M Offer NSA, workers’ comp, manufacturing, equip/auto dealers, Florists Mutual and other specialty comm’l Broad distro (IA, wholesale,
employee agents, direct) Distribution specific to unit Group of distinct specialty business units Affiliated with Florists Mutual in 2020 and continue to run as standalone operation Launched specialty unit recently targeting niche lines
(incl. E&S DPW); very small Acquired The General, non-standard auto business, in 2025 $3.3B $3.1B $734M $607M Offerings include excess casualty, property, and professional lines Writing in US, UK & Dubai International
represents ~45% of specialty GPW Hired Jack Kuhn, a long-time specialty insurance executive, in 2021 to launch specialty business Acquired Lloyd’s Syndicate 1200 in 2023 Hired cyber team at the end of 2025. Will launch Luxembourg subsidiary
in 2026 to write alongside Lloyd’s 1200 Source: S&P Global Market Intelligence, company filings. Premium metric differs slightly by company; based on what is publicly disclosed/available for the specialty business and kept consistent across
specialty and total premium columns (e.g., if specialty DPW is disclosed, total premium reflects total direct written premium); Liberty Mutual reflects 2024 US NPW; Nationwide, Auto-Owners and Sentry reflect 2024 DPW; Westfield reflects 2024 US
GPW. Page 7 PRIVATE AND CONFIDENTIAL Estimated using commercial lines business, excludes non-standard auto business (The General). Mutual Companies with Meaningful E&S Presence
Page 8 PRIVATE AND CONFIDENTIAL Source: S&P Global Market Intelligence, AM
Best, company filings and press releases. Note: Organized by market cap/surplus. Statutory data at or for the twelve months ended September 30, 2025. Market capitalization as of 3/11/2026; share count for the twelve months ended December 31,
2025. Other Commercial Opportunities - Public Company CEO Ownership AM Best Rating Key Statistics1,2 Description Andrew Robinson Public (NASDAQ: SKWD) A Market Cap: $2.0B Surplus: $844M DPW: $1.6B Specialty carrier delivering
commercial P&C products on an admitted and non-admitted basis, primarily in U.S. Operate through eight underwriting divisions: A&H, Captives, Global Property & Agriculture, Industry Solutions, Prof. Lines, Programs, Surety and
Transactional E&S Dan Burrows Public (NYSE: FIHL) A Market Cap: $1.7B GWP: $4.7B Bermuda-domiciled global carrier Origination conducted through an MGU separated prior to the IPO; maintain a strategic partnership Offer property;
marine; aviation & aerospace; cyber; energy; political risk violence & terror; asset-back finance & portfolio credit; other insurance; reinsurance Katherine Antonello Public (NYSE: EIG) A Market Cap: $772M Surplus: $960M DPW:
$768M Former Nevada state fund, converted and went public ~20 years ago Mono-line workers’ comp issuer focused on low-to- medium hazard risk small businesses Recently launched an excess workers’ comp product for large, self-insureds in
February 2026 U.S. Business Mary Boyd (Hiscox USA) Hiscox Ltd. (LSE: HSX) A Surplus: $641M DPW: $701M Chicago, IL-based specialty insurer focused on SMEs Writes specialty commercial coverages through independent agents and digital
partners Risks incl. small business, media and entertainment, executive risk, kidnap and ransom, casualty and cyber Very limited standard commercial lines targets; small universe of public specialty targets
Other Commercial Opportunities - Private Page 9 PRIVATE AND CONFIDENTIAL Source:
S&P Global Market Intelligence, AM Best, company filings and press releases. Note: Organized by surplus. (1) Statutory data at or for the twelve months ended September 30, 2025. (2) YE 2024. (3) Mosaic Lloyd’s Syndicate 1609. Capacity
represents the gross premium limit supported by member capital. Private options inclu de a broa d range of size and speci alizations Company CEO Ownership AM Best Rating Key Statistics1 Description Jeff Consolino PE-Backed SkyKnight
Capital A Surplus: $1.2B2 DPW: $2.4B2 Cincinnati, OH-based specialty P&C insurer Offer a diversified range of products for small to mid- sized businesses across 4 major categories: property/short tail, specialty casualty, fronted
