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Bowhead Specialty Holdings Inc.
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Last updated Oct 16, 2026.
Overview
Compare with Hippo Holdings Inc., Global Indemnity Group, LLC or James River Group Holdings, Inc., or pick any stock.
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
9.8%Net margin3
29.6%Revenue growth, 20253
12.0%Return on equity3
0.33×Debt to equity3
$326.0MFree cash flow3
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Other costs88¢$484.3M
- Income tax2¢$13.5M
- Profit10¢$53.8M
Out of $551.6M in revenue.3
Where each dollar of operating cash went, fiscal 2025
- Capital spending2¢$5.6M
- Kept or used elsewhere98¢$326.0M
Out of $331.6M of cash from operations.3
Financial statements
Every line of the income statement in the latest annual report, as filed.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Gross written premiums | $862.8M | $695.7M | $507.7M |
| Ceded written premiums | -$304.6M | -$244.3M | -$173.0M |
| Net written premiums | $558.2M | $451.4M | $334.7M |
| Change in net unearned premiums | -$66.5M | -$66.3M | -$70.8M |
| Net earned premiums | $491.7M | $385.1M | $263.9M |
| Net investment income | $57.8M | $40.1M | $19.4M |
| Net realized investment gains (losses) | $42.9K | -$16.2K | $0 |
| Other insurance-related income | $2.0M | $444.0K | $125.0K |
| Total revenues | $551.6M | $425.7M | $283.4M |
| Net losses and loss adjustment expenses | $328.0M | $248.1M | $166.3M |
| Net acquisition costs | $46.5M | $32.4M | $20.9M |
| Operating expenses | $102.3M | $89.1M | $63.5M |
| Non-operating expenses | $1.4M | $2.8M | $630.0K |
| Warrant expense | $3.1M | $1.9M | $0 |
| Interest expense and financing fees | $2.0M | $725.0K | $0 |
| Loss on extinguishment of credit facility | $862.0K | $0 | $0 |
| Foreign exchange losses (gains) | $50.0K | $68.0K | -$20.0K |
| Total expenses | $484.3M | $375.1M | $251.3M |
| Income before income taxes | $67.3M | $50.5M | $32.1M |
| Income tax expense | -$13.5M | -$12.3M | -$7.1M |
| Net income | $53.8M | $38.2M | $25.0M |
| Change in unrealized gain (loss) on investments (net of income tax benefit (expense) of $(4,388), $(58) and $(1,413), respectively) | $16.5M | $218.0K | $5.3M |
| Total comprehensive income | $70.3M | $38.5M | $30.4M |
| Basic (in dollars per share) | $1.64 | $1.31 | $1.04 |
| Diluted (in dollars per share) | $1.59 | $1.29 | $1.04 |
| Basic (in shares) | 32.7M shares | 29.3M shares | 24.0M shares |
| Diluted (in shares) | 33.7M shares | 29.7M shares | 24.0M shares |
| Net of income tax benefit (expense) | -$4.4M | -$58.0K | -$1.4M |
Every line of the balance sheet in the latest annual report, as filed.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Fixed maturity securities, available for sale, at fair value (amortized cost of $1,364,228 and $894,145, respectively) | $1.4B | $880.0M | |
| Short-term investments, at amortized cost, which approximates fair value | $0 | $10.0M | |
| Total investments | $1.4B | $890.0M | |
| Cash and cash equivalents | $193.5M | $97.5M | $118.1M |
| Restricted cash and cash equivalents | $40.2M | $124.6M | $1.7M |
| Accrued investment income | $11.0M | $7.5M | |
| Premium balances receivable | $84.4M | $63.7M | |
| Reinsurance recoverable, net | $399.7M | $255.1M | |
| Prepaid reinsurance premiums | $191.8M | $152.6M | |
| Deferred policy acquisition costs | $35.3M | $27.6M | $19.4M |
| Property and equipment, net | $10.6M | $6.8M | |
| Income taxes receivable | $3.1M | $586.0K | |
| Deferred tax assets, net | $22.5M | $20.3M | |
| Other assets | $8.3M | $8.0M | |
| Total assets | $2.4B | $1.7B | |
| Reserve for losses and loss adjustment expenses | $1.1B | $756.9M | $431.2M |
| Unearned premiums | $552.6M | $446.9M | |
| Reinsurance balances payable | $65.8M | $51.9M | |
| Debt | $146.4M | $0 | |
| Income taxes payable | $314.0K | $1.6M | |
| Accrued expenses | $19.0M | $18.0M | |
| Other liabilities | $8.0M | $8.7M | |
| Total liabilities | $1.9B | $1.3B | |
