Bowhead Specialty Holdings Inc

ir.bowheadspecialty.com

What Do They Do?

Sells commercial specialty insurance policies to businesses, covering casualty, professional and healthcare liability risks.

How Do They Make Money?

Policyholders pay premiums when coverage begins; Bowhead earns them gradually over the policy term. It also earns interest on invested assets and fees for issuing policies and providing insurance-related services.

FY2025 revenue

Who Are Their Customers?

Businesses obtain policies through wholesale and retail distributors. Casualty and Baleen coverage goes through wholesale distributors, while professional and healthcare liability is sold through both wholesale and retail partners.

Do Revenues Turn Into Profits?

Yes. It kept 10 cents of every revenue dollar as net income in FY2025 and turned 59 cents into free cash flow.

Operating income, FY2025

22% of revenue

▲ +37% vs FY2024 ($88.4M, 21%)

Net income, FY2025

10% of revenue

▲ +41% vs FY2024 ($38.2M, 9%)

Free cash flow, FY2025

59% of revenue

▲ +12% vs FY2024 ($291.2M, 68%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +23%; vs $133.3M in Q2 FY2025
Net income: ▲ +31%; vs $12.3M in Q2 FY2025

Aug 3, 2026 American Family agreed to acquire Bowhead At closing, Bowhead would become American Family's wholly owned subsidiary, with shareholders receiving $34.00 per share in cash.

Growing. Revenue grew 2.9x in 3 years, from $187.6M in FY2022 to $551.6M in FY2025, about 43% a year.

Who Do They Compete With?

Competes with American International Group, Arch Capital Group, AXA, AXIS Capital Holdings, Berkshire Hathaway, C.V. Starr &, Chubb, Cincinnati Financial, CNA Financial, Kinsale Capital Group, Liberty Mutual Insurance, Nationwide Mutual Insurance, The Doctors, Travelers, and W.R. Berkley

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