programs, bond/credit/guarantee Jonathan Ritz PE-Backed Towerbrook and Further Global A- Surplus: $819M DPW: $1,483M Morristown, NJ-based specialty P&C insurer fka ProSight Offers specialty products across property, casualty, and
professional lines Likely to test market in 2026 (strategic sale and IPO) Elizabeth Monrad Family-Owned Linton Family A Surplus: $589M DPW: $351M Hartford, CT-based specialty P&C insurer focused on small to mid-sized businesses Offers
property, primary casualty, excess casualty, inland marine and garage liability Mitch Blaser & Mark Wheeler PE-Backed Golden Gate A+ Capacity: $324M2,3 DPW: $330M2,3 Bermuda-based global specialty insurer Focused on complex risks in
cyber, M&A liability, political risk, political violence, financial institutions, professional liability, and environmental liability Joe Kavanaugh Investor Group HF Capital, Bonhill Capital, WT Holdings A- Surplus: $216M DPW:
$252M Richmond, VA-based specialty E&S insurer focused on small and mid-size businesses Offers casualty, excess casualty, commercial property, inland marine, professional liability and BOP through wholesalers Todd Hart PE-Backed Newlight
Partners A- Surplus: $209M DPW: $480M Dallas, TX-based E&S specialist focused on property, casualty and prof. liability for small to mid-sized risks Offers excess casualty through wholesalers for the public entity, cyber, transportation
and construction sectors John Swigart PE-Backed Allianz X, Centerbridge, Gallatin Point, WTM A- Surplus: $100M DPW: $444M Denver, CO-based insurer specializing in workers’ compensation insurance services Additional offerings include
business owner, commercial auto, general liability, E&O, and cyber Reagan Pufall VC-Backed Agman A- Surplus: $74M DPW: $187M Omaha, NE-based monoline writer of workers’ compensation Target small to mid-sized businesses, with employee
counts between 10 and 50
Page 10 PRIVATE AND CONFIDENTIAL Source: S&P Global Market Intelligence, AM
Best, company filings and press releases. Note: Organized by surplus. (1) Statutory data at or for the twelve months ended September 30, 2025. (2) Pro-forma of $40M of senior notes issued November 2025. Other Commercial Opportunities -
Fronting Company CEO Ownership AM Best Rating Key Statistics1 Description Jerome Breslin PE-Backed Pine Brook Partners A- Surplus: $278M DWP: $1.8B Charlotte-based specialty fronting carrier focused on program business across both
admitted and non-admitted markets partnering with MGAs Portfolio spans 34 active programs including homeowners, commercial auto, and other liability, distributed through 28 MGA partners Bill Jewett PE-Backed Genstar A- Surplus: $132M2 DPW:
$894M NYC-based hybrid fronting carrier Supports primary and excess P&C insurance programs on both an admitted and non-admitted basis (targets ~5- 10% risk retention on each program) Darwin Lucas Subsidiary of Octave Specialty (NYSE:
OSG) A- Surplus: $120M DWP: $328M NYC-based participating fronting and specialty program carrier operating on both admitted and non-admitted platforms, supported by MGAs Broad product risk appetite includes comm auto, GL, surety, workers’
comp, personal auto and comm APD Target 10-25% risk retention per program (up to 30%) Fronting carriers have proliferated along with the rise of MGAs
Page 11 PRIVATE AND CONFIDENTIAL Note: Size ranking based on most recent publicly
available surplus. Commercial Opportunities: Size and Underwriting Larger Smaller Underwriting Underwriting US Business
Bowhead Materials Page 12 PRIVATE AND CONFIDENTIAL
$ in millions BOW Illustrative Per Share Purchase
Price Metric $26.00 $28.00 $30.00 $32.00 $34.00 Premium to Current Price $22.34 16.4% 25.3% 34.3% 43.2% 52.2% Fully Diluted Equity Purchase Price - $876 $943 $1,011 $1,078 $1,145 AmFam Cash Outlay for Remaining
86% - $777 $835 $893 $951 $1,009 Transaction Multiples Price / 2026E PF BVPS $14.87 1.75x 1.88x 2.02x 2.15x 2.29x Price / 2026E PF TBVPS $14.87 1.75x 1.88x 2.02x 2.15x 2.29x Price / 2026E PF
EPS $2.69 9.7x 10.4x 11.2x 11.9x 12.7x Price / 2027E PF EPS $3.31 7.9x 8.5x 9.1x 9.7x 10.3x Analysis at Various Prices Page 12 PRIVATE AND CONFIDENTIAL Source: Company management internal financial model as of September 24,
