Bowhead Specialty Holdings Inc.
For the period ended Dec 31, 2025. Filed Feb 24, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 24, 2026
BOW$34.32+0.3%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows
| Years Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| ($ in thousands) | |||
| Cash flows from operating activities: | |||
| Net income | $53,786 | $38,243 | $25,047 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Net realized investment gains (losses) | (43) | 16 | — |
| Amortization of premium/discounts on fixed maturity securities | (1,259) | (3,508) | (2,848) |
| Stock‐based compensation | 7,235 | 4,102 | 683 |
| Depreciation and amortization | 1,779 | 3,868 | 2,268 |
| Non-cash amortization of deferred issuance costs | 50 | — | — |
| Non-cash loss on extinguishment of credit facility | 819 | — | — |
| Non-cash lease expense | 1,230 | 1,043 | 577 |
| Deferred income taxes | (6,525) | (6,168) | (4,362) |
| Warrant expense | 3,142 | 1,917 | — |
| Net changes in operating assets and liabilities: | |||
| Accrued investment income | (3,438) | (2,860) | (3,429) |
| Premium balances receivable | (20,743) | (24,855) | (9,330) |
| Reinsurance recoverable | (144,604) | (115,683) | (75,858) |
| Prepaid reinsurance premiums | (39,254) | (35,835) | (42,191) |
| Deferred policy acquisition costs | (7,659) | (8,218) | (5,735) |
| Income taxes receivable | (2,487) | 521 | (1,107) |
| Other assets | (2,296) | (6,314) | (1,437) |
| Reserve for losses and loss expenses | 373,077 | 325,673 | 224,135 |
| Unearned premium | 105,744 | 102,146 | 112,961 |
| Reinsurance balances payable | 13,922 | 11,416 | 16,753 |
| Accrued expenses | 1,037 | 3,110 | 2,871 |
| Income taxes payable | (1,257) | 1,529 | (1,475) |
| Other liabilities | (669) | 4,144 | (1,298) |
| Net cash provided by operating activities | 331,587 | 294,287 | 236,225 |
| Net cash used in investing activities | |||
| Purchases of: | |||
| Fixed maturity securities | (828,159) | (603,028) | (345,843) |
| Short-term investments | — | (9,907) | (21,406) |
| Proceeds from the sale and maturity of: | |||
| Fixed maturity securities | 359,338 | 281,184 | 36,809 |
| Short-term investments | 10,000 | 8,980 | 59,494 |
| Purchase of property and equipment, net | (5,570) | (3,112) | (3,819) |
| Net cash used in investing activities | (464,391) | (325,883) | (274,765) |
| Net cash provided by (used in) financing activities | |||
| Capital contribution from parent | — | 2,839 | 77,656 |
| Taxes paid on withholding shares | (1,837) | 64 | — |
| Proceeds from initial public offering, net | — | 130,983 | — |
| Proceeds from debt | 150,000 | — | — |
| Payments related to loss extinguishment of credit facility | (44) | — | — |
| Debt issuance costs | (3,603) | — | — |
| Net cash provided by (used in) financing activities | 144,516 | 133,886 | 77,656 |
| Net change in cash, cash equivalents and restricted cash | 11,712 | 102,290 | 39,117 |
| Cash, cash equivalents and restricted cash, beginning of period | 222,058 | 119,768 | 80,651 |
| Cash, cash equivalents and restricted cash, end of period | $233,770 | $222,058 | $119,768 |
| Reconciliation of restricted cash | |||
| Cash and cash equivalents | $193,545 | $97,476 | $118,070 |
| Restricted cash and cash equivalents | 40,225 | 124,582 | 1,698 |
| Total cash and cash equivalents and restricted cash | $233,770 | $222,058 | $119,768 |
| Supplemental disclosures of cash flow information: | |||
| Income taxes paid | $23,427 | $16,411 | $14,011 |
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