Bowhead Specialty Holdings Inc.

Listed Company

BOWCIK 0002002473NYSEAcceleratedEmerging GrowthFire, Marine & Casualty InsuranceDelawareFY ends Dec 31

Period

FY 2025

Revenue

$551.59M

Net Income

$53.79M

Total Assets

$2.37B

Equity

$448.27M

Shares Out

32.78M

Op. Cash Flow

$331.59M

Business

Bowhead Specialty Holdings Inc. provides commercial specialty property and casualty insurance focused on casualty, professional liability and healthcare liability risks. It offers tailored “craft” underwriting and a tech-enabled “flow” operation, producing admitted and non‑admitted E&S policies and products such as general liability, management liability (D&O, E&O, EPL), cyber, crime and healthcare professional/general/management liability. Its key business divisions are Casualty, Professional Liability, Healthcare Liability and Baleen Specialty, operating through a managing general agency and insurance subsidiaries with an AmFam partnership. The company distributes through selected wholesale and retail brokers nationwide and writes admitted business in all U.S. states and non‑admitted business domestically and in select international territories via U.S. brokers.

Summary from filing dated 2025-02-27

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31
Gross written premiums	863	696	508	357
Ceded written premiums	−305	−244	−173	−112
Net written premiums	558	451	335	245
Change in net unearned premiums	−67	−66	−71	−62
Net earned premiums	492	385	264	183
Net investment income	58	40	19	5
Net realized investment gains (losses)	43,000	−16,000	0	0
Other insurance-related income	2	444,000	125,000	14,000
Total revenues	552	426	283	188
Net losses and loss adjustment expenses	328	248	166	112
Net acquisition costs	47	32	21	15
Operating expenses	102	89	63	46
Non-operating expenses	1	3	630,000	0
Warrant expense	3	2	0	0
Interest expense and financing fees	2	725,000	0	0
Loss on extinguishment of credit facility	862,000	0	0	—
Foreign exchange losses (gains)	50,000	68,000	−20,000	0
Total expenses	484	375	251	173
Income before income taxes	67	51	32	15
Income tax expense	−14	−12	−7	−3
Net income	54	38	25	11
Change in unrealized gain (loss) on investments (net of income tax benefit (expense) of $(4,388), $(58) and $(1,413), respectively)	17	218,000	5	−16
Total comprehensive income	70	38	30	−5
Basic (in dollars per share)	1.64	1.31	1.04	0.47
Diluted (in dollars per share)	1.59	1.29	1.04	0.47
Basic (in shares)	33	29	24	24
Diluted (in shares)	34	30	24	24

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Fixed maturity securities, available for sale, at fair value (amortized cost of $1,364,228 and $894,145, respectively)	1,371	880	555	—	—
Short-term investments, at amortized cost, which approximates fair value	0	10	9	—	—
Total investments	1,371	890	563	—	—
Cash and cash equivalents	194	97	118	65	—
Restricted cash and cash equivalents	40	125	2	16	—
Accrued investment income	11	8	5	—	—
Premium balances receivable	84	64	39	—	—
Reinsurance recoverable, net	400	255	139	—	—
Prepaid reinsurance premiums	192	153	117	—	—
Deferred policy acquisition costs	35	28	19	14	8
Property and equipment, net	11	7	8	—	—
Income taxes receivable	3	586,000	1	—	—
Deferred tax assets, net	22	20	14	—	—
Other assets	8	8	3	—	—
Total assets	2,371	1,654	1,028	—	—
Reserve for losses and loss adjustment expenses	1,130	757	431	207	48
Unearned premiums	553	447	345	—	—
Reinsurance balances payable	66	52	40	—	—
Debt	146	0	—	—	—
Income taxes payable	314,000	2	42,000	—	—
Accrued expenses	19	18	15	—	—
Other liabilities	8	9	5	—	—
Total liabilities	1,922	1,284	836	—	—
Commitments and contingencies (Note 14)	—	—	—	—	—
Performance stock units	1	265,000	0	0	0
Common stock	328,000	327,000	240,000	—	—
Additional paid-in capital	326	318	179	—	—
Accumulated other comprehensive income (loss)	5	−11	−11	—	—
Retained earnings	117	63	25	—	—
Total stockholders' equity	448	370	192	—	—
Total mezzanine equity and stockholders' equity	449	370	192	83	89
Total liabilities, mezzanine equity and stockholders' equity	2,371	1,654	1,028	—	—

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31
Amortization of premium/discounts on fixed maturity securities	−1	−4	−3	−70,000
Stock-based compensation	7	4	683,000	368,000
Depreciation and amortization	2	4	2	727,000
Amortization expense	50,000	0	0	—
Non-cash loss on extinguishment of credit facility	819,000	0	0	—
Non-cash lease expense	1	1	577,000	640,000
Deferred income taxes	−7	−6	−4	−3
Accrued investment income	−3	−3	−3	−933,000
Premium balances receivable	−21	−25	−9	−2
Reinsurance recoverable	−145	−116	−76	−50
Prepaid reinsurance premiums	−39	−36	−42	−28
Deferred policy acquisition costs	−8	−8	−6	−6
Income taxes receivable	−2	521,000	−1	0
Other assets	−2	−6	−1	1
Reserve for losses and loss expenses	373	326	224	159
Unearned premium	106	102	113	90
Reinsurance balances payable	14	11	17	5
Accrued expenses	1	3	3	2
Income taxes payable	−1	2	−1	1
Other liabilities	−669,000	4	−1	−979,000
Net cash provided by operating activities	332	294	236	182
Fixed maturity securities	−828	−603	−346	−153
Short-term investments	0	−10	−21	−46
Fixed maturity securities	359	281	37	15
Short-term investments	10	9	59	0
Purchase of property and equipment, net	−6	−3	−4	−4
Net cash used in investing activities	−464	−326	−275	−187
Capital contribution from parent	0	3	78	24
Taxes paid on withholding shares	−2	64,000	0	—
Proceeds from initial public offering, net	0	131	0	0
Proceeds from debt	150	0	0	—
Payments related to loss extinguishment of credit facility	−44,000	0	0	—
Debt issuance costs	−4	0	0	—
Net cash provided by (used in) financing activities	145	134	78	−1
Net change in cash, cash equivalents and restricted cash	12	102	39	−7
Income taxes paid	23	16	14	—

Filings

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