2025. Note: Current price as of 3/11/2026.
Page 14 PRIVATE AND CONFIDENTIAL Source: 2025E – 2028E from company management
internal financial model as of September 24, 2025. 2029E-2031E represents KBW projections based on management model. (1) Pro forma net income divided by AmFam cash outlay for remaining 86% of Bowhead. Pro Forma Bowhead Projections KBW
extrapolated projections through 2031E based on Bowhead management 2026-2028E assumptions, slightly modified for conservatism Underwriting income declines from 2026-2028 as fronting fee ramps to full 5%; assumes operating efficiencies drive
expense ratio improvements 2026-2028E Adjustments reflect base case and reflect most obvious / immediate synergies achieved upon close Likely to identify additional synergies during diligence, which could include: Operational synergies
(centralized payroll, HR, finance, IT, etc.) Cost of incremental capital raises required in status quo scenario Ability to refinance $150M of outstanding debt at lower cost of capital (7.75% coupon is ~$12 pre- tax million
annually) Commentary ($ in millions) Closing 2026E Projections 5-Yr Avg/ CAGR 2027E 2028E 2029E 2030E 2031E Gross Written Premiums $1,041 $1,220 $1,373 $1,510 $1,623 $1,704 10.4% Underwriting
Income $15 $7 $9 $11 $14 $17 2.3% Net Investment Income $82 $99 $108 $109 $125 $140 11.5% Operating Income Interest Expense Warrant
Expense $97 $12 $3 $106 $12 $3 $116 $12 $3 $120 $12 $3 $139 $12 $4 $157 $12 $4 10.2% Pre-Tax Income Less: Taxes $82 $18 $91 $20 $101 $22 $105 $23 $123 $27 $142 $31 11.6% Net
Income $64 $71 $79 $82 $96 $111 11.6% KBW Research Estimates $70 $84 - - - - 67.3% 32.0% Underwriting Ratios Loss Ratio Expense Ratio 66.5% 31.3% 67.5% 32.1% 67.5% 32.5% 67.5% 32.2% 67.5% 32.0% 67.5% 31.7% Combined
Ratio 97.8% 99.6% 100.0% 99.7% 99.5% 99.2% 99.3% Bowhead's Pro Forma Net Income Post-Acquisition by AmFam Net Income $64 $71 $79 $82 $96 $111 11.6% (+) After-tax Fronting Fee (+) After-tax Public Co. Costs (+) After-tax Warrant
Expense $23 $2 $2 $36 $2 $2 $46 $3 $2 $51 $3 $2 $55 $3 $2 $57 $3 $2 Pro Forma Net Income Pro Forma ROAE $90 19.3% $111 17.8% $129 15.8% $137 14.4% $155 14.2% $173 13.7% 13.8% 15.2% Simple ROI @ $30 Price/Share
1 Cumulative Payback @ $30 Price/Share 1 12.5% 12.5% 14.5% 27.0% 15.4% 42.3% 17.4% 59.7% 19.3% 79.1%
Illustrative Returns Analysis: AmFam Acquires Remaining BOW Shares at
12/31/2026 Illustrative Closing Date: 12/31/2026 Initial Investment = fully diluted equity purchase price (@ $30.00 per share) * current equity AmFam does not own (~86%) Terminal value = 2031E pro forma book value (conservative
assumption) Opportunity for AmFam to make strong return through strong organic growth and potential synergies realized through an acquisition Analysis below does not reflect AmFam investment/return to date ($ in millions) At or For the Period
Ended December 31, 2026E 2027E 2028E 2029E 2030E 2031E Pro Forma Results Pro Forma Net Income Pro Forma Equity $90 $501 $111 $752 $129 $882 $137 $1,019 $155 $1,174 $173 $1,347 Returns @ $30.00 Price Per Share Cash to
