Bowhead Specialty dips as top holder cuts stake in secondary offering

Shares of insurer Bowhead Specialty Holdings BOW.N down 3.8% at $30.88 early Thurs after secondary offering

New York City-based BOW late Weds announced 2 mln shares to be offloaded by private equity firm Gallatin Point Capital (GPC)

Offering priced at $30.80, thefly.com reports, which is 4% discount to stock's last close

RBC sole underwriter for offering

Sale by GPC takes its holdings to ~9 mln shares, or roughly 27% stake, per LSEG data

BOW has ~32.8 mln shares outstanding for ~$1 bln market cap through Weds

With move on the session, stock down 13% YTD

Of 6 analysts covering BOW, recommendation breakdown is 3 "buy" and 3 "hold" and median PT is $40.50 - LSEG

Co went public in May 2024 IPO priced at $17