Open the filing on EDGARBowhead Specialty Holdings Inc. Reports Fourth Quarter and Full Year 2025 Results
NEW YORK, New York. (BusinessWire) - February 24, 2026 - Bowhead Specialty Holdings Inc. (NYSE: BOW), a specialty lines insurance group focused on providing casualty, professional liability and healthcare liability insurance products, delivered through complementary “craft” and “digital” underwriting models, today announced financial results for the fourth quarter and year ended December 31, 2025.
Fourth Quarter 2025 Highlights
- Gross written premiums increased 21.3% to $224.1 million.
- Net income of $14.8 million, or $0.44 per diluted share.
- Adjusted net income of $15.5 million, or $0.47 per diluted share.
- Return on equity of 13.5% and adjusted return on equity of 14.1%.
- Book value per share $13.70 and diluted book value per share of $13.45.
Full Year 2025 Highlights
- Gross written premiums increased 24.0% to $862.8 million.
- Net income of $53.8 million, or $1.59 per diluted share.
- Adjusted net income of $55.6 million, or $1.65 per diluted share.
- Return on equity of 13.1% and adjusted return on equity of 13.6%.
Bowhead Chief Executive Officer, Stephen Sills, commented, “Bowhead had a great year in 2025. Gross written premiums grew more than 21% in the fourth quarter, and 24% for the full year. At the start of the year, we expected a low 30s expense ratio for the full year of 2025 but achieved an expense ratio below 30% starting in the third quarter and for the full year of 2025. With these accomplishments, Bowhead’s adjusted net income for the year grew over 30%, adjusted return on equity was 13.6%, and diluted adjusted earnings per share was $1.65.”
“With a strong year behind us, I’m even more excited about Bowhead’s future. Over the past five years, we’ve built a highly effective “craft” underwriting model driven by experienced underwriters who excel at writing large and complex risks. In the second half of 2024, we supplemented this foundation by launching our complementary “digital” underwriting model, starting with Baleen, targeting small, harder-to-place risks with more restrictive coverage. In Baleen’s first full year, we generated over $21 million in premiums - an important milestone that validates our digital strategy. Since then, we’ve leveraged technology to streamline the submission, underwriting, and servicing of our existing Bowhead products, a capability we call “express”, to address small and mid-sized accounts, beginning with our small cyber liability products.”
“While we continue to expect a GWP growth of around 20% in 2026 driven by our Casualty division, our digital expansion marks a major step forward for Bowhead, positioning us well to deliver sustainable and profitable growth across market cycles.”
Underwriting Results
The 21.3% increase in gross written premiums to $224.1 million in the fourth quarter of 2025 was driven by our increasing renewal book, new business and the continued growth in our platform across all divisions:
- Our Casualty division led the growth with a 25.5% increase to $132.9 million;
- Professional Liability increased 4.2% to $47.9 million;
- Healthcare Liability increased 7.7% to $34.2 million; and
- Baleen Specialty increased 665.6% to $9.1 million.
Due to the timing of our independent actuarial review in fourth quarter of each year, we consider our full-year loss ratio a more meaningful metric. Our loss ratio for the year of 66.7% increased 2.3 points compared to 64.4% in 2024.
Our current accident year loss ratio increased 1.8 points due in part to higher expected loss ratios on certain reserves within Professional Liability and Healthcare Liability to align more closely with industry expected loss ratios and our own limited loss experience. The increase was also due to mix changes in our portfolio, where Casualty, which had comparatively higher expected loss ratios, comprised a larger proportion of our net earned premiums compared to the prior year.
Similar to previous quarters in 2025, the 0.5 point increase in our prior accident year loss ratio was due to expected loss ratios applied to audit premiums fully earned in the year, but associated with prior accident years. This increase was not based on actual losses settling for more than reserved, and did not represent an increase in estimated reserves on unresolved claims. We are simply putting loss reserves into the appropriate accident year regardless of when the premiums are billed and earned. As part of our annual independent actuarial reserve review, we also reallocated prior accident year loss reserves between accident years and by division, primarily from Casualty to Professional Liability, resulting in no prior accident year development on an aggregate basis.