Acquire Remaining 86% Incremental Capital Contribution Foregone Fronting Fee, Net of Tax Pro Forma Net Income Terminal Value in 2031E (PF Book) ($893) ($140) ($36) $111 ($46) $129 ($51) $137 ($55) $155 ($57) $173 $1,347 Total Cash
Flows ($893) ($65) $83 $86 $101 $1,462 IRR 13.8% ($ in millions) At or For the Period Ended, December 31, 2026E 2027E 2028E 2029E 2030E 2031E Pro Forma Results Pro Forma Net Income Pro Forma
Equity $90 $501 $111 $752 $129 $882 $137 $1,019 $155 $1,174 $173 $1,347 Returns @ $30.00 Price Per Share Cash to Acquire Remaining 86% Pro Forma Net Income Terminal Value in 2031E (PF
Book) ($893) $111 $129 $137 $155 $173 $1,347 Total Cash Flows ($893) $111 $129 $137 $155 $1,519 IRR 21.8% Scenario 1: Includes penalty from foregone fronting fee and incremental capital contribution Scenario 2: Excludes penalty
from foregone fronting fee and incremental capital contribution Page 15 PRIVATE AND CONFIDENTIAL
Illustrative Returns Analysis: Return to AmFam Since Inception Page 15 PRIVATE AND
CONFIDENTIAL Analysis expanded to cash flows since inception of AmFam-BOW relationship including capital contributions, fronting fee and proceeds from AmFam’s sale of shares in 2024 Future cash flow assumptions in line with prior page and
reflect AmFam acquisition of BOW shares at 12/31/26 2026E investment = fully diluted equity purchase price (@ $30.00 per share) * current equity AmFam does not own (~86%) Terminal value = 2031E pro forma book value (conservative
assumption) Includes true cost of 100% of Bowhead, including implied cost of AmFam to acquire current ownership position of 14% AmFam has recouped ~$50M initial investment prior to 2026E transaction Current ownership position provides
meaningful benefit as AmFam’s shares would cost an additional ~$141 million at $30/share ($ in millions) At or For the Year Ended December 31, 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E 2031E Total Return to
AmFam Since Initial Investment 2020 Initial Investment 2023 Capital Call Fronting Fees Received 2024 Follow On Proceeds 2026E Acquisition at $30/share 2027E Incr. Capital Contribution Pro Forma Net Income Terminal Value in 2031 (PF
Book) ($45) $3 $5 ($7) $8 $10 $33 $19 $29 ($893) ($140) $111 $129 $137 $155 $173 $1,347 Total Cash Flows ($45) $3 $5 $0 $43 $19 ($864) ($29) $129 $137 $155 $1,519 IRR 18.4%
Potential Buyers Page 15 PRIVATE AND CONFIDENTIAL The potential buyer universe
for Bowhead is limited for several reasons: Size and valuation of the business ROE / TBV dilution limit ability of publicly-traded specialty peers to pay premium to current price, even with decline in stock price Many potential US P&C
companies have overlapping specialty platforms creating potential for significant negative synergies and disruption The remaining potential buyer groups have shown limited interest to date Asian buyers Bowhead could serve as U.S.
platform Limited interest to date; hard to predict timing Mortgage insurers Capital efficiency in writing MI and P&C onto the same balance sheet Radian acquired Inigo and others exploring broad range of potential transactions Other
P&C mutuals Most P&C mutuals are looking to diversify businesses by growing commercial lines Bowhead’s ties to AmFam likely a mild deterrent Smaller commercial players Some smaller commercial players have expressed interest in a
