Bowhead Specialty Holdings Inc
For the period ended Sep 30, 2024. Filed Nov 5, 2024.
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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, 2024 · Filed Nov 5, 2024
BOW$34.32+0.3%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Condensed Consolidated Statements of Cash Flows
Condensed Consolidated Statements of Cash Flows (Unaudited)
| Nine Months EndedSeptember 30, | ||
|---|---|---|
| 2024 | 2023 | |
| ($ in thousands) | ||
| Cash flows from operating activities: | ||
| Net income | $24,637 | $20,263 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Net realized investment losses | 16 | — |
| Amortization of premium/discounts on fixed maturity securities | (2,929) | (1,839) |
| Stock‐based compensation | 3,087 | 492 |
| Depreciation and amortization | 2,768 | 1,458 |
| Non-cash lease expense | 747 | 433 |
| Deferred income taxes | (4,727) | (3,293) |
| Warrant expense | 1,125 | — |
| Net changes in operating assets and liabilities: | ||
| Accrued investment income | (2,458) | (1,848) |
| Premium balances receivable | (7,889) | (7,691) |
| Reinsurance recoverable | (85,622) | (52,206) |
| Prepaid reinsurance premiums | (29,401) | (30,738) |
| Deferred policy acquisition costs | (7,056) | (5,216) |
| Income taxes receivable | 782 | (117) |
| Other assets | (7,268) | (1,520) |
| Reserve for losses and loss expenses | 248,382 | 157,279 |
| Unearned premium | 82,392 | 82,556 |
| Reinsurance balances payable | 13,722 | 15,102 |
| Accrued expenses | (204) | (704) |
| Income taxes payable | (13) | 49 |
| Other liabilities | 2,774 | 2,391 |
| Net cash provided by operating activities | 232,865 | 174,851 |
| Net cash used in investing activities | ||
| Purchases of: | ||
| Fixed maturity securities | (458,431) | (217,859) |
| Short-term investments | (9,907) | (21,406) |
| Proceeds from the sale and maturity of: | ||
| Fixed maturity securities | 137,223 | 16,655 |
| Short-term investments | 8,980 | 51,494 |
| Purchase of property and equipment, net | (2,605) | (2,895) |
| Net cash used in investing activities | (324,740) | (174,011) |
| Net cash provided by financing activities | ||
| Capital contribution from parent | 2,839 | 53,061 |
| Proceeds from initial public offering, net | 130,983 | — |
| Net cash provided by financing activities | 133,822 | 53,061 |
| Net change in cash, cash equivalents and restricted cash | 41,947 | 53,901 |
| Cash, cash equivalents and restricted cash, beginning of period | 119,768 | 80,651 |
| Cash, cash equivalents and restricted cash, end of period | $161,715 | $134,552 |
| Reconciliation of restricted cash | ||
| Cash and cash equivalents | $132,893 | $126,662 |
| Restricted cash and cash equivalents | 28,822 | 7,890 |
| Total cash and cash equivalents and restricted cash | $161,715 | $134,552 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.