Bowhead Specialty Holdings Inc.
For the period ended Sep 30, 2025. Filed Nov 4, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 4, 2025
BOW$34.22+0.5%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Unaudited)
| September 30,2025 | December 31, 2024 | |
|---|---|---|
| ($ in thousands, except share data) | ||
| Assets | ||
| Investments | ||
| Fixed maturity securities, available for sale, at fair value (amortized cost of $1,143,594 and $894,145, respectively) | $1,149,598 | $879,989 |
| Short-term investments, at amortized cost, which approximates fair value | — | 9,997 |
| Total investments | 1,149,598 | 889,986 |
| Cash and cash equivalents | 197,855 | 97,476 |
| Restricted cash and cash equivalents | 52,921 | 124,582 |
| Accrued investment income | 8,893 | 7,520 |
| Premium balances receivable | 66,104 | 63,672 |
| Reinsurance recoverable, net | 360,877 | 255,072 |
| Prepaid reinsurance premiums | 184,560 | 152,567 |
| Deferred policy acquisition costs | 33,470 | 27,625 |
| Property and equipment, net | 9,683 | 6,845 |
| Income taxes receivable | 3,345 | 586 |
| Deferred tax assets, net | 19,093 | 20,340 |
| Other assets | 8,150 | 7,971 |
| Total assets | $2,094,549 | $1,654,242 |
| Liabilities | ||
| Reserve for losses and loss adjustment expenses | $1,035,171 | $756,859 |
| Unearned premiums | 536,108 | 446,850 |
| Reinsurance balances payable | 67,879 | 51,856 |
| Income taxes payable | 136 | 1,571 |
| Accrued expenses | 14,384 | 18,010 |
| Other liabilities | 9,834 | 8,654 |
| Total liabilities | 1,663,512 | 1,283,800 |
| Commitments and contingencies (Note 12) | ||
| Mezzanine equity | ||
| Performance stock units | 808 | 265 |
| Stockholders' equity | ||
| Common stock | 328 | 327 |
| ($0.01 par value; 400,000,000 shares authorized, 32,782,974 and 32,662,683 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively) | ||
| Additional paid-in capital | 323,306 | 318,095 |
| Accumulated other comprehensive gain (loss) | 4,743 | (11,154) |
| Retained earnings | 101,852 | 62,909 |
| Total stockholders' equity | 430,229 | 370,177 |
| Total mezzanine equity and stockholders' equity | 431,037 | 370,442 |
| Total liabilities, mezzanine equity and stockholders' equity | $2,094,549 | $1,654,242 |
Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited)
| Three Months EndedSeptember 30, | Nine Months EndedSeptember 30, | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| ($ in thousands, except share and per share data) | ||||
| Revenues | ||||
| Gross written premiums | $231,515 | $196,976 | $638,724 | $510,948 |
| Ceded written premiums | (82,492) | (68,643) | (224,079) | (179,710) |
| Net written premiums | 149,023 | 128,333 | 414,645 | 331,238 |
| Change in net unearned premiums | (20,616) | (23,153) | (57,285) | (52,991) |
| Net earned premiums | 128,407 | 105,180 | 357,360 | 278,247 |
| Net investment income | 15,038 | 11,491 | 41,274 | 27,928 |
| Net realized investment losses | (15) | (18) | (30) | (16) |
| Other insurance-related income | 502 | 108 | 1,307 | 171 |
| Total revenues | 143,932 | 116,761 | 399,911 | 306,330 |
| Expenses | ||||
| Net losses and loss adjustment expenses | 84,608 | 67,824 | 236,935 | 181,162 |
| Net acquisition costs | 12,512 | 9,163 | 33,346 | 23,267 |
| Operating expenses | 25,837 | 22,386 | 75,623 | 65,761 |
| Non-operating expenses | 783 | 487 | 1,330 | 2,185 |
| Warrant expense | 792 | 792 | 2,350 | 1,125 |
| Credit facility interest expenses and fees | 262 | 252 | 770 | 477 |
| Foreign exchange losses | 32 | 37 | 64 | 67 |
| Total expenses | 124,826 | 100,941 | 350,418 | 274,044 |
| Income before income taxes | 19,106 | 15,820 | 49,493 | 32,286 |
| Income tax expense | (3,930) | (3,728) | (10,550) | (7,649) |
| Net income | $15,176 | $12,092 | $38,943 | $24,637 |
| Other comprehensive income | ||||
| Change in unrealized gain (loss) on investments (net of income tax (expense) benefit of $(1,407), $(2,928), $(4,226), $(2,679), respectively | 5,291 | 11,016 | 15,897 | 10,079 |
| Total comprehensive income | $20,467 | $23,108 | $54,840 | $34,716 |
| Earnings per share: | ||||
| Basic | $0.46 | $0.37 | $1.19 | $0.88 |
| Diluted | $0.45 | $0.36 | $1.15 | $0.87 |
| Weighted average shares outstanding: | ||||
| Basic | 32,782,300 | 32,658,823 | 32,722,642 | 28,119,193 |
| Diluted | 33,650,923 | 33,263,958 | 33,807,105 | 28,352,420 |
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