reverse merger with BOW Complex transaction with execution risk and not consistent with public market investor expectations
Appendix Page 15 PRIVATE AND CONFIDENTIAL
Page 19 PRIVATE AND CONFIDENTIAL Source: S&P Global Market Intelligence and
FactSet. Note: Companies ordered by market cap. (1) Net Income / Average Common Equity. (2) (Net Income + After-Tax Interest + Preferred Dividends) / Average Capital (Common + Preferred Equity + Debt). Selected Specialty Companies: ROAE Metrics
– Last Three Years 19.5% 14.6% 20.5% 33.6% 18.5% NM NA 18.2% 22.2% 16.9% 20.3% 32.3% 23.5% 23.6% 19.6% 17.1%16.3% 13.0% 13.6% 19.7% 12.3% 18.1% 29.3% 24.4% 23.6% 18.9% 9.3% 4.6% 14.4% 13.1% 2023 Avg: 20.7% 2024 Avg:
18.2% 2025 Avg: 18.3% Unlevered Return on Average Equity2 14.8% 11.9% 21.4% 17.4% 13.7% NM NA 18.2% 17.2% 13.9% 16.1% 16.1% 28.6% 28.8% 18.9% 14.8% 13.4% 13.8% 15.7% 10.5% 14.3% 26.6% 22.3%
23.2% 17.3% 8.5% 4.7% 14.7% 11.5% 2023 Avg: 17.8% 2024 Avg: 16.4% 23.6% 2025 Avg: 16.6% = 2023 = 2024 = 2025 The unlevered ROAE metric removes capital structure effects by adding back debt-related costs (interest expense and preferred
dividends) and measuring returns against total capital (common equity plus preferred equity plus debt) Return on Average Equity1
Selected Specialty Companies: Operating ROAE Metrics – Last Three
Years 18.9% 16.3% 21.5% 31.8% 17.6% 21.9% 16.4% 18.0% 19.0% 20.5% 18.0% 20.7% 29.2% 18.3% 22.2% 17.4% 13.4% 15.2% 19.1% 13.5% 18.5% 26.4% 19.4% 25.9% 18.6% 8.5% 5.6% NA 14.7% 13.6% 2023 Avg: 20.2% 2024 Avg:
18.1% 2025 Avg: 17.8% Unlevered Operating Return on Average Equity2 14.5% 13.2% 16.1% 13.2% 15.7% 19.0% 14.7% 16.8% 16.4% 27.1% 26.1% 17.4% 21.4% 15.7% 13.9% 15.4% 16.0% 15.3% 11.5% 14.6% 24.0% 18.5%
20.4% 25.9% 17.0% 5.5% 7.8% NA 14.9% 11.8% 2023 Avg: 17.3% 2024 Avg: 16.3% 2025 Avg: 16.1% = 2023 = 2024 = 2025 Page 20 PRIVATE AND CONFIDENTIAL Source: S&P Global Market Intelligence and FactSet. Note: Companies ordered by
market cap. (1) Net Operating Income / Average Common Equity. (2) (Net Operating Income + After-Tax Interest Expense + Preferred Dividends) / Average Capital (Common + Preferred Equity + Debt). The unlevered operating ROAE metric removes
capital structure effects by adding back debt-related costs (interest expense and preferred dividends) and measuring returns against total capital (common equity plus preferred equity plus debt) Operating Return on Average Equity1
Source: S&P Global Market Intelligence and FactSet as of March 11, 2026. Note:
Companies ordered by market cap. (1) Selected companies include AFG, ASIC, BOW, FIHL, KNSL, MKL, PLMR, RLI, SKWD, and WRB. Page 21 PRIVATE AND CONFIDENTIAL 2.71x 7.99x 4.24x 3.98x 1.71x 2.72x 2.64x 1.40x
1.32x 2.46x 2.20x 4.26x 3.12x 3.37x 2.15x 1.82x 0.78x 0.69x 1.56x 1.63x Selected Specialty Companies: Historical Price / Book Value 3-Year Average vs. Current Price-to-Book
Value 1.25x 1.75x 2.25x 2.75x 3.25x 4.25x 3.75x Mar-23 Sep-23 Mar-24 Sep-24 Mar-25 Sep-25 Mar-26 3-Year Median: 2.59x Current Median: 2.01x Specialty Peer Median1 Price to Book Value Over the Last Three Years Specialty peers
