EXHIBIT (C)(11)
Published on August 31, 2026
Exhibit (c)(11)
Follow-Up Materials Prepared for: April 2026
Source: S&P Global Market Intelligence and FactSet as of March 31, 2026. Note:
Companies ordered by market cap. (1) Selected companies include AFG, ASIC, BOW, FIHL, KNSL, MKL, PLMR, RLI, SKWD, and WRB. Page 2 PRIVATE AND CONFIDENTIAL 2.71x 7.90x 4.20x 3.97x 1.70x 2.69x 2.58x 1.40x
1.30x 2.45x 2.21x 4.04x 2.95x 3.36x 2.17x 1.75x 0.78x 0.62x 1.55x 1.64x 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: 1.98x 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: 1.98x
Page 3 PRIVATE AND CONFIDENTIAL Source: S&P Global Market Intelligence and
FactSet as of March 31, 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 +100% PLMR +116% WRB +60% S&P500 +59% MKL +50% FIHL +37% BOW +32% ASIC +16% KNSL +14% AFG +5% RLI (14%) 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
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 3/31/2026
Cap. YTD LTM Tot. Cap. 2026E 2027E Reported Tangible 2026E 2027E Yield Selected Specialty P&C Companies W. R. Berkley Corporation WRB $66.28 $24,821 (5.3%) (4.2%) 24.2% 16.7% 15.8% 2.58x 2.65x 14.6x 13.6x 0.5% Markel
Corporation MKL 1,914.07 24,071 (11.0%) 2.4% 21.7% 7.4% 7.3% 1.30 1.69 16.4 15.4 0.0% American Financial Group, Inc. AFG 127.71 10,638 (4.8%) 2.5% 29.7% 18.4% 18.6% 2.21 2.48 11.6 10.5 2.8% Kinsale Capital Group,
Inc. KNSL 341.66 7,910 (12.6%) (29.6%) 10.3% 22.4% 21.6% 4.04 4.04 17.1 15.5 0.3% RLI Corp. RLI 57.04 5,244 (10.6%) (25.7%) 6.1% 14.3% 14.2% 2.95 3.04 20.0 19.5 1.1% Palomar Holdings, Inc. PLMR 119.50 3,189 (11.3%)
(12.8%) 24.1% 24.0% 22.2% 3.36 3.59 12.4 11.1 0.0% Skyward Specialty Insurance Group, Inc. SKWD 43.68 1,946 (14.5%) (17.5%) 11.3% 18.4% 17.7% 1.75 1.92 9.0 7.9 0.0% Fidelis Insurance Holdings Limited
1 FIHL 19.11 1,488 (1.6%) 21.4% 26.3% 12.8% 12.8% 0.62 0.62 5.5 4.6 3.1% Ategrity Specialty Insurance Company Holdings ASIC 19.77 950 (5.9%) 16 2 .3% 0.0% 14.1% 16.5% 1.55 1.55 10.4 7.7 0.0% Bowhead Specialty
Holdings BOW 22.43 737 (21.4%) (44.8%) 24.6% 13.3% 14.5% 1.64 1.64 11.6 9.5 0.0% Selected Monoline Workers' Compensation Companies3 Employers Holdings, Inc. EIG $41.14 $801 (4.0%)
(16.2%) 3.9% 4.1% 4.8% 0.88x 0.94x 19.6x 16.5x 3.1% AMERISAFE, Inc. AMSF 33.33 626 (12.2%) (31.7%) 0.0% 16.5% 16.1% 2.49 2.49 15.3 15.7 4.9% Median Average (10.8%) (8.5%) (9.9%)
(9.2%) 22.9% 17.8% 15.5% 16.2% 16.2% 16.1% 1.98x 2.20x 2.20x 2.32x 12.0x 12.9x 10.8x 11.5x 0.1% 0.8% Page 4 PRIVATE AND CONFIDENTIAL
Bowhead Cost of Capital Analysis 2-year adjusted daily beta per FactSet. FIHL is
pro-forma for their repurchase of 8,597,170 shares of common stock from CVC Falcon Holdings Limited on March 2, 2026. Based on 20 U.S. Treasury as of 3/31/2026. Average size premium given BOW is on the threshold of two size premiums. Based on
November 2025 senior note offering. (in millions) Duff & Phelps Size Premiums Decile Market Capitalization Smallest
Largest Size Premium 1 $47,157 $3,522,211 -0.01% 2 20,191 46,949 0.33% 3 9,938 20,178 0.49% 4 6,197 9,937 0.60% 5 3,948 6,181 0.74% 6 2,482 3,946 1.02% 7 1,423 2,465 1.19% 8 731 1,417 0.88% 9 305 730 2.66% 10 1 304 4.47% WACC
Analysis Unlevered Beta 0.66 Debt / Equity 19.9% Levered Beta 0.76 Market Risk Premium 5.00% Risk Free Rate3 4.91% Equity Size Premium4 1.77% Corporate Tax Rate 22.0% Pre-Tax Cost of Debt5 7.75% Estimated Cost of
Equity 10.5% After-Tax Cost of Debt 6.0% Bowhead WACC 9.8% ($ in millions) Company Ticker Price 3/31/2026 Market Cap. Total Debt Debt / Market Cap. Adjusted Levered Beta1 Unlevered Beta Equity Size Premium CAPM Selected
Peers W. R. Berkley Corporation WRB $66.28 $24,821 $3,100 12.5% 0.47 0.42 0.33% 7.3% Markel Corporation MKL 1,914.07 24,071 5,014 20.8% 0.74 0.61 0.33% 8.3% American Financial Group,
Inc. AFG 127.71 10,638 2,036 19.1% 0.67 0.56 0.49% 8.2% Kinsale Capital Group, Inc. KNSL 341.66 7,910 224 2.8% 0.70 0.68 0.60% 8.9% RLI Corp. RLI 57.04 5,244 115 2.2% 0.53 0.52 0.74% 8.3% Palomar Holdings,
Inc. PLMR 119.50 3,189 300 9.4% 0.80 0.73 1.02% 9.6% Skyward Specialty Insurance Group, Inc. SKWD 43.68 1,946 129 6.6% 0.75 0.70 1.19% 9.6% 2 Fidelis Insurance Holdings
Limited FIHL 19.11 1,488 856 57.5% 0.72 0.46 1.19% 8.4% Ategrity Specialty Insurance Company Holdings ASIC 19.77 950 0 0.0% 0.50 0.50 0.88% 8.3% Bowhead Specialty
Holdings BOW 22.43 737 146 19.9% 0.63 0.53 0.88% 8.4% First Quartile Average Median 3.8% 15.1% 10.9% 0.56 0.65 0.68 0.51 0.57 0.54 8.3% 8.5% 8.3% Third Quartile 19.7% 0.73 0.66 8.8% Page 4 PRIVATE AND CONFIDENTIAL
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