May 13 (Reuters) - Insurer Bowhead Specialty is

targeting a valuation of about $491 million in its initial

public offering in the United States, as it joins a slew of

companies preparing to list amid a rebound in the capital

markets.

The company is aiming to raise about $106.7 million by

selling nearly 6.7 million shares priced between $14 and $16

apiece, it said on Monday.

After a two-year dry spell, the U.S. IPO market is on the

road to recovery in 2024, helped by firming bets of a soft

landing for the world's largest economy and increasing investor

appetite for new listings, although the revival has been uneven

so far.

Bowhead was founded in 2020 and has presence across U.S.

specialty and casualty insurance markets. It is an affiliate of

business and personal insurer American Family Insurance.

Bowhead will list its common stock on the New York Stock

Exchange under the symbol "BOW".

J.P. Morgan, Morgan Stanley and Keefe, Bruyette & Woods are

the lead underwriters of the offering.