trading at 3-year lows as pricing softens and investors focus on reserve adequacy = 3-Year Average = Current 3-Year Median: 2.59x Current Median: 2.01x
Page 22 PRIVATE AND CONFIDENTIAL Source: S&P Global Market Intelligence and
FactSet as of March 11, 2026. (1) Performance does not include regular or special dividends. (25%) 30% 85% 140% 195% 250% Mar-23 Sep-23 Mar-24 Sep-24 Mar-25 Sep-25 Mar-26 Select Specialty Companies: 3-Year Stock Price
Performance Bowhead IPO SKWD +153% PLMR +119% S&P500 +76% WRB +69% MKL +59% FIHL +34% BOW +31% KNSL +25% ASIC +18% AFG +8% RLI (6%) 3-Year Price Performance1 Very strong specialty performance through mid-2025 driven by favorable
market backdrop and strong investor sentiment PLMR, SKWD and BOW, the newest entrants outperformed the incumbent players driven by strong growth, favorable position within growing E&S and specialty market and increasing margins As price
increases moderate and growth stabilizes, softening market concerns grew BOW’s limited operating history and loss experience to date likely drove outsized price decline
$86.83 $56.97 Source: S&P Global Market Intelligence and FactSet as of March
11, 2026. Page 23 PRIVATE AND CONFIDENTIAL Note: Companies ordered by market cap. Note: Showing high/low stock price since IPO for companies with IPOs within the last three years. (1) Annualized volatility (standard deviation). Selected
Specialty Companies: Stock Price Range – Last Three Years 3-Year Stock Price
Range $281.91 $547.98 $2,191.90 $1,191.46 $78.46 $37.12 $175.67 $47.03 $106.09 $149.08 $65.00 $17.92 $20.66 $11.74 $42.15 $17.00 $24.68 $16.38 Current Price % Below High % Above
Low $1,956.56 $127.30 $360.64 $60.45 $119.91 $45.39 $18.77 $19.98 $22.34 $67.86 (10.7%) (14.6%) (34.2%) (33.2%) (31.7%) (30.2%) (9.1%) (19.0%) (47.0%) (13.5%) 64.2% 20.0% 27.9% 6.1% 155.0% 153.3% 59.9% 22.0% 31.4% 82.8% $90.45 22.5% 39.0% 34.4% 31.3% 73.7% 46.6% Volatility1
22.5% 21.8% 22.0% 38.0%
Market Statistics of Selected Specialty Companies Results at or for the period
ended December 31, 2025. FIHL is pro-forma for their repurchase of 8,597,170 shares of common stock from CVC Falcon Holdings Limited on March 2, 2026. Total return calculated as of $17.00 IPO price on June 10, 2025. Excluded from Median and
Average calculations. Source: S&P Global Market Intelligence, FactSet and company filings. ($ in millions, except per share amounts) Debt + Price Market Total Return Pref. / ROAE Price / Book Price / EPS Dividend Company Ticker 3/11/2026
Cap. YTD LTM Tot. Cap. 2026E 2027E Reported Tangible 2026E 2027E Yield Selected Specialty P&C Companies W. R. Berkley Corporation WRB $67.86 $25,413 (3.1%) 12.5% 24.2% 16.8% 15.9% 2.64x 2.71x 14.8x 13.9x 0.5% Markel
Corporation MKL 1,956.56 24,605 (9.0%) 7.1% 21.7% 7.4% 7.1% 1.32 1.73 17.1 15.7 0.0% American Financial Group, Inc. AFG 127.30 10,604 (5.1%) 8.7% 29.7% 18.4% 18.6% 2.20 2.47 11.6 10.5 2.8% Kinsale Capital Group,
Inc. KNSL 360.64 8,350 (7.7%) (20.5%) 10.3% 22.4% 21.6% 4.26 4.27 17.9 16.3 0.3% RLI Corp. RLI 60.45 5,557 (5.3%) (15.2%) 6.1% 14.3% 14.2% 3.12 3.22 21.2 20.7 1.1% Palomar Holdings,