Due to Bowhead’s limited loss experience, we continue to hold expected loss ratios that rely on development patterns and other inputs primarily based on industry data.
Our expense ratio decreased 1.0 point to 29.1% in the fourth quarter of 2025 and 1.6 points to 29.8% in for the year ended December 31, 2025. The full year decrease from 31.4% in 2024 was primarily driven by a reduction in our operating expense ratio, which was partially offset by the increase in our net acquisition ratio. The decrease in our operating expenses ratio was due to the continued scaling of our business, where net earned premiums grew at a higher rate than our expenses, as well as the prudent management of our expenses. The increase in our net acquisition costs ratio was driven by the increase in earned broker commissions due to changes in our portfolio mix and, to a lesser extent, the increase in the ceding fee we pay to American Family.
Investment Results
Net investment income increased 35.8% in the fourth quarter of 2025 to $16.6 million and 44.1% to $57.8 million for the year ended December 31, 2025, driven by a higher balance of investments and, to a lesser extent, higher yields on invested assets. Our investment portfolio, which included cash equivalents, had a book yield of 4.6% and a new money rate of 4.5% at the end of the year.
The weighted average effective duration of our investment portfolio, which included cash equivalents, was 3.0 years and had an average rating of “AA” at December 31, 2025.
Comparisons in this release are made to December 31, 2024 financial results unless otherwise noted.
Non-GAAP financial measure. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of the non-GAAP financial measures to their most directly comparable U.S. GAAP measures.
Summary of Operating Results
The following table summarizes the Company’s results of operations for the three and twelve months ended December 31, 2025 and 2024:
| Three Months Ended December 31, | Twelve Months Ended December 31, |
|---|
| 2025 | 2024 | % Change | 2025 | 2024 | % Change |
|---|
| ($ in thousands, except percentages and per share data) |
|---|
| Gross written premiums | | $224,081 | | $184,769 | 21.3% | | | $862,806 | | $695,717 | 24.0% | |
| Ceded written premiums | | (80,540) | | (64,585) | 24.7% | | | (304,619) | | (244,295) | 24.7% | |
| Net written premiums | | $143,541 | | $120,184 | 19.4% | | | $558,187 | | $451,422 | 23.7% | |
| Revenues | | | | | | |
| Net earned premiums | | $134,317 | | $106,864 | 25.7% | | | $491,677 | | $385,111 | 27.7% | |
| Net investment income | | 16,553 | | 12,193 | 35.8% | | | 57,827 | | 40,121 | 44.1% | |
| Net realized investment gains (losses) | | 73 | | - | | NM | | 43 | | (16) | 368.8% | |
| Other insurance-related income | | 735 | | 274 | 168.2% | | | 2,042 | | 444 | 359.9% | |
| Total revenues | | 151,678 | | 119,331 | 27.1% | | | 551,589 | | 425,660 | 29.6% | |
| Expenses | | | | | | |
| Net losses and loss adjustment expenses | | 91,087 | | 66,937 | 36.1% | | | 328,022 | | 248,099 | 32.2% | |
| Net acquisition costs | | 13,166 | | 9,130 | 44.2% | | | 46,513 | | 32,397 | 43.6% | |
| Operating expenses | | 26,640 | | 23,352 | 14.1% | | | 102,264 | | 89,112 | 14.8% | |
| Non-operating expenses | | 95 | | 622 | (84.7)% | | | 1,425 | | 2,807 | (49.2)% | |
