Bowhead Specialty Holdings Inc
For the period ended Dec 31, 2024. Filed Feb 27, 2025.
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FY2024 · Filed Feb 27, 2025
BOW$34.32+0.3%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Stat ements of Cash Flows
| Years Ended December 31, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| ($ in thousands) | |||
| Cash flows from operating activities: | |||
| Net income | $38,243 | $25,047 | $11,256 |
| 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 | (3,508) | (2,848) | (70) |
| Stock‐based compensation | 4,102 | 683 | 368 |
| Depreciation and amortization | 3,868 | 2,268 | 727 |
| Non-cash lease expense | 1,043 | 577 | 640 |
| Deferred income taxes | (6,168) | (4,362) | (2,972) |
| Warrant expense | 1,917 | — | — |
| Net changes in operating assets and liabilities: | |||
| Accrued investment income | (2,860) | (3,429) | (933) |
| Premium balances receivable | (24,855) | (9,330) | (1,945) |
| Reinsurance recoverable | (115,683) | (75,858) | (49,586) |
| Prepaid reinsurance premiums | (35,835) | (42,191) | (27,618) |
| Deferred policy acquisition costs | (8,218) | (5,735) | (5,763) |
| Income taxes receivable | 521 | (1,107) | — |
| Other assets | (6,314) | (1,437) | 1,053 |
| Reserve for losses and loss expenses | 325,673 | 224,135 | 159,100 |
| Unearned premium | 102,146 | 112,961 | 89,869 |
| Reinsurance balances payable | 11,416 | 16,753 | 5,148 |
| Accrued expenses | 3,110 | 2,871 | 2,260 |
| Income taxes payable | 1,529 | (1,475) | 1,089 |
| Other liabilities | 4,144 | (1,298) | (979) |
| Net cash provided by operating activities | 294,287 | 236,225 | 181,644 |
| Net cash used in investing activities | |||
| Purchases of: | |||
| Fixed maturity securities | (603,028) | (345,843) | (152,629) |
| Short-term investments | (9,907) | (21,406) | (45,665) |
| Proceeds from the sale and maturity of: | |||
| Fixed maturity securities | 281,184 | 36,809 | 14,808 |
| Short-term investments | 8,980 | 59,494 | — |
| Purchase of property and equipment, net | (3,112) | (3,819) | (3,972) |
| Net cash used in investing activities | (325,883) | (274,765) | (187,458) |
| Net cash provided by (used in) financing activities | |||
| Capital contribution from parent | 2,839 | 77,656 | 24,000 |
| Capital distribution to parent | — | — | (25,000) |
| Proceeds from share issuance related to equity awards | 64 | — | — |
| Proceeds from initial public offering, net | 130,983 | — | — |
| Net cash provided by (used in) financing activities | 133,886 | 77,656 | (1,000) |
| Net change in cash, cash equivalents and restricted cash | 102,290 | 39,117 | (6,814) |
| Cash, cash equivalents and restricted cash, beginning of period | 119,768 | 80,651 | 87,465 |
| Cash, cash equivalents and restricted cash, end of period | $222,058 | $119,768 | $80,651 |
| Reconciliation of restricted cash | |||
| Cash and cash equivalents | $97,476 | $118,070 | 64,659 |
| Restricted cash and cash equivalents | 124,582 | 1,698 | 15,992 |
| Total cash and cash equivalents and restricted cash | $222,058 | $119,768 | 80,651 |
| Supplemental disclosures of cash flow information: | |||
| Income taxes paid | $16,411 | $14,011 | 5,291 |
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