Inc. PLMR 119.91 3,200 (11.0%) (8.6%) 24.1% 24.0% 22.2% 3.37 3.61 12.5 11.1 0.0% Skyward Specialty Insurance Group, Inc. SKWD 45.39 2,018 (11.2%) (6.3%) 11.3% 18.6% 18.1% 1.82 2.00 9.4 8.3 0.0% 1 Fidelis Insurance
Holdings Limited FIHL 18.77 1,653 (4.1%) 32.1% 26.0% 12.9% 12.6% 0.69 0.69 5.4 4.7 3.2% Ategrity Specialty Insurance Company Holdings ASIC 19.98 960 (4.9%) 2 17.5% 0.0% 14.1% 16.5% 1.56 1.56 10.5 7.8 0.0% Bowhead
Specialty Holdings BOW 22.34 732 (21.7%) (34.1%) 25.0% 13.3% 14.5% 1.63 1.63 11.6 9.5 0.0% Selected Monoline Workers' Compensation Companies3 Employers Holdings,
Inc. EIG $39.61 $772 (7.5%) (15.9%) 3.9% 4.1% 4.8% 0.84x 0.90x 18.9x 15.8x 3.2% AMERISAFE,
Inc. AMSF 32.90 618 (14.3%) (30.3%) 0.0% 17.0% 17.5% 2.46 2.46 15.0 15.3 5.0% Median Average (6.5%) (8.3%) 0.4% (0.7%) 22.9% 17.8% 15.6% 16.2% 16.2% 16.1% 2.01x 2.26x 2.23x 2.39x 12.0x 13.2x 10.8x 11.8x 0.1% 0.8% Page
24 PRIVATE AND CONFIDENTIAL
Market Statistics of Selected Property-Casualty Companies ($ in millions, except
per share amounts) Debt + 1 1 Price Market Total Return Pref. / ROAE Price / Book Price / EPS Dividend Company Ticker 3/11/2026 Cap. YTD LTM Tot. Cap. 2026E 2027E Reported Tangible 2026E 2027E Yield Carriers with >$10B Market Cap Chubb
Limited CB $322.76 $126,232 3.4% 11.5% 18.1% 13.5% 13.2% 1.71x 2.67x 12.0x 11.1x 1.2% Travelers Companies, Inc. TRV 299.40 64,742 3.6% 18.4% 22.4% 17.1% 16.1% 1.98 2.29 11.0 10.6 1.5% American International Group, Inc.
AIG 77.97 41,836 (8.9%) (2.7%) 19.6% 10.1% 10.6% 1.02 1.13 9.8 8.7 2.3% Hartford Financial Services Group, Inc. HIG 134.96 37,231 (1.6%) 16.9% 20.8% 18.2% 17.6% 2.01 2.31 10.1 9.3 1.8% Cincinnati Financial Corporation
CINF 164.00 25,521 0.4% 21.0% 5.3% 8.1% 8.4% 1.60 1.60 19.4 17.8 2.3% CNA Financial Corporation CNA 46.91 12,697 3.5% 5.5% 21.5% 11.1% 11.5% 1.09 1.11 9.8 8.9 4.1% Carriers with <$10B Market Cap Hanover Insurance
Group, Inc. THG $173.26 $6,090 (5.2%) 8.2% 25.4% 16.1% 15.3% 1.72x 1.81x 10.1x 9.7x 2.2% Selective Insurance Group, Inc. SIGI 76.76 4,612 (7.7%) (7.1%) 26.2% 13.0% 13.2% 1.35 1.36 9.8 8.8 2.2% United Fire Group, Inc.
UFCS 36.74 938 1.6% 37.7% 0.0% 9.9% 9.6% 1.00 1.00 10.1 9.8 2.2% Donegal Group Inc. DGICA 16.69 612 (15.6%) (0.9%) 5.2% 11.1% 10.3% 1.01 0.96 8.2 8.2 4.4% NI Holdings, Inc.
NODK 13.00 268 (2.3%) (7.1%) 0.0% NA NA 1.10 1.10 NA NA 0.0% Median (1.6%) 8.2% 19.6% 12.1% 12.3% 1.35x 1.36x 10.1x 9.5x 2.2% Average (2.6%) 9.2% 15.0% 12.8% 12.6% 1.42x 1.58x 11.0x 10.3x 2.2% Carriers with
>$10B Market Cap - Median 1.9% 14.2% 20.2% 12.3% 12.3% 1.66x 1.94x 10.5x 10.0x 2.0% Carriers with >$10B Market Cap - Average 0.1% 11.8% 18.0% 13.0% 12.9% 1.57x 1.85x 12.0x 11.1x 2.2% Carriers with <$10B Market Cap -
Median (5.2%) (0.9%) 5.2% 12.1% 11.7% 1.10x 1.10x 9.9x 9.2x 2.2% Carriers with <$10B Market Cap - Average (5.8%) 6.1% 11.4% 12.5% 12.1% 1.24x 1.24x 9.6x 9.1x 2.2% Source: SNL, Factset, and company filings. Results at or
for the period ended December 31, 2025. Results at or for the period ended September 30, 2025, for NODK. (1) Estimates represent FactSet consensus median estimates. Page 24 PRIVATE AND CONFIDENTIAL
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