| Warrant expense | | 792 | | 792 | | NM | | 3,142 | | 1,917 | 63.9% | |
| Interest expense and financing fees | | 1,243 | | 248 | 401.2% | | | 2,012 | | 725 | 177.5% | |
| Loss on extinguishment of credit facility | | 862 | | - | | NM | | 862 | | - | | NM |
| Foreign exchange (gains) losses | | (14) | | 1 | | NM | | 50 | | 68 | (26.5)% | |
| Total expenses | | 133,871 | | 101,082 | 32.4% | | | 484,290 | | 375,125 | 29.1% | |
| Income before income taxes | | 17,807 | | 18,249 | (2.4)% | | | 67,299 | | 50,535 | 33.2% | |
| Income tax expense | | (2,963) | | (4,642) | (36.2)% | | | (13,513) | | (12,292) | 9.9% | |
| Net income | | $14,844 | | $13,607 | 9.1% | | | $53,786 | | $38,243 | 40.6% | |
| Key Operating and Financial Metrics: | | | | | | |
| Adjusted net income | | $15,531 | | $14,099 | 10.2% | | | $55,598 | | $42,686 | 30.2% | |
| Loss ratio | 67.8% | | 62.6% | | | 66.7% | | 64.4% | | |
| Expense ratio | 29.1% | | 30.1% | | | 29.8% | | 31.4% | | |
| Combined ratio | 96.9% | | 92.7% | | | 96.5% | | 95.8% | | |
| Return on equity | 13.5% | | 14.8% | | | 13.1% | | 13.6% | | |
| Adjusted return on equity(1)(2) | 14.1% | | 15.3% | | | 13.6% | | 15.2% | | |
| Diluted earnings per share | | $0.44 | | $0.41 | 7.3% | | | $1.59 | | $1.29 | 23.3% | |
| Diluted adjusted earnings per share | | $0.47 | | $0.42 | 11.9% | | | $1.65 | | $1.44 | 14.6% | |
NM - Percentage change is not meaningful.
(1)Non-GAAP financial measure. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of the non-GAAP financial measures to their most directly comparable U.S. GAAP measures.
(2)For the three months ended December 31, 2025 and 2024, net income and adjusted net income are annualized to arrive at return on equity and adjusted return on equity.
Condensed Consolidated Balance Sheets
| December 31, 2025 | December 31, 2024 |
|---|
| ($ in thousands, except share data) |
|---|
| Assets | | |
| Investments | | |
| Fixed maturity securities, available for sale, at fair value (amortized cost of $1,364,228 and $894,145, respectively) | $1,371,006 | $879,989 |
| Short-term investments, at amortized cost, which approximates fair value | - | 9,997 |
| Total investments | 1,371,006 | 889,986 |
| Cash and cash equivalents | 193,545 | 97,476 |
| Restricted cash and cash equivalents | 40,225 | 124,582 |
| Accrued investment income | 10,958 | 7,520 |
| Premium balances receivable | 84,415 | 63,672 |
| Reinsurance recoverable, net | 399,676 | 255,072 |
| Prepaid reinsurance premiums | 191,821 | 152,567 |
| Deferred policy acquisition costs | 35,284 | 27,625 |
| Property and equipment, net | 10,636 | 6,845 |
| Income taxes receivable | 3,073 | 586 |
| Deferred tax assets, net | 22,476 | 20,340 |
| Other assets | 8,261 | 7,971 |
| Total assets | $2,371,376 | $1,654,242 |
| Liabilities | | |
| Reserve for losses and loss adjustment expenses | $1,129,936 | $756,859 |
| Unearned premiums | 552,594 | 446,850 |
| Reinsurance balances payable | 65,778 | 51,856 |
| Debt | 146,447 | - |
| Income taxes payable | 314 | 1,571 |
| Accrued expenses | 19,047 | 18,010 |
| Other liabilities | 7,986 | 8,654 |
| Total liabilities | 1,922,102 | 1,283,800 |
| Commitments and contingencies (Note 14) | | |
| Mezzanine equity | | |
| Performance stock units | 1,008 | 265 |
| Stockholders' equity | | |
| Common stock | 328 | 327 |
| ($0.01 par value; 400,000,000 shares authorized, 32,783,451 and 32,662,683 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively) | | |
| Additional paid-in capital | 325,889 | 318,095 |
| Accumulated other comprehensive income (loss) | 5,354 | (11,154) |
| Retained earnings | 116,695 | 62,909 |
| Total stockholders' equity | 448,266 | 370,177 |
| Total mezzanine equity and stockholders' equity | 449,274 | 370,442 |
| Total liabilities, mezzanine equity and stockholders' equity | $2,371,376 | $1,654,242 |
Gross Written Premiums
The following tables present gross written premiums by underwriting division for the three and twelve months ended December 31, 2025 and 2024:
| Three Months Ended December 31, |
|---|
| 2025 | % of Total | 2024 | % of Total | $ Change | % Change |
|---|
| ($ in thousands, except percentages) |
|---|
| Casualty | $132,905 | | 59.3% | $105,872 | | 57.3% | $27,033 | 25.5% |
| Professional Liability | 47,928 | | 21.4% | 46,010 | | 24.9% | 1,918 | 4.2% |
| Healthcare Liability | 34,153 | | 15.2% | 31,699 | | 17.2% | 2,454 | 7.7% |
| Baleen Specialty | 9,095 | | 4.1% | 1,188 | | 0.6% | 7,907 | 665.6% |
| Gross written premiums | $224,081 | | 100.0% | $184,769 | | 100.0% | $39,312 | 21.3% |
| Twelve Months Ended December 31, |
|---|
| 2025 | % of Total | 2024 | % of Total | $ Change | % Change |
|---|
| ($ in thousands, except percentages) |
|---|
| Casualty | $550,666 | | 63.8% | $431,817 | | 62.1% | $118,849 | 27.5% |
| Professional Liability | 174,419 | | 20.2% | 160,651 | | 23.1% | 13,768 | 8.6% |
| Healthcare Liability | 116,290 | | 13.5% | 101,619 | | 14.6% | 14,671 | 14.4% |
| Baleen Specialty | 21,431 | | 2.5% | 1,630 | | 0.2% | 19,801 | 1214.8% |
| Gross written premiums | $862,806 | | 100.0% | $695,717 | | 100.0% | $167,089 | 24.0% |
The following tables present gross written premiums by underwriting model for the three and twelve months ended December 31, 2025 and 2024:
| Three Months Ended December 31, |
|---|
| 2025 | % of Total | 2024 | % of Total | $ Change | % Change |
|---|
| ($ in thousands, except percentages) |
|---|
| Craft | $213,313 | | 95.2% | $183,581 | | 99.4% | $29,732 | 16.2% | |
| Digital | | | | | | |
| Baleen Specialty | 9,095 | | 4.1% | 1,188 | | 0.6% | 7,907 | 665.6% | |
| Express | 1,673 | | 0.7% | - | | - % | 1,673 | | NM |
| Digital | 10,768 | | 4.8% | 1,188 | | 0.6% | 9,580 | 806.4% | |
| Gross written premiums | $224,081 | | 100.0% | $184,769 | | 100.0% | $39,312 | 21.3% | |
| Twelve Months Ended December 31, |
|---|
| 2025 | % of Total | 2024 | % of Total | $ Change | % Change |
|---|
| ($ in thousands, except percentages) |
|---|
| Craft | $839,005 | | 97.2% | $694,087 | | 99.8% | $144,918 | 20.9% | |
| Digital | | | | | | |
| Baleen Specialty | 21,431 | | 2.5% | 1,630 | | 0.2% | 19,801 | 1214.8% | |
| Express | 2,370 | | 0.3% | - | | - % | 2,370 | | NM |
| Digital | 23,801 | | 2.8% | 1,630 | | 0.2% | 22,171 | 1360.2% | |
| Gross written premiums | $862,806 | | 100.0% | $695,717 | | 100.0% | $167,089 | 24.0% | |
Our products are delivered through two complementary underwriting models designed to support sustainable and profitable growth across market cycles: a “craft” model for large, complex, higher-severity risks, and a “digital” model, which includes Baleen Specialty and other small-business offerings (“express”), for smaller, simpler, scalable business.
Loss Ratio
The following tables summarize current and prior accident year loss ratios for the three and twelve months ended December 31, 2025 and 2024:
| Three Months Ended December 31, |
|---|
| 2025 | 2024 |
|---|
| Net Losses and Loss Adjustment Expenses | % of Net Earned Premiums | Net Losses and Loss Adjustment Expenses | % of Net Earned Premiums |
|---|
| ($ in thousands, except percentages) |
|---|
| Current accident year | $90,726 | 67.5% | | $66,937 | 62.6% | |
| Prior accident year | 361 | 0.3% | | - | - % | |
| Total | $91,087 | 67.8% | | $66,937 | 62.6% | |
| Twelve Months Ended December 31, |
|---|
| 2025 | 2024 |
|---|
| Net Losses and Loss Adjustment Expenses | % of Net Earned Premiums | Net Losses and Loss Adjustment Expenses | % of Net Earned Premiums |
|---|
| ($ in thousands, except percentages) |
|---|
| Current accident year | $325,653 | 66.2% | | $248,099 | 64.4% | |
| Prior accident year | 2,369 | 0.5% | | - | - % | |
| Total | $328,022 | 66.7% | | $248,099 | 64.4% | |
Prior accident year loss ratios for the three and twelve months ended December 31, 2025 were driven by expected loss ratios applied to audit premiums fully earned in the period, but associated with prior accident years. This increase was not based on actual losses settling for more than reserved, and did not represent an increase in estimated reserves on unresolved claims.
Expense Ratio
The following tables summarize the components of our expense ratios for the three and twelve months ended December 31, 2025 and 2024:
| Three Months Ended December 31, |
|---|
| 2025 | 2024 |
|---|
| Expenses | % of Net Earned Premiums | Expenses | % of Net Earned Premiums |
|---|
| ($ in thousands, except percentages) |
|---|
| Net acquisition costs | $13,166 | 9.8% | | $9,130 | 8.5% | |
| Operating expenses | 26,640 | 19.8% | | 23,352 | 21.9% | |
| Less: Other insurance-related income | (735) | (0.5)% | | (274) | (0.3)% | |
| Total | $39,071 | 29.1% | | $32,208 | 30.1% | |
| Twelve Months Ended December 31, |
|---|
| 2025 | | 2024 |
|---|
| Expenses | % of Net Earned Premiums | | Expenses | % of Net Earned Premiums |
|---|
| ($ in thousands, except percentages) |
|---|
| Net acquisition costs | $46,513 | 9.5% | | | $32,397 | 8.4% | |
| Operating expenses | 102,264 | 20.8% | | | 89,112 | 23.1% | |
| Less: Other insurance-related income | (2,042) | (0.4)% | | | (444) | (0.1)% | |
| Total | $146,735 | 29.8% | | $ - | $121,065 | 31.4% | |
Net Investment Income
The following table summarizes the sources of net investment income for the three and twelve months ended December 31, 2025 and 2024:
| Three Months Ended December 31, | Twelve Months Ended December 31, |
|---|
| 2025 | 2024 | 2025 | 2024 |
|---|
| ($ in thousands) |
|---|
| U.S. government and government agency | $886 | | $3,198 | | $5,926 | | $14,514 | |
| State and municipal | 1,283 | | 591 | | 3,904 | | 1,832 | |
| Commercial mortgage-backed securities | 1,944 | | 981 | | 5,808 | | 2,584 | |
| Residential mortgage-backed securities | 3,903 | | 2,399 | | 13,060 | | 6,517 | |
| Asset-backed securities | 1,650 | | 1,283 | | 6,375 | | 3,043 | |
| Corporate | 5,247 | | 2,154 | | 17,459 | | 5,768 | |
| Short-term investments | - | | 130 | | 214 | | 480 | |
| Cash and cash equivalents | 1,964 | | 1,700 | | 6,244 | | 6,193 | |
| Gross investment income | 16,877 | | 12,436 | | 58,990 | | 40,931 | |
| Investment expenses | (324) | | (243) | | (1,163) | | (810) | |
| Net investment income | $16,553 | | $12,193 | | $57,827 | | $40,121 | |
Reconciliation of Non-GAAP Financial Measures
This earnings release contains certain financial measures that are not presented in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). We use these non-GAAP financial measures when planning, monitoring and evaluating our performance. Management believes that each of the non-GAAP financial measures described below provides useful insight into our underlying business performance.
- Adjusted net income is defined as net income excluding the impact of net realized investment gains (losses), non-operating expenses, loss on extinguishment of credit facility, foreign exchange losses (gains), and certain strategic initiatives. Adjusted net income excludes the impact of certain items that may not be indicative of underlying business trends, operating results, or future outlook, net of tax impact. We calculate the tax impact only on adjustments that would be included in calculating our income tax expense using the estimated tax rate at which we received a deduction for these adjustments.
- Adjusted return on equity is defined as adjusted net income as a percentage of average beginning and ending mezzanine equity and stockholders’ equity.
- Diluted adjusted earnings per share is defined as adjusted net income divided by the weighted average common shares outstanding for the period, reflecting the dilution that may occur if equity based awards are converted into common stock equivalents as calculated using the treasury stock method.
You should not rely on these non-GAAP financial measures as a substitute for any U.S. GAAP financial measure.
While we believe that these non-GAAP financial measures are useful in evaluating our business, this information should be considered supplemental in nature and not as a replacement for or superior to the comparable U.S. GAAP measures. In addition, other companies, including companies in our industry, may calculate such measures differently, which reduces their usefulness as comparative measures.
Adjusted net income
Adjusted net income for the three and twelve months ended December 31, 2025 and 2024 reconciles to net income as follows:
| Three Months Ended December 31, |
|---|
| 2025 | 2024 |
|---|
| Before Income Taxes | After Income Taxes | Before Income Taxes | After Income Taxes |
|---|
| ($ in thousands) |
|---|
| Income as reported | $17,807 | $14,844 | | $18,249 | $13,607 | |
| Adjustments: | | | | |
| Net realized investment (gains) | (73) | (73) | | - | - | |
| Non-operating expenses | 95 | 95 | | 622 | 622 | |
| Loss on extinguishment of credit facility | 862 | 862 | | - | - | |
| Foreign exchange (gains) losses | (14) | (14) | | 1 | 1 | |
| Tax impact | - | (183) | | - | (131) | |
| Adjusted net income | $18,677 | $15,531 | | $18,872 | $14,099 | |
| Twelve Months Ended December 31, |
|---|
| 2025 | 2024 |
|---|
| Before Income Taxes | After Income Taxes | Before Income Taxes | After Income Taxes |
|---|
| ($ in thousands) |
|---|
| Income as reported | $67,299 | $53,786 | | $50,535 | $38,243 | |
| Adjustments: | | | | |
| Net realized investment (gains) losses | (43) | (43) | | 16 | 16 | |
| Non-operating expenses | 1,425 | 1,425 | | 2,807 | 2,807 | |
| Loss on extinguishment of credit facility | 862 | 862 | | - | - | |
| Foreign exchange losses | 50 | 50 | | 68 | 68 | |
| Strategic initiatives | - | - | | 2,733 | 2,733 | |
| Tax impact | - | (482) | | - | (1,181) | |
| Adjusted net income | $69,593 | $55,598 | | $56,159 | $42,686 | |
Strategic initiatives for the twelve months ended December 31, 2024 represents costs incurred to set up our Baleen Specialty division, which is recorded in operating expenses within the Consolidated Statements of Income and Comprehensive Income. The costs incurred primarily represent expenses to implement the new platform and processes supporting the Baleen Specialty division.
Adjusted return on equity
Adjusted return on equity for the three and twelve months ended December 31, 2025 and 2024 reconciles to return on equity as follows:
| Three Months Ended December 31, | Twelve Months Ended December 31, |
|---|
| 2025 | 2024 | 2025 | 2024 |
|---|
| ($ in thousands, except percentages) |
|---|
| Numerator: Adjusted net income | | $62,124 | | $56,395 | | $55,598 | | $42,686 |
| Denominator: Average mezzanine equity and stockholders' equity | | 440,156 | | 367,467 | | 409,858 | | 281,259 |
| Adjusted return on equity | 14.1% | | 15.3% | | 13.6% | | 15.2% | |
For the three months ended December 31, 2025 and 2024, net income and adjusted net income are annualized to arrive at return on equity and adjusted return on equity.
Diluted adjusted earnings per share
Diluted adjusted earnings per share for the three and twelve months ended December 31, 2025 and 2024 reconciles to diluted earnings per share as follows:
| Three Months Ended December 31, | Twelve Months Ended December 31, |
|---|
| 2025 | 2024 | 2025 | 2024 |
|---|
| ($ in thousands, except share and per share data) |
|---|
| Numerator: Adjusted net income | $15,531 | | $14,099 | | $55,598 | | $42,686 | |
| Denominator: Diluted weighted average shares outstanding | | 33,395,657 | | 33,571,535 | | 33,735,944 | | 29,677,196 |
| Diluted adjusted earnings per share | $0.47 | | $0.42 | | $1.65 | | $1.44 | |
About Bowhead Specialty Holdings Inc.
Bowhead Specialty is a growing specialty insurance business providing casualty, professional liability and healthcare liability insurance products. We were founded and are led by industry veteran Stephen Sills. The team is composed of highly experienced and respected industry veterans with decades of individual, successful underwriting and management experience. Our products are delivered through two complementary underwriting models designed to support sustainable and profitable growth across market cycles: a “craft” model for large, complex, higher-severity risks, and a “digital” model, which includes Baleen Specialty and other small-business offerings (“express”), for smaller, simpler, and scalable business.
We pride ourselves on the quality and experience of our people, who are committed to exceeding our partners’ expectations through excellent service and expertise. Our collaborative culture spans all functions of our business and allows us to provide a consistent, positive experience for all of our partners.
Conference Call
The Company will host a conference call to discuss its results on the same day, Tuesday, February 24, 2026, beginning at 8:30 a.m. Eastern Time. Interested parties may access the conference call through a live webcast, which can be accessed by going to https://bowhead-4q25-earnings-call.open-exchange.net/registration, or by visiting the Company’s Investor Relations website. A dial-in option for listen-only participants will be available after registering for the call. Please join the live webcast or dial in at least 10 minutes before the start of the call.
A replay of the event webcast will be available on the Company’s Investor Relations website for one year following the call.
Forward-Looking Statements
This press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts contained in press release are forward-looking statements. In some cases, forward-looking statements can be identified by terms such as "anticipates," "believes," "estimates," "expects," "intends," "plans," "predicts," "projects," "seeks," "future," "outlook," "prospects" "will," "would," "should," "could," "may," "can have" or similar words. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those contemplated by the forward-looking statements. These risks include those described in the Company’s filings made with the Securities and Exchange Commission. Forward-looking statements speak only as of the date of this press release and the Company does not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events or otherwise.
Contacts
Shirley Yap, Head of Investor Relations investorrelations@bowheadspecialty.com