| Performance stock units | $1.0M | $265.0K | $0 |
| Common stock | $328.0K | $327.0K | |
| Additional paid-in capital | $325.9M | $318.1M | |
| Accumulated other comprehensive income (loss) | $5.4M | -$11.2M | |
| Retained earnings | $116.7M | $62.9M | |
| Total stockholders' equity | $448.3M | $370.2M | |
| Total mezzanine equity and stockholders' equity | $449.3M | $370.4M | $192.1M |
| Total liabilities, mezzanine equity and stockholders' equity | $2.4B | $1.7B | |
| Fixed maturities amortized cost | $1.4B | $894.1M | |
| Common stock, par value (in dollars per share) | $0.01 | $0.01 | |
| Common stock, authorized shares (in shares) | 400.0M shares | 400.0M shares | |
| Common stock, shares issued (in shares) | 32.8M shares | 32.7M shares | |
| Common stock, shares outstanding (in shares) | 32.8M shares | 32.7M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow in the latest annual report, as filed.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net income | $53.8M | $38.2M | $25.0M |
| Net realized investment gains (losses) | -$42.9K | $16.2K | $0 |
| Amortization of premium/discounts on fixed maturity securities | -$1.3M | -$3.5M | -$2.8M |
| Stock-based compensation | $7.2M | $4.1M | $683.0K |
| Depreciation and amortization | $1.8M | $3.9M | $2.3M |
| Amortization expense | $50.0K | $0 | $0 |
| Non-cash loss on extinguishment of credit facility | $819.0K | $0 | $0 |
| Non-cash lease expense | $1.2M | $1.0M | $577.0K |
| Deferred income taxes | -$6.5M | -$6.2M | -$4.4M |
| Warrant expense | $3.1M | $1.9M | $0 |
| Accrued investment income | -$3.4M | -$2.9M | -$3.4M |
| Premium balances receivable | -$20.7M | -$24.9M | -$9.3M |
| Reinsurance recoverable | -$144.6M | -$115.7M | -$75.9M |
| Prepaid reinsurance premiums | -$39.3M | -$35.8M | -$42.2M |
| Deferred policy acquisition costs | -$7.7M | -$8.2M | -$5.7M |
| Income taxes receivable | -$2.5M | $521.0K | -$1.1M |
| Other assets | -$2.3M | -$6.3M | -$1.4M |
| Reserve for losses and loss expenses | $373.1M | $325.7M | $224.1M |
| Unearned premium | $105.7M | $102.1M | $113.0M |
| Reinsurance balances payable | $13.9M | $11.4M | $16.8M |
| Accrued expenses | $1.0M | $3.1M | $2.9M |
| Income taxes payable | -$1.3M | $1.5M | -$1.5M |
| Other liabilities | -$669.0K | $4.1M | -$1.3M |
| Net cash provided by operating activities | $331.6M | $294.3M | $236.2M |
| Fixed maturity securities | -$828.2M | -$603.0M | -$345.8M |
| Short-term investments | $0 | -$9.9M | -$21.4M |
| Fixed maturity securities | $359.3M | $281.2M | $36.8M |
| Short-term investments | $10.0M | $9.0M | $59.5M |
| Purchase of property and equipment, net | -$5.6M | -$3.1M | -$3.8M |
| Net cash used in investing activities | -$464.4M | -$325.9M | -$274.8M |
| Capital contribution from parent | $0 | $2.8M | $77.7M |
| Taxes paid on withholding shares | -$1.8M | $64.0K | $0 |
| Proceeds from initial public offering, net | $0 | $131.0M | $0 |
| Proceeds from debt | $150.0M | $0 | $0 |
| Payments related to loss extinguishment of credit facility | -$44.0K | $0 | $0 |
| Debt issuance costs | -$3.6M | $0 | $0 |
| Net cash provided by (used in) financing activities | $144.5M | $133.9M | $77.7M |
| Net change in cash, cash equivalents and restricted cash | $11.7M | $102.3M | $39.1M |
| Income taxes paid | $23.4M | $16.4M | $14.0M |
Compare Bowhead Specialty Holdings Inc. with another company
Former names
- Bowhead Holdings Inc.Dec 21, 2023 to Feb 5, 20242
Recent filings
- Oct 14, 2026DEFM14A
- Oct 14, 2026SC 13E3/A
- Oct 6, 2026SCHEDULE 13G
- Oct 5, 2026PRER14A
- Oct 5, 2026SC 13E3/A
- Oct 1, 2026CT ORDER
- Sep 23, 2026PRER14A
- Sep 23, 2026SC 13E3/A
- Sep 15, 20263
- Sep 14, 20268-K
- Aug 31, 2026SC 13E3
- Aug 28, 2026PREM14A
- Aug 19, 20268-K
- Aug 5, 2026DEF 14A
- Aug 3, 20268-K
Every filing from the last three years, summarized. The full record is on SEC EDGAR.1
Sources
The numbers on this page point here. Each one links to the